TREASURY FINANCING REQUIREMENTS April - June 1980 $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 - September 1980 $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 July 1980 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. August 1979 November 1979 February 1980 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 - December 1980^ (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.