treasury financing requirements coupon ^i · coupon ^i maturities*! increase in cash balance...
TRANSCRIPT
$Bil.
1001-
90
80
70
60
50
40
30
20
10
0
TREASURY FINANCING REQUIREMENTSApril - June 1990
Uses 94V4 Sources
Coupon ^iMaturities*!
Increase in
Cash Balance
P 4 Deficit 1/
3/4ForeignNonmarketables
^ Coupon• Refunding
SavingsBonds
2
1State & Local
Domestic SeriesV*
Net Market
Borrowing
1/ Includes budget deficit, changes in accrued interest and checksoutstanding, transfer of $31/2 billion of REFCORP bond proceedsto RTC, and minor miscellaneous debt transactions.
$Bil.
100
90
80
70
60
50
40
30
20
10
0
Department of the TreasuryOffice of Market Finance July 31, 1990-19
/
$Bil.
120-
100-
80
60
40
20
Department of the TreasuryOffice of Market Finance
TREASURY FINANCING REQUIREMENTSJuly - September 1990
Uses
Coupon ^Maturities*
State andLocal
3/4
ForeignNon-Marketables
4 Deficit H
131 VkSources
^ Coupont Refunding
1/4
SavingsBonds
DomesticSeries
Net MarketBorrowing /
63 Vi
38%To Be
Done
Decreasein CashBalance 3/-
41/2
$Bil
120
100
80
60
40
20
01/ Includes budget deficit, changes in accrued interest and checks
outstanding, transfer of $5 billion of REFCORP bond proceeds toRTC, and minor miscellaneous debt transactions.
2/ Issued or announced through July 27, 1990.
3/ Assumes a $30 billion cash balance September 30, 1990. July 31, 1990-20
$Bil.
20
10
0
-10
-20
-30
-40-
-50-
-60
TREASURY OPERATING CASH BALANCESemi- Monthly
Total Operating401- Balanced
30 *
r. A A\«.'">.t,n„^""'"^ V '""""'•>'->,.^'""o./' '''*«'"""-.„, mm, .«m..,..mifll|, tfJ
Federal Reserve Account
1Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
1989 1990
Department of the TreasuryOffice of Market Finance
1/Assumes refunding of maturing issues, excluding CMBmaturing September 20 and FTN maturing August 15.
July 31, 1990-18
TREASURY NET MARKET BORROWING^
I II III IV I II III IV I II III IV I II III IV1986 1987 1988 1989
Department of the TreasuryOffice of Market Finance
-i/Excludes Federal Reserve and Government Account Transactions.
II III
1990
-20
July 31, 1990-13
NET NEW CASH FROM NONCOMPETITIVE TENDERSsmii. IN WEEKLY BILL AUCTIONS^
Department of the TreasuryOffice of Market Finance
Oct * Nov Dec Jan Feb Mar Apr1989 1990
J/Excludes noncompetitive tenders from foreign official accounts.* No noncompetitive rollovers allowed in bill auctions.p Preliminary
Discount Rate %
8.0
May Jun Julp
July 31, 1990-7
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100
90
80
70
60
50
40
30
20
10h
0
NET STRIPS AS A PERCENT OF PRIVATELY HELDSTRIPPABLE SECURITIES
Held in Stripped Form(Left Scale)
11130 Year^20 Year^210 Year
mm
MIP
Percent(Right Scale)
—i30 Year•••20 Year•--'10 Year
• «
WBBfliMMiri«rawM^^mm,
J ASONDJ FMAMJ J ASONDJ FMAMJ J*1988 1989 1990
* Through July 20, 1990Note: Reconstitution began May 1, 1987
%
70
60
50
40
30
20
10
0
Department of the TreasuryOffice of Market Finance
July 31, 1990-6
• t
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES
I II III IV
1986
Department of the TreasuryOffice of Market Finance
I II III IV I II III IV
1987 1988
e estimate
I II III IV
1989 1990
July 31, 1990-16
$Bil
CHANGES IN STATE & LOCAL GOVERNMENT SERIESRELATIVE TO MUNICIPAL BOND ISSUES
50
40
30
20
10
I II III IV
1986
Department of the TreasuryOffice of Market Finance
INew Issues
IRefundingChanges in SLGS
II III IV
1987
II III IV I
1988
II III IV I II
1989 1990
$Bil
50
40
30
20
10
0
July 31, 1990-9
STATE AND LOCAL MATURITIES 1990--1992
$Bil. 9.7 —
9
8.2
—
8 - 7.8 —
7 — 6.86.6
—
6 —
5
4 —
4.5 4.5
3.4
4.2 4.1—
3 — —
2 —-
-
—
1
n |
—
IV I III IV I III IV
1990 1991 1992
$Bil.
9
8
7
6
5
4
3
2
1
0
Department of the TreasuryOffice of Market Finance July 31, 1990-17
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONALHOLDINGS OF PUBLIC DEBT SECURITIES
$Bil.
Nonmarketable
1986 1987 1988 1989
Department of the TreasuryOffice of Market Finance
J/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.
$Bil.
July 31, 1990-15
FOREIGN ADD-ONS IN TREASURY BILL AND NOTE AUCTIONS$Bil. i $Bil
16
14
12
10
8
6
4
2
16.3
Notes
I., i 5 years and over
IV I II III IV I II III IV1987 1988
Quarterly Totals-^Through July 27, 1990.
1986
Department of the TreasuryOffice of Market Finance
I II III IV1989
II WW1990
16
-14
12
10
8
6
4
July 31, 1990-14
%
20
SHORT TERM INTEREST RATESQuarterly Averages
.Federal Funds
3 MonthTreasury Bill Commercial
Paper
.•• "•••••"
I I I
ThroughJuly 25 "
••••••••••,
10
8
6
41980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
%
20
18
16
14
12
10
8
6
4
Department of the TreasuryOffice of Market Finance July 31, 1990-21
%
10
8
SHORT TERM INTEREST RATESWeekly Averages
Prime Rate
•••••.„ /\ ,'V %iiiiiii««r,»ni,«iiii.......•••-
••*••.
Throughweek ending
July 25
Commercial Paper
*•..../"•—„• .....••....-•• V ...3 Month Treasury Bill
I I M II I I J_LOct Nov Dec Jan Feb Mar Apr May Jun Jul
1989 1990
%
10
8
Department of the TreasuryOffice of Market Finance July 31, 1990-5
%
16
15
14
13
12
11
10
9
8
7
6
LONG TERM MARKET RATESQuarterly Averages
New Aa Corporates
30-YearMunicipal Bonds
30-Year!Treasury
ThroughJuly 25 "
•••....•••••
%
16
15
14
13
12
11
10
9
8
7
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
Department of the TreasuryOffice of Market Finance July 31, 1990-22
%
9.0
7.5
INTERMEDIATE AND LONG TERM TREASURY RATESWeekly Averages
•TV **• ff • %Treasury 5-Year
•••••
I i i ill i I I II i i i in i i t II i i ill i i i I i i iOct Nov Dec Jan Feb Mar Apr May
Through weekending July 27
Jun Jul
%
9.0
8.5
8.0
7.5
Department of the TreasuryOffice of Market Finance July 31, 1990-4
8.90
8.70
8.50
8.30
Department of the TreasuryOffice of Market Finance
MARKET YIELDS ON GOVERNMENTSBid Yields
Till I L
8.7
8.5
10 12 14 16 18 20 22 24 26 28 30
4 5 6
Years to Maturity
8.90
8.70
8.50
8.30
8.10
7.90
.70
July 31, 1990-26
$Bil.
1800
1600
1400
1200
1000
800
600
400
200
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBTBY MATURITY
COUPONS
I IOver 10 yearsI 2-10 years71 1-2 years
1 year & underBILLS
1979 1980 1981 1982
Department of the TreasuryOffice of Market Finance
1983 1984 1985 1986As of December 31
June 30, 1990^,1780.2
1987 1988 1989
July 31, 1990-10
100%
90
80
70
60
50
40
30
20
10
0
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBTPercent Distribution by Maturity
Coupons • Over 10 years ^1-2 years BillsD 2-10 years ^ 1 year & under
1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 Jun '90
As of December 31
Department of the TreasuryOffice of Market Finance July 31, 1990-11
AVERAGE LENGTH OF THE MARKETABLE DEBTPrivately Held
Months-June 30, 19906 Years, 1 Month/
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 July 31, 1990-12
MATURING COUPON ISSUESAugust—December 1990
(In millions of dollars)
Maturing Coupons
June 30, 1990
Total
Held by
Federal Reserve& Government
Accounts
PrivateInvestors
ForeignInvestors!^
10 3/4% Note 8/15/90 - A9 7/8% Note 8/15/90 - K9 7/8% Note 8/15/90 - L2/7 7/8% Note 8/15/90 - U8 5/8% Note 8/31/90 - AE6 3/4% Note 9/30/90 - Q8 1/2% Note 9/30/90 - AF
11 1/2% Note 10/15/90 - F8 1/4% Note 10/31/90 - AG
13<>/0 Note 11/15/90 - B9 5/8% Note 11/15/90 - M8% Note 11/15/90 -V8 7/8% Note 11/30/90 -AH6 5/8% Note 12/31/90 - R9 1/8% Note 12/31/90 - AJ
3,7627,597
599
11,12810,5968,194
10,7705,044
10,7105,7017,843
13,40710,6058,393
11,007
1,324610
1,1341,132
293
1,539213
640
786
249
2,385495
168
1,100
2,4386,987
599
9,9949,4647,9019,2314,831
10,0704,9157,594
11,02210,1108,2259,907
266
1,127
2,044714
918
878
536
995
526
1,4741,847
725
781
1,288
Totals 125,356 12,068 113,288 14,119
U F.R.B. custody accounts for foreign official institutions; included in Private Investors.
2J Foreign-Targeted note.
Department of the TreasuryOffice of Market Finance July 31, 1990-8
JFMAMJJASOND
Insecurities issued prior to 1988
Department of the TreasuryOffice of Market Finance
TREASURY MARKETABLE MATURITIESPrivately Held, Excluding Bills
15.7
|
8.1
I
9.0
9.5
12.3
6.8
7.7
17.2
18.3
I
1995158
6.7
I1996
7.4
96 1997 927.6 H I 8.1
•
i I9.2
10.8
10.2
I1998 11.0
1999 as
I2000
2.5
6.9
7.3
8.5
I20.1
9.4
I9.8
10.4
i
JFMAMJ JASOND
Wew issues calendar year 1989
New issues calendar year 1988 iililssued or announced through July 27, 1990
July 31, 1990-1
$Bil.
20
20
4 —
2 —
1.3
2.9
| 4.8
TREASURY MARKETABLE MATURITIESPrivately Held, Excluding Bills
$Bi1210864
20
16
14
121086420
16141210
86420864
20
2018161412
1086420
181614
12
10
IS, 2001 2d2002
2003
20043.6 4.0
2005
I2006
2007
2008
2009
J£ 20103.7 I 2011
2012
2013
I4.6 2014
2.6 ,
18.2
I
1.2
I 3.6
I 3.2
I 3.8
14.2
I10.0
I 52
11.8
I2015
17.9
I2016
18.0 I 2017
I13.8
12018
|— 19.02019 R73 19.8
2020
10.0 10.0
18.5
I
r
J FMAMJ J A S O N D
Securities issued prior to 1988
New issues calendar year 1988
J FMAMJ J
New issues calendar year 1989
Issued or announced through July 27, 1990
A S O N D
Department of the TreasuryOffice of Market Finance
July 31, 1990-2
SCHEDULE OF ISSUES TO BE ANNOUNCEDAND AUCTIONED IN AUGUST 1990^
Monday Tuesday Wednesday Thursday Friday
1 2 3
6 7 Auction3 year-2/
8 Auction10 year^/
9 Auction30 year&CMB^/
10
13 14 15 16 17Announce52 week
20 21 oo
"Announce2 year5 year
23 Auction52 week3/
24
27 28 A ♦•Auction
2 year 4/
29Auction5 year-5-/
30 31
Department of the TreasuryOffice of Market Finance
1/ Does not include weekly bills2J For settlement August 15jj/ For settlement August 304/ For settlement August 315/ For settlement in early September
July 31, 1990-23
SCHEDULE OF ISSUES TO BE ANNOUNCEDAND AUCTIONED IN SEPTEMBER 1990^
Monday Tuesday Wednesday Thursday Friday
3
Holiday
4 5 6 7
10 11 12 13Announce
52 week
17 18Announce
2 year4 year
20 A *•Auction .52 week^7
21
24 25 Auction2 year 3/
26 Auction4 year3/
27 28
1/ Does not include weekly bills2J For settlement September 272J For settlement October 1
Department ot the TreasuryOffice of Market Finance
July 31, 1990-24
SCHEDULE OF ISSUES TO BE ANNOUNCEDAND AUCTIONED IN OCTOBER 19901/
Monday Tuesday Wednesday Thursday Friday
1 2 3Announce
7 year
4 5
8Holiday
9 10Auction7 year2/
11 12Announce
52 week
15 16 17Announce
2 year
18Auction
52 week-2/
19
22 23 24
Auction2 year 4/
25 26
29 30 31
Department of the TreasuryOffice of Market Finance
1/ Does not include weekly bills2/ For settlement October 152/ For settlement October 254/ For settlement October 31
July 31, 1990-25