January - March 2003 April - June 2003

(Projected) (Actuals) (Projected)

Net Marketable Issuance* 110 111 79

Bills 66

Nominal Notes 42

IIS 6

Bonds (20-yr) -3

Financing 110 111 79

Deficit Funding** 116 143 23

Compensating Balances 14 -18

Net Non-Marketable Financing -3 -2 -5

Change in Cash Balance 8 20 -32

Notes:

Starting Cash Balance 33 33 13

Ending Cash Balance 25 13 45

* Previously released coupon issuance pattern would raise $214 billion in FY03.

** Includes budget results, direct loan activity, changes in accrued interest and checks outstanding and minor miscellaneous transactions.

Note: Totals may not add due to rounding

TREASURY FINANCING REQUIREMENTS

Department of the Treasury

Office of Market Finance April 28, 2003-1

$ Billions
0

10

20

30

40

50

60

70

0

10

20

30

40

50

60

70

FY 2002

FY 2003

TREASURY DAILY OPERATING CASH BALANCE

Department of the Treasury

Office of Market Finance April 28, 2003-2

$Bil. $Bil.

Source: Daily Treasury Statement, data through April 24, 2003.

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
I II III IV I II III IV I II III IV I II III IV I

-200

-160

-120

-80

-40

0

40

80

120

-200

-160

-120

-80

-40

0

40

80

120

5.8

-113.8

-15.9

47.0

-20.1

-192.1

-47.7-26.1

17.8

-163.4

74.4

52.1

52.5

15.1

84.2

82.6

111.3

TREASURY QUARTERLY NET MARKET BORROWING

$Bil.

Department of the Treasury

Office of Market Finance

$Bil.

April 28, 2003-3

Coupons

Bills

2 - under 5 yrs

5 - 10 yrs

Over 10 yrs

Buybacks

1999 2000 2001 2002 2003
I II III IV I II III IV I II III IV I II III IV I -15

-10

-5

0

5

10

-15

-10

-5

0

5

10

-0.9

1.6

-6.9

-3.6

-8.0

-5.0

-10.1

-2.2

-1.4

-1.7

-10.6

0.8

-5.5

-0.1 -0.7

7.6

-2.4

$Bil. $Bil.

TREASURY QUARTERLY NET BORROWING

FROM NONMARKETABLE ISSUES

April 28, 2003-4

Department of the Treasury

Office of Market Finance

State and Local Series

Foreign Series

Savings Bonds

Note: Treasury suspended new issuance of State and Local Government Series (SLGS) Treasury

securities from May 15, 2002—July 8, 2002.

1999 2000 2002 2001 2003
0

5

10

15

20

25

30

35

40

0

5

10

15

20

25

30

35

40

FOREIGN HOLDINGS AS A PERCENT OF TOTAL

PRIVATELY HELD PUBLIC DEBT

Quarterly

Department of the Treasury

Office of Market Finance April 28, 2003-5

Percent Percent

1

Estimated Foreign Holdings

Foreign and International Institutional Holdings at FRBNY 3

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

 Benchmark revision

2

3

1

2

Privately held debt excludes holdings of the Federal Reserve.

Source: Federal Reserve Bank of New York statistical release H4.1.

Series for estimated foreign holdings. Data through February 28, 2003. See http://www.treas.gov/tic/index.html.
February 28, 2003 December 31, 2002 December 31, 2001

As a % of As a % of As a % of As a % of As a % of As a % of

$ Billions Total Total $ Billions Total Total $ Billions Total Total

Country Foreign Private Foreign Private Foreign Private

Japan $377.5 31.1% 12.4% $364.7 30.1% 12.1% $317.9 30.2% 11.3%

China 106.2 8.8% 3.5% 102.9 8.5% 3.4% 78.6 7.5% 2.8%

United Kingdom 106.1 8.7% 3.5% 108.5 8.9% 3.6% 45.0 4.3% 1.6%

Caribbean Banking Centers 60.7 5.0% 2.0% 61.8 5.1% 2.0% 33.6 3.2% 1.2%

Hong Kong 49.6 4.1% 1.6% 48.1 4.0% 1.6% 47.7 4.5% 1.7%

Germany 43.0 3.5% 1.4% 44.1 3.6% 1.5% 47.8 4.5% 1.7%

Korea 42.5 3.5% 1.4% 43.1 3.6% 1.4% 32.8 3.1% 1.2%

Oil Exporters 36.8 3.0% 1.2% 44.2 3.6% 1.5% 48.9 4.7% 1.7%

Taiwan 34.0 2.8% 1.1% 34.5 2.8% 1.1% 35.3 3.4% 1.3%

Mexico 27.9 2.3% 0.9% 26.6 2.2% 0.9% 24.8 2.4% 0.9%

Belgium-Luxembourg 26.6 2.2% 0.9% 24.6 2.0% 0.8% 22.4 2.1% 0.8%

Switzerland 20.0 1.6% 0.7% 18.9 1.6% 0.6% 18.7 1.8% 0.7%

Italy 19.2 1.6% 0.6% 18.6 1.5% 0.6% 18.9 1.8% 0.7%

Singapore 17.5 1.4% 0.6% 17.8 1.5% 0.6% 20.0 1.9% 0.7%

Thailand 14.0 1.2% 0.5% 16.3 1.3% 0.5% 15.7 1.5% 0.6%

Spain 13.4 1.1% 0.4% 17.6 1.5% 0.6% 15.6 1.5% 0.6%

France 12.6 1.0% 0.4% 17.0 1.4% 0.6% 20.6 2.0% 0.7%

Canada 8.5 0.7% 0.3% 11.2 0.9% 0.4% 15.4 1.5% 0.5%

Other 198.0 16.3% 6.5% 192.2 15.8% 6.4% 191.5 18.2% 6.8%

Estimated

Foreign Total $1,214.1 100% 39.8% $1,212.7 100% 40.2% $1,051.2 100% 37.3%

Source: Treasury Foreign Portfolio Investment Survey and monthly data collected under the Treasury

International Capital reporting system. Department of the Treasury

Office of Market Finance April 28, 2003-6

MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES
1995 1996 1997 1998 1999 2000 2001 2002

0

20

40

60

80

0

20

40

60

80

100 100

PRIVATELY HELD TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

1

Coupons

Calendar Year End Data

Department of the Treasury

Office of Market Finance April 28, 2003-7

16

28

12

27

17

Over 10 years

2-10 years

1-2 years

1 year & under

Bills

1 Privately held marketable debt excludes holdings of the Federal Reserve and

non-interest-bearing matured debt.

19

29

13

25

14

15

33

16

19

17

Percent Percent

Mar '03
0

2

4

6

8

10

12

0

2

4

6

8

10

12

AUCTION RELEASE TIMES

1

Data

Through

Target Release Range April 25

Current Quarter

(February 3 - April 25)

Department of the Treasury

BPD - Office of Financing April 28, 2003-8

Minutes from Closing to Release

2

May-02 Jun Jul Aug Sep Oct Nov Dec Jan-03 Mar Apr Feb

3

3. 4/08/03 - 4-week bills, release time: 1:06:21 PM. Conflicting NLP reports delayed calculation of results.

Note: Current Quarter Exceptions:

1. 2/27/03, Cash management bill, release time:1:28:35. The auction was set to accept bids in two decimal format rather than the required three.

2. 3/31/03, 13- and 26-week bills, release times were 1:12:01 and 1:11:38, respectively. The FIMA tendered amounts for both issues were inadvertently

switched.