TREASURY FINANCING REQUIREMENTS October - December 1979 $Bil
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TREASURY FINANCING REQUIREMENTS October - December 1979 $Bil. $Bil. Uses Sources Redemptions of Special Issues ^^ 51 y2 %Gov't Account Sales Y2 Vl 50 50 40 — Coupon Maturities | 4 Coupon Refundings —40 Foreign Savings Bonds Nonmarketables 30 30 1 Va 20 Net Market Borrowingt 20 i Cash Deficit 10 10 Decrease in Cash Balance | 0 0 11 Includes maturing marketable securities of $'/4 billion. Office of the Secretary of the Treasury Office of Government Financing January 29, 1980-19 TREASURY FINANCING REQUIREMENTS January - March 1980^ $Bil. $Bil. Uses Sources Redemptions of Special Issues ^^^^___r_„_^^^^ Gov't Account Sales 40- 40 Coupon Maturities | I Coupon Refundings Foreign Nonmarketables: 30 Nonmarketables 30 Savings Bonds | Done 20- 1/4 20 State & Local Net Market Borrowing To Be Done I Cash Deficit 10 10 Decrease in Cash Balance t 0 ^Assumes $8 Billion March 31, 1980 Cash Balance. Office of the Secretary of the Treasury Office of Government Financing January 29, 1980-12 TREASURY OPERATING CASH BALANCE Semi-Monthly $Bil. Without — New Borrowing 4 Total Operating 20 ^ Balance 15 Tax and Loan a Accounts Balance w< 10 t>w'<''i>HWB/ Federal Reserve Account 0 -5 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. 1979 1980 Office of the Secretary of the Treasury Office of Government Financing January 29, 1980-13 TREASURY NET MARKET BORROWING^ Calendar Year Quarters $Bil. $Bil. COUPONS 24.7 MlOver 10 yrs. 23.9 ^0-10 yrs. BILLS 20 20 10 10 0 -10 -3.9 -10 I II III IV I II III IV I II III IV I II III IV I II III IV I 1975 1976 1977 1978 1979 1980 1/ Excludes Federal Reserve and Government Account Transactions. Office of the Secretary of the Treasury Office of Government Financing January 29, 1980-3 TREASURY MARKET BORROWING^ Calender Year Quarters $Bil. $Bil. INet Borrowing 40 |Coupon Refunding 40 30 30 20 20 10 Si lill 10 •••III 0 0 I -10 -10 I II III IV I II III IV I II III IV I II III IV I II III IV le 1975 1976 1977 1978 1979 1980 U Excludes Federal Reserve and Government Account Transactions, Office of the Secretary of the Treasury e estimate Office of Government Financing January 29, 1980-2 TREASURY NET BORROWING FROM NONMARKETABLE ISSUES $Bil. |— ,$Bil. 10 10 ISavings Bonds & Other £20 State & Local Series •• Foreign Nonmarketables -2.3 I II III IV I II III IV I II III IV I II III IV I II III IV I 1975 1976 1977 1978 1979 1980 Officeof the Secretary of the Treasury Officeof Government Financing January 29, 1980 QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL HOLDINGS OF PUBLIC DEBT SECURITIES $Bil. I 1 1 1 1 l$Bil. 20 mm Nonmarketable 20 Marketable 17.0 16 ^K Add-ons ^ 16 •• Other Transactions 12 12 8 8 6.2 6.1 4 4 1.0 1.0 ,M M «« 0 0 -0.5 -4 I -4 -8 -4.9 -5.0 -8 -12 -12 -13.3 -16 --16 II III IV I II III IV I II III IV I II III IV iv y 1975 1976 1977 1978 1979 _y F.R.B. Purchases of marketable issues as agents for foreign and Office of the Secretary of the Treasury international monetary authorities for new cash. Office of Government Financing January 29, 1980-16 1/ Partly estimated. PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT BY MATURITY $Bil. 402.2 COUPONS 400 IOver 10 years 17-10 years 350 ^2-7 years 12 years & under 300 BILLS 250 200 131.2 150 100 50 0 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 As of December 31 Office of the Secretary of the Treasury Office of Government Financing January 29, 1980-11 AVERAGE LENGTH OF THE MARKETABLE DEBT Privately Held Years r 4 June 1967 5 Years 1 Month December 31, 1979 3 Years 9 Months 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 Office of the Secretary of the Treasury Office of Government Financing January 29,1980-1 SHORT TERM INTEREST RATES Monthly Averages % 1 % week ending — 16 January 23, 1980 — 16 1* 14- 14 JjLf/l \4 Federal Funds / | 12 r -— 12 r ♦.x"- u 1 • '\l 1 f' * 10 Lea*—^7/ 10 rJ/ .-~-*"\ x*' V\i•• m> •• m*. Prime Rate ,_! if / 8-* - 8 • - r^-, *• Dmmercial U_, 6- Paper. —-* fiZr^ -6- /-^ 13 Month &SZ&*" Treasury Bill 4- Mill i M11 h 11M 1111Mill 11 11II 11 11II ill MM 111111 III II Ml II 1111 1 1 1974 1975 1976 1977 1978 1979 1980 Office of the Secretary of the Treasury Office of Government Financing January 29, 1980-5 SHORT TERM INTEREST RATES Weekly Averages % Week ending % January 23, 1980 15 14 13 12 11 -•^.••' ^^ -' / 10 10 ^*'\ 3 Mostth Treasury Bill •••—••••......•• 9 8 8 July Aug Sept Oct Nov Dec Jan 1979 Office of the Secretary of the Treasury Office of Government Financing Januarv 29, 1980-4 LONG MARKET RATES Monthly Averages i % Through week ending % / |January 25, 1980 12 i 12 .' A * 11 — - 11 .♦•*•♦ New Aa Corporates New Conventional S 10 Mortgages ,,._./' — 10 A .-A %! * , 9 *^v — 9 .••till,* ^^ V 8 - 8 — t. Treasury • 7 • 7 • 1 / .A. 20-Year • • ""\J •• •• .•• ' New 20->fear ***\ ...•X...'' 6 — Municipal Bonds * — 6 **"*-••••...•*••..••*"*••*" 11111 g; M Ml 1 1 1 1 M II 1 1 1 I M l l 1 1 l M l I M M m i m i m 11 11 5 1974 1975 1976 1977 1978 1979 1980 Office of the Secretary of the Treasury Office of Government Financing January 29, 1980-7 INTERMEDIATE AND LONG MARKET RATES Weekly Averages % % • ••••••Mill II11IMIII1IIHII1IIII Week ending 12 12 New Conventional January 23, 1980 Mortgages ^/ *- Treasury 7-Year 11 11 New Aa Corporates 10 10 Treasury 20-Year Treasury 10-Year Municipal Bonds 8 8 New 20-Year July Aug Sep Oct Nov Dec Jan 1979 1980 ±1 Monthly figures - weekly data not available. Office of the Secretary of the Treasury January 29, 1980-6 Office of Government Financing MARKET YIELDS ON GOVERNMENTS Bid Yields 14 % % 11 11 10 — 10 — 13 •Tmm.tt<.t't.,<.„,„„,t<1>t|ij1^ 10 12 14 16 18 20 22 24 26 28 30 12 .^^ ^ OctoberUtlUUCI Ci23, 1979 *» January 25, 1980 10 I I i I I I I I r i iTTT J i i r 0 1 4 5 6 8 10 Years to Maturity Office of the Secretary of the Treasury Office of Government Financing January 29, 1980-20 NEW MONEY FROM NONCOMPETITIVE BIDS IN TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDS $Mil Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec .. Auction Dates J/Discount basis. 2/New money is the difference between noncompetitive bids on the new issues and maturing bills previously bid noncompetitively. Office of the Secretary of the Treasury Office of Government Financing January 29, 1980-18 NEW MONEY FROM NONCOMPETITIVE BIDS IN TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDS % Average Auction Yields17 12 6 Month Bill 12 — 3 Month Bill 10 10 8 8 $Mil. $Mil. New Moneys 500 500 mi 6 Months H 3 Months 400 400 Sep Oct Jan 1979 Auction Dates 1980 U Discount basis. Office of the Secretary of the Treasury 2J New money is the difference between noncompetitive bids on the January 29, 1980-17 Office of Government Financing new issues and maturing bills previously bid noncompetitively. TRADING VOLUME AND OPEN INTEREST IN 90 DAY TREASURY BILL FUTURES CONTRACTS17 $Bil $Bil 600 Open Interest 600 500 500 TRADING VOLUME 400 400 I II III IV I II III IV I II III IV I II III IV 1976 1977 1978 1979 300 300 200 200 100 100 i-mm 0 0 I II III IV I II III IV III IV III IV 1976 1977 1978 1979 -^Contracts traded on the International Monetary Market (IMM) Office of the Secretary of the Treasury Office of Government Financing Janaury 29, 1980-9 DELIVERABLE BILLS AND DELIVERIES ON 90 DAY TREASURY BILL FUTURES CONTRACTS* $Bil. $Bil. 6 mo. } Estimated 3 Deliverable 3 mo. Supply* Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec 1976 1977 1978 1979 ^Contracts traded on the International Monetary Market (IMM) 21 Consists of the amount of accepted competitive tenders for the new Office of the Secretary of the Treasury January 29, 1980-10 Office of Government Financing 3 month bill and the 6 month bill issued 3 months earlier. OWNERSHIP OF MATURING COUPON ISSUES February - June 198017 (In Millions of Dollars) Savings Institutions State & Other Total Commercial Local Corpora Private Maturing Issues Privately Long- Intermediate- Foreign Banks General tions Domestic Held term U term 1/ Investors Investors Funds Holders 4% Bd. 2-15-80 1,547 100 238 271 205 400 333 6 1/2% Nt. 2-15-80 3,096 1,175 65 263 210 410 349 624 7 5/8% Nt. 2-29-80 3,373 1,111 30 348 292 150 598 844 7 1/2% Nt. 3-31-80 5,248 1,666 43 624 217 332 1,087 1,279 7 3/4% Nt. 4-30-80 2,722 1,104 1 216 107 64 476 754 6 7/8% Nt. 5-15-80 1,707 596 8 200 102 94 669 38 8% Nt. 5-31-80 2,921 593 14 161 133 66 1,170 784 7 5/8% Nt. 6-30-80 1,859 718 11 295 97 2 298 438 8 1 /4% Nt.