TREASURY FINANCING REQUIREMENTS January-June, 1976^
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TREASURY FINANCING REQUIREMENTS January-June, 1976^ $Bil. Adjustments _ Uses To Cash -** Sources — V4J r633/4" 60 Gov't Acc't' * Special Issues Investment Increase in Operating ^_*— Savings Bonds, Etc Cash 2% "~ 50 'Maturities YIVz Refundings' 40 Off Budget - Bills | Deficit [Done 30 "Coupons) 20 343/4 | Net New Cash Budget Deficit ' To Be Done 10 0 * Includes $2 billion (net) CMB's and $1.5 billion 1/31/76 bills in 2-year cycle slot. ±1 Assumes $9 billion June 30 cash balance. January 26, 197615 Office of the Secretary of the Treasury Office of Debt Analysis TREASURY FINANCING REQUIREMENTS January - June, 1975 $Bil. Uses Sources Increase in Operating Cash^ \i/A 2y4 ^ Adjustments to Cash 60 G.A Investment"* ^^m " ^ a-Special Issues VA 23/4 Maturities 50 |3/* June Agency &Other Savings Bonds, / 33/4*May 15% 21/4*-Apr. Foreign, etc 40 !£44**Mar. Refunding' Off Budget 30 Agency Deficit 20 New Cash'* Budget Deficit 10 0 Otdce of the Secretary of the Treasury Oftice of Debt Analysis January 26.1976-18 ANNUAL RATES OF CHANGE, REAL AND NOMINAL GNP^ Quarterly, Seasonally Adjusted 1976 1972 1973 1974 1975 -1/Shaded areas represent private forecasts. January 26,1976-9 Office of the Secretary of the Treasury Office of Debt Analysis TREASURY NET NEW MONEY BORROWING Fiscal Year Halves 1972 to Date $Bil. 50 48.5 Coupons: Over 7 years 40 3 • 7 years Under 3 years 30 Bills 20 15.1 9.8 10 .5 0 •1.1 -1.2 -10 j_ II I II I II 1972 1973 1974 1975 1976 * Less than $5Q million. Office of the Secretary of the Treasury January 26,1976-25 Office of Debt Analysis MARKET YIELDS ON GOVERNMENTS Yield to Maturity (PerCent) 10 Years to Maturity 1975 1976* * Yield curves represent the 15th of each month. Office of the Secretary of the Treasury January 26,1976-6 Office of Debt Analysis TREASURY YIELD CURVE SPREADS Weekly Averages % *•••< \ /""-w K / --\/ /n / V* \ v 20 Year Less Week Ending \*" 3 Month Bill^ January 16, 1976 3 Year Less 3 Month BilU S 20 Year Less 3 Year V 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 1975 1976 y3 Month billon coupon equivalent basis. Office of the Secretary of the Treasury January 26, 1976-3 Office of Debt Analysis INTERMEDIATE AND LONG MARKET RATES Monthly Averages J SNJMMJSNJMMJSNJMMJSN J 1972 1973 1974 1975 Office of the Secretary of the Treasury January 26,1976-2 Office of Oebt Analysis SHORT TERM INTEREST RATES Weekly Averages i i i i i 1972 1973 1974 1975 Calendar Years January 26,1976-11 Office of the Secretary of the Treasury Office of Debt Analysis MUNICIPAL AND CORPORATE BOND SALES Cumulative $Bil. Munidpal 30 20 10- 0 $Bil. Corporate** 30 1975^ 20- 10- * Public offerings, over1 yearto maturity. ** Publicofferings, including foreign. Source: Daily Bond Buyer. Ollle*el Hwlamtani ol tin Hrwwoi JmayaMWU OWm of OvM AMlyfta SHORT-TERM CREDIT DEMANDS Weekly Data Business Loans ($Mil.) Commercial Paper ($Bil.) 130 Business Loans 125 20 120 v^v/"-\ 115 15 110 aA,/ Commercial Paper Dealer (Ex Bank) + Non - Fin. 105 100 10 M MJ NJM MJ N MM 1974 1975 1976 Office of the Secretary of the Treasury January 26, 1976-4 Office of Debt Analysis COVERAGE OF TREASURY COUPON ISSUES IN CALENDAR YEAR 1975 % 9 Average Yield 8- 6- 5 $Bil. Coverage Accepted Tenders! Total Tenders r • i',v N llllllll <OI>*2tVQlOrviO00C^ N 16 Is Ol N 00 N S CO 00 N N rv S R ^ is. ^ r*. iv rv oo is.iv rv 15- rv £• 00 IV Gto>oioo*&0icn&OT Oi d o oi o> ci c* 0> 0* <J> 01 O) Ot o> 6? &e 6? B? 69 6? B? 6?„^^e^6e^Bee9&?69696e69&9&96969696?6969SS6969&96e s? °° ^" £ £ s? iv tv. i** iv m * °° N N p. OOtOCb^lvlvj^ooOOOOOOOO CO Is- rv 00 rs Office of th« Secretary of the Treasury January 26,1976-10 Office of Debt Analysis COVERAGE OF 13 AND 26 WEEK BILLS IN CALENDAR YEAR 1975 20 25 30 Weeks Ottict of tht S«cr«tary of tha Treasury January 26,1976-20 Oflict of Debt Analysis TWO MONTH AVERAGE ANNUAL RATES OF CHANGE IN iV^ AND M2 (With FOMC Policy Ranges) % M, 12 8 4 VA 777* r777i 0 mm l -4 16 M, 12 lAVl vw 8 (553 m VA V7. 4 HllillH 1 llllll J ASONDJ FMAMJJASOND 1974 1975 Office of the Secretary of the Treasury January 26, 1976-7 Office of Debt Analysis MONEY SUPPLY 270 J FMAMJ J ASONDJ FMAMJJASOND 1974 1975 Officeof the Secretary of the Treasury January 26, 1976-8 Office of Debt Analysis TREASURY MARKETABLE MATURITIES Privately Held, Excluding Bills and Exchange Notes $Bil. l$Bil. 1980 1.6 1.7 1.7 1.1 1 L 1981 2.7 2j0 Li I 1982 2.4 1.9 1.7 1.4 Ji 1983 \2 1984 1.0 -ft. JFMAMJJASOND JFMAMJJASOND B9 New issues calendar year 1975. EH3 Issued or announced through January 15,1976. Office of the Secretary of the Treasury Office of Debt Analysis January 26,197612 TREASURY MARKETABLE MATURITIES Privately Held, Excluding Bills and Exchange Notes $Bil. $Bil 1995 2 i4 1985 2f- • I .6 0 0 1986 19% 2 2h 0 0 2 1987 2h 1997 0 0 1998 2 1988 2 1.8 0 0 1989 1999 2 2 .9 0 0 1990 2000 4 2 2.5 .6 rm 2 i.i 0 I 2001 0 2 2 1991 0 2002 0 2 1992 4 0 2.1 2 2003 2 I 0 0 2004 2 1993 2 0 0 1994 2005 2 2 z 0 0 JFMAMJJASOND JFMAMJJASOND SS New issues calendar year 1975, Office of the Secretary of the Treasury Office of debt Analysis January 26,1976-13 TREASURY MARKETABLE MATURITIES-ACTUAL AND HYPOTHETICAL Privately Held, Excluding Bills and Exchange Notes Actual—December 1975 Hypothetical—December 1976 $Bil. $Bil. 1976 jj 1977 J 4.1 I | 4.0 4 4 1:2.0 2.0 2 2 4'I a I15 • I1-6 " J1 Ya aall i g|g 1^ bIal 1 Isa I la • sale 0 60 0 5.0 1978 i* 1977 4.5 4.6 3.4 4 I i| y 3.1 4 tea 83.0 3J. |2.4 25 21 PS 2*1 2 •* i Ji i J I I 2 ill 1 1 0 610 0 5.0 1978 4, 4.6 197948 40 43 4 4 3.6 [ 24 1.9 M 2-0 2 2 I I g • 0 0 1979 2a 25 1.717 19801?w,r 1.717 202.0 2.0 2.3 2 1.6 2 ]i 1.7 • J* II 11 i I § • I a a I a I 0 0 4 2.8 8 1981 % 2.7 17 1980 L7 2 1.6 i.i 2 • I • g 1 0 2.8 0 2.7 2.5 1981 1.7 1982 ,, 2 2 1.4 1 I 0 0 2.9 2.4 1982 1S 1.9 1983 2.0 2 1.7 2 1.2 1.3 I £ 0 0 JFMAMJJASOND JFMAMJJASOND E2S9 Actual securities issued during calendar year 1975. ilil] Securities issued orannounced through January 15,1976. ^N Hypothetical securities to be issued during calendaryear 1976. • Treasury bills (in 2 year cycle slot). Office of the Secretary of the Treasury January 26,1976-21 Office of Debt Analysis AVERAGE LENGTH OF THE MARKETABLE DEBT Privately Held June 1966 5 years 4 months 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 *Estimated Office of the Secretary of the Treasury January 26, 1976-23 Officii of Debt Analysis OWNERSHIP OF THE FEBRUARY 15,1976 MATURITIES (In millions of dollars) 5 7/8 % 6V4% 0/ % /o Total Note Note Total outstanding 4945 3739 8684 Federal Reserve Banks and Government Accounts 1436 2859 4295 Total privately held 3509 100 880 100 4389 100 State and local pension funds and life insurance companies. 5 5 1 10 Fire, casualty, and marine ins., mutual savings banks, savings and loan, and corporate pension funds 303 51 354 8 Commercial banks 1984 56 410 47 2394 55 New York reserve city banks 51 1 1 52 1 Chicago reserve city banks 14 * * 14 * Other reserve city banks : 410 12 20 2 430 10 Country member banks 880 25 197 23 1077 25 Nonmember banks 629 18 192 22 821 19 State and local general funds 118 3 55 6 173 4 Corporations 224 6 12 1 236 5 Other private holders 875 25 347 39 1222 28 *less than 500,000 or Vz of one percent. Office of the Secretary of the Treasury January 26, 1976-24 Office of Debt Analysis AGENCY MATURITIES v Privately Held $Bil. $Bi 1984 1985 1986 1987 1 .7 .6 .6 £ A • ll * .i 0 1988 1989 1.5 1990 1991 1 .4 .4 .2 0 I 1992 1993 1994 1995 1 - .2 2 .i .i .i 0 1996 1997 1998 1999 1 A i .5 ±m • ££• AJLiLA. .i 0 2000 2001 2002 2003 lh 0 2004 2005 2006 2007 1 ^1 2 0 1234 1234 1234 1234 1234 1234 1234 1234 Calendar Years Quarterly -1/ Issued and announced through January 15, 1976. Office of the Secretary of the Treasury January 26, 1976-1 Office of Debt Analysis * Less than $50 million..