FEDERAL AND FEDERALLY-ASSISTED BORROWING FROM THE PUBLIC $Bil. $Bil. 40.5 140 140 IS11 Sponsored Agency Obligations V//A Guaranteed Obligations^ 124.4

120 Y//A Off-Budget Deficit 120 WM Budget Deficit1

100 100

80 80

60 60

47.5 40.0 40 40 33.5

24.5 20 17.9 20

0 0 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981e Fiscal Years ±1 Adjusted for other means of financing. 2/ Adjusted for federal and sponsored agency purchases of guaranteed obligations. Ofiice of the Secretary of the Treasury Office of Government Financing e estimate , 1981 16 TREASURY FINANCING REQUIREMENTS January - $Bil. $Bil. Uses Sources 60 57Va 60 Redemptions of Special Issues ^1% t| l_| 13/4 Gov't Account Sales

50 Coupon 50 Coupon Maturities | Refundings Savings Bonds 40 40

Va Other Nonmarketables

30 30

Net Market ^ 20 4 Cash Deficit Borrowing " 20

10 10

Decrease in Cash Balance 1V2fr 0 0 u Includes maturing marketable securities of $1/2 billion.

Office of the Secretary of the Treasury April 28, 1981-18 Office of Government Financing TREASURY FINANCING REQUIREMENTS April - $Bil. $Bil. USES SOURCES

313/4

30 30 Government Account ^Special Issues Investment

20 20 Coupon ±\ a Coupon Maturities t • Refunding

10 Savings 10 Bonds 3/4^1 Net Cash |^11/4 Other Non- T marketables Paydown|^| Cash Surplus^ 4 Increase in Cash Balance^ 0' 0

-V Assumes $15 billion , 1981 cash balance.

Office of the Secretary of the Treasury Office of Government Financing April 28,1981-21 NET MARKET BORROWING April - June 1981

Total -2 Cash Management Bills: April Issues 6 April Retirements -16 June Maturities -4 Net Borrowing -14

Other Net Borrowing: 12 Done^ 20 year - 1 month bond 13/4 7 year note 3 2 year note 172 Regular bills Va

Total 6Y2

To Be Done SV2

JV Issued or announced through , 1981. Office of the Secretary of the Treasury Office of Government Financing April 28, 1981-19 TREASURY OPERATING CASH BALANCE Semi-Monthly $Bil. Without —New *• Tax and Loan Borrowing^ 20 Accounts Balance I'

!

Federal Reserve Account

• 9 —5- V — 10 JL Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar Apr. May Jun 1980 1981

-^Assumes refunding of maturing issues except for cash management bills. Office of the Secretary of the Treasury Office of Government Financing April 28, 1981-17 TREASURY NET MARKET BORROWING37 Calendar Year Quarters $Bil. $Bil.

401- 38.4 40

COUPONS Ml Over 10 yrs. 29.4 30 KZ 0-10 yrs. 28.2 30 27.2 BILLS I 20 19.4 -1 II1-20

10 10

0 0 I I I I -.3 10 -3.9 -10

I II III IV I II III IV I II III IV I II III IV I 1977 1978 1979 1980 1981 1/ Excludes Federal Reserve and Government Account Transactions.

Office of the Secretary of the Treasury Office of Government Financing April 28, 1981-10 TREASURY NET BORROWING FROM NONMARKETABLE ISSUES $Bil. $Bil. 10 9.8 10 Savings Bonds 8 8h State & Local Series Foreign Nonmarketables 6 6 5.1 3.2 4.7 4.1 4.1 4 K2 4 3.1 2.8 2.2 2 1 B9g 2 111! I1 0 SGGfl

-2 • -1.7-1-4 ^ _1>4 -1.9 -2.4

-4 -4.2

-6 -6.6 -8

IV I II III IV I II III IV I II III IV I lle 1977 1978 1979 1980 1981

e estimate

Office of the Secretary of the Treasury Office of Government Financing April 28, 1981-8 CUMULATIVE NET CASH FLOW IN SAVINGS BONDS*/

--10

-12 MJJA O N Month of year ±1 Cash sales less redemptions Officeof the Secretary of the Treasury e partly estimated. Officeof Government Financing April 28, 1981-1 QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL HOLDINGS OF PUBLIC DEBT SECURITIES $Bil. $Bil. Nonmarketable 20

16.9 Marketable ^ Add-ons^ 16 j^H Other Transactions 12

8 5.5

4 1.4 Bgga 083 0

-4

-4.9 -5.0 -8

-12

-13.3 -16 1 II IV I IV I III IV I IV 1-2/ 1977 1978 1979 1980 1981 1/ F.R.B. Purchases of marketable issues as agents for foreign

Office of the Secretary of the Treasury and international monetary authorities for new cash. Office of Government Financing April 28, 1981-9 j£/Partly estimated. SHORT TERM INTEREST RATES Monthly Averages %

22

20

18

16

14

12 Through April 24. 10

8

6

1977 1978 1979 1980 1981

Office of the Secretary of the Treasury Office of Government Financing April 28, 1981-14 SHORT TERM INTEREST RATES Weekly Averages

Sep Oct Feb Mar 1980 1981

Office of the Secretary of the Treasury Office of Government Financing April 28, 1981-12 LONG MARKET RATES Monthly Averages % % 16 ,\ 16 15 / 15 \ 14 'A 1 // 14 13 J \\ / 13 New Conventional 12 12 Mortgages

11 11

10 10 New Aa Corporates ,<^~ Through ^ ...>♦, April 24_ 9 9

8 8

7 /• "| New 20-Year 7 .••••...„. v* Municipal Bonds 6 6

5 5 1977 1978 1979 1980 1981

Office of the Secretary of the Treasury Office of Government Financing April 28, 1981-13 INTERMEDIATE AND LONG MARKET RATES Weekly Averages % %

16 16

Municipal Bonds Through" week ending New 20-Year April 24

6 July Aug Sep Oct Nov Dec Jan Feb Mar Apr

1980 1981

Office of the Secretary of the Treasury Office of Government Financing April 28,1981-11 MARKET YIELDS ON GOVERNMENTS Bid Yields %

18

17

December 11, 1980 10 12 14 16 18 20 22 24 26 28 30 16

- 15

12 12

11

10 4 5 8 10 Years to Maturity

Office of the Secretary of the Treasury Office of Government Financing April 28, 1981-23 PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT BY MATURITY

1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 As of December 31

Office of the Secretary of the Treasury Officeof Government Financing April 28, 1981-5 AVERAGE LENGTH OF THE MARKETABLE DEBT Privately Held Years 5

March 1981 3 Years 9 Months

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980'81

Office of the Secretary of the Treasury Office of Government Financing April 28,1981-4 OWNERSHIP OF MATURING COUPON ISSUES - ^ (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 1/ term 5/ Investors Investors Funds Holders

7 3/8% Nt. 5/15/81 1828 641 46 318 243 109 209 262

7 1/2% Nt. 5/15/81 2822 943 25 195 260 58 771 570

9 3/4% Nt. 5/31/81 2131 568 7 90 51 100 709 606

6 3/4% Nt. 6/30/81 2434 584 19 247 366 458 142 618

9 1 /8% Nt. 6/30/81 2693 743 13 115 446 40 756 580 9 3/8% Nt. 7/31/81 2869 908 25 113 420 13 420 970

7 5/8% Nt. 8/15/81 2222 1117 32 247 157 78 441 150

8 3/8% Nt. 8/15/81 2744 1115 16 235 360 3 682 333 7% Bd. 8/15/81 397 49 31 61 20 7 229

9 5/8% Nt. 8/31/81 3158 900 19 153 323 491 272 1000 6 3/4% Nt. 9/30/81 2787 857 10 220 174 722 232 572 10 1/8% Nt. 9/30/81 3286 692 22 169 251 16 1271 865

TOTAL 29,371 9,117 265 2,163 3,071 2,095 6,134 6,526

U Amounts for investor classes are based on the 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 April 28, 1981-15 TREASURY MARKETABLE MATURITIES Privately Held, Excluding Bills and Exchange Notes $Bil.i 1986 8 7.5 7.5

6

4 3.2

2 0 I I 1987 6 4.6

4.3 4 4.0^3.9 43l'4.6 U 4.4 i 4.6 | 2.0 1.8 vM3-9 2 0 ii I 6 1988 4 3.0 6.1 2.7 2.4 2.3 4.7«5,0 2 I I 2.5 0 1 6 1989 3.8 4 7.3 2.2 6J 1984 2 4.5 3.2 3.0 3.3 0 2.4 1990 5.1 4 I 1 1 2.6 I 2 1.2 1 6.0 1985 6A 0 1991 3.5 3.1 4 2.7 1 1 l I 2h 0 J FMAMJ JASOND J FMAMJ JASOND

Securities issued prior to 1979 ^ New issues calendar year 1980

Office of the Secretary of the Treasury Office of Government Financing New issues calendar year 1979 H Issued or announced through April 24, 1981 April 28, 1981-6 TREASURY MARKETABLE MATURITIES Privately Held, Excluding Bills and Exchange Notes $Bil. $Bil. 1992 2 2002 4 - 2.7 2 • 2003 • 0 4 1993 2004 2.2 2 _ 1-9 1.4 | • 2005 0 2.1 1994 4 - 2.9 2 1.5 1.5 .5 2006 0 1995 2007 4 2.7 2.7 _ 1-8 2 1.5 1.2

0

2 — 1996 2008 3.6 i 0 1.4 2 — 1997 i 1 0 1998 2009 3.9 3.4 2 - _5 .8 0 1999 2 — .8 2010 0 4 2000 1.8 1.9 2.2 2.5 2 •

0 2011 1.5 1.8 2001 2 .7 m I 0 JFMAM JJAS O ND JFMAMJJ AS O ND | Securities issued prior to 1979 New issues calendar year 1980 Office of the Secretary of the Treasury 1 Issued or announced through April 24, 1981 Office of Government Financing New issues calendar year 1979 April 28. 1981-7 TRADING VOLUME AND OPEN INTEREST IN 90 DAY TREASURY BILL^AND BOND^FUTURES CONTRACTS $Bil. $Bil.

1400 1400 OPEN INTEREST TRADING VOLUME HZ] Bills 1200 ^^M Bonds 1200

1000 1000

800 800

600- 600 I II III IV I II III IV I II III IV I II III IV I II III IV I v 1976 1977 1978 1979 1980 '81

400 400

200- 200

ettti tH-M-H P!*i£i3 I I 0 I II III IV I II III IV I II III IV I II III IV I II III IV I 1976 1977 1978 1979 1980 '81

J/ Contracts traded on the International Monetary Market ($1,000,000 per contract). Office of the Secretary of the Treasury Office of Government Financing -^Contracts traded on the Chicago Board of Trade ($100,000 per contract). April 28, 1981-2 DELIVERABLE BILLS AND DELIVERIES ON 90 DAY TREASURY BILL FUTURES CONTRACTS^ $Bil $Bil. 10h -10 Cash mgmt.8 9 -9 52 wk. • Estimated > Deliverable 8 26 wk. Supply-^ -8

13 wk. 7 7 •Deliveries

6 6

5 H5

4 4

3 3 i 2 2 1 jiiiiiiiiijiiiillinium I 1 MJSDMJSDMJSDMJSDMJSDM 1976 1977 1978 1979 1980 '81 .I/Contracts traded on the International Monetary Market.

Officeof~._._.> the Secretary_ of.,. the TreasuryT -2/Consists of the ...amount of.„ acceptedT competitive tenders for the new ottice ot Government Financing 3 month bill and other bills previously auctioned maturing on the same date. Aphi 28,1981-3 NET NEW MONEY IN AGENCY FINANCE, QUARTERLY Privately Held $Bil. 4

3h

2

1h

0 !•• III. GNMA 7 Mortgage Backed FHLB1/ Securities 5- 6-

4- 5-

3- 4

3 1 2 •ill illJJ* •* 0 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 le II III IV 1977 1978 1979 1980 1981 1977 1978 1979 1980 1981 * Less than $50 million. e Partly estimated.

Office of the Secretary of the Treasury 1/ Includes FHLB discount notes, bonds, and FHLMC certificates, Office of Government Financing mortgage-backed bonds, and mortgage participation certificates. April 28, 1981-20 AGENCY MATURITIES^ Privately Held $Bil. 1989 1990 1991 1992 4

2 • •• Jm £ 1 Aa — m J. •L JL 1 0 1993 1994 1995 1996

2

.3 A_ j_ _1- 0 1997 1998 1999 2000

2 1^3,2 £ A-L-La. j_ _ 2001 2002 2003 2004

.1 .2

_ 2005 2006 2007 2008

.1 .1 .1 .1 .2 .2 JL - _ 2009 2010 2011 2012

.3 .3 .5

2013 2014 2015 2016

I II III IV I II III IV I II III IV I II III IV IV I II III IV I IV I II III IV Calendar Years Quarterly Office of the Secretary of the Treasury Office of Government Financing -^Issued or announced through March 31, 1981. April 28, 1981-22