treasury financing requirements · 10,221 1,258 7,459 486 10,602 1,454 110,852 10,653 1/ f.r.b....
TRANSCRIPT
$Bil
100|
80
60
40
20
TREASURY FINANCING REQUIREMENTSJanuary - March 1991
Uses
Coupon aiMaturities t I
State and Local
V/2
423/4
3/4
ForeignNonmarketables
4 Deficit 1/
99 y2 Sources
± CouponRefunding
Savings Bonds
31/2
DomesticSeries
Net Markets iBorrowing w\
1/ Includes budget deficit, changes in accrued interest and checksoutstanding, transfer of $6.9 billion of REFCORP bond proceeds toRTC, and minor miscellaneous debt transactions.
Decreasein CashBalance
Va
l$Bil
100
80
60
40
20
0
Department of the TreasuryOffice of Market Finance
April 30, 1991-27
$Bil.
100
80
60
40
20
0
TREASURY FINANCING REQUIREMENTSApril - June 1991
Increase
in
Cash
Balance 2/
Uses
Coupon aMaturities •
ForeignNonmarketables
VA
40 1/4 ^ Deficit y
108V4 Sources
CouponRefunding
Savings Bonds
_3V/2
State and Local
Net Market Borrowing^
1/ Includes budget deficit, changes in accrued interest and checks outstandingand minor miscellaneous debt transactions.
2/Assumes a $35 billion cash balance June 30, 1991.Department of the TreasuryOffice of Market Finance
$Bil.
-100
-80
-60
40
20
April 30, 1991-25
NET MARKET BORROWINGApril — June 1991
(Billions of Dollars)
Total 40
Done^2 Year Notes 41/2
5 Year Notes 93/4
7 Year Note 31/2
Regular Bills -191/4
Cash ManagementTotal
Bills -12
-131/2
To Be Done 531/2
Department of the TreasuryOffice of Market Finance
lyissued or announced through April 26, 1991.
April 30, 1991-24
$Bil.
60
50
40
30
20
10
0
-10
-20
-30
-40
TREASURY OPERATING CASH BALANCESemi-Monthly
Without New
—
Tax and Loan / \ /lBorrowing17
~ Total OperatingBalance
Accounts p \ / 1Balance / V 1
••
AT A1 \ /\ *^ v' \ /\ / V * \/\
r/V 1 \ / \l V\ / / \ j\Y \K xj V \l \l 1 \ 1 \ \imSt ^si if y v £ \i % & \
•
••
••
•••
••••
1 1 1 1 1 1 1 1 1 1 1 1
\/• •• •• •
V•
1 1
Apr May Jun Jul Aug1990
Sep Oct Nov Dec Jan Feb Mar Apr May Jun1991
1/ Assumes refunding of maturing issues.Department of the TreasuryOffice of Market Finance April 30, 1991-20
TREASURY NET MARKET BORROWING^
1 II III IV I II Ml IV I II III IV I1987 1988 1989 1990
^Excludes Federal Reserve and Government Account Transactions.
i-J-30II III IV I
Department of the TreasuryOffice of Market Finance
1991
April 30, 1991-18
$Mil.
-800
NET NEW CASH FROM NONCOMPETITIVE TENDERSIN WEEKLY BILL AUCTIONS^
Net New Cash (Left scale)^•26 Week^•13 WeekDiscount Rate (Right Scale).... 26 Week
^—13 Week
'**s^*
n
-Discount Ra
I^L1*"^
May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Aprp1990 1991
Department of the TreasuryOffice of Market Finance
y Excludes noncompetitive tenders from foreign official accounts,p Preliminary
April 30, 1991-5
>l_:
CO
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zo00
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rec
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$Bil.
120
100-
80
60
40
20
NET STRIPS AS A PERCENT OF PRIVATELY HELDSTRIPPABLE SECURITIES
Held in Strippable Form Percent(Left Scale) (Right Scale)
30 Year ^— 30 Year
20 Year ••• 20 Year
10 Year — 10 Year
AMJ J ASON DJ FMAMJ JASOND J FMA*1989 1990 1991
♦ Through April 19, 1991Note: Reconstitution began May 1, 1987
%
70
60
50
-40
-30
-20
-10
0
Department of the TreasuryOffice of Market Finance April 30, 1991-14
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES
1 II III IV I II III IV I II III IV I II III IV I lle
1987 1988 1989
e estimate
1990 1991
Department of the TreasuryOffice of Market Finance April 30, 1991-23
STATE & LOCAL GOVERNMENT SERIES
1987
Department of the TreasuryOffice of Market Finance
II III IV I
1988 1989
$Bil.
April 30, 1991-19
$Bil.
10
9
8
7
6
5
4
3
2
1
0
STATE AND LOCAL MATURITIES 1991 — 1993
5.6
Department of the TreasuryOffice of Market Finance
9.4
* >
-
i
'* <
\ ""
4 -i
%
i
1III
1991
4.8
>v:
IV
10.3
7.1
4.3
<.t
mutuant
1992
6.87.2
6.9
4.2
IV
JUmhuiI
1993
5.1
*-*
—i$Bil.
-10
-9
-8
-7
-6
-5
-4
-3
-2
-1
-JoIV
April 30, 1991-26
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONALHOLDINGS OF PUBLIC DEBT SECURITIES
$Bil,
Department of the TreasuryOffice of Market Finance
1988 1989
Nonmarketable
Marketable
Add-ons ^
Other Transactions 23.0
20.3
1990
IV I*/
1991
$Bil.
35
30
25
20
15
10
5
0
-5
-10
-15
-20
-!/F.R.B. purchases of marketable issues as agents for foreign and internationalmonetary authorities which are added to the announced amount of the issue.
^/Preliminary. April 30, 1991-21
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS
I II III IV
1987
Department of the TreasuryOffice of Market Finance
III IV I II III IV I1988 1989
Quarterly TotalsJ/Through April 26, 1991.
II III IV
1990
I ll^
1991
April 30, 1991-22
%
20
SHORT TERM INTEREST RATESQuarterly Averages
.Federal Funds
CommercialPaper
'•?ZZZF ..-......••' Treasury
ThroughApril 24
%
20
18
16
14
12
10
8
6
4
10
8
6
41
1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991
Department of the TreasuryOffice of Market Finance
April 30, 1991-1
%
10
SHORT TERM INTEREST RATESWeekly Averages
Prime Rate
Federal Funds
3 Month Treasury Bill
Jul Aug Sep Oct Nov1990
Commercial Paper
L_J_L
Throughweek ending
April 24
I
Nij£
Dec Jan Feb Mar Apr1991
%
10
Department of the TreasuryOffice of Market Finance April 30, 1991-2
%
LONG TERM MARKET RATESQuarterly Averages
30-Year
Municipal Bonds
30-YearTreasury
ThroughApril 24
••
1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991
%
16
15
14
13
12
11
10
9
8
7
6
Department of the TreasuryOffice of Market Finance April 30, 1991-3
%
9.00
8.50
8.00
7.50
INTERMEDIATE AND LONG TERM TREASURY RATESWeekly Averages
Treasury 5-Year^ \ y* a '*•# Treasury 10-Year^ /"
V
Throughweek ending _
April 26
*/:
Jul Aug Sep Oct1990
Nov Dec Jan Feb Mar Apr1991
%
9.00
8.50
8.00
7.50
Department of the TreasuryOffice of Market Finance April 30, 1991-4
%
8.0-
7.5
6.5
6.0-
5.50
Department of the TreasuryOffice of Market Finance
MARKET YIELDS ON GOVERNMENTSBid Yields
January 28, 1991 ^
/T^/April 29, 1991
8.0
vo
8.5
8.0
7.510 12 14 16 18 20 22 24 26 28 30
7.5
4 5 6
Years to Maturity8
%
^8.0
7.0
6.5
6.0
5.510
April 30, 1991-28
$Bil.
2200
1800
1600
1400
1200
1000
800
600
400
200
PRIVATE HOLDINGS OF TREASURYMARKETABLE DEBT BY MATURITY
COUPONS
Over 10 years1 2-10 years^ 1-2 yearsjggggS 1 year & under
BILLS
March 31, 1991.»1989.3
1980 1981 1982 1983 1984 1985 1986 1987
As of December 31
1988 1989 1990
Department of the TreasuryOffice of Market Finance April 30, 1991-7
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBTPercent Distribution by Maturity
100%-
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 Mar'91
Department of the TreasuryOffice of Market Finance
As of December 31
April 30, 1991-8
AVERAGE LENGTH OF THE MARKETABLE DEBTPrivately Held
-June 194710 Years5 Months
Months-
76hwarch 31,1991—6 Years
1945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89
Department of the TreasuryOffice of Market Finance
April 30, 1991-9
MATURING COUPON ISSUESMay - September 1991(In millions of dollars)
March 31, 1991
Maturing CouponsTotal Federal Reserve
& GovernmentAccounts
Held by
ForeignInvestors^/
14 1/2% Note 5/15/91
8 1/8% Note 5/15/91
8 3/4% Note 5/31/91
7 7/8% Note 6/30/91
8 1/4% Note 6/30/91
13 3/4% Note 7/15/91
7 3/4% Note 7/31/91
14 7/8% Note 8/15/91
7 1/2% Note 8/15/91
8 3/4% Note 8/15/91
8 1/4% Note 8/31/91
9 1/8% Note 9/30/91
8 3/8% Note 9/30/91
Totals
2,04720,59111,2188,368
10,7375,4619,8332,8127,778
13,49011,113
7,91911,452
122,819
320
3,1421,125
480
934534
787
'558119
1,766892
460
850
11,967
PrivateInvestors
1,727 1
17,449 1,32310,093 825
7,888 1,446
9,803 855
4,927 191
9,046 720
2,254 261
7,659 926
11,724 907
10,221 1,2587,459 486
10,602 1,454
110,852 10,653
1/ F.R.B. custody accounts tor foreign official institutions; included in Private Investors.
Department of the TreasuryOffice of Market Finance
•April 30, 1991-10
TREASURY MARKETABLE MATURITIESPrivately Held, Excluding Bills
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Departmentof the TreasuryOffice of Market Finance
i^H Securities issued prior to 1989£2222 New issues calendar year 1989
New issues calendar year 1990 Apm 30,1991 n
$Bil
Department of the TreasuryOffice of Market Finance
TREASURY MARKETABLE MATURITIESPrivately Held, Excluding Bills
18.3
l!7-7Sl
7.69.6
I8.6 9£
I10.8
10.2
•
1996
7.4
1997
1998
1999
2000
2001
9.0
I10.9
I9.8
13.3
1
2.3
19.5
I9.4
I9.7
I10.4
11.1
m
JASOND
Securities issued prior to 1989
New issues calendar year 19891
J FMAMJ J
New issues calendar year 1990
Issued or announced through April 26, 1991
A S O N D
April 30, 1991-12
TREASURY MARKETABLE MATURITIESPrivately Held, Excluding Bills
2 -
1.7 2002 1 MB2-6642 =
2.9 3.2 2003I
3.3 18642
^ 3.62004
4.0 18642
^ 6.3
•2005 — 9.0
42 _ • 4-8 2006
2 = ™2.7 2007" 1.2
2- 2008 13 • 3.6
-2n
3.8 B 2009 H3.2
2 1.7 1.8 2010 _3.8
2n
3.7_ 2011 H4.2
18642
i210
8642
—2012 •10.0
2013 B12.4
42 4.6| 2014
i|4.6 B5.2
1210
8642
M11.8 20156.5
I6.7
I
$Bil.
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86420
16141210
86420
6420
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86420
20181614121086420
201816141210
86420
7.0
I10.0
m
19.0
11.0
17.9
I18.0
8.51
10.0
mm
2016
2017
2018
2019
2020
2021
13.8
I
I19.8
m21.0
I
18.5
I9.01
J FMAMJ JASOND
| Securities issued prior to 1989J FMAMJ J
New issues calendar year 1990
A S O N D
Department of the TreasuryOffice of Market Finance
New issues calendar year 1989 S Issued or announced through April 26, 1991
April 30, 1991-13
SCHEDULE OF ISSUES TO BE ANNOUNCEDAND AUCTIONED IN MAY 1991 *
Monday Tuesday Wednesday Thursday Friday1 2 A .
Auction52 week-2/
3
6 7Auction3 year .2/
8Auction10 year.2/
9Auction
30 year -2/
10
13 14Announce
2 year5 year
16 17
20 21 22Auction
2 year-*/
23Auction
5 year4/
24Announce
52 week
27
Holiday
28 29 30Auction
52 week -§/
31
Department of the TreasuryOffice of Market Finance
jy Does not include weekly bills2J For settlement May 92J For settlement May 15A/ For settlement May 31.5/ For settlement June 6
April 30, 1991-15
SCHEDULE OF ISSUES TO BE ANNOUNCEDAND AUCTIONED IN JUNE 1991^
Monday Tuesday Wednesday Thursday Friday
3 4 5 6 7
10 11 12 13 14
17 18 19
Announce2 year5 year
20 21
Announce52 week
24 25
Auction2 year 2/
26
Auction5 year-2/
27
Auction52 week1/
28
Department of the TreasuryOffice of Market Finance
Xj Does not include weekly billsZJ For settlement July 12l/ For settlement July 5
April 30, 1991-16
SCHEDULE OF ISSUES TO BE ANNOUNCEDAND AUCTIONED IN JULY 1991^
Monday Tuesday Wednesday Thursday Friday
1 2 3
Announce7 year
4
Holiday5
8 9 10
Auction7 year!/'
11 12
15 16 17
Announce2 year5 year
18 19
Announce52 week
22 23
Auction2 year.3-/
24
Auction5 year!/
25
Auction52 week M
26
29 30 31
Department of the TreasuryOffice of Market Finance
±1 Does not include weekly bills2J For settlement July 152J For settlement July 31£] For settlement August 1
April 30, 1991-17