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 April 28, 1981 16 TREASURY FINANCING REQUIREMENTS January - March 1981 $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 - June 1981 $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 June 30, 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 April 24, 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 April 1981 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 May 1981 - September 1981^ (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 February 1981 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.