w. · fiscal years 1978 — 1989 50 government-sponsoredenterprises y guaranteed federal ^1 276.8...
TRANSCRIPT
BORROWING FROM THE PUBLIC UNDER FEDERAL AUSPICES17Fiscal Years 1978 — 1989
50
Government-Sponsored Enterprises y
Guaranteed
Federal ^1 276.8
199.5
142.1 w&123.5
93.980.7 yzffi n I
'////A
W.
246.4
374.1
327.1
244.7236.0
1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988e 1989eSource: Budget of the U.S. Government for FY 1989.
y Excludes holdings of U.S. Government accounts.2/ Excludes holdings of Treasury and guaranteed debt and debt of other GSEs.
e estimate
50
Department of the TreasuryOffice of Government Finance & Market Analysis
May 3, 1988-29
$Bil.
80
60
40
20
0
TREASURY FINANCING REQUIREMENTSJanuary - March 1988
Uses 92V2 Sources
Coupon Maturities ^ ^Coupon Refunding
Deficit ^^
Increase in
Cash Balance
1/2
ForeignNonmarketables
State
and Local3V2||
2V4i^ Savings!f2% Bonds
Net Market Borrowing ^
1/ Includes budget deficit, changes in checks outstanding, and minormiscellaneous debt transactions.
Department of the TreasuryOffice of Government Finance & Market Analysis
$Bil.
80
60
40
20
0
May 3, 1988-20
$Bil.
60
40
20
0
Increase inCash Balance^
TREASURY FINANCING REQUIREMENTSApril - June 1988 J/
Uses
Coupon Maturities^
ForeignNonmarketables
Marketables ^
1V2• mmi" 3/4^ State &Local
Sources
4 Coupon Refunding
Savings Bonds
2% Cash Surplus
1/ Includes budget deficit, changes in checks outstanding and minormiscellaneous debt transactions.
2/ Assumes $30 billion cash balance June 30, 1988.Department of the TreasuryOffice of Government Finance & Market Analysis
$Bil.
60
40
20
0
May 3, 1988-21
r
NET MARKET BORROWINGApril — June 1988(Billions of Dollars)
Total -11/2
Donei/
7 Year Note 4
2 Year Note - Va
Regular Bills -41/4
Cash Management Bills -4
Total
To Be Done
•^Issued or announced through April 29, 1988.
-41/2
Department of the TreasuryOffice of Government Finance & Market Analysis May 3, 1988-22
$Bil.
TREASURY OPERATING CASH BALANCESemi-Monthly
Total Operating Balance
Apr May Jun Jul
Department of the TreasuryOffice of Government Finance & Market Analysis
Tax and Loan
Accounts Balance
Aug Sep1987
'* Federal Reserve Account
Oct Nov Dec Jan Feb
J/Assumes refunding of maturing issues.
.Without New.Borrowing •!/
Mar Apr1988
May Jun
May 3, 1988-27
TREASURY NET MARKET BORROWING^
Coupons
Over 10 yrs.
0-10 yrs.
$Bil.
70
--10
I II III IV I II III IV I II III IV I II III IV I1984 1985 1986 1987 1988
11Excludes Federal Reserve and Government Account Transactions.
-20
Department of the TreasuryOffice of Government Finance & Market Analysis May 3, 1988-5
$Bil.
USE OF AUTHORITY TO ISSUE TREASURY BONDSWITH INTEREST RATE OVER AVa PERCENT
March 31, 1988
250
200
150
100
50
$10 billionauthorityenactedMarch 17, 1971
$10 billion ceilingapplied onlyto private holdingsJuly 1, 1973
Amount
Outstanding
o1971 1973
Department of the TreasuryOffice of Government Finance & Market Analysis
1975 1977 1979 1981
As of December 31
Ceiling increased •to $270 billion
December 22, 1987
y /W PrivatelyS / Held
1983 1985
250
200
150
100
50
19870
May 3, 1988-9
HOLDINGS OF TREASURY SECURITIES IN STRIPPED FORM$Bil.
50
45
40
35
Apr May Jun
Department of the TreasuryOffice of Government Finance & Market Analysis
Jul Aug Sep Oct1987
Nov
End of Month
Dec Jan Feb Mar Apr 221988
$Bil.
50
45
40
35
May 3, 1988-8
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES$Bil.$Bil.
30
-5IV I
1984
Department of the TreasuryOffice of Government Finance & Market Analysis
27.2 r~l Savings BondsK2 State & Local Series
• Foreign Nonmarketables
_L
II III IV I II III IV
1985 1986
e estimate
I II III IV I lle
1987 1988
May 3, 1988-4
30
25
-5
STATE AND LOCAL GOVERNMENT SERIES$Bil.$Bil.
140
120
100
80
60
40
20
i i i I 1 \ i \ I i I1983 19841982
Department of the TreasuryOffice of Government Finance & Market Analysis
i i ...i.
1985
March 31, 1988*
tiuMMMjttMmtdmmMLmmtiimmmimmmiM1986 1987 1988
,0
May 3, 1988-7
STATE AND LOCAL MATURITIES 1988—1990
Department of the TreasuryOffice of Government Finance & Market Analysis
II III IV
1990
May 3, 1988-6
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONALHOLDINGS OF PUBLIC DEBT SECURITIES
$Bil.
-10
Nonmarketable
-1.5
II III IV I II III IV I II III IV I II III
1984 1985 1986 1987-^F.R.B. purchases of marketable issues as agents for foreign and international
monetary authorities which are added to the announced amount of the issue.
^Preliminary. *Less than $50 millionDepartment of the TreasuryOffice of Government Finance & Market Analysis
IV \v
1988
$Bil.
-10
May 3, 1988-25
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBTBY MATURITY
$Bil.
1800-
1600
1400
1200
1000
800
600
400
200
0
COUPONS
I IOver 10 years
2-10 years
March 31, 1988.. 1522.7
•1-2 year.H year &under
BILLS
1977 1978 1979 1980
Department of the TreasuryOffice of Government Finance & Market Analysis
1981 1982 1983 1984 1985
As of December 31
1986 1987
May 3, 1988-2
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBTBY MATURITY
100%
90
80
70
60
50
40
30
20
10
0
Coupons m Over 10 yearsII 2-10 years
1-2 years Bills1 year & under
1977 1978 1979 1980 1981 1982 1983 1984 1985 1986
As of December 31
Department of the TreasuryOffice of Government Finance & Market Analysis
1987 Mar'88
May 3, 1988-3
AVERAGE LENGTH OF THE MARKETABLE DEBTPrivately Held
1945 47 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87
Department of the TreasuryOffice of Government Finance & Market Analysis May 3, 1988-1
%
20
18
SHORT TERM INTEREST RATESQuarterly Averages
Prime Rate
>..»..•••••.—••••
I I I I I I J_J_ I I I I I l I
ThroughApril 29
••••••
%
20
18
16
14
12
10
8
6
I I I I I1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988
Department of the TreasuryOffice of Government Finance & Market Analysis May 3, 1988-10
%
8
SHORT TERM INTEREST RATESWeekly Averages
%
8
— Prime Rate Through —•^- week ending
April 27 I
•*••»£
/ Commercial Paper_ ^^r —
/ \ A,
M ^^ •*•••* ^
_ Federal Funds /j \ V'""" V _
.-.••##* \ * *•• •.•• • 3 Month Treasury Bill
»• •• 1 »* •• J • ••• M. •••••••
MM II II 1 MM
••
II 1 1 MM 1 1 1 1 MM 1 1 II MM
-7
Jul Aug Sep Oct
1987
Department of the TreasuryOffice of Government Finance & Market Analysis
Nov Dec Jan Feb Mar Apr
1988
May 3, 1988-11
LONG TERM MARKET RATESQuarterly Averages
//// New Aa\/ /Corporates
1 .*. .-
New J/XJConventional//_Mortgages//
30-Year y /JTreasury
^
ThroughApril 29
%
17
16
15
14
13
12
11
10
9
8
7••^
%
17
16
15
14
13
12
11
10
9
8
7
61
1978 1979
J_L1980 1981 1982 1983 1984 1985 1986
1/ The 30 year Treasury series was initiated in March 1977.2/ The 30 year Bond Buyer Index was started September 21, 1979.
Department of the TreasuryOffice of Government Finance & Market Analysis
1987 1988
May 3, 1988-26
%
11
10
8Municipal Bonds 30-Year
INTERMEDIATE AND LONG MARKET RATESWeekly Averges
*♦•«».
y*
Sep Oct
1987
New Aa CorporatesThrough
week ending
April 29
Feb Mar
1988
%
11
Department of the TreasuryOffice of Government Finance & Market Analysis May 3, 1988-19
%
9
8
MARKET YIELDS ON GOVERNMENTSBid Yields
•^8.6
10 12 14 16 18 20 22 24 26 28 30
0 1
Department of the TreasuryOffice of Government Finance & Market Analysis
4 5 6
Years to Maturity
8
-6
10
May 3, 1988-28
MATURING COUPON ISSUESMay 1988- September 1988
(In millions of dollars)
Maturing Issues
March 31, 1988
Total
Held by
Federal Reserve
& Government
Accounts
Private
Investors
ForeignInvestors ^
8 1/4% Note 5/15/88
9 7/8% Note 5/15/88
10% Note 5/15/88
7 1/8% Note 5/31/88
13 5/8% Note 6/30/88
7% Note 6/30/88
14% Note 7/15/88
6 5/8% Note 7/31/88
10 1/2% Note 8/15/88
9 1/2% Note 8/15/88
6 1/8% Note 8/31/88
113/8% Note 9/30/88
113/8% Note 9/30/88
6 3/8% Note 9/30/88
4,1485,9559,987
10,9056,723
11,3973,469
11,8815,783
10,92811,435
6,947628
11,544
1,79996
1,658736
592
1,20987
1,43014
1,891864
520
0
1,081
2,3495,8598,329
10,1696,131
10,1883,382
10,4515,7699,037
10,5716,427
628
10,463
5
892
2,4761,182
151
1,29170
1,077541
1,328893
1,456628
923
Totals 111,730 11,977 99,753 12,913
J/ F.R.B. custody accounts for foreign official institutions;included in Private Investors.
Department of the TreasuryOffice of Government Finance & Market Analysis May 3, 1988-17
TREASURY MARKETABLE MATURITIESPrivately Held, Excluding Bills
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Department of the TreasuryOffice of Government Finance & Market Analysis
Securities issued prior to 1986
New issues calendar year 1986May 3, 1988-12
$Bil2220181614121086420
24
2220181614121086420282624222018161412108642018161412108642
TREASURY MARKETABLE MATURITIESPrivately Held, Excluding Bills
103 <^101
-4.8
180
| 1989 i 2o.o
1§? W H 160 H? if 1?I 1J£§310-5 ^ 10.6^10.6 I 93^97 I
ill if iill iiilil1990
17.218.4
20.3
23.7
1198p 8 I• %• •iill iil
1991
8.29.5 9.9 10.6
-5.2 • ^ 5.3
=• I l
8.0
I511
7.7j 5.5
16.91992
11.110.1
12.5
"5.5
16.3
III6.2
8.0 • 8.2
34.7
7.3
JFMAMJJASOND
Bl Securites issued prior to 1986323 New issues calendar year 1986
Department of the TreasuryOffice of Government Finance & Market Analysis
$Bil22201816141210
86420
1086420
1210
86420
201816141210
86420
1210
86420
1210
864
20
14.6
la I
"7.2
2.9
-7.3 7.7
8.1
90
1993
131
6.5 6.7 7.7
73 1994/2 7 1RTq 5.2
6.891 1995
18.4 1!
s996
97 1997
1998
6.9
JFMAMJJAS
New issues calendar year 1987
Issued or announced through April 29, 1988
6.9
11.9
I7.1 7.2
8.6
19.6
9.5
1
O N D
May 3, 1988-13
TREASURY MARKETABLE MATURITIESPrivately Held, Excluding Bills
$Bil.141210
86420
6420
141210
8642
22"201816141210
86420
1816141210
86420
141210
86420
- .* 1999- 2.1 2000 m23|_ 13 ie_ 2001 =23 1.6
~ 1.7 2002 2.6
I 2.9 32 2003 34• • 1
-
2004 403.6 I i£• I •
m8.3
=63 20
•
05 g
E 0" 2006i
F «27 I 2007 1.2
2008 „ 3.6
•
3j8 2009•
3.3
•
1.7 i* 2010 3.8
•
,
£1 2011•
4.3
Bl
=
201210.2
1
11.8
I
7.0
2013 1™
I46 2014 47
2015
6.5
17.92016
18.0 201713.8
2018
5.2
6.7
18.5
I
$Bil.20
2020
20642086420
1086420
420
20
420
420
420
420
1086420
JFMAMJJASOND JFMAMJJASOND
••Securities issued prior to 1986
SOS New issues calendar year 1986Department of the TreasuryOffice of Government Finance & Market Analysis
New issues calendar year 1987
Issued or announced through April 29, 1988
May 3, 1988-14
$Bil.
6
4
2
0
-2
14
12
10
8
6
4
2
0
-2
NEW MONEY IN AGENCY FINANCENon-mortgage-backed Securities, Quarterly y
$Bil.iSLMA FNMA
-I •In . I
FHLB
FFCB
.1
In i•"" I' I"
I II III IV I II III IV I II III IV I II III IV ^ I II III IV
1985 1986 1987 1988 1985*Less than $50 million.
Department of the Treasury J/ Prjvatelv HplfiOffice of Government Finance &Market Analysis aioiy iciu
I4
2
0
-2
-4
-6
4
2
0
-2
-4
-6
-8II III IV I II III IV I II III IV
1986 1987 1988
May 3, 1988-23
$Bil.
26
24
22
20
18
16
14
12
10
8
6
4
2
0
NEW MONEY IN AGENCY MORTGAGE-BACKED SECURITIESPrivately Held, Quarterly
FHLMC
I II III IV I II III IV I II III IV I II III IV
1985 1986 1987 1988
Department of the TreasuryOffice of Government Finance & Market Analysis
I II III IV I II III IV I II III IV I II III IV
1985 1986 1987 1988
e partly estimated
II III IV I II III IV I II III IV le II III IV
1985 1986 1987 1988
May 3, 1988-24
SCHEDULE OF ISSUES TO BE ANNOUNCEDAND AUCTIONED IN MAY 1988^
Monday Tuesday Wednesday Thursday Friday
2 3 4 5Auction
52 week27
6
9Auction
3 year 3/
11 A ♦•Auction
10 year^/
12 A ♦•Auction
30 year 3/
13
16 17 18 Announce
2 year5 year
19 20
23 24 Auction
2 year ^
9fiAuction
5 year 5/
27Announce
52 week-*7
30
Holiday31
.
Al Does not include weekly bills_27 For settlement May 12U For settlement May 16Al For settlement May 31_5/ For settlement in early June±] For auction June 2 and settlement June 9Department of the Treasury
Office of Government Finance & Market AnalysisMay 3,1988-18
SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN JUNE 1988^
Monday Tuesday Wednesday Thursday Friday
1 2Auction
52 week-2/
3
6 7 8 9 10
13 14 15 Announce
2 year4 year
16 17
20 21 22Auction
2 year $
23Auction
4 year &Announce
52 week
27 28 29 30Auction
52 week -*/
Department of the TreasuryOffice of Government Finance & Market Analysis
_U Does not include weekly bills21 For settlement June 9_3J For settlement June 30Al For settlement July 7
May 3, 1968-15
SCHEDULE OF ISSUES TO BE ANNOUNCEDAND AUCTIONED IN JULY198817
Monday Tuesday Wednesday Thursday Friday
1
4Holiday Announce
7 year
8 9 10
11 12Auction
7 year-?/
13 14 15
18 19 20 AAnnounce
2 year
21Announce
52 week
25 26 27Auction
2 year &
28Auction
52 week ^
29
Department of the TreasuryOffice of Government Finance & Market Analysis
_l/ Does not include weekly bills_2/ For settlement July 15.3/ For settlement August 1Al For settlement August 4
May 3, 1988-16