Federal government borrowing requirements in the current quarter -- the first of the new fiscal year -- will be $25.3 billion, of which $8 billion will be raised next week through the sale of notes and bonds.
Deputy Treasury Secretary Robert Carswell said yesterday that an additional $18 billion to $22 billion will be borrowed in the January-March period next year.
The new offerings next week will raise funds to redeem $4.9 billion of publicly held securities that mature on Nov. 15 and to raise $3.1 billion of new cash.
Specifically, Carswell said the offerings next week will include:
$3.75 billion of 3 1/2-year notes maturing May 15, 1984, at an auction on Wednesday. Minimum amounts will be $5,000 with bids dur by 1:30 p.m. EST on Wednesday at the Treasury here or at Federal Reserve banks and branches.
$2.25 billion of 10-year notes maturing Nov. 15, 1990, at an auction on Friday. Minimum amounts are $1,000 with bids due by 1:30 p.m. at the same offices.
$2 billion of 30-year bonds maturing on Nov. 15, 2010, at an auction on Friday. Minimum amounts also are $1,000, with bids due by 1:30 p.m. at the government offices.
Carswell said remaining financing needs could be met by continued additions to regular weekly and monthly bills, a note issue early in December in the 5- to 7-year range, additions to maturing 2-year and 4-year notes and cash management bills in November and December.
The refunding announcement yesterday included the third consecutive issuance of 10-year notes as part of the overall package, a practice Carswell said the government hopes to continue "in the future." He said the Treasury is targeting a cash balance of $15 billion on Dec. 31.