TREASURY FINANCING REQUIREMENTS April - $BI $Bil. Uses Sources

1/2

30 30 Gov't Account Investment | 4 Special Issues ^

20 20 Coupon Maturities fr 9 4 Coupon Refundings

Nonmarketables:

10 10 4 Savings Bonds Foreign 11/21 f 1/4 Other Net Market Borrowing | Cash I Increase in Cash Balance Surplus 1/2

0 0

v Net of 2 % billion maturities other than special issues.

Office of the Secretary of the Treasury Office of Government Financing July 29, 1980-15 TREASURY FINANCING REQUIREMENTS $Bil. July - $Bil. 50 50 Uses 473/4 Sources Gov't Acct Investment } |4 Special Issues

7 Va 40 Foreign 4*- 40 Savings Bonds Nonmarketables and Other ^ Coupon Coupon • Refundings Maturities

30 30

20 20

I Cash Deficit Net Market._.,. Borrowng WZ63/< 10 10

Increase in Cash Balance ±i 0 1/Assumes $20 billion September 30, 1980 cash balance.

Office of the Secretary of the Treasury Office of Government Financing July 29, 1980-t6 TREASURY OPERATING CASH BALANCE Semi-Monthly

-10 Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug Sep 1979 1980

Office ofthe Secretaryof the Treasury Office ofGovernmentFinancing July 29, 1980-12 NET FEDERAL FINANCING REQUIREMENTS $Bil. $Bll.

80 hi Budget deficit 77.0 80 ™ Off -budget deficit" 73*7 70 70

60 H60

50- 50

40 40

30 30

20 20

10 10 2.8

0 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980e 198ie 0 •" Consists largely of Federal Rnancing Bank borrowings to finance off-budget programs e-July 21, 1980 Budget estimates Officeof the Secretary of the Treasury Office of Government Financing July 29, 1980-25 TREASURY NET MARKET BORROWING^ Calendar Year Quarters

-lO- 'l I" 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 8 estimate Office of Government Financing July 29, 1980-6 TREASURY NET BORROWING FROM NONMARKETABLE ISSUES $Bil. $Bil. 10 9.8 10 Savings Bonds 8 8 State & Local Series Foreign Nonmarketablas 6 6

4 4

2 2

•10 •10

I II III IV I II III IV II III IV I II III IV I II III IV I II llle 1975 1976 1977 1978 1979 1980

e estimate Office of the Secretary of the Treasury Office of Government Financing July 29, 1980-7 QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL HOLDINGS OF PUBLIC DEBT SECURITIES $Bil.

20 Nonmarketable mm

16 Marketable SS0 Add-ons 1

12 ••Other Transactions

I II III IV II III IV II III IV II III IV II III IV I II1/ 1975 1976 1977 1978 1979 1980 y F.R.B. Purchases of marketable issues as agents for foreign and Office o) the Secretaryol the Treasury international monetary authorities for new cash. Officeot Government Financing 2/ Partly Estimated. July 29 1980 14 CUMULATIVE NET CASH FLOW IN SAVINGS BONDS!/

M MJJ A S ON D Month of year -VCash sales less redemptions Office of the Secretary ol the Treasury Office of Government Financing ejuly partly estimated July 29, 1980-23 SHORT-TERM INTEREST RATES Monthly Averages

1974 1975 1976 1977 1978 1979 1980

Office of the Secretary of the Treasury Office of Government Financing July 29,1960-18 SHORT TERM INTEREST RATES Weekly Averages %

20

18

16

14

12

10

8

i iXli i i i 6 Jan Feb Mar Apr May Jun Jul 1980

Office of the Secretary of the Treasury OfficeofGovernmentFinancing July 29, 1980-17 LONG MARKET RATES % Monthly Averages % 16 * - 16 i'\ 1 i 15 — i i 15 i i • • 14 14 /A i

13 1: !» - 13

12 — If \\ 12 i w $ fl m 5^ 11 ^ - 1f \ * — 11 ,..-... New Aa Corporates S IJ \ -, ^ New Conventional ^S~\ //^ \/ 10 Mortgagesl .-•*• 1 A // 10

9 2+ *—V\ /""j^^V J A " 9 M ^^ ^^— ^^ * ^ "^iflflK 8 Treasury 8 ' " I ^ ~^^>^ ^ 20-Year ^ ^ " Through 7 7 -—*./ July 25, 1980 ^ New 20-1 fear >*. 6 Municipal Bonds \ '«»•«%, 6

Mill i I i i I i i i i i i i i I I i i i i i i i 1111 i ! 1111111 1111 M 1 M l 5 I I I I I I I I I I I 5 1974 1975 1976 1977 1978 1979 1980

Office of the Secretary of the Treasury Office of Government Financing July 29, 1980 20 INTERMEDIATE AND LONG MARKET RATES Weekly Averages % % 16 16 New Aa Corporates 15 15

14 14

s v 13 13

12 / 12 Treasury 10-Year s . 11 Treasury 20-Year* -^ 11 x»...... ^—...... 10 Municipal Bonds 10 New 20-Year 9 9 Treasury 7-Year

8 8 Through 7 week ending July 25, 1980 7

I I I I I 6 II I I I ll I I I II 6 Jan Feb Mar Apr May June

Officeof the Secretary of the Treasury Officeof Government Financing July 29, 1980-19 MARKET YIELDS ON GOVERNMENTS Bid Yields % % % 17 _/"\ 13 17 V 12 — 12 16 16 Marc 124,1980 u ———••*^T——»—ww,^.„.l.,M. <«••»•< a——; 11 ~ \ -W- 10 1° _ 15 15 __L _. "" 91 0 12 14 16 18 20 22 24 26 28 30" 14 14

13 13

12 12 •~\ April 28, 1980 11 11

^^^^^ **

— 10 O^l — 10

9 — ^. ^ — 9 July 28, 1980

— 8 — 8

7 — 7 I I I I I I I I I I I I I I I I I I I I I I I I I I f () 2 3 4 5 I5 7 8 9 1 0 Years to Maturity

Office a the Secretary of the Tnusury Office ol Government Financinj July 29. 1980-26 NEW MONEY FROM NONCOMPETITIVE BIDS IN TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDS $Mil

Mar. Apr. May 1980 Auction Dates 1/ Discount basis. 2J New money is the difference between noncompetitive bids on the Office of the Secretary of the Treasury Office of Government Financing new issues and maturing bills previously bid noncompetitively. July 29, 1980-10 PERCENT DISTRIBUTION OF NONCOMPETITIVE TENDERS IN QUARTERLY REFUNDINGS % Individuals: \Z\ $200,000 and Over $25,000-199,000 Z2 $10,000-24,000 & $1,000-9,000 M Banks and Dealers I All Other 100 100

80 80

60 60

40 40

20 20

0 0 9 % 9 % 9 Ve% 115/a% 10% % 10%% 1178% 12% 11 %% 91/4% 103/4% 10% Nt. Nt. Bd. Nt. Nt. Bd. Nt. Nt. Bd. Nt. Nt. Bd. May 1980

Office of the Secretary of the Treasury Office of Government Financing July 29, 1980-8 PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT BY MATURITY

100 £

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 July 29, 1980-2 AVERAGE LENGTH OF THE MARKETABLE DEBT Privately Held

June 1967 5 Years 1 Month

June 30, 1980 3 Years 10 Months \

2l 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 '80

Office of the Secretary of the Treasury Office of Government Financing July 29, 1980-1 TRADING VOLUME AND OPEN INTEREST IN 90 DAY TREASURY BILL FUTURES CONTRACTS^ $Bil $BH.

OPEN INTEREST 900 $Bil 900

800 800

700 700

600 TRADING VOLUME 600

500 500

400 400

I II III IV I II III IV I II III IV I II III IV I II 1976 1977 1978 1979 1980 300 300

200 200

100 100

0 m- f!smt F j I II III IV I II III IV I II III IV II III IV 1976 1977 1978 1979 1980

-"Contracts traded on the International Monetary Market (IMM)

Office of the Secretary of the Treasury Office of Government Financing July 29, 1980-11 DELIVERABLE BILLS AND DELIVERIES ON 90 DAY TREASURY BILL FUTURES CONTRACTS ^ $Bil. 6 mo. Estimated 3 Deliverable 3 mo. Supply2"

0 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun 1976 1977 1978 1979 1980

-!/Contracts traded on the International Monetary Market (IMM). i/Consists of the amount of accepted competitive tenders for the new Office of the Secretary of the Treasury Office of Government Financing 3 month bill and the 6 month bill issued 3 months earlier. juiv29,1980-13 OWNERSHIP OF MATURING COUPON ISSUES August - ^ (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 2/ term §/ Investors Investors Funds Holders

6 3/4% Nt. 8-15-80 3,436 916 8 235 127 398 637 1,115

9% Nt. 8-15-80 1,610 426 4 82 45 12 1,041 8 3/8% Nt. 8-31-80 2,975 739 43 177 235 58 951 772 6 7/8% Nt. 9-30-80 1,983 652 13 297 67 224 371 359

8 5/8% Nt. 9-30-80 3,175 787 18 201 157 166 863 983

8 7/8% Nt. 10-31-80 3,370 829 285 218 263 84 655 1,036 3 1/2% Bd. 11-15-80 1,126 66 143 144 132 66 575

7 1/8% Nt. 11-15-80 3,798 1,042 24 313 232 388 1,086 713 9 1 /4% Nt. 11-30-80 2,851 652 12 174 95 148 1,221 549 5 7/8% Nt. 12-31-80 2,654 644 29 420 210 682 297 372

9 7/8% Nt. 12-31-80 3,003 579 6 179 60 44 1,426 709

TOTAL 29,961 7,332 585 2,440 1,623 2,270 9,123 6,608

y Amounts for investor classes are based on the May 1980 Treasury Ownership Survey.

21 Includes State and local pension funds and life insurance companies.

•3/ Includes casualty and liability insurance companies, mutual savings banks, savings and loan associations, and corporate pension trust funds.

Office of the Secretary of the Treasury Office of Government Financing July 29, 1980-21 TREASURY MARKETABLE MATURITIES Privately Held, Excluding Bills and Exchange Notes $Bil. $Bil 1980 6.1 1985 6.4 6 5.0 5.2 49 6

4 4 13.0 | 3^|2.9 2.8 2 2

0 0 1986 6 8 - 7.5

4 6 - 4.1 2 4 -

0 7.0 6.1 6.4 1982 I .3 6 4.0434.0 pl| 4^^4.0 4J>4.3 4.6 4.6 1987 4 2.4 2.7 2.0 1.8 2 I 11 I ri • 0 I >.7 2.4 1988 2.3 5.8 1983 6 5.2 I S3 4 0 2.9 1 2.7 2.4 2 2 2.5 1989 2 4 3.9 1.0P 111 2.2 0 I 2 - 4.5 1984 4 3.2 3.5 0 2.4 2.5 1990 2 I i I 2- 1.5 JFMAMJJASOND JFMAMJJASOND

Securities issued prior to 1978 New issues calendar year 1979 New issues calendar year 1978 Issued or announced through July 25, 1980 Office of the Secretary of the Treasury Office of Government Financing July 29, 1980-3 TREASURY MARKETABLE MATURITIES Privately Held, Excluding Bills and Exchange Notes $Bil. $Bil. i 1 , 2 1991 2001 0 .7 1992 0 4 2.9 2 2002 2 0 0 2h 2003 4 1993 1.8 2.2 2004 2 1.4 0 2005 1994 2.1 4 2.9 2 1.5 1.5

0 2006 1.8 1995 2 2007 0 2.7 2 1996 1.2 0 I 2 1997 2008 3.6 0 1998 1.4 2 .5 B9 0 2009 1999 3.9 2 2.0 0 1 4 2000 2.2 2.5 2 2.0 2.0 2010 I 2- 0 0 JFMAMJJASOND JFMAMJJ ASOND Securities issued prior to 1978 | New issues calendar year 1979 New issues calendar year 1978 |Issued or announced through July 25,1980 Office oftheSecretary oftheTreasury Office ofGovernment Financing July 29,1980-4 NET NEW MONEY IN AGENCY FINANCE, QUARTERLY Privately Held $BH, , 1 i , , $Bil FNMA 4 FCA

2

1 • •_ 0 .1 * mlhi1. 111!Ill M. Ilil -1 li 1" GNMA 5 Mortgage Backed FHLB" Secur ties 4

3

2

1

0 .ill r I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 1976 1977 1978 1979 1980 1976 1977 1978 1979 1980 * Less than $50 million.

Office of th« Secretary of the Treasury J/ Includes FHLB discount notes, bonds, and FHLMC certificates, Officeof Government Financing mortgage-backed bonds, and mortgage participation certificates. July 29, 1980-24 AGENCY MATURITIES^ Privately Held $Bil. $Bil 16 1980 1981 1982 1983 1988 1989 1990 1991 14.5 14.0 14 i.oUli2 JL .4 .4 .8 .3 £ -4

12 1992 1993 1994 1995 2 -

10 .2 .2 .1 .1 .1

1996 1997 1998 1999 8 1.1 .6 3 .2 -5 .1 .2 .2 .1

6 5.0 2000 2001 2002 2003

4 .1 .2

2004 2005 2006 2007 2

.2 .1 .1 .1 .3 .2 0 5 21984 1985 1986 1987 2008 2009 2010 2011

4 .3 -4 .4 .4 3.1 I 2.4 2012 2013 2014 2015 2 1.7 1.7 1,5 H-,.2 iil I..I ll .5 .2 .2 I Iil III IV I IV I II III IV I II III IV IV I II III IV I II III IV I II III IV Calendar Years Quarterly u. Issued or announced through June 30, 1980.

Office of the Secretary of the Treasury Office of Government Financing July 29, 1980-22