TREASURY FINANCING REQUIREMENTS $Bil July - $Bil. 50 Uses 471/4 Sources 50 bov t Acct Investment |K^9| ^jjg^lSpecial Issues-!/

40 — Coupon .^^^H Maturities HHH 40 HHi Coupon V4 HMM HLIm" Refundings

30 — Nonmarketables ^^^H 30 ^H y2 ^^M Savings Bonds ^^M and Other 20 20 ^B4Cash Deficit • Net Market tBPfjM Borrowing tBjjjliS

10 H 10 E^H| Increase in I^H Cash Balance 0 0 ±1 Net of Vi billion maturities other than special issues.

Officeof the Secretary of the Treasury Office of Government Financing , 1980-19 TREASURY FINANCING REQUIREMENTS October - $Bil. $Bil. Uses Sources 60 60 55V4 Redemptions of Special Issues • 4 Gov't Account Sales 50 50

40 — Coupon Maturities t 4 Coupon Refundings 40 y4 Savings Bonds —.and Other

30 30 y2 Foreign Nonmarketables 20 Net Market | 25V4 < 20 Borrowing I Cash Deficit

10 10

Decrease in Cash Balance v 0 0

ii Assumes $15 billion , 1980 cash balance.

Office of the Secretary of the Treasury October 28, 1980-20 Office of Government Financing TREASURY OPERATING CASH BALANCE Semi-Monthly

Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 1979 1980 Office of the Secretary of the Treasury October 28, 1980-12 Office of Government Financing TREASURY NET MARKET BORROWING^ Calendar Year Quarters $Bil. $Bil. COUPONS 28.2 111Over 10 yrs. 24.7 23.9 ^0-10 yrs. 22.8 BILLS

20 19.4 20 17.5 17.1 16.1 16.1 14.8 1 14.2 13.3 I 10.8 10.6 10 Li 10

ill! iillIIlimn 0 fl ill 0 I I —0.3 —0.1

-10 -3.9 -10 J_ _L J_ I II III IV I II III IV I II III IV I II III IV I II III IV I II III IVe 1975 1976 1977 1978 1979 1980 J/ Excludes Federal Reserve and Government Account Transactions.

Off ice of the Secretary of the Treasury e estimate Office of Government Financing October 28, 1980-6 TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

•10 --10

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

e estimate Office of the Secretary of the Treasury Office of Government Financing October 28, 1980-5 QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL HOLDINGS OF PUBLIC DEBT SECURITIES

I II III IV III IV III IV II III2/ 1975 1976 1977 1978 1979 1980 \] 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 October 28, 1980-4 2/ Partly estimated. CUMULATIVE NET CASH FLOW IN SAVINGS BONDS u

UN. $Bil. 0 \^-^ 1978 0

-2 — -2

\ 1979 *\ -4 -4

— -6 t \ ~^- \ —

-8 -8 ^^^^^^ 1980e : 10 -10

I I I I I I I I I I I I i M MJJ fi N Month of year -VCash sales less redemptions Office of the Secretary of the Treasury e October partly estimated. October 28, 1980-13 Office of Government Financing SHORT TERM INTEREST RATES Monthly Averages % % 20- 20

18- 18

16

14

12

10

# j Through 8 If

-6

1974 1975 1976 1977 1978 1979 1980

Office of the Secretary of the Treasury Office of Government Financing October 28, 1980-15 SHORT TERM INTEREST RATES Weekly Averages %

20

18

16 Week ending , 1980

14

12

10

%"\V „.————•*••:—*•' 8 8 •"*•.. / Commercial Paper

6-

Jan Feb Mar Apr May Jun Jul Aug Sep Oct 1980

Office of the Secretary of the Treasury Office of Government Financing October 28, 1980-14 LONG MARKET RATES Monthly Averages

1974 1975 1976 1977 1978 1979 1980

Office of the Secretary of the Treasury Office of Government Financing October 28, 1980-17 INTERMEDIATE AND LONG MARKET RATES Weekly Averages

May

Office of the Secretary of the Treasury October 28,1980-16 Office of Government Financing MARKET YIELDS ON GOVERNMENTS Bid Yields % % "/or- j—_l_j_—i—r —|70•&> 17 v~\ IS -113 — 17 r •i i r I I 12 12 16 16 March 24, 1980 11 11

10 15 w * 10K...... ~10 — 15 ^^^ 91—i—I i I I I i I i I i I I I I Q ^^^^ 10 12 14 16 18 20 22 24 26 28 30 14 14

13

12

11

10

9

8

7

6

4 5 6 Years to Maturity Office of the Secretary of the Treasury October 28, 1980-9 Office of Government Financing NEW MONEY FROM NONCOMPETITIVE BIDS IN TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDS $Mil

—600

Apr. May Jun. 1980 Auction Dates ^ Discount basis.

Office of the Secretary of the Treasury * New money is the difference between noncompetitive bids on the Office of Government Financing new issues and maturing bills previously bid noncompetitively. October 28, 1980-2 PERCENT DISTRIBUTION OF ALLOTMENTS IN TREASURY BOND AUCTIONS

100% -100%

— % 80 I 1 i i 80 • i 60 60

40 40

20 20

i 0 0 Rate(%) 9 8% 9 9y8 8% 91/a 10y8 103/8 101/2 11% 12% 10 10% 10% Length(yrs) 1 5 30 15 30 15 30 15 30 15 30 15 30 15 30 1979_ 1980 HI Dealers Insurance Cos.! Pension Fds. Ill Other Com'I Banks V/ACorporations 111! Individuals Office of the Secretary of the Treasury Office of Government Financing October 28, 1980-21 PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT BY MATURITY $Bil. , 19801 463.7 450 t 48.6 _i_ COUPONS 400- 17.3 Over 10 years 7-10 years 350 E^ 2-7 years 98.0 32 years & under 300 BILLS

250 144.1

200

150

100 155.7

50

0 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 As of December 31 Office of the Secretary of the Treasury October 28, 1980-3 Office of Government Financing AVERAGE LENGTH OF THE MARKETABLE DEBT Privately Held Years 5

September 1980 3 Years 9 Months \

—

January 1976 3- "** \ a. 2Years •V/y^iy 45 Months^ %ij

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979

Office of the Secretary of Hit Treasury Office of Government Financing October 28. 1980-1 TRADING VOLUME AND OPEN INTEREST IN 90 DAY TREASURY BILL FUTURES CONTRACTS17 $Bil. $Bil.

OPEN INTEREST 900- 900

800 800

700 700

600 TRADING VOLUME 600

500 500

400 400

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

200 H200

100 100

EgS? nnn I II III IV II III IV II III IV I II III IV I II III 1976 1977 1978 1979 1980

^ Contracts traded on the International Monetary Market (IMM).

Office of the Secretary of the Treasury Office of Government Financing October 28,1980-8 DELIVERABLE BILLS AND DELIVERIES ON 90 DAY TREASURY BILL FUTURES CONTRACTS^ $Bil. $Bil. 6 mo. 3 3 3 mo.

0 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep 0 1976 1977 1978 1979 1980 J/Contracts traded on the International Monetary Market(IMM).

Office of the Secretary of the Treasury i/Consists of the amount of accepted competitive tenders for the new Office of Government Financing 3 month bill and the 6 month bill issued 3 months earlier. October 28.19807 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 11 term ?/ Investors Investors Funds Holders

3 1/2% Bd. 11/15/80 1128 47 67 94 78 34 808

7 1/8% Nt. 11/15/80 3790 791 18 229 137 198 1665 752

9 1 /4% Nt. 11 /30/80 2830 405 9 111 62 65 1549 629

5 7/8% Nt. 12/31/80 2654 456 14 279 141 354 1096 314

9 7/8% Nt. 12/31/80 2989 406 3 109 67 28 1647 729 9 3/4% Nt. 1 /31 /81 2647 413 3 74 87 109 1474 487

7% Nt. 2/15/81 1258 382 19 161 20 65 604 7

7 3/8% Nt. 2/15/81 3671 950 23 417 121 151 1668 341

9 3/4% Nt. 2/28/81 2461 635 9 124 63 21 1213 396 6 7/8% Nt. 3/31/81 2562 445 9 175 126 181 936 690

9 5/8% Nt. 3/31 /81 2783 476 10 75 55 52 1193 922

TOTAL 28,773 5406 184 1848 957 1258 13,853 5267

U Amounts for investor classes are based on the Treasury Ownership Survey.

2/ Includes State and local pension funds and life insurance companies.

31 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 October 28, 1980-18 TREASURY MARKETABLE MATURITIES Privately Held, Excluding Bills and Exchange Notes $Bil. $Bil. 1985 6 4 1980 6.0 6 5.6 6 49 E3 4 J2.8 1 2.8 3.1 2 2 -

0 ol— 1986 6 8 7.5

4 6 4.1 2 4 -

0 2 e!o 6-470 I .3 6 0 4.0^4.0 4.6 1987 4 4.0K33.9 4 2.7 2.0 1.8 2 2 I VA 0 0 2 4 1988 2.3 5.8 1983 6£ 6 5.2 2 - g I 4 0 2.9 1 Jz 2.4 2.5 1989 3.8 2 i.ofc 4 2.2 0 1 2 4.5 1984 I 4 3.2 3^ 3.0 0 2.3 ?.5 1990 2.6 2 2- 1.4 • 0 I 0 JFMAMJJASOND JFMAMJ JASOND HSecurities issued prior to 1978 ]New issues calendar year 1979 New issues calendar year 1978 |Issued orannounced through October 24, 1980 Office of the Secretary of the Treasury Office of Government Financing October 28, 1980-10 TREASURY MARKETABLE MATURITIES Privately Held, Excluding Bills and Exchange Notes $Bil. $Bil 2 1991 2001 0 1992 4 2.8 2002 2 0 2003 4 1993 1.9 2.2 2004 2 2 1.3 0 2005 1994 2.0 4 2.9 2 1.5 1.5 0 2006 0 2.7 1.8 1995 2 m 1.5 2007 n m 0 2.7 2 1996 1.2 0 I 2 1997 2008 3.6 0 1998 1.4 2 .5 .9 0 3.9 2009 1999 4- 3.4 2 2- 0 4 2000 1 22 2.5 2 1.8 19 2010

0 I e J FMAMJ JASOND JFMAMJJ ASOND

Securities issued prior to 1978 INew issues calendar year 1979 New issues calendar year 1978 |Issued orannounced through October 24, 1980 Office of the Secretary of the Trenwy Office of Government Financing October 28, 1980-11 NET NEW MONEY IN AGENCY FINANCE, QUARTERLY Privately Held $Bil. $Bil. FNMA 4 FCA 3 3 2 2 1 • -_ 0 .1 * mlliJ 1. 111!h. i.i.Illlli 1" GNMA Mortgage Backed O FHLB* Secur ties

4-

3-

2-

1- n * ..il li llllml * :j- I II III IV I II HI 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 IH IV I II III6 IV 1976 1977 1978 1979 1980 1976 1977 1978 1979 1980 * Less than $50 miion. e Partly estimated.

Office of the Secretary of the Treasury J/ Includes FHLB dtecount notes, bonds, and FHLMC certificates, Office of Government Financing mortgage-backed bonds, and mortgage participation certificates. October 28.1980-22 AGENCY MATURITIES^ Privately Held $Bil. $Bil. 16 1980 1981 1982 1983 1988 1989 1990 1991 14.7 14 i.o U]* & .4 .4 8 6 12.7 • mA 3 • •• 12 1992 1993 1994 1995

10 2 .2 .1 .3 .1

~_ 1996 1997 1998 1999 8 1.1 • -£» .1 2 .2 .1 A^ 6 5£4.8 4.8 I 2000 2001 2002 2003

4 .1 .2

2 I 2004 2005 2006 2007

.3 .2 0 £. A J. A 5 21984 1985 1986 1987 Z 2008 2009 2010 2011

4 4-|23.8 .3 .3 2.6 2.4 2013 2 2-11.9 I 2012 2014 2015 1.4 1.2 .5 II I I I..I IIli .2 .2 I N 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 Calendar Years Quarterly if Issued or announced through September 30, 1980.

Office of the Secretary of the Treasury Office of Gonernment Financing October 28.1980-23