Report on 

U.S. Portfolio Holdings of 

Foreign Securities 

as of December 31, 2009 

Department of the Treasury 

Federal Reserve Bank of New York 

Board of Governors of the Federal Reserve System 

October 2010 

 
U.S. Holdings of Foreign Securities 

i

Table of Contents 

Introduction ................................................................................................................................1

Chapter 1. Results of the December 31, 2009 Survey ..............................................................3

U.S. Holdings over Time by Type of Security ..................................................................................... 3 

Table 1. Market value of U.S. holdings of foreign securities, by type of security, as of the 

survey dates ..................................................................................................................................... 3 

U.S. Portfolio Investment by Country ................................................................................................. 4 

Table 2. Market value of U.S. holdings of foreign securities, by country and type of 

security, for the countries attracting the most U.S. investment, as of December 31, 2009 ............ 5 

Table 3. Market value of U.S. holdings of foreign long-term securities, for the countries 

attracting the most U.S. investment, as of the survey dates ............................................................ 6 

Measured and Estimated Values of U.S. Holdings of Foreign Long-Term Securities ........................ 6 

Table 4. Measured and estimated market values of U.S. holdings of foreign long-term 

securities, by type of security, as of December 31, 2009 ................................................................ 7 

U.S. Portfolio Investment Abroad Compared with Foreign Portfolio Investment in the United 

States ................................................................................................................................................... 7 

Table 5. Market value of U.S. holdings of foreign long-term securities and foreign 

holdings of U.S. long-term securities, selected dates, 1994-2009 .................................................. 8 

Details of U.S. Equity Investment by Country ..................................................................................... 9 

Table 6. Market value of U.S. holdings of foreign equity, by country, and type of equity, 

for the countries attracting the most U.S. investment, as of December 31, 2009 ........................... 9 

Table 7. Market value of U.S. holdings of foreign equity, by country, size of domestic 

equity markets, and share of each market that is U.S. held, for selected countries and 

regions, as of December 31, 2009 ................................................................................................. 11 

Table 8. Market value of U.S. holdings of foreign equity, by country and amount held in 

depositary receipts, for the countries attracting the most U.S. investment, as of December 

31, 2009 ........................................................................................................................................ 12 

U.S. Investment in Foreign Debt Securities by Currency of Denomination ..................................... 13 

Table 9. Market value of U.S. holdings of foreign debt securities, by currency of 

denomination, as of December 31, 2008 and December 31, 2009 ............................................... 13 

Table 10. Market value of U.S. holdings of foreign long-term debt securities, by currency, 

for selected regions and countries, as of December 31, 2009 ....................................................... 14 

U.S. Holdings of Foreign Private and Government Debt ................................................................. 15 

Table 11. Market value of U.S. holdings of foreign debt securities, by country and sector of 

issuer, as of December 31, 2009 ................................................................................................... 15 
U.S. Holdings of Foreign Securities 

ii

Table 12. Market value of U.S. holdings of foreign long-term debt securities, by country 

and sector of issuer, denominated in U.S. dollars and in local currency, as of December 31, 

2009 .............................................................................................................................................. 16 

U.S. Holdings of Asset-Backed Securities ......................................................................................... 17 

Table 13. Market value of U.S. holdings of foreign long-term asset-backed securities, for 

the countries attracting the most U.S. investment, as of December 31, 2008 and December 

31, 2009 ........................................................................................................................................ 17 

Maturity Structure of U.S. Foreign Debt Holdings ........................................................................... 18 

Table 14. Maturity structure of U.S. holdings of foreign long-term debt securities, by 

remaining maturity, as of December 31, 2007 and December 31, 2008 ....................................... 18 

U.S. Portfolio Investment Abroad by Type of Market and Geographic Region ................................ 18 

Table 15. Market value of U.S. holdings of foreign securities in advanced economies, 

Caribbean financial centers, and developing countries, as of December 31, 2008 and 

December 31, 2009 ....................................................................................................................... 19 

Table 16. Market value of U.S. holdings of foreign securities, by geographic region, as of 

December 31, 2008 and December 31, 2009 ................................................................................ 20 

U.S. Ownership of Foreign Securities by Industry ........................................................................... 20 

Table 17. Market value of U.S. holdings of foreign securities, by industry, as of December 

31, 2009 ........................................................................................................................................ 21 

Comparison of different types of U.S. portfolio investment abroad as of selected dates .................. 21 

Table 18. Forms of U.S. portfolio investment abroad, as of selected survey dates ..................... 22 

Chapter 2. Data Collection Methodology ................................................................................23

Statistical Appendix .................................................................................................................26

Table A1. Market value of U.S. holdings of foreign securities, by country and type of 

security, as of December 31, 2009 ................................................................................................ 27 

Table A2. Market value of U.S. holdings of foreign long-term securities, by country, as of 

selected survey dates ..................................................................................................................... 31 

Table A3. Market value of U.S. holdings of foreign equity, by country, as of selected 

survey dates ................................................................................................................................... 36 

Table A4. Market value of U.S. holdings of foreign long-term debt securities, by country, 

as of selected survey dates ............................................................................................................ 41 

Table A5. Market value of U.S. holdings of foreign short-term debt securities, by country, 

as of selected survey dates ............................................................................................................ 46 

Table A6. Market value of U.S. holdings of foreign long-term debt securities, by country 

and currency, as of December 31, 2009 ........................................................................................ 51 

Table A7. Market value of U.S. holdings of foreign short-term debt securities, by country 

and currency, as of December 31, 2009 ........................................................................................ 54 
U.S. Holdings of Foreign Securities 

iii

Table A8. Market value of U.S. holdings of foreign long-debt securities, by country and 

type of security, as of December 31, 2009 .................................................................................... 56 

Table A9. Market value of U.S. holdings of foreign short-debt securities, by country and 

type of security, as of December 31, 2009 .................................................................................... 59 

Table A10. Market value of U.S. holdings of foreign debt securities, by country and sector 

of issuer, as of December 31, 2009 ............................................................................................... 61 

Table A11. Market value of U.S. holdings of foreign long-term debt securities, by country 

and sector of issuer, denominated in U.S. dollars and in local currency, as of December 31, 

2009 .............................................................................................................................................. 64 

Table A12. Market value of U.S. holdings of foreign equity, by country and type of 

security, as of December 31, 2009 ................................................................................................ 67 

Table A13. Market value of U.S. holdings of foreign equity, by country and amounts held 

as Depositary Receipts, as of December 31, 2009 ........................................................................ 71 

Table A14. Market value of U.S. holdings of foreign equity, by country, size of domestic 

equity markets, and percentage of each market that is U.S.-held, as of December 31, 2009 ....... 75 

Table 15. Market value of U.S. holdings of foreign securities, by industry, as of December 

31, 2009 ........................................................................................................................................ 79 

Forms and Instructions .............................................................................................................81
U.S. Holdings of Foreign Securities 

1 

Introduction 

This report presents data and analyses regarding U.S. portfolio investment in foreign equity and 

debt securities.1

 The data are drawn primarily from the latest survey of U.S. holdings of foreign 

securities as of December 31, 2009. The survey was a joint undertaking of the U.S. Treasury 

Department, the Federal Reserve Bank of New York, and the Board of Governors of the Federal 

Reserve System. The 2009 survey was the tenth survey of U.S. ownership of foreign securities 

conducted by the United States. Prior surveys measured holdings on March 31, 1994, December 

31, 1997, December 31, 2001, and on the last day of every year thereafter.2 

The surveys were initiated as the level of U.S. investment in foreign securities began to grow 

significantly in the 1990s. The first two U.S. surveys measured only holdings of foreign longterm securities. However, beginning with the 2001 survey, information has been collected on 

U.S. holdings of both foreign long-term and short-term securities.3 The first three surveys were 

conducted at widely-spaced intervals and were “benchmark” surveys; that is, they collected data 

from a large number of institutions in an attempt to measure total U.S. holdings as 

comprehensively as practical. Beginning with the December 2003 survey, surveys have been 

conducted annually. Full benchmark surveys continue to be conducted at five-year intervals. In 

the four years following each benchmark survey, annual data are collected primarily from the 

largest respondents in the preceding benchmark survey, with results grossed up to account for 

unmeasured holdings. The last full benchmark survey was the December 2006 survey. For the 

2009 survey, data were collected from the respondents who collectively accounted for about 

99 percent of the 2006 survey holdings, and thus results presented in this report are grossed up to 

be comparable to the more comprehensive benchmark results. Details of the gross-up procedure 

are described in Chapter 2. 

The surveys collect information at the individual security level, making possible both detailed 

analysis and the presentation of data in a wide variety of ways, such as by country, security type, 

currency, remaining term-to-maturity, and industry. Experience has shown that collecting 

security level data produces far more accurate survey results than can be obtained by collecting 

aggregate information. Significant errors are detected in the security-level data that may 

otherwise go undetected. In addition, the collection of security level data is efficient because 

 

1

 U.S. portfolio investment in foreign securities, for the purposes of this report, includes all foreign securities owned 

by U.S. residents except those in which the owner has a direct investment relationship with the foreign issuer of the 

securities. Direct investment means the ownership or control, directly or indirectly, by one person or by a group of 

interest in an unincorporated enterprise. Data on direct investment are collected by the Bureau of Economic 

Analysis (BEA), affiliated persons, of 10 percent or more of the voting stock of an incorporated business enterprise, 

or an equivalent Department of Commerce, and published in the Survey of Current Business and on the BEA web 

site. 

2

 The Treasury Department conducted a survey during World War II of all foreign assets owned by U.S. residents as 

of May 1943. That survey measured portfolio investment as well as other forms of investment, but it is removed in 

time and in purpose from the modern survey program that began with the 1994 survey. 

3

 Long-term securities are defined as all equity and debt securities with an original term-to-maturity of more than 

one year. Short-term securities are debt securities with an original term-to-maturity of one year or less. 
U.S. Holdings of Foreign Securities 

2 

survey respondents need to report data in only one format, instead of aggregating and reporting 

their holdings in different ways, such as those shown in the tables in this report. 

The U.S. surveys are part of an internationally-coordinated effort under the auspices of the 

International Monetary Fund (IMF) to improve the measurement of portfolio asset holdings.4

 

The IMF Coordinated Portfolio Investment Surveys (CPIS) were initiated primarily because 

there has been a wide discrepancy between worldwide measured portfolio assets and worldwide 

measured portfolio liabilities, with reported liabilities exceeding reported assets. Seventy-two 

countries or geographic regions, including most of the industrial and financial center countries, 

participated in the most recent CPIS survey (measuring holdings as of December 2008). Future 

U.S. asset surveys will also be part of IMF-coordinated efforts and will continue to measure U.S. 

holdings of both long-term and short-term foreign securities. 

Chapter 1 of this report presents the 2009 survey findings. Chapter 2 discusses data collection 

methodology. Statistical Appendix A presents a variety of statistics not included elsewhere in 

the report. Appendix B contains a copy of the forms and instructions used by the survey. 

The Treasury Department, the Federal Reserve Bank of New York, and the Federal Reserve 

Board wish to express their appreciation to all survey respondents whose efforts and information 

have made this report possible. 

 

 

4

 International Monetary Fund, Portfolio Investment: CPIS Data Results, which can be found on the web at 

http://www.imf.org/external/np/sta/pi/datarsl.htm. Also, see the discussion regarding the CPIS following Table 1 

below. 
U.S. Holdings of Foreign Securities 

3 

Chapter 1. Results of the December 31, 2009 Survey 

The data presented in this report are drawn primarily from the survey of U.S. ownership of 

foreign securities conducted as of December 31, 2009. Data from previous surveys are also 

included in many of the tables. In all tables, components may not sum to totals because of 

rounding. All data are presented, to the extent possible, at market value as of the date of the 

survey. With the exception of zero-coupon securities, the market value of U.S. holdings of 

foreign securities in this report are given using “clean prices”; that is, values are computed 

exclusive of accrued and unpaid interest. 

U.S. Holdings over Time by Type of Security

Table 1 shows total U.S. holdings of foreign securities, by type of security held, as measured by 

the most recent eight surveys conducted. 

Table 1. Market value of U.S. holdings of foreign securities, by type of security, as of the 

survey dates 

In 2009, U.S. holdings of foreign securities increased by about $1.7 trillion, recovering from the 

reported holdings of $4.3 trillion in 2008 to a level of nearly $6 trillion in 2009. However, 

holdings still remained well below the value they had reached in December 2007 before the 

intensification of the global financial crisis. U.S. holdings of foreign equity, long-term debt, and 

short-term debt all increased from their values in December 2008, but the increase was largest 

for holdings of foreign equity, which grew by about $1.3 trillion. This increase was mostly 

attributable to large gains in foreign equity prices in 2009. A more complete discussion of the 

factors affecting the change in U.S. holdings during 2009 accompanies Table 4. 

At year-end 2009, roughly two-thirds of U.S. holdings of foreign securities were in the form of 

foreign equity. This share has been fairly constant since the 1994 survey. The U.S. preference 

for foreign equity (rather than foreign debt) is not generally shared by other major cross-border 

investing countries. The IMF's most recently completed Coordinated Portfolio Investment 

Survey (CPIS), which measured each participating country’s holdings of foreign securities as of 

end-December 2008, shows that of the ten countries with the largest private sector holdings of 

foreign securities (United States, France, United Kingdom, Japan, Germany, Luxembourg, 

Type of security

Dec. 

2001

Dec. 

2003

Dec. 

2004

Dec. 

2005

Dec. 

2006

Dec. 

2007

Dec. 

2008

Dec. 

2009

Long-term securities1 2,170 2,954 3,553 4,346 5,623 6,863 4,009 5,589

 Equity 1,613 2,079 2,560 3,318 4,329 5,253 2,748 3,995

 Long-term debt 557 874 993 1,028 1,294 1,610 1,261 1,594

Short-term debt 147 199 233 263 368 357 282 387

Total 2,317 3,152 3,787 4,609 5,991 7,220 4,291 5,977

Billions of dollars 

1. Long-term securities are defined as those without a stated maturity date (such as equities) or with an original term-tomaturity greater than one year.
U.S. Holdings of Foreign Securities 

4 

Ireland, Netherlands, Italy, and Switzerland, respectively), only the United States held more 

foreign equity than foreign debt.5

U.S. Portfolio Investment by Country 

Table 2 shows U.S. holdings of foreign securities, by country and type of security, for the 

countries attracting the most U.S. investment as of end-2009. U.S. residents’ investments in 

U.K. securities reached a level of $958 billion at end-2009, making the United Kingdom the 

largest recipient of U.S. portfolio investment abroad. This was true for all security types: equity, 

short-term debt, and long-term debt. Canada had the next highest level of U.S. investment ($540 

billion), followed by Japan ($419 billion), the Cayman Islands ($373 billion), and France ($362 

billion). Japan had the second highest level of U.S. investments in foreign equity, and Canada 

had the second largest level of U.S. investments in foreign long-term debt. Table A1 in the 

Statistical Appendix shows the data in Table 2 for an expanded list of countries. 

Information is collected at the individual security level, and in most cases determining the 

country of residence of the issuer of the security is straightforward. This point is made because 

in the companion surveys of foreign ownership of U.S. securities, chains of intermediaries 

involved in the custody or management of these securities can make it difficult to determine the 

country of residence of the ultimate beneficial owners of U.S. securities. Determining the 

ownership of U.S. securities is also difficult because ownership information typically is not 

available for U.S.-issued bearer (unregistered) securities. 

 

5

 International Monetary Fund, Portfolio Investment: CPIS Data Results, Table 9, found on the web at 

http://www.imf.org/external/np/sta/pi/global.htm. 
U.S. Holdings of Foreign Securities 

5 

Table 2. Market value of U.S. holdings of foreign securities, by country and type of 

security, for the countries attracting the most U.S. investment, as of December 31, 2009 

Table 3 shows the countries attracting the most U.S. portfolio investment in their long-term 

securities as of the last eight survey dates.6

 In each of the surveys since 2001, the United 

Kingdom has occupied the top position, with Japan and Canada following in either position two 

or three. During 2009, U.S. residents’ holdings of U.K. long-term securities grew by $240 

billion, while holdings of Canadian long-term securities grew $169 billion. During the same 

period, U.S. holdings of Brazilian long-term securities more than doubled, reaching $213 billion. 

Of the countries shown in the table, those having the greatest growth rates for the 2001-2009 

period are Brazil, the Cayman Islands, and Australia. The bulk of investment attributed to the 

Cayman Islands represents ownership of securities issued by entities that for tax or regulatory 

reasons are incorporated in the Cayman Islands (a so-called “offshore financial center”) but 

 

6

 Table A5 in the Statistical Appendix shows U.S. holdings of foreign short-term debt securities over the last seven 

surveys. 

Total Long-term Short-term

United Kingdom 958 562 397 240 156

Canada 540 295 245 220 26

Japan 419 371 48 41 8

Cayman Islands 373 148 226 217 8

France 362 251 112 82 30

Switzerland 305 298 7 6 1

Germany 294 193 101 80 21

Australia 276 128 149 107 41

Netherlands 233 109 124 106 18

Brazil 213 180 32 32 *

Bermuda 148 121 27 27 *

Ireland 120 79 41 26 15

Spain 113 87 26 26 *

Korea, South 105 88 17 16 1

China, mainland1 102 102 1 1 *

Rest of world 1,414 984 430 367 63

Total 5,977 3,995 1,981 1,594 387

1. Excludes Hong Kong and Macau, which are reported separately.

Country or category Total Equity

* Greater than zero but less than $500 million.

Billions of dollars 

Debt
U.S. Holdings of Foreign Securities 

6 

whose center of economic activity is elsewhere. In recent years, many of these entities have 

been special-purpose vehicles established to issue asset-backed securities. 

Table 3. Market value of U.S. holdings of foreign long-term securities, for the countries 

attracting the most U.S. investment, as of the survey dates

Tables A2-A5 in the Statistical Appendix show, respectively, historical data by country on U.S. 

ownership of total foreign long-term securities, foreign equity, foreign long-term debt, and 

foreign short-term debt. In these tables there are some patterns of holdings that may be 

explained by factors other than U.S. investor sentiment. For instance, a sharp rise or decline in 

the level of U.S. investment could be caused by a company in country A having been acquired 

by a company in country B, causing what had been U.S. investment in country A to become U.S. 

investment in country B. 

Measured and Estimated Values of U.S. Holdings of Foreign Long-Term Securities

The United States has a two-part system for measuring cross-border securities activity. In 

addition to annual surveys of positions discussed in this report, the Treasury International Capital 

(TIC) system also collects monthly data on cross-border transactions in long-term securities.7

 

The monthly data are available with a lag of approximately 45 days and can be combined with 

the most recent position data to form more timely estimates of positions. The estimation 

procedure involves adjusting data from the preceding survey for price and exchange rate 

changes, adding price-adjusted transactions data, and making adjustments for estimated stock 

 

7

 For a detailed discussion on the U.S. system for measuring cross-border financial flows, see C. Bertaut, 

W. Griever, and R. Tryon, “Understanding U.S. Cross-Border Securities Data”, Federal Reserve Bulletin, May 

2006, 59-75, available online at http://www.federalreserve.gov/pubs/bulletin/2006/cross_border_securities.pdf. 

Country or category

Dec. 

2001

Dec. 

2003

Dec. 

2004

Dec. 

2005

Dec. 

2006

Dec. 

2007

Dec. 

2008

Dec. 

2009

United Kingdom 431 564 627 723 919 1,002 562 802

Canada 205 289 332 405 460 566 346 515

Japan 197 293 367 528 590 590 401 411

Cayman Islands 70 121 184 221 338 505 298 365

France 138 174 206 253 370 431 270 333

Switzerland 76 119 140 194 264 285 218 304

Germany 118 175 192 207 282 419 240 273

Australia 53 86 97 120 164 211 136 235

Netherlands 143 174 192 185 229 231 151 215

Brazil 33 50 63 90 110 189 91 213

Rest of world 614 843 1,053 1,325 1,801 2,350 1,295 1,924

Total 2,170 2,954 3,553 4,346 5,623 6,863 4,009 5,589

Billions of dollars
U.S. Holdings of Foreign Securities 

7 

swaps and for transactions costs. There are inherent inaccuracies in such estimates. For 

example, it is not possible to know precisely which foreign securities U.S. residents buy or sell 

or the exact timing of the transactions. Table 4 presents both the estimated and directly 

measured positions. Errors are possible in all parts of such computations: the previous survey, 

the transactions data, the adjustments, and the current survey. 

Table 4. Measured and estimated market values of U.S. holdings of foreign long-term 

securities, by type of security, as of December 31, 2009

U.S. holdings of foreign long-term securities, as measured by the two most recent portfolio asset 

surveys, grew by $1,580 billion during 2009, from $4,009 billion at end-2008 to $5,589 billion at 

end-2009. The total estimated increase during the year is $1,434 billion, composed of $198 

billion in net purchases of foreign long-term securities as measured by the TIC monthly 

transactions (column 2), estimated valuation gains of $1,260 billion (column 5), and -$24 billion 

in other adjustments (columns 3 and 4). The large valuation gains (especially on holdings of 

foreign equity) account for most of the total estimated increase in 2009. 

Comparing the estimates above with measured holdings, the survey measured U.S. holdings of 

foreign securities to be $147 billion higher than estimated (column 8). U.S. holdings of foreign 

debt were $35 billion more than estimated, while holdings of foreign equity were $111 billion 

more than estimated. Such differences between the estimated and the measured positions are not 

unusual. Previous surveys of U.S. holdings of foreign securities have also tended to measure 

U.S. holdings higher than estimates. 

U.S. Portfolio Investment Abroad Compared with Foreign Portfolio Investment in the United 

States

Table 5 shows both U.S. holdings of foreign long-term securities and foreign holdings of U.S. 

long-term securities over time. The dates correspond to those of the surveys of U.S. holdings of 

foreign securities. Because surveys of foreign holdings of U.S. securities were conducted on 

different dates, the figures reported for foreign holdings are estimates. 

Foreign holdings of U.S. long-term securities increased more rapidly than did U.S. holdings of 

foreign long-term securities from 1994 to 2004, and as a result the ratio of U.S. holdings to 

foreign holdings decreased from 0.74 to 0.60 by 2004. Between December 2004 and December 

December 

2008 

Net Transaction Stock Valuation Estimated Measured less

Type of Measured purchases costs1 swaps1 adjustments1 (1)+(2)+ Measured estimated

security (1) (2) (3) (4) (5) (3)+(4)+(5) (7) (8)

Debt 1,261 138 -10 n.a. 170 1,559 1,594 35

Equity 2,748 59 -16 2 1,090 3,884 3,995 111

Total 4,009 198 -26 2 1,260 5,442 5,589 147

1. Staff estimates.

n.a. Not applicable.

January 2009 - December 2009 December 2009

Billions of dollars
U.S. Holdings of Foreign Securities 

8 

2007, U.S. holdings of foreign long-term securities grew faster than foreign holdings of U.S. 

long-term securities, and the ratio of U.S. holdings to foreign holdings increased to 0.72 by 

December 2007. In 2008, the large decline in global equity prices caused U.S. holdings of 

foreign long-term securities to decline by more than 40 percent, while foreign holdings of U.S. 

securities declined only about 13 percent. As a result, the ratio of U.S. holdings to foreign 

holdings fell to 0.48. The decline was greater for U.S. holdings mainly because U.S. portfolio 

investment abroad is more weighted toward equity, while foreign investment in the United States 

is more weighted toward fixed income securities.8 In 2009, when global stock markets 

rebounded, U.S. holdings grew by nearly 40 percent while foreign holdings grew by about 13 

percent, and the ratio of U.S. holdings to foreign holdings increased to 0.59. 

Table 5. Market value of U.S. holdings of foreign long-term securities and foreign holdings 

of U.S. long-term securities, selected dates, 1994-2009

 

8

 The difference in the composition of U.S. and foreign holdings is in turn explained in part by the makeup of crossborder investors: almost all U.S. holdings represent investments made by U.S. private investors (both institutions 

and individuals), whereas about one-third of foreign holdings are owned by foreign official institutions, such as 

central banks and other governmental entities. Because roughly 90 percent of foreign official holdings are in the 

form of debt securities, their holdings help to explain the overall foreign preference for U.S. debt securities. 

U.S. holdings of Foreign holdings Ratio of U.S. 

foreign long-term of U.S. long-term holdings to Net foreign holdings

Date securities securities1 foreign holdings of long-term securities2

Mar. 1994 870 1,181 0.74 311

Dec. 1997 1,755 2,561 0.69 806

Dec. 2001 2,170 3,932 0.55 1,763

Dec. 2003 2,954 4,976 0.59 2,023

Dec. 2004 3,553 5,964 0.60 2,411

Dec. 2005 4,346 6,777 0.64 2,431

Dec. 2006 5,623 8,239 0.68 2,616

Dec. 2007 6,863 9,515 0.72 2,652

Dec. 2008r 4,009 8,324 0.48 4,315

Dec. 2009 5,589 9,422 0.59 3,832

r Revised

Billions of dollars except as noted

1. Staff estimates. Because surveys of foreign holdings of U.S. long-term securities were collected on different dates from the 

surveys of U.S. holdings of foreign securities, estimated positions are shown for the between-survey values of foreign holdings. 

These estimates are subject to revision. 

2. Net foreign holdings are defined as foreign holdings of U.S. securities minus U.S. holdings of foreign securities. 
U.S. Holdings of Foreign Securities 

9 

Details of U.S. Equity Investment by Country

Table 6 ranks countries based on the level of U.S. investment in their equity, and shows holdings 

by type of equity (common stock shares, fund shares, and preferred stock and other forms of 

equity). 

Table 6. Market value of U.S. holdings of foreign equity, by country, and type of equity, 

for the countries attracting the most U.S. investment, as of December 31, 2009

More than 90 percent of the $3,995 billion in foreign equity held by U.S. investors is in the form 

of common stock. Holdings of fund shares ($139 billion) account for only about 3 percent of 

U.S. holdings of foreign equity. In contrast, foreign investors hold less than 80 percent of their 

U.S. equity in the form of common stock and a much larger share (16 percent) in the form of 

fund shares.9

 However for some countries, fund shares account for a considerably larger share of 

equity held: 26 percent of Cayman Island equity held by U.S. investors is held in the form of 

fund shares. Other countries (not shown in the table) where a sizable share of U.S. equity 

investment is held in fund shares are the British Virgin Islands (51 percent), and Luxembourg 

(20 percent). Table A12 in the Statistical Appendix shows the detail of U.S. holdings of foreign 

equity by type of equity for all countries. 

 

9

 See Table 10 in the “Report on Foreign Portfolio Holdings of U.S. Securities as of June 30, 2009” at 

http://www.treas.gov/tic/shl2009r.pdf. 

Country or region

United Kingdom 562 527 16 19

Japan 371 368 3 0

Switzerland 298 297 1 0

Canada 295 274 19 2

France 251 243 6 1

Germany 193 184 0 8

Brazil 180 106 6 68

Cayman Islands 148 84 38 26

Australia 128 119 9 0

Bermuda 121 114 3 4

Netherlands 109 103 2 5

China, mainland1 102 101 0 0

Hong Kong 91 89 2 0

Korea, South 88 85 0 3

Rest of world 1,058 1,011 34 16

Total 3,995 3,705 139 152

1. Excludes Hong Kong and Macau, which are reported separately.

Billions of dollars except as noted

Total Equity Common Stock Fund Shares Preferred Stock and 

Other
U.S. Holdings of Foreign Securities 

10 

Table 7 shows the common stock shares for the same countries, the relative size of each 

country’s equity market, and the share that is owned by U.S. investors.10 The share that is U.S.-

owned can be misleading because in some instances companies are incorporated in one country 

but their securities primarily trade in another country. This practice can lead to odd results, such 

as those shown for Bermuda, where U.S. investors’ holdings exceed the size of the country's 

domestic equity market. Of the countries that account for the most U.S. equity investment 

(excluding the offshore financial centers of Bermuda and the Cayman Islands), U.S. investors 

typically held between 7 percent (Spain) and 28 percent (Switzerland) of each country's equity 

market; one exception was that U.S. investors held only 2 percent of the market capitalization of 

China, which in 2009 had the second-largest foreign equity market capitalization. Overall, U.S. 

investors held approximately 11 percent of the common stock issued by foreigners. By 

comparison, foreign investors held a similar 10 percent of total U.S. equity outstanding as of 

June 2009.11 

Table 7 also shows that U.S. investors held relatively more of the market capitalization of 

advanced economies (13 percent) than they did of other countries excluding the Caribbean 

financial centers (5 percent). By region, U.S. investors held 15 percent of European equity 

market capitalization. They held smaller shares of the market capitalization of Asian and 

African countries (6 percent and 6 percent, respectively) than they did of Latin American and 

Caribbean market capitalization excluding the Caribbean financial centers (9 percent). The 

somewhat higher share for the Latin American and Caribbean region in large part reflects that 

U.S. investors held a sizable 18 percent of Mexican market capitalization. U.S. investors also 

held an above-average share of Canadian market capitalization (16 percent). 

 

 

10 Market capitalization includes all of the equity of the firms listed in the relevant country exchanges, including 

some shares that may not be available for purchase by foreign investors. 

11 See Table 2 in the “Report on Foreign Portfolio Holdings of U.S. Securities as of June 30, 2009” at 

www.treas.gov/tic/shl2009r.pdf. This figure includes all forms of equity held by foreigners, including U.S. fund 

shares, but also includes a more comprehensive measure of U.S. market capitalization that accounts for fund shares 

outstanding. 
U.S. Holdings of Foreign Securities 

11 

Table 7. Market value of U.S. holdings of foreign equity, by country, size of domestic 

equity markets, and share of each market that is U.S. held, for selected countries and 

regions, as of December 31, 2009

Table A14 in the Statistical Appendix shows the information contained in Table 7 for an 

expanded list of countries. 

Country or region

United Kingdom 527 3 19

Japan 368 2 11

Switzerland 297 12 28

Canada 274 6 16

France 243 5 12

Germany 184 7 14

Australia 119 9 9

Bermuda 114 88 >100

Brazil 106 11 9

Netherlands 103 17 19

China, mainland

3 101 1 2

Hong Kong 89 4 4

Spain 86 8 7

Korea, South 85 14 10

Cayman Islands 84 124 >100

Taiwan 76 16 11

Rest of world 848 n.a. 10

Total 3,705 n.a. 11

By type of market

Advanced economies4 2,874 n.a. 13

Caribbean financial centers5 275 n.a. >100

Developing countries 556 n.a. 5

By selected region

Europe 1,875 n.a. 15

of which: euro currency countries 6 852 n.a. 14

Latin America and Caribbean, excluding 

Caribbean financial centers 183 n.a. 9

Asia 916 n.a. 6

Africa 52 n.a. 6

6. Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, 

Slovakia, Slovenia, and Spain.

Billions of dollars except as noted

1. Market capitalization data are from Standard & Poor's Global Stock Markets Factbook 2010 and are based on year-end 2009 

total market values of domestic exchanges. Rank order excludes the United States, which has the largest equity market 

capitalization.

2. U.S. holdings include securities of companies registered in each country, some of which may not trade on domestic 

exchanges, thus U.S. holdings can exceed the total size of a country's domestically-traded securities. 

n.a. Not applicable.

U.S. holdings of 

common stock

3. Excludes Hong Kong and Macau, which are reported separately.

4. Australia, Austria, Belgium, Canada, Czech Republic, Cyprus, Denmark, Finland, France, Germany, Greece, Hong Kong, 

Iceland, Ireland, Israel, Italy, Japan, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Portugal, Singapore, Slovakia,

Slovenia, South Korea, Spain, Sweden, Switzerland, Taiwan, and the United Kingdom.

5. Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama.

Country rank 

according to 

domestic market 

capitalization1

Percent of domestic 

market capitalization2
U.S. Holdings of Foreign Securities 

12 

Table 8 ranks countries based on the level of U.S. investment in their equity as in Table 6 and 

presents the shares of depositary receipts (DRs), primarily American Depositary Receipts 

(ADRs). Depositary receipts are negotiable certificates held in a bank in one country that 

represent a specific number of shares of a stock that trades on an exchange in another country. 

They entitle their owners to all dividends, capital gains or losses, and voting rights, just as if the 

underlying shares were directly owned. ADRs are depositary receipts that trade on U.S. 

exchanges in U.S. dollars and that facilitate the holding and trading of foreign securities by U.S. 

residents. Overall, 17 percent of foreign equity held by U.S. investors in 2009 was in the form of 

DRs. However, the share is notably larger for some countries and regions: for example, almost 

two-thirds Mexican equity is held as DRs, and about half of total Latin American equity is also 

held as DRs. 

Table 8. Market value of U.S. holdings of foreign equity, by country and amount held in 

depositary receipts, for the countries attracting the most U.S. investment, as of December 

31, 2009

Depositary Percentage 

Country or region Equity Receipts Depositary Receipts

United Kingdom 562 138 25

Japan 371 25 7

Switzerland 298 38 13

Canada 295 1 0

France 251 25 10

Germany 193 16 8

Brazil 180 88 49

Cayman Islands 148 28 19

Australia 128 12 9

Bermuda 121 1 1

Netherlands 109 38 35

China, mainland1 102 5 5

Hong Kong 91 6 7

Korea, South 88 16 18

Rest of world 1,058 222 21

Total 3,995 659 17

1. Excludes Hong Kong and Macau, which are reported separately.

Billions of dollars except as noted
U.S. Holdings of Foreign Securities 

13 

Table A13 in the Statistical Appendix shows the information contained in the above table for an 

expanded list of countries. 

U.S. Investment in Foreign Debt Securities by Currency of Denomination

U.S. investors continue to have a strong preference for foreign debt securities denominated in 

U.S. dollars. As of year-end 2009, 78 percent of U.S.-owned foreign debt securities was 

denominated in U.S. dollars, a slight increase from 77 percent at year-end 2008 (Table 9). The 

preference for U.S. dollar-denominated debt is strongest in short-term securities, with 95 percent 

of all such holdings denominated in U.S. dollars (Table A7), while 74 percent of long-term debt 

was U.S. dollar-denominated (Table 10). Of debt held in foreign currency, almost all was 

denominated in one of the world’s other major currencies (euro, yen, British pounds, and 

Canadian dollars), with only 5 percent of U.S. holdings denominated in other currencies (Table 

9). 

Table 9. Market value of U.S. holdings of foreign debt securities, by currency of 

denomination, as of December 31, 2008 and December 31, 2009

Table A6 in the Statistical Appendix shows U.S. holdings of foreign long-term debt securities by 

country and currency for an expanded list of countries. Table A7 shows the same data for 

holdings of foreign short-term debt securities. 

Table 10 presents the currency distribution of U.S. holdings of foreign long-term debt securities 

by type of market (advanced economies, Caribbean financial centers, and developing countries 

excluding Caribbean financial centers). The table also shows the currency distribution of U.S. 

long-term debt holdings in the developing countries attracting the highest level of U.S. 

investment. Only long-term debt is shown because almost all U.S.-held foreign short-term debt 

is U.S.-dollar-denominated. 

For U.S. holdings of long-term debt securities issued by advanced economies, 70 percent was 

denominated in U.S. dollars, a share a bit larger than in 2008, while the share denominated in 

euro was nearly 15 percent, slightly smaller than in 2008. A larger fraction (98 percent) of longterm debt issued by Caribbean financial centers was dollar-denominated, as was also the case in 

2008. For U.S. investors’ holdings of debt issued by developing countries, a notable factor has 

been the decline in the share of dollar-denominated debt and a corresponding increase in the 

Currency Amount Percentage Amount Percentage

U.S. dollar 1,553 78 1,184 77

Euro 183 9 151 10

Canadian dollar 67 3 49 3

Yen 40 2 57 4

U.K. pound 37 2 30 2

Other currencies 101 5 72 5

Total 1,981 100 1,543 100

2009 2008

Billions of dollars except as noted
U.S. Holdings of Foreign Securities 

14 

share of own-currency denominated debt. The U.S.-dollar-denominated share, which was 90 

percent in 2005, has steadily declined to 66 percent in 2009. During the period, the share of 

local currency denominated debt increased from 15 percent in December 2006 (the first date for 

which this information is available) to approximately 27 percent in December 2009. For Brazil, 

the percentage of long-term debt held that was denominated in local currency in December 2009 

(63 percent) was higher than that of the advanced economies (27 percent). 

The amounts in each row of Table 10 may not sum to the total. U.S. holdings will in some cases 

be counted in two columns. For example, U.S. residents’ holdings of French debt securities 

denominated in euro will be counted under both the “euro” column and the “own currency” 

column in the first row of the table. Also, holdings denominated in currencies other than the 

U.S. dollar, euro, yen, U.K. pounds, and the country’s own currency are not shown. 

Table 10. Market value of U.S. holdings of foreign long-term debt securities, by currency, 

for selected regions and countries, as of December 31, 2009

Japanese U.K. Own

Country or region Total $U.S. Euro Yen Pound Currency

Advanced economies1 1,122 785 158 38 33 306

Caribbean financial centers2 251 247 1 * 2 2

Developing countries3 181 120 11 * 1 49

 Of which:

 Mexico 23 18 * 0 * 5

 Brazil 32 13 * 0 0 20

 Argentina 6 5 1 * * 1

International organizations 40 34 1 1 * 0

Total 1,594 1,186 171 39 36 357

n.a. Not applicable.

3. Excludes Caribbean financial centers.

Billions of dollars except as noted

1. Australia, Austria, Belgium, Canada, Czech Republic, Cyprus, Denmark, Finland, France, Germany, Greece, Hong 

Kong, Iceland, Ireland, Israel, Italy, Japan, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Portugal, Singapore, 

Slovakia, Slovenia, South Korea, Spain, Sweden, Switzerland, Taiwan, and the United Kingdom.

2. Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama.
U.S. Holdings of Foreign Securities 

15 

U.S. Holdings of Foreign Private and Government Debt

U.S. investors’ holdings of foreign long-term debt securities are primarily those issued by 

foreign private institutions; at $1,214 billion, such holdings account for nearly 76 percent of total 

long-term debt holdings, a share unchanged from 2008 (Table 11). For some countries, such as 

Brazil, Japan, and Germany, the share of U.S. holdings of foreign long-term debt securities that 

are issued by the government sector is notably larger. However, this pattern represents a 

significant shift from the first survey of U.S. holdings of foreign securities conducted in 1994, 

when only about one-quarter of U.S. investors’ holdings of foreign long-term debt securities was 

issued by the private sector. U.S. holdings of foreign-issued short-term debt are highly 

concentrated in private sector issues. 

Table 11. Market value of U.S. holdings of foreign debt securities, by country and sector of 

issuer, as of December 31, 2009

Table A10 in the Statistical Appendix shows the information contained in the above table for an 

expanded list of countries. 

Table 12 provides additional detail on the portions of U.S. holdings of foreign long-term 

government and private sector debt denominated in dollars and in the issuing country’s own 

currency. About three-quarters of total foreign long-term debt securities held by U.S. investors 

was dollar-denominated. However, the dollar-denominated shares are different for governmentissued and private-issued debt: about one-third of foreign government debt held by U.S. 

Country Total Private Government1 Private Government1

United Kingdom 397 225 15 156 1

Canada 245 165 55 18 7

Cayman Islands 226 217 * 8 0

Australia 149 95 12 41 1

Netherlands 124 101 5 18 *

France 112 54 27 24 6

Germany 101 35 45 19 2

Luxembourg 63 57 * 6 *

International Organizations 48 40 0 8 0

Japan 48 6 34 6 1

Ireland 41 25 1 14 1

Brazil 32 4 28 * 0

Rest of world 396 188 158 49 2

Total 1,981 1,214 380 366 21

Long-term Short-term

Billions of dollars

* Greater than zero but less than $500 million.

1. "Government" includes central, local, and provincial governments, and government-sponsored or guaranteed corporations. Debt 

issued by international and regional organizations is classified as "private".
U.S. Holdings of Foreign Securities 

16 

investors is dollar-denominated, whereas 87 percent of foreign private sector debt held is dollardenominated. For government debt issued by advanced economies, an even smaller percentage 

held by U.S. investors is dollar-denominated (22 percent), while 77 percent is denominated in the 

currency of the issuing country. A notable exception to this pattern is Canada, where 42 percent 

of the government debt held by U.S. investors is denominated in U.S. dollars. The table also 

shows that most of the long-term debt issued by developing countries that is denominated in 

“own” currency and held by U.S. investors is government-issued debt. Table A11 in the 

Statistical Appendix provides information on dollar and “own currency” holdings of 

government-issued and private-issued debt for a larger group of countries. 

Table 12. Market value of U.S. holdings of foreign long-term debt securities, by country 

and sector of issuer, denominated in U.S. dollars and in local currency, as of December 31, 

2009

Government1

Country

Total LongTerm Debt Total U.S. dollarsOwn 

currency Total U.S. dollars

Own 

currency

United Kingdom 240 15 1 14 225 198 14

Canada 220 55 23 31 165 133 30

Cayman Islands 217 * * 0 217 214 *

Australia 107 12 * 11 95 89 4

Netherlands 106 5 * 5 101 83 16

France 82 27 2 25 54 45 8

Germany 80 45 3 41 35 24 9

Luxembourg 57 * * * 57 52 4

Japan 41 34 1 34 6 4 2

International Organizations 40 0 0 0 40 34 0

Brazil 32 28 9 19 4 4 *

Bermuda 27 * * 0 27 26 *

International Organizations 40 0 0 0 40 34 0

Rest of world 304 159 88 65 146 118 22

Total 1,594 380 126 246 1,214 1,059 111

Total Advanced economies2 1,122 260 57 200 862 728 106

Total Caribbean financial 

centers3 251 3 3 0 249 245 2

Developing countries4 221 118 67 46 103 87 3

4. Excludes Caribbean financial centers.

Billions of dollars

Private

* Greater than zero but less than $500 million.

1. "Government" includes central, local, and provincial governments, and government-sponsored or guaranteed corporations. Debt issued by international 

organizations is classified as "private".

2. Australia, Austria, Belgium, Canada, Czech Republic, Cyprus, Denmark, Finland, France, Germany, Greece, Hong Kong, Iceland, Ireland, Israel, Italy, 

Japan, Luxembourg, Malta, the Netherlands, New Zealand, Norway, Portugal, Singapore, Slovakia, Slovenia, South Korea, Spain, Sweden, Switzerland, 

Taiwan, and the United Kingdom.

3. Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama.
U.S. Holdings of Foreign Securities 

17 

U.S. Holdings of Asset-Backed Securities

Although U.S. holdings of all foreign long-term debt securities increased $333 billion between 

December 2008 and December 2009, holdings of foreign asset-backed securities (ABS) were 

little changed, and the share of foreign-issued ABS in U.S. long-term debt portfolios declined to 

15 percent (Table 13). Prior to the financial crisis that began in 2007, U.S. holdings of foreignissued ABS had increased steadily from $131 billion (13 percent of U.S. investors’ holdings of 

foreign long-term securities) in December 2005 to reach $330 billion, or 21 percent, in 

December 2007. As has been the case for the past several years, ABS continues to account for 

the majority of U.S. holdings of long-term debt issued in the Cayman Islands. 

Table 13. Market value of U.S. holdings of foreign long-term asset-backed securities, for 

the countries attracting the most U.S. investment, as of December 31, 2008 and December 

31, 2009 

Table 26 in the Statistical Appendix shows U.S. holdings of long-tem asset-backed securities as 

of December 31, 2008 for all countries. 

Statistical Appendix Table A9 shows U.S. investors’ holdings of short-term debt securities for all 

countries. U.S. holdings of foreign asset-backed commercial paper (ABCP) are included with 

holdings of conventional commercial paper in the first column. Total holdings of foreign 

commercial paper amounted to $173 billion in 2009, compared to $138 billion in 2008. 

 

Country

Total long-term 

debt ABS

Percent of 

long-term 

debt

Total long-term 

debt ABS

Percent of 

long-term 

debt

United Kingdom 240 44 18 185 44 24

Canada 220 3 1 166 2 1

Cayman Islands 217 157 72 202 152 75

Australia 107 7 7 71 9 13

Netherlands 106 9 8 75 8 11

France 82 1 1 58 1 1

Rest of world 622 17 39 503 14 40

Total 1,594 238 15 1,261 231 18

Billions of dollars except as noted

2009 2008
U.S. Holdings of Foreign Securities 

18 

Maturity Structure of U.S. Foreign Debt Holdings

Table 14 presents the maturity structure of U.S.-owned foreign long-term debt securities. The 

median time-to-maturity, or remaining maturity, for long-term debt securities (those issued with 

an original time-to-maturity in excess of one year) decreased from 7 years in the 2008 survey to 

about 6 years in the 2009 survey. The median time-to-maturity of U.S.-owned foreign long-term 

debt securities issued by foreign governments (5 years) was somewhat shorter than that of U.S.-

owned foreign long-term debt securities issued by the private sector (7 years). 

Table 14. Maturity structure of U.S. holdings of foreign long-term debt securities, by 

remaining maturity, as of December 31, 2007 and December 31, 2008 

U.S. Portfolio Investment Abroad by Type of Market and Geographic Region

Table 15 presents U.S. foreign portfolio investment by type of foreign market: advanced 

economies, Caribbean financial centers, international organizations, and developing countries for 

the two most recent surveys. 

Remaining years to maturity1 2009 Percent of total2 2008 Percent of total2

One or less 6.9 12.0

1 - 2 9.7 7.9

2 - 3 10.1 7.3

3 - 4 7.6 6.3

4 - 5 10.3 8.1

5 - 6 5.4 4.8

6 - 7 4.8 5.0

7 - 8 6.0 5.2

8 - 9 4.0 6.6

9 - 10 6.2 4.6

10 - 15 5.9 7.0

15 - 20 2.8 3.8

20 - 25 4.7 5.6

25 - 30 8.3 8.9

30 - 40 7.2 6.7

Total 100.0 100.0

1 Inclusive of the higher figure in the range.

2. Excludes perpetual bonds and securities with unknown maturity dates that together amounted to approximately $65 

billion (about 4 percent of total foreign long-term debt securities held by U.S. residents).
U.S. Holdings of Foreign Securities 

19 

Investment in the thirty-two advanced foreign economies continued to account for the bulk of 

U.S. foreign investment in 2009, but the share in 2009 (75 percent) was slightly smaller than in 

2008 (76 percent). The share invested in developing countries increased by 3 percentage points 

in 2009, while the share invested in Caribbean financial centers fell by 3 percentage points. 

Table 15. Market value of U.S. holdings of foreign securities in advanced economies, 

Caribbean financial centers, and developing countries, as of December 31, 2008 and 

December 31, 2009 

U.S. holdings of foreign securities issued by the advanced economies have been consistently 

weighted towards holdings of equity. The share of foreign equity in the U.S. holdings of all 

foreign securities issued by the advanced economies was roughly two-thirds in December of 

2009, about the same as in the previous survey. The share of foreign equity in U.S. holdings of 

all securities issued by developing countries has been steadily increasing over the last eight 

years, from just over 50 percent in 2001 to 77 percent in 2009. 

Table 16 shows the distribution of U.S. holdings of foreign securities by geographic region rather 

than by type of economy. Europe continued to attract about half of all U.S. cross-border 

portfolio investment in 2009; U.S. holdings of securities issued by the euro-currency countries in 

turn accounted for nearly half of all European securities held by U.S. investors. U.S. investors’ 

equity holdings grew for every region during 2009 largely because of the global surge in stock 

prices. Similarly, increases in prices of foreign bonds contributed to an increase in U.S. 

investors’ debt holdings for all regions. 

 

Market Total

 Pecent 

of Total Equity Debt Total

 Pecent 

of Total Equity Debt

Advanced economies1 4,473 75 2,994 1,479 3,246 76 2,118 1,128

Caribbean financial centers2 612 10 352 260 542 13 295 247

International organizations 49 1 * 48 26 1 * 25

Developing countries3 844 14 649 195 478 11 335 143

 Total 5,977 100 3,995 1,981 4,291 100 2,748 1,543

* Greater than zero but less than $500 million.

3. Excludes Caribbean financial centers. 

1. In 2008, advanced economies comprise Australia, Austria, Belgium, Canada, Cyprus, Denmark, Finland, France, Germany, 

Greece, Hong Kong, Iceland, Ireland, Israel, Italy, Japan, Luxembourg, the Netherlands, New Zealand, Norway, Portugal, Singapore, 

Slovenia, South Korea, Spain, Sweden, Switzerland, Taiwan, and the United Kingdom. In 2009, the Czech Republic, Malta, and 

Slovakia were added to the advanced economies group.

2009 2008

Billions of dollars except as noted

2. Bahamas, Bermuda, British Virgin Islands, Cayman Islands, Netherlands Antilles, and Panama.
U.S. Holdings of Foreign Securities 

20 

Table 16. Market value of U.S. holdings of foreign securities, by geographic region, as of 

December 31, 2008 and December 31, 2009 

U.S. Ownership of Foreign Securities by Industry

Table 17 provides information on U.S. holdings of foreign securities by broad industry sector of 

the issuer. Combining investments in foreign equity and debt securities, the foreign industrial 

sector attracting the highest level of U.S. investment (based on the GICS12 classification system) 

was by far the financial sector, with holdings of $1,968 billion, accounting for nearly one-third of 

all U.S. holdings. As shown in Statistical Appendix Table A15, within the financial sector U.S. 

holdings were especially large in commercial banking ($417 billion) and capital markets ($204 

billion). Though U.S. investors overall hold considerably more foreign equity than debt, slightly 

less than half of financial sector investment was held in the form of equity ($961 billion). Total 

holdings of financial sector foreign debt securities ($672 billion in long-term debt and $335 

billion in short-term debt) accounted for more than half of all U.S. holdings of foreign debt 

securities other than those issued by the government sector. U.S. investors also had sizable 

holdings in the energy sector ($630 billion), the materials sector ($515 billion), the industrial 

sector ($438 billion), the information technology sector ($388 billion), and the consumer 

discretionary sector ($381 billion). Within the private (non-government) sectors, equity holdings 

accounted for about 72 percent of total holdings. Holdings of government sector securities ($445 

billion) were almost all in the form of foreign debt securities, and largely reflect holdings of 

foreign government sovereign debt. 

 

12 The Global Industry Classification Standard (GICS) system, developed by Morgan Stanley Capital International 

and Standard & Poor’s, was selected because it can be used to categorize security issuers worldwide, enabling both 

foreign holdings of U.S. securities and U.S. holdings of foreign securities to be shown using the same classification 

system. 

Region/category Total

 Percent 

of total Equity Debt Total

 Percent 

of total Equity Debt

Europe 3,001 50 1,962 1,039 2,172 51 1,379 793

 Of which: euro currency countries 1 1,401 23 893 507 1,075 25 666 409

Asia 1,053 18 929 124 775 18 659 116

Caribbean2 596 10 335 261 530 12 283 247

Canada 540 9 295 245 378 9 180 198

Australia and Oceania 302 5 140 163 165 4 74 91

South America 260 4 194 66 122 3 79 42

Central America3 109 2 82 27 81 2 58 23

Africa 67 1 58 9 43 1 36 7

International organizations 49 1 * 48 26 1 * 25

 Total 5,977 100 3,995 1,981 4,291 100 2,748 1,543

3. Excludes Caribbean financial centers. 

* Greater than zero but less than $500 million.

Billions of dollars

2009 2008

1. Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia (effective 2009), 

Slovenia, and Spain.

2. Includes Bermuda and the Bahamas as well as all Caribbean nations. This grouping is different than the Caribbean financial centers shown in Table 
U.S. Holdings of Foreign Securities 

21 

Table 17. Market value of U.S. holdings of foreign securities, by industry, as of December 

31, 2009 

Table A15 in the Statistical Appendix provides information on holdings by detailed industry as 

well as broad industry sector. 

Comparison of different types of U.S. portfolio investment abroad as of selected dates 

Table 18 presents a time-series of U.S. portfolio investment abroad and compares U.S. holdings 

of foreign securities with U.S. holdings of deposits, loans, and other investments reported by 

U.S. bank and non-bank institutions. The table shows that the share of securities in U.S. 

portfolio investment abroad increased from 58 percent in 1994 to 67 percent in 2007. In 2008, 

the share of securities in U.S. portfolio investment abroad declined to 55 percent, mainly because 

of the declines in global securities prices. With the rebound in prices in 2009, the share 

accounted for by securities increased to 62 percent. 

Billions of dollars

GICS

Code Total Equity Long-term Short-term

1010 Total Energy 630 523 105 2

1510 Total Materials 515 429 82 5

2000 Total Industrial 438 383 52 2

2500 Total Consumer Discretionary 381 340 41 1

3000 Total Consumer Staples 354 325 29 1

3500 Total Health Care 329 312 16 1

4000 Total Financial 1,968 961 672 335

4500 Total Information Technology 388 357 31 *

5010 Total Telecommunication Services 304 224 79 1

5510 Total Utilities 176 117 55 4

Government1 445 * 416 29

Industry unknown 49 25 16 7

Total 5,977 3,995 1,594 387

Debt

1. Includes securities issued by local governments as well as government-sponsored or guaranteed corporations.

* Greater than zero but less than $500 million.
U.S. Holdings of Foreign Securities 

22 

Table 18. Forms of U.S. portfolio investment abroad, as of selected survey dates

 

 

Billions of dollars

 

Date Total Long-term Short-term Total Reported by 

banks

 Reported by 

nonbanks 

Mar. 1994 1,549 905 870 35 644 622 21

Dec. 1997 2,730 1,809 1,755 54 921 890 31

Dec. 2001 3,586 2,317 2,170 147 1,269 1,237 32

Dec. 2003 4,803 3,152 2,954 199 1,650 1,553 98

Dec. 2004 5,884 3,787 3,553 233 2,098 1,964 133

Dec. 2005 6,968 4,608 4,346 262 2,360 2,228 132

Dec. 2006 8,857 5,991 5,623 368 2,866 2,743 123

Dec. 2007 10,759 7,220 6,863 357 3,539 3,404 135

Dec. 2008r 7,770 4,291 4,009 282 3,479 3,372 106

Dec. 2009 9,578 5,977 5,589 387 3,601 3,509 93

Total 

Investment

Securities Deposits, Loans, and Other1

1. Incudes deposits, brokerage balances, loans, resale agreements, and trade receivables and advance payments.

Sources. Data on securities are from the surveys (except for short-term securities in 1994 and 1997); data on deposits, loans, and other are from the Department 

of the Treasury, Treasury Bulletin, various issues. Short-term securities for 1994 and 1997 are from the Treasury Bulletin. Numbers for prior years may be 

revised from those published in earlier survey reports.

r Revised
U.S. Holdings of Foreign Securities 

23 

Chapter 2. Data Collection Methodology 

The U.S. system for measuring U.S. holdings of foreign securities consists of “benchmark” 

surveys conducted at five-year intervals and smaller surveys conducted annually in nonbenchmark years. The benchmark surveys collect data from a large number of institutions in an 

attempt to measure total U.S. holdings as comprehensively as practical. In the four years 

following each benchmark survey, data are collected from only the largest respondents who 

collectively reported a very large share of data in the preceding benchmark survey. 

The 2009 survey was a non-benchmark year. Data were collected primarily from U.S.-resident 

custodians, but also from some U.S.-resident end-investors, who were required to report holdings 

of foreign securities at the individual security level. In total, 89 firms reported data. Reporting 

is quite concentrated: The ten largest U.S.-resident custodians reported 89 percent of the total 

market value of security-by-security data submitted. In total, some 870,229 records were 

submitted by respondents, of which 643,039 were equity records and 227,190 were debt security 

records. Banks were the leading U.S.-resident custodians, though broker-dealers also reported 

significant amounts of custodial holdings. 

This Survey was conducted under the authority of the International Investment and Trade in 

Services Survey Act (22 U.S.C. 3101 et seq.). Reporting was mandatory, and subject to 

penalties for noncompliance. Data were collected for holdings as of December 31, 2009, and 

were to be reported to the Federal Reserve Bank of New York, acting as agent for the 

Department of the Treasury, no later than March 5, 2010. A copy of the forms and instructions 

is included in Appendix B. 

Data Analysis and Editing

The detailed security level data submitted by respondents were subjected to extensive analysis 

and editing. The first step in the process was to analyze respondent data to identify systematic 

errors within each respondent’s submission. Each respondent’s data were analyzed individually 

and compared with the data submitted in the previous year's submission. Reported securities 

with the largest market values were analyzed in detail, and the other reported securities were 

analyzed in the aggregate to identify common types of reporting errors. 

Once the analysis of the data for each respondent was completed, the data were analyzed on a 

security-by-security basis, across all reporters. Securities subject to particular attention included 

those with either a large quantity or market value reported, those with particularly high or low 

prices, or those securities comprising a large percentage of the total amount outstanding. 

The data were also examined by categories, such as country of issuer, type of security, and type 

of issuer. This review was especially useful in eliminating cases in which the mis-coding of a 

security with a small market value could have a large relative impact upon a small category. 

Additionally, the data was compared to various TIC and regulatory reports to identify possible 

systemic issues. 
U.S. Holdings of Foreign Securities 

24 

Avoidance of Data Gaps and Double Counting

Respondent's reports were examined to ensure that frequently-omitted securities were included, 

such as those of international organizations resident in the United States, those issued by foreign 

conduits of U.S. entities, and those of former U.S. corporations that have re-incorporated outside 

of the United States. Checks were also made to detect and exclude securities issued by U.S.-

resident entities. In addition, the security-by-security data provided by U.S-resident endinvestors were examined to ensure that only securities held either directly by the U.S-resident 

end-investor or through foreign custodians were reported on a security-by-security basis. 

In some cases, foreign securities may be entrusted to a U.S.-resident custodian which, in turn, 

entrusts the securities to another U.S.-resident custodian. To avoid double-counting in these 

instances, U.S.-resident custodians who passed the foreign securities to other U.S.-resident 

custodians were instructed not to provide security-by-security information on these securities, 

but instead only to identify the U.S-resident custodian(s) involved and the amount(s) entrusted. 

The reports provided by U.S-resident end-investors and U.S.-resident custodians using U.S.-

resident sub-custodians were examined to ensure that all significant U.S.-resident custodians 

were included on the panel and to provide a rough check on the aggregate amounts reported by 

each custodian. Special analyses were performed to ensure that respondents excluded their 

foreign operations and foreign customers and that they included all of their U.S. organizational 

units. 

Estimate on Unreported Data and Calculation of Total U.S. Holdings of Foreign Securities

The December 2009 survey collected data from the largest U.S.-resident custodians and U.Sresident end-investors, based on the data reported in the 2006 benchmark survey. These 

respondents accounted for over 99 percent of the data reported in the 2006 benchmark survey. 

The remaining 1 percent was accounted for in the December 2009 data by adding the securities 

that were reported in the 2006 benchmark survey by the respondents who are not part of the 2009 

panel. The data added were adjusted to maintain the years to maturity that were originally 

reported for debt securities. Additional adjustments were also made on these data to account for 

yearly changes in valuation, which were based on observed market conditions. 

Acknowledgments

The Department of the Treasury, the Federal Reserve Bank of New York and the Federal 

Reserve Board of Governors wish to express their appreciation to the Securities Reports Division 

of the Federal Reserve Bank of New York for preparation of the U.S. portfolio data. Under the 

direction of Kenneth Aberbach, staff responsible for data analysis were: Lois Burns, Evelyn 

Castillo, Aamna Farooq, Caroline Fernandez, Brian Goodwin, Hansy Hernandez, Gabriela Hill, 

Nigel Jones, Jason Nuccio, Philip Papaelias, Marc Plotsker, Gillian Stowe, and Paula Webster. 

Automation staff, working under the direction of Michele Waldman, responsible for obtaining 

properly formatted data files and for facilitating data loads and updates were: Frank Innocenti, 

David Carley, Samson Chan, Susan Gibson, Mike Hasell, Sharon McKenzie, Navin Persuad, 

Sophia Shi and Cecelia Valentin-Doval. Application Development staff, working under the 

direction of Julie SunJannes, who developed and enhanced the database and reports, were: Yee 
U.S. Holdings of Foreign Securities 

25 

Ying Chan and Michael Eydelman. Staff who provided timely data entry and file loading 

support, working under the direction of Laura Iannolino, were: Mary Ann Campano, Natasha 

Fair, and Rita Cek-Dagostin. Maxwell Kretchmer at the Federal Reserve Board of Governors 

provided excellent research assistance. 
U.S. Holdings of Foreign Securities 

26 

Statistical Appendix

 
U.S. Holdings of Foreign Securities 

27 

Table A1. Market value of U.S. holdings of foreign securities, by country and type of 

security, as of December 31, 2009 

 

Country or region of issuer Total Equity Long-term Short-term

Albania 6 * 6 0

Angola 6 0 6 0

Anguilla 1 1 0 0

Antigua and Barbuda 114 114 0 0

Argentina 7,296 1,168 6,113 15

Aruba 848 0 848 0

Australia 276,430 127,872 107,326 41,233

Austria 14,973 9,876 4,734 364

Bahamas 2,170 1,494 662 15

Bangladesh 13 12 0 1

Barbados 1,366 61 1,304 0

Belarus * * 0 0

Belgium 36,751 28,257 7,596 898

Belize 76 17 59 0

Bermuda 147,962 121,133 26,829 *

Bosnia and Herzegovina 110 0 110 0

Botswana 40 40 0 0

Brazil 212,809 180,325 32,420 64

British Virgin Islands 10,314 8,193 2,121 *

Bulgaria 215 120 95 0

Canada 540,255 295,078 219,531 25,646

Cayman Islands 373,316 147,514 217,465 8,337

Chile 15,308 8,622 6,662 24

China, mainland1 102,303 101,616 670 17

Colombia 7,952 1,673 6,264 15

Comoros * * 0 0

Congo (Brazzaville) 128 * 128 0

Cook Islands 1 1 0 0

Costa Rica 171 1 170 0

Cote D'Ivoire 263 3 261 0

Croatia 779 87 693 0

Cuba * * 0 0

Cyprus 882 793 89 0

Czech Republic 4,743 4,567 177 0

Denmark 37,583 26,952 7,565 3,065

Dominica * * 0 0

Dominican Republic 622 * 622 0

Ecuador 318 * 316 2

Egypt 5,778 4,116 1,362 300

El Salvador 739 5 731 3

Estonia 97 56 42 0

Falkland Islands 3 3 0 0

Millions of dollars except as noted

Debt

* Greater than zero but less than $500,000.

1. Excludes Hong Kong and Macau, which are reported separately.
U.S. Holdings of Foreign Securities 

28 

Table A1. Market value of U.S. holdings of foreign securities, by country and type of 

security, as of December 31, 2009 (continued) 

 

Country or region of issuer Total Equity Long-term Short-term

Faroe Islands 3 3 0 0

Fiji 21 0 21 0

Finland 34,797 29,646 4,387 764

France 362,382 250,706 81,859 29,818

French Guiana * * 0 0

Gambia * * 0 0

Georgia 117 30 87 0

Germany 293,599 192,692 80,168 20,739

Ghana 230 15 214 0

Gibraltar 104 104 0 *

Greece 11,474 9,706 1,768 0

Greenland * * 0 0

Grenada 10 0 10 0

Guatemala 48 0 48 0

Guernsey 12,270 10,938 1,333 0

Guinea 2 2 0 0

Guyana * * 0 0

Honduras 29 0 7 22

Hong Kong 92,885 91,391 1,456 39

Hungary 6,801 4,431 2,271 98

Iceland 1,451 22 1,422 7

India 65,495 62,045 3,352 98

Indonesia 22,742 15,467 7,261 13

Ireland 120,020 79,187 25,825 15,008

Isle of Man 1,301 1,112 189 0

Israel 58,804 44,284 14,369 151

Italy 78,505 59,343 15,597 3,565

Jamaica 382 3 379 0

Japan 419,077 370,850 40,532 7,695

Jersey 45,956 19,784 13,208 12,964

Jordan 91 65 26 0

Kazakhstan 1,422 1,008 406 8

Kenya 103 95 6 2

Kiribati 1 1 0 0

Korea, South 104,826 87,915 16,328 583

Latvia 10 10 * 0

Lebanon 303 136 160 8

Liberia 4,120 2,153 1,965 3

Liechtenstein 216 206 10 0

Debt

* Greater than zero but less than $500,000.

Millions of dollars except as noted
U.S. Holdings of Foreign Securities 

29 

Table A1. Market value of U.S. holdings of foreign securities, by country and type of 

security, as of December 31, 2009 (continued) 

 

Country or region of issuer Total Equity Long-term Short-term

Lithuania 792 21 771 0

Luxembourg 94,376 31,533 57,005 5,838

Macau 13 0 13 0

Madagascar * * 0 0

Malaysia 18,918 12,133 6,769 15

Malta 82 13 69 0

Marshall Islands 7,221 6,182 1,039 0

Mauritius 1,484 1,451 33 0

Mexico 87,654 65,061 22,555 38

Moldova * * 0 0

Monaco 12 12 * 0

Mongolia * 0 * 0

Morocco 293 246 47 0

Namibia 4 4 0 0

Netherlands 232,918 108,803 106,172 17,943

Netherlands Antilles 57,310 56,189 1,119 3

New Zealand 15,644 2,710 5,248 7,685

Nicaragua 27 0 27 0

Niger 3 3 0 0

Norway 52,354 22,861 17,048 12,445

Pakistan 785 494 290 0

Panama 20,530 17,339 3,104 87

Papua New Guinea 2,802 2,802 0 0

Paraguay 5 5 0 0

Peru 4,978 2,218 2,760 0

Philippines 9,326 6,110 3,216 0

Poland 13,968 5,243 8,718 7

Portugal 6,178 5,242 936 0

Reunion 1 0 1 0

Romania 184 184 * 0

Russia 50,814 45,355 5,459 0

Saint Kitts and Nevis * * 0 0

Saint Lucia 15 0 15 0

Saint Vincent and the Grenadines 10 0 10 0

Senegal 11 3 8 0

Serbia and Montenegro 118 6 112 0

Seychelles 2 0 2 0

Singapore 52,104 45,424 6,649 31

Slovakia 31 * 31 0

Millions of dollars except as noted

Debt

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

30 

Table A1. Market value of U.S. holdings of foreign securities, by country and type of 

security, as of December 31, 2009 (continued) 

 

Country or region of issuer Total Equity Long-term Short-term

Slovenia 222 182 40 0

South Africa 53,519 49,465 4,054 0

Spain 113,469 87,442 25,808 219

Sri Lanka 1,026 223 793 9

Swaziland 3 3 0 0

Sweden 75,743 43,980 25,528 6,236

Switzerland 305,011 298,270 6,109 632

Taiwan 76,859 76,631 227 0

Thailand 14,222 12,962 1,239 21

Togo 1 1 0 0

Trinidad and Tobago 1,403 2 1,401 0

Tunisia 463 11 452 0

Turkey 28,526 21,302 7,183 41

Turks and Caicos Islands * * 0 0

Uganda 6 1 5 0

Ukraine 960 110 850 0

United Kingdom 958,257 561,670 240,252 156,335

Uruguay 1,714 1 1,713 0

Venezuela 9,647 138 9,508 1

Vietnam 419 176 243 0

Zambia 52 46 1 4

Zimbabwe 68 35 33 0

International Organizations 48,572 278 40,238 8,056

Middle East oil-exporters2 12,709 1,326 11,384 0

African oil-exporters3 534 277 257 0

Total 5,976,711 3,995,295 1,594,187 387,229

Totals by Region

Total Africa 67,115 57,972 8,835 309

Total Asia 1,052,919 929,262 114,977 8,681

Total Caribbean 595,843 334,704 252,785 8,355

Total Europe 3,000,586 1,961,863 751,729 286,994

Of which: Euro Area Countries 4 1,400,628 893,420 412,052 95,157

Total Latin America 369,303 276,575 92,457 271

Canada 540,255 295,078 219,531 25,646

Total Other Countries 302,118 139,565 113,635 48,917

International Organizations 48,572 278 40,238 8,056

* Greater than zero but less than $500,000.

2. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates.

3. Algeria, Gabon, Libya, Nigeria.

4. Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, 

Netherlands, Portugal, Slovakia, Slovenia, Spain.

Millions of dollars except as noted

Debt
U.S. Holdings of Foreign Securities 

31 

Table A2. Market value of U.S. holdings of foreign long-term securities, by country, as of 

selected survey dates 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Albania 4 5 6 12 13 13 6

Andorra 0 2 5 9 14 7 0

Angola 0 0 0 0 0 0 6

Anguilla 0 2 3 4 15 4 1

Antigua and Barbuda 1 12 33 33 128 29 114

Argentina 4,304 4,826 6,841 10,980 9,829 4,228 7,281

Aruba 906 1,114 1,189 1,272 1,102 908 848

Australia 85,672 97,418 119,701 163,624 211,467 136,273 235,198

Austria 9,170 13,659 15,836 23,144 26,522 9,711 14,609

Bahamas 2,889 2,650 3,257 1,522 2,221 1,126 2,155

Bangladesh * 0 * 4 163 45 12

Barbados 253 256 272 323 426 400 1,366

Belarus * 0 0 0 0 * *

Belgium 15,764 23,297 24,162 34,459 36,777 22,617 35,853

Belize 77 60 50 52 88 73 76

Bermuda 116,206 163,411 185,074 205,419 273,125 162,556 147,962

Bolivia 2 0 * 0 10 * 0

Bosnia and Herzegovina 50 149 114 72 90 20 110

Botswana 4 7 5 4 6 11 40

Brazil 50,146 62,989 90,257 110,257 188,844 90,976 212,745

British Virgin Islands 3,599 4,463 8,348 10,996 14,979 8,876 10,313

Bulgaria 1,443 1,173 428 312 562 252 215

Burma 0 0 0 0 0 0 0

Burundi 0 0 0 0 4 4 0

Cambodia 0000000

Cameroon 0 0 0 0 0 0 0

Canada 288,700 332,249 405,332 460,210 565,679 346,057 514,609

Cayman Islands 120,954 184,128 221,003 338,444 504,779 297,549 364,979

Central African Republic 0 0 0 0 0 0 0

Chile 9,697 11,598 12,097 12,539 12,815 10,299 15,284

China, mainland1 13,731 12,710 28,432 75,217 97,159 54,876 102,286

Colombia 3,488 4,455 5,018 5,827 6,764 6,843 7,937

Comoros * 0 0 0 * * *

Congo (Brazzaville) 0 0 0 0 0 44 128

Congo (Kinshasa) 0 0 0 0 0 0 0

Cook Islands 0 * 73 0 * 1 1

Costa Rica 319 241 420 317 373 255 171

Cote d'Ivoire 96 98 92 95 158 61 263

Croatia 676 716 703 400 469 270 779

Cuba * 1 * * * * *

Cyprus 101 103 208 820 2,643 525 882

Millions of dollars

* Greater than zero but less than $500,000. n.a. Not available. 

1. Excludes Hong Kong and Macau, which are reported separately.
U.S. Holdings of Foreign Securities 

32 

Table A2. Market value of U.S. holdings of foreign long-term securities, by country, as of 

selected survey dates (continued) 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Czech Republic 1,293 1,876 1,742 3,070 5,352 3,753 4,743

Denmark 20,416 22,780 24,623 33,042 45,809 30,224 34,518

Dominica 0 0 0 0 0 * *

Dominican Republic 512 472 662 792 852 380 622

Ecuador 902 1,091 984 550 708 385 316

Egypt 571 1,149 3,549 5,651 10,623 4,070 5,478

El Salvador 582 658 822 932 831 485 735

Estonia 174 343 97 98 173 90 97

Ethiopia 0 0 0 0 0 0 0

Falkland Islands 0 * 1 2 4 1 3

Faroe Islands 0 0 0 * 14 6 3

Fiji 0 0 0 7 29 27 21

Finland 40,705 38,353 48,403 59,659 93,788 38,396 34,032

France 173,716 206,465 252,914 369,822 431,016 270,349 332,564

French Guiana * * * 8 * * *

Gambia 30 0 0 * * * *

Georgia * 0 * 30 150 91 117

Germany 174,641 191,604 207,010 282,409 418,640 239,574 272,859

Ghana 350 4 3 3 193 114 230

Gibraltar 11 64 211 135 96 64 104

Greece 5,935 8,290 10,555 16,006 25,494 8,822 11,474

Greenland 0 0 0 0 0 0 *

Grenada 6 2 2 16 14 9 10

Guadeloupe 0 0 0 0 0 0 0

Guatemala 109 173 206 206 225 93 48

Guernsey 5,348 5,941 6,394 12,487 15,818 6,588 12,270

Guinea 0 0 0 0 3 2 2

Guyana 5 0 0 0 0 * *

Haiti 0 0 0 0 0 0 0

Honduras 22 15 17 8 6 24 7

Hong Kong 37,628 37,328 46,197 87,493 121,321 64,783 92,846

Hungary 3,064 5,104 5,634 8,382 9,094 4,479 6,702

Iceland 133 243 3,229 6,051 7,253 2,044 1,444

India 18,683 23,515 33,226 48,957 85,124 31,404 65,397

Indonesia 5,072 6,985 9,001 14,072 18,356 11,160 22,729

Ireland 30,642 46,244 49,920 86,268 99,222 44,862 105,013

Isle of Man 0 15 61 569 1,295 510 1,301

Israel 28,653 34,308 44,308 41,506 54,209 46,043 58,653

Italy 63,927 74,845 75,953 104,678 118,868 60,490 74,940

Jamaica 40 195 442 591 663 336 382

Japan 292,668 366,860 528,415 589,677 589,756 401,308 411,382

Millions of dollars

* Greater than zero but less than $500,000. n.a. Not available. 
U.S. Holdings of Foreign Securities 

33 

Table A2. Market value of U.S. holdings of foreign long-term securities, by country, as of 

selected survey dates (continued) 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Jersey 5,197 7,074 9,140 12,747 17,677 18,555 32,992

Jordan 57 41 72 61 110 77 91

Kazakhstan 102 346 336 1,281 1,317 745 1,414

Kenya 22 17 21 15 32 40 101

Kiribati 0 0 0 0 0 1 1

Korea, South 53,338 73,544 118,507 123,663 139,130 55,737 104,243

Kyrgyzstan * 11 0 0 0 0 0

Latvia * 8 12 13 18 4 10

Lebanon 151 223 408 375 432 284 295

Lesotho 2 26 0 0 * * 0

Liberia 4,328 7,829 6,749 5,786 6,772 2,872 4,117

Liechtenstein 19 35 66 244 263 192 216

Lithuania 28 5 52 41 74 44 792

Luxembourg 21,069 34,181 40,463 52,697 83,918 52,381 88,538

Macau 0 0 0 0 0 0 13

Macedonia 42 40 53 0 0 0 1

Madagascar 0 0 0 0 0 * *

Malawi 0 0 0 0 0 0 *

Malaysia 7,954 10,684 11,282 15,386 24,062 11,836 18,903

Maldives 0 0 0 0 0 0 0

Mali 0 0 0 0 0 0 0

Malta 19 17 96 155 122 101 82

Marshall Islands 942 4,475 5,546 7,462 13,603 5,330 7,221

Mauritania 0 0 * * * 0 0

Mauritius 174 325 237 638 1,664 956 1,484

Mexico 56,145 66,121 86,074 108,432 109,609 64,972 87,616

Moldova 0 0 0 * * * *

Monaco 3 8 9 10 16 13 12

Mongolia 1 0 0 0 * * *

Morocco 162 228 440 415 455 381 293

Mozambique 0 0 0 0 0 0 0

Namibia 3 1 1 2 3 3 4

Nauru 0 0 0 * * * 0

Netherlands 173,780 191,544 184,530 229,364 230,609 151,490 214,975

Netherlands Antilles 24,727 30,252 47,223 58,171 89,349 38,473 57,307

New Caledonia 0 0 0 0 * 0 0

New Zealand 8,905 10,439 9,871 8,677 7,848 7,715 7,959

Nicaragua 0 37 30 28 29 1 27

Niger 0 0 0 0 0 2 3

Norway 20,168 28,422 31,478 46,728 61,643 23,984 39,909

Pakistan 133 147 389 1,026 1,759 631 785

Palau 0 0 0 0 0 0 0

Millions of dollars

* Greater than zero but less than $500,000. n.a. Not available. 
U.S. Holdings of Foreign Securities 

34 

Table A2. Market value of U.S. holdings of foreign long-term securities, by country, as of 

selected survey dates (continued) 

 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Panama 18,583 24,279 25,938 26,068 29,451 14,812 20,443

Papua New Guinea 235 314 782 1,298 2,429 1,820 2,802

Paraguay 0 0 0 0 0 3 5

Peru 3,999 3,874 4,588 3,763 4,338 3,426 4,978

Philippines 5,037 5,690 7,179 10,989 14,470 7,095 9,326

Poland 3,480 5,624 7,536 11,816 13,866 7,834 13,961

Portugal 5,077 6,313 5,966 6,442 8,343 3,814 6,178

Reunion 0 0 0 0 0 2 1

Romania 151 172 251 380 613 151 184

Russia 21,554 21,314 28,764 48,421 80,934 24,596 50,814

Rwanda 0 0 0 0 0 0 0

Saint Kitts and Nevis * * 3 3 * * *

Saint Lucia 0 49 98 66 62 37 15

Saint Vincent and the Grenadines 0 0 0 0 0 10 10

Sao Tome and Principe 0 0 0 0 0 0 0

Senegal * * * * 2 1 11

Serbia and Montenegro 15 1 108 205 272 100 118

Seychelles 1 0 0 2 58 1 2

Sierra Leone * 0 0 0 0 0 0

Singapore 24,883 29,081 36,047 52,428 64,667 30,480 52,073

Slovakia 88 190 309 299 71 32 31

Slovenia 87 37 79 144 351 164 222

Solomon Islands 0 0 0 0 0 0 0

Somalia * 0 0 0 0 0 0

South Africa 17,849 24,647 34,211 42,546 53,064 32,168 53,519

Spain 50,094 68,074 69,226 109,773 144,509 88,139 113,250

Sri Lanka 87 79 93 183 281 145 1,016

Sudan 0 0 0 0 0 0 0

Suriname 0 0 0 0 0 0 0

Swaziland 3 0 0 0 0 2 3

Sweden 40,284 52,862 57,011 83,261 86,528 50,519 69,508

Switzerland 119,000 139,738 193,999 263,828 284,588 218,152 304,379

Taiwan 27,228 34,885 57,877 74,449 81,202 41,418 76,859

Tanzania 0 0 0 0 0 0 0

Thailand 7,312 7,097 10,392 12,756 16,833 7,543 14,201

Togo 0 0 0 0 0 2 1

Tokelau Islands * 0 0 0 0 0 0

Tonga 0 0 0 0 0 0 0

Trinidad and Tobago 606 477 490 711 1,477 1,121 1,403

Tunisia 1,280 588 639 607 505 407 463

Turkey 5,713 8,137 14,179 15,225 25,093 15,846 28,485

Turks and Caicos Islands 57 * * * * * *

Millions of dollars

* Greater than zero but less than $500,000. n.a. Not available. 
U.S. Holdings of Foreign Securities 

35 

Table A2. Market value of U.S. holdings of foreign long-term securities, by country, as of 

selected survey dates (continued) 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Uganda * 0 0 0 0 2 6

Ukraine 603 1,548 1,276 1,506 2,137 931 960

United Kingdom 563,955 627,365 722,849 919,343 1,002,156 562,247 801,922

Uruguay 603 1,303 1,073 1,694 1,962 1,244 1,714

Uzbekistan 4 0 0 0 0 0 0

Venezuela 5,303 6,863 6,003 6,097 5,426 3,594 9,646

Vietnam 81 113 306 238 248 199 419

Zambia 5 2 12 16 82 36 47

Zimbabwe 61 68 79 203 200 76 68

Country Unknown 35 * * 0 0 0 0

International Organizations 17,552 18,162 18,986 19,369 22,548 20,694 40,516

Middle East oil-exporters2 990 1,454 2,693 5,829 10,467 7,102 12,709

African oil-exporters3 320 191 222 97 772 398 534

Total 2,953,781 3,553,387 4,345,891 5,623,019 6,862,744 4,009,053 5,589,482

2. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates.

3. Algeria, Gabon, Libya, Nigeria.

Millions of dollars

* Greater than zero but less than $500,000. n.a. Not available. 
U.S. Holdings of Foreign Securities 

36 

Table A3. Market value of U.S. holdings of foreign equity, by country, as of selected survey 

dates 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Albania 0 0 0 0 * * *

Andorra 0 2 5 9 14 7 0

Angola 0 0 0 0 0 0 0

Anguilla 0 2 3 4 15 4 1

Antigua and Barbuda 1 12 32 33 128 29 114

Argentina 846 1,161 1,144 1,844 1,931 719 1,168

Aruba 0 * 0 0 0 0 0

Australia 56,454 57,052 71,141 101,990 138,131 65,239 127,872

Austria 3,925 8,976 10,724 18,144 20,075 5,564 9,876

Bahamas 1,819 1,779 2,327 1,064 1,313 601 1,494

Bangladesh 0 0 * 4 163 45 12

Barbados 2 10 * 25 58 44 61

Belarus 0 0 0 0 0 * *

Belgium 10,621 18,083 19,947 28,805 31,671 15,794 28,257

Belize 25 26 41 27 57 23 17

Bermuda 107,538 153,549 173,842 191,853 256,399 143,342 121,133

Bolivia 2 0 0 0 0 0 0

Bosnia and Herzegovina 0 4 0 0 0 * 0

Botswana 3 3 3 4 5 11 40

Brazil 31,781 43,104 68,560 92,045 172,662 72,070 180,325

British Virgin Islands 2,269 3,716 5,899 8,178 11,292 6,747 8,193

Bulgaria 5 6 78 95 387 165 120

Burma 0 0 0 0 0 0 0

Burundi 0 0 0 0 0 0 0

Cambodia 0000000

Cameroon 0 0 0 0 0 0 0

Canada 149,267 180,398 247,823 298,137 379,655 180,175 295,078

Cayman Islands 45,287 69,750 102,603 160,555 232,994 95,181 147,514

Central African Republic 0 0 0 0 0 0 0

Chile 2,102 2,564 3,520 4,447 5,207 4,270 8,622

China, mainland1 13,064 11,645 26,888 73,912 95,693 53,269 101,616

Colombia 133 270 753 732 1,193 924 1,673

Comoros * 0 0 0 * * *

Congo (Brazzaville) 0 0 0 0 0 * *

Congo (Kinshasa) 0 0 0 0 0 0 0

Cook Islands 0 0 73 * * 1 1

Costa Rica 5 5 20 2 * * 1

Cote d'Ivoire 0 2 0 0 1 * 3

Croatia 270 234 189 74 164 62 87

Cuba * * * * * * *

Cyprus 17 3 105 726 2,305 425 793

Millions of dollars

* Greater than zero but less than $500,000.

1. Excludes Hong Kong and Macau, which are reported separately.
U.S. Holdings of Foreign Securities 

37 

Table A3. Market value of U.S. holdings of foreign equity, by country, as of selected survey 

dates (continued) 

 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Czech Republic 1,249 1,843 1,727 3,045 5,155 3,682 4,567

Denmark 10,429 14,488 15,652 21,236 32,975 19,757 26,952

Dominica 0 0 0 0 0 * *

Dominican Republic 4 * * 1 * 1 *

Ecuador 5 25 41 * * * *

Egypt 523 1,093 2,567 4,377 8,865 2,565 4,116

El Salvador 0 * * 0 6 3 5

Estonia 138 304 62 63 135 55 56

Falkland Islands 0 * 1 2 4 1 3

Faroe Islands 0 0 0 * 14 6 3

Fiji 0 0 0 0 0 0 0

Finland 35,162 33,860 44,393 55,852 90,200 35,755 29,646

France 130,761 164,634 205,113 306,861 348,011 212,191 250,706

French Guiana * * * 8 * * *

Gambia 0 0 0 * * * *

Georgia * 0 0 27 148 21 30

Germany 103,239 123,685 158,013 220,397 329,405 159,863 192,692

Ghana 349 3 2 2 20 15 15

Gibraltar 1 64 211 135 96 64 104

Greece 3,957 6,980 9,529 14,448 23,728 7,889 9,706

Greenland 0 0 0 0 0 0 *

Grenada 0 0 0 0 0 0 0

Guadeloupe 0 0 0 0 0 0 0

Guatemala 0 0 * * 0 0 0

Guernsey 4,636 5,399 5,797 11,715 13,247 5,621 10,938

Guinea 0 0 0 0 3 2 2

Guyana 0 0 0 0 0 * *

Haiti 0 0 0 0 0 0 0

Honduras * 0 0 0 * 0 0

Hong Kong 36,210 35,395 44,465 85,833 119,583 61,483 91,391

Hungary 2,412 4,503 4,880 7,619 7,309 2,699 4,431

Iceland 3 2 14 29 32 2 22

India 18,500 23,152 32,753 47,932 81,829 29,041 62,045

Indonesia 4,406 6,116 7,127 11,490 15,079 7,018 15,467

Ireland 22,191 32,422 33,027 47,943 49,046 22,262 79,187

Isle of Man 0 * 36 541 1,146 345 1,112

Israel 16,361 19,054 29,125 26,019 38,931 30,913 44,284

Italy 38,971 57,494 63,915 92,733 96,974 46,997 59,343

Jamaica 1 2 2 2 * 1 3

Japan 255,494 330,427 493,343 543,506 529,431 347,600 370,850

Millions of dollars

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

38 

Table A3. Market value of U.S. holdings of foreign equity, by country, as of selected survey 

dates (continued) 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Jersey 867 436 824 2,848 5,436 10,858 19,784

Jordan 40 19 40 28 83 52 65

Kazakhstan * * 6 953 812 232 1,008

Kenya 6 2 3 7 24 32 95

Kiribati 0 0 0 0 0 1 1

Korea, South 49,121 66,639 110,264 114,155 129,272 45,287 87,915

Kyrgyzstan 0 * 0 0 0 0 0

Latvia * 4 10 13 18 3 10

Lebanon 23 49 100 87 141 90 136

Lesotho 2 25 0 0 * * 0

Liberia 2,589 5,866 5,172 4,253 5,054 1,834 2,153

Liechtenstein 19 35 66 241 253 183 206

Lithuania 3 3 20 9 29 12 21

Luxembourg 6,026 7,634 11,134 15,590 40,084 15,791 31,533

Macau 0 0 0 0 0 0 0

Macedonia 0 0 0 0 0 0 0

Madagascar 0 0 0 0 0 * *

Malawi 0 0 0 0 0 0 *

Malaysia 4,075 6,474 6,934 10,781 17,674 6,673 12,133

Maldives 0 0 0 0 0 0 0

Mali 0 0 0 0 0 0 0

Malta * * * 82 50 13 13

Marshall Islands 705 3,727 5,047 6,781 13,113 5,055 6,182

Mauritania 0 0 0 0 0 0 0

Mauritius 62 143 188 619 1,577 936 1,451

Mexico 28,529 37,516 57,876 84,620 85,698 46,021 65,061

Moldova 0 0 0 * * * *

Monaco 3 8 9 10 16 13 12

Mongolia 0 0 0 0 0 0 0

Morocco 16 89 299 337 394 349 246

Mozambique 0 0 0 0 0 0 0

Namibia * 1 1 2 3 3 4

Nauru 0 0 0 * * * 0

Netherlands 115,792 136,467 132,769 161,493 154,111 76,571 108,803

Netherlands Antilles 23,359 28,730 45,378 56,368 88,063 37,174 56,189

New Caledonia 0 0 0 0 * 0 0

New Zealand 3,861 4,720 4,633 4,671 3,947 1,709 2,710

Nicaragua 0 0 0 0 0 0 0

Niger 0 0 0 0 0 2 3

Norway 11,972 18,153 22,023 32,096 46,404 13,426 22,861

Pakistan 85 111 364 780 1,444 435 494

Palau 0 0 0 0 0 0 0

Millions of dollars

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

39 

Table A3. Market value of U.S. holdings of foreign equity, by country, as of selected survey 

dates (continued) 

 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Panama 14,822 19,450 20,998 21,340 25,305 11,718 17,339

Papua New Guinea 235 314 782 1,298 2,429 1,820 2,802

Paraguay 0 0 0 0 0 3 5

Peru 1,087 666 870 925 1,682 1,292 2,218

Philippines 1,634 2,222 3,068 6,050 9,910 4,279 6,110

Poland 1,671 3,072 4,562 7,384 9,082 4,383 5,243

Portugal 3,949 5,505 5,323 5,982 6,111 3,382 5,242

Reunion 0 0 0 0 0 * 0

Romania 24 120 249 372 612 151 184

Russia 13,259 10,775 18,631 40,291 74,412 19,764 45,355

Rwanda 0 0 0 0 0 0 0

Saint Kitts and Nevis * * 3 3 * * *

Saint Lucia 0 0 0 0 0 0 0

Saint Vincent and the Grenadines 0 0 0 0 0 0 0

Sao Tome and Principe 0 0 0 0 0 0 0

Senegal * * * 0 2 1 3

Serbia and Montenegro 0 0 7 105 201 2 6

Seychelles 1 0 0 0 0 0 0

Sierra Leone * 0 0 0 0 0 0

Singapore 21,932 23,968 29,109 43,911 55,598 24,028 45,424

Slovakia 14 * 1 * * * *

Slovenia 13 1 48 116 318 133 182

Solomon Islands 0 0 0 0 0 0 0

Somalia * 0 0 0 0 0 0

South Africa 15,101 21,600 31,605 39,586 49,147 29,639 49,465

Spain 43,801 63,002 63,514 85,600 106,666 63,299 87,442

Sri Lanka 33 31 74 152 166 64 223

Sudan 0 0 0 0 0 0 0

Suriname 0 0 0 0 0 0 0

Swaziland 0 * 0 0 0 2 3

Sweden 27,529 38,284 40,530 59,433 57,411 30,320 43,980

Switzerland 117,910 138,187 191,812 262,620 280,958 214,282 298,270

Taiwan 26,970 34,554 57,088 74,228 81,034 41,195 76,631

Tanzania 0 0 0 0 0 0 0

Thailand 6,477 5,961 8,992 11,054 15,998 6,670 12,962

Tokelau Islands * 0 0 0 0 0 0

Togo 0 0 0 0 0 2 1

Tonga 0 0 0 0 0 0 0

Trinidad and Tobago * 5 2 * * * 2

Tunisia * * * 4 4 8 11

Turkey 3,781 5,561 11,122 11,180 19,705 9,908 21,302

Turks and Caicos Islands 57 * * * * * *

Millions of dollars

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

40 

Table A3. Market value of U.S. holdings of foreign equity, by country, as of selected survey 

dates (continued) 

 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Uganda 0 0 0 0 0 1 1

Ukraine 17 25 50 235 643 115 110

United Kingdom 420,675 455,919 537,891 673,978 715,494 376,861 561,670

Uruguay 3 6 3 * 0 1 1

Uzbekistan 0 0 0 0 0 0 0

Venezuela 405 636 483 971 416 208 138

Vietnam * * * 0 11 6 176

Zambia 5 2 11 16 80 35 46

Zimbabwe 13 14 32 135 157 40 35

Country Unknown 11 * * 0 0 0 0

International Organizations 365 373 21 327 366 303 278

Middle East oil-exporters2 1 1 138 299 2,184 1,087 1,326

African oil-exporters3 34 12 11 18 252 108 277

Total 2,079,424 2,560,418 3,317,712 4,328,960 5,252,941 2,748,428 3,995,295

2. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates.

3. Algeria, Gabon, Libya, Nigeria.

Millions of dollars

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

41 

Table A4. Market value of U.S. holdings of foreign long-term debt securities, by country, 

as of selected survey dates 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Albania 4 5 6 12 13 13 6

Andorra 0 0 0 0 0 0 0

Angola 0 0 0 0 0 0 6

Anguilla 0 0 0 0 0 0 0

Antigua and Barbuda * * 2 0 0 0 0

Argentina 3,458 3,664 5,696 9,135 7,898 3,508 6,113

Aruba 906 1,114 1,189 1,272 1,102 908 848

Australia 29,218 40,366 48,560 61,634 73,336 71,033 107,326

Austria 5,244 4,682 5,113 5,001 6,447 4,147 4,734

Bahamas 1,070 872 930 458 909 525 662

Bangladesh * 0 0 0 0 0 0

Barbados 251 246 272 298 367 356 1,304

Belarus * 0 0 0 0 0 0

Belgium 5,143 5,213 4,215 5,654 5,106 6,823 7,596

Belize 52 34 9 25 32 49 59

Bermuda 8,668 9,862 11,232 13,566 16,727 19,214 26,829

Bolivia * 0 * * 10 * 0

Bosnia and Herzegovina 50 145 114 72 90 20 110

Botswana 2 4 1 1 1 0 0

Brazil 18,365 19,885 21,697 18,211 16,181 18,906 32,420

British Virgin Islands 1,330 747 2,449 2,818 3,687 2,129 2,121

Bulgaria 1,438 1,167 350 217 175 87 95

Burma 0 0 0 0 0 0 0

Burundi 0 0 0 0 4 4 0

Cambodia 0000000

Cameroon 0 0 0 0 0 0 0

Canada 139,433 151,852 157,509 162,074 186,023 165,881 219,531

Cayman Islands 75,668 114,378 118,399 177,889 271,785 202,368 217,465

Central African Republic 0 0 0 0 0 0 0

Chile 7,595 9,034 8,577 8,092 7,609 6,029 6,662

China, mainland1 667 1,065 1,544 1,305 1,466 1,606 670

Colombia 3,354 4,185 4,266 5,096 5,571 5,919 6,264

Comoros 0 0 0 0 0 0 0

Congo (Brazzaville) 0 0 0 0 0 44 128

Congo (Kinshasa) 0 0 0 0 0 0 0

Cook Islands 0 0 0 0 0 0 0

Costa Rica 313 236 400 315 373 255 170

Cote d'Ivoire 96 95 92 95 158 61 261

Croatia 406 482 514 326 304 208 693

Cuba 0 1 0 0 0 0 0

Cyprus 83 100 103 93 338 100 89

Millions of dollars

* Greater than zero but less than $500,000.

1. Excludes Hong Kong and Macau, which are reported separately.
U.S. Holdings of Foreign Securities 

42 

Table A4. Market value of U.S. holdings of foreign long-term debt securities, by country, 

as of selected survey dates (continued) 

 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Czech Republic 44 33 15 26 196 71 177

Denmark 9,987 8,292 8,970 11,806 12,834 10,468 7,565

Dominica 0 0 0 0 0 0 0

Dominican Republic 508 472 662 791 852 379 622

Ecuador 897 1,066 942 550 708 384 316

Egypt 48 56 983 1,274 1,758 1,504 1,362

El Salvador 582 658 822 932 825 482 731

Estonia 36 39 35 35 38 35 42

Falkland Islands 0 0 0 0 0 0 0

Faroe Islands 0 0 0 0 0 0 0

Fiji 0 0 0 7 29 27 21

Finland 5,542 4,493 4,010 3,807 3,588 2,641 4,387

France 42,955 41,831 47,801 62,961 83,005 58,158 81,859

French Guiana 0 0 0 0 0 0 0

Gambia 30 0 0 0 0 0 0

Georgia * 0 * 3 3 70 87

Germany 71,403 67,918 48,997 62,012 89,235 79,711 80,168

Ghana 1 1 1 1 173 99 214

Gibraltar 10 0 0 * 0 0 0

Greece 1,978 1,310 1,025 1,559 1,766 932 1,768

Greenland 0 0 0 0 0 0 0

Grenada 6 2 2 16 14 9 10

Guadeloupe 0 0 0 0 0 0 0

Guatemala 109 173 206 206 225 93 48

Guernsey 713 542 597 772 2,572 967 1,333

Guinea 0 0 0 0 0 0 0

Guyana 5 0 0 0 0 0 0

Haiti 0 0 0 0 0 0 0

Honduras 22 15 17 8 6 24 7

Hong Kong 1,419 1,933 1,731 1,660 1,739 3,300 1,456

Hungary 651 601 754 764 1,785 1,780 2,271

Iceland 130 241 3,215 6,022 7,221 2,042 1,422

India 183 363 473 1,025 3,296 2,362 3,352

Indonesia 666 869 1,874 2,582 3,276 4,142 7,261

Ireland 8,452 13,821 16,893 38,326 50,176 22,600 25,825

Isle of Man 0 15 26 28 149 165 189

Israel 12,292 15,254 15,183 15,487 15,278 15,130 14,369

Italy 24,956 17,352 12,038 11,945 21,894 13,493 15,597

Jamaica 39 193 440 590 663 336 379

Japan 37,175 36,433 35,072 46,171 60,325 53,708 40,532

Millions of dollars

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

43 

Table A4. Market value of U.S. holdings of foreign long-term debt securities, by country, 

as of selected survey dates (continued) 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Jersey 4,329 6,638 8,316 9,899 12,240 7,697 13,208

Jordan 17 22 32 33 28 26 26

Kazakhstan 102 346 330 328 505 513 406

Kenya 15 15 17 8 8 7 6

Kiribati 0 0 0 0 0 0 0

Korea, South 4,217 6,905 8,243 9,507 9,859 10,450 16,328

Kyrgyzstan * 11 0 0 0 0 0

Latvia 0 4 3 * * 1 *

Lebanon 127 174 308 288 291 193 160

Lesotho 0 1 0 0 0 0 0

Liberia 1,739 1,964 1,576 1,533 1,718 1,039 1,965

Liechtenstein 0 0 * 2 10 9 10

Lithuania 25 1 33 32 45 32 771

Luxembourg 15,043 26,547 29,329 37,108 43,834 36,590 57,005

Macau 0 0 0 0 0 0 13

Macedonia 42 40 53 0 0 0 1

Madagascar 0 0 0 0 0 0 0

Malawi 0 0 0 0 0 0 0

Malaysia 3,878 4,209 4,348 4,605 6,387 5,163 6,769

Maldives 0 0 0 0 0 0 0

Mali 0 0 0 0 0 0 0

Malta 19 17 96 73 71 88 69

Marshall Islands 237 748 498 680 490 275 1,039

Mauritania 0 0 * * * 0 0

Mauritius 112 183 48 19 87 20 33

Mexico 27,615 28,606 28,198 23,812 23,911 18,950 22,555

Moldova 0 0 0 0 0 0 0

Monaco 0 0 0 0 0 0 *

Mongolia 1 0 0 0 * * *

Morocco 147 139 141 79 61 32 47

Mozambique 0 0 0 0 0 0 0

Namibia 3 0 0 0 0 0 0

Nauru 0 0 0 0 0 0 0

Netherlands 57,988 55,077 51,760 67,871 76,497 74,919 106,172

Netherlands Antilles 1,369 1,522 1,844 1,803 1,287 1,299 1,119

New Caledonia 0 0 0 0 0 0 0

New Zealand 5,045 5,719 5,238 4,006 3,901 6,006 5,248

Nicaragua 0 37 30 28 29 1 27

Norway 8,195 10,270 9,455 14,632 15,239 10,558 17,048

Pakistan 48 36 25 246 315 196 290

Palau 0 0 0 0 0 0 0

Millions of dollars

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

44 

Table A4. Market value of U.S. holdings of foreign long-term debt securities, by country, 

as of selected survey dates (continued) 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Panama 3,761 4,830 4,940 4,728 4,146 3,094 3,104

Papua New Guinea 0 0 0 0 0 0 0

Paraguay 0 0 0 0 0 0 0

Peru 2,912 3,208 3,718 2,838 2,656 2,134 2,760

Philippines 3,403 3,468 4,111 4,939 4,560 2,816 3,216

Poland 1,809 2,552 2,974 4,432 4,784 3,451 8,718

Portugal 1,128 807 643 460 2,232 432 936

Reunion 0 0 0 0 0 2 1

Romania 127 52 2 9 1 * *

Russia 8,296 10,540 10,133 8,130 6,523 4,832 5,459

Rwanda 0 0 0 0 0 0 0

Saint Kitts and Nevis 0 0 0 0 0 0 0

Saint Lucia 0 49 98 66 62 37 15

Saint Vincent and the Grenadines 0 0 0 0 0 10 10

Sao Tome and Principe 0 0 0 0 0 0 0

Senegal 0 0 0 * 0 0 8

Serbia and Montenegro 15 1 101 100 71 99 112

Seychelles 0 0 0 2 58 1 2

Sierra Leone 0 0 0 0 0 0 0

Singapore 2,951 5,113 6,938 8,518 9,069 6,453 6,649

Slovakia 74 190 309 299 70 31 31

Slovenia 74 36 31 28 34 31 40

Solomon Islands 0 0 0 0 0 0 0

Somalia 0 0 0 0 0 0 0

South Africa 2,748 3,047 2,607 2,960 3,917 2,529 4,054

Spain 6,293 5,072 5,712 24,172 37,843 24,840 25,808

Sri Lanka 55 49 19 30 115 80 793

Sudan 0 0 0 0 0 0 0

Suriname 0 0 0 0 0 0 0

Swaziland 5 3 0 0 0 0 0

Sweden 12,755 14,577 16,481 23,829 29,117 20,199 25,528

Switzerland 1,090 1,551 2,187 1,208 3,630 3,870 6,109

Taiwan 258 331 789 220 168 223 227

Tanzania 0 0 0 0 0 0 0

Thailand 835 1,136 1,400 1,702 835 873 1,239

Tokelau Islands 0 0 0 0 0 0 0

Tonga 0 0 0 0 0 0 0

Trinidad and Tobago 606 472 488 711 1,477 1,121 1,401

Tunisia 1,280 588 639 604 501 399 452

Turkey 1,932 2,577 3,056 4,045 5,388 5,939 7,183

Turks and Caicos Islands 0 0 0 0 0 0 0

Millions of dollars

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

45 

Table A4. Market value of U.S. holdings of foreign long-term debt securities, by country, 

as of selected survey dates (continued) 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Uganda 0 0 0 0 0 1 5

Ukraine 586 1,524 1,266 1,272 1,495 816 850

United Kingdom 143,280 171,446 184,958 245,365 286,662 185,386 240,252

Uruguay 600 1,297 1,070 1,694 1,962 1,244 1,713

Uzbekistan 4 0 0 0 0 0 0

Venezuela 4,898 6,226 5,520 5,125 5,009 3,386 9,508

Vietnam 81 113 306 238 237 193 243

Zambia 0 0 1 0 2 1 1

Zimbabwe 48 54 47 68 43 36 33

Country Unknown 24 * * 0 0 0 0

International Organizations 17,187 17,789 18,965 19,042 22,182 20,391 40,238

Middle East oil-exporters2 989 1,453 2,555 5,530 8,283 6,015 11,384

African oil-exporters3 286 180 211 79 519 290 257

Total 874,357 992,969 1,028,179 1,294,059 1,609,803 1,260,625 1,594,187

2. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates.

3. Algeria, Gabon, Libya, Nigeria.

Millions of dollars

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

46 

Table A5. Market value of U.S. holdings of foreign short-term debt securities, by country, 

as of selected survey dates 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Albania 0 0 0 0 0 * 0

Andorra 0 0 0 0 0 0 0

Angola 0 0 0 0 0 0 0

Anguilla 0 0 0 0 0 0 0

Antigua and Barbuda 0 0 0 * 0 0 0

Argentina 11 1 12 39 43 19 15

Aruba 0 0 0 0 0 0 0

Australia 4,830 5,994 8,501 9,529 11,217 9,270 41,233

Austria 1,201 1,591 1,444 3,424 2,486 212 364

Bahamas 23 1 9 152 52 158 15

Bangladesh 0 0 0 0 4 2 1

Barbados 0 0 0 0 0 0 0

Belarus 0 0 0 0 0 0 0

Belgium 1,223 677 502 1,509 1,127 614 898

Belize 0 0 0 0 0 0 0

Bermuda 89 663 1,588 2,631 149 572 *

Bolivia 1 0 0 0 0 0 0

Bosnia and Herzegovina 0 0 0 0 0 0 0

Botswana 0 0 0 0 0 0 0

Brazil 83 10 28 38 44 477 64

British Virgin Islands * 4 34 0 * 0 *

Bulgaria 0 0 0 0 0 0 0

Burma 0 0 0 0 0 0 0

Burundi 0 0 0 0 0 0 0

Cambodia 0000000

Cameroon 0 0 0 0 0 0 0

Canada 12,278 12,419 13,593 17,678 22,244 32,379 25,646

Cayman Islands 4,017 11,549 27,768 37,098 40,673 17,679 8,337

Central African Republic 0 0 0 0 0 0 0

Chile * * 2 0 5 * 24

China, mainland1 7 12 11 97 125 27 17

Colombia * * * 0 35 5 15

Comoros 0 0 0 0 0 0 0

Congo (Brazzaville) 0000000

Congo (Kinshasa) 0 0 0 0 0 0 0

Cook Islands 0 0 0 0 0 0 0

Costa Rica 19 19 19 23 6 5 0

Cote D'Ivoire 0 0 0 0 0 0 0

Croatia 0 0 0 0 0 0 0

Cuba 0 0 0 0 0 0 0

Cyprus * * 2 304 325 0 0

Millions of dollars

* Greater than zero but less than $500,000.

1. Excludes Hong Kong and Macau, which are reported separately.
U.S. Holdings of Foreign Securities 

47 

Table A5. Market value of U.S. holdings of foreign short-term debt securities, by country, 

as of selected survey dates (continued) 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Czech Republic 0 0 0 0 0 0 0

Denmark 1,725 1,103 653 936 1,356 2,112 3,065

Dominica 0 0 0 0 0 0 0

Dominican Republic * 31 101 25 1 0 0

Ecuador * 24 * 2 2 2 2

Egypt 0 3 205 1,035 1,245 723 300

El Salvador 19 16 16 3 8 5 3

Estonia 0 0 0 0 1 0 0

Falkland Islands 0 0 0 0 0 0 0

Faroe Islands 0 0 0 0 0 0 0

Fiji 0 0 0 0 0 0 0

Finland 422 543 375 275 428 2,563 764

France 11,243 10,142 20,965 31,566 17,466 15,133 29,818

French Guiana 0 0 0 0 0 0 0

Gambia 0 0 0 0 0 0 0

Georgia 0 0 0 0 0 0 0

Germany 14,662 9,772 9,717 9,694 7,918 15,140 20,739

Ghana 0 * 0 0 0 0 0

Gibraltar 20 0 0 0 0 0 *

Greece * 0 0 6 0 0 0

Greenland 0 0 0 0 0 0 0

Grenada 0 0 0 0 0 0 0

Guadeloupe 0 0 0 0 0 0 0

Guatemala 0 0 0 0 0 0 0

Guernsey 1 * 2 6 29 1 0

Guinea 0 0 0 0 0 0 0

Guyana 0 0 0 0 0 0 0

Haiti 0 0 0 0 0 0 0

Honduras 28 28 28 21 20 16 22

Hong Kong 32 22 29 25 18 33 39

Hungary 28 * 1 27 131 70 98

Iceland 10 * 0 1,777 17 5 7

India 16 10 0 274 100 514 98

Indonesia 0 3 24 * 1 * 13

Ireland 2,827 9,020 25,448 34,244 32,729 17,947 15,008

Isle of Man 0 0 0 0 13 0 0

Israel 11 7 5 11 103 21 151

Italy 3,004 2,864 3,440 1,215 1,151 1,273 3,565

Jamaica 0 9 4 0 0 * 0

Japan 13,861 17,240 2,470 6,562 4,326 1,971 7,695

Millions of dollars

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

48 

Table A5. Market value of U.S. holdings of foreign short-term debt securities, by country, 

as of selected survey dates (continued) 

 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Jersey 5,262 5,278 9,917 8,703 10,982 18,752 12,964

Jordan 0 * 0 0 0 0 0

Kazakhstan 0 0 0 7 25 4 8

Kenya 0 0 0 0 0 0 2

Kiribati 0 0 0 0 0 0 0

Korea, South 91 70 0 213 476 319 583

Kyrgyzstan 0 0 0 0 0 0 0

Latvia 0 0 0 0 0 0 0

Lebanon 0 0 * 0 0 * 8

Lesotho 0 0 0 0 0 0 0

Liberia 0 0 0 0 0 0 3

Liechtenstein 0 0 0 0 0 0 0

Lithuania 0 0 0 0 0 0 0

Luxembourg 2,314 3,868 5,824 7,404 11,228 7,656 5,838

Macau 0 0 0 0 0 0 0

Macedonia 0 0 0 0 0 0 0

Madagascar 0 0 0 0 0 0 0

Malawi 0 0 0 0 0 0 0

Malaysia * 6 0 18 1,179 100 15

Maldives 0 0 0 0 0 0 0

Mali 0 0 0 0 0 0 0

Malta 0 0 0 0 5 0 0

Marshall Islands 0 0 0 0 0 0 0

Mauritania 0 0 0 0 0 0 0

Mauritius 0 0 1 1 2 0 0

Mexico 96 195 34 18 432 211 38

Moldova 0 0 0 0 0 0 0

Monaco 0 0 0 0 0 0 0

Mongolia 0 0 0 0 0 0 0

Morocco 0 0 0 0 0 0 0

Mozambique 0 0 0 0 0 0 0

Namibia 0 0 0 0 0 0 0

Nauru 0 0 0 0 0 0 0

Netherlands 8,413 10,817 7,353 4,701 4,672 17,852 17,943

Netherlands Antilles 9 25 * 2 8 1 3

New Caledonia 0 0 0 0 0 0 0

New Zealand 1,652 1,595 2,064 2,695 1,958 4,525 7,685

Nicaragua 1 1 1 0 0 0 0

Norway 1,076 2,055 4,856 3,845 6,294 9,365 12,445

Pakistan 0 0 0 0 * 0 0

Palau 0 0 0 0 0 0 0

Millions of dollars

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

49 

Table A5. Market value of U.S. holdings of foreign short-term debt securities, by country, 

as of selected survey dates (continued) 

 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Panama 65 24 213 1 3 2 87

Papua New Guinea 0 0 0 0 0 0 0

Paraguay 0 0 0 0 * 0 0

Peru 0 1 0 0 274 150 0

Philippines 9 0 0 * 2 2 0

Poland 1 1 1 0 0 7 7

Portugal 199 73 87 43 370 8 0

Reunion 0 0 0 0 0 * 0

Romania 0 0 0 0 9 0 0

Russia 0 0 0 20 13 20 0

Rwanda 0 0 0 0 0 0 0

Saint Kitts and Nevis 0 0 0 0 0 0 0

Saint Lucia 0 0 0 0 0 0 0

Saint Vincent and the Grenadines 0 0 0 0 0 0 0

Sao Tome and Principe 0 0 0 0 0 0 0

Senegal 0 0 0 1 0 0 0

Serbia and Montenegro 0 0 0 0 0 0 0

Seychelles 0 0 0 0 0 0 0

Sierra Leone 0 0 0 0 0 0 0

Singapore 118 114 314 302 65 0 31

Slovakia 0 0 0 0 0 0 0

Slovenia 0 0 0 0 0 0 0

Solomon Islands 0 0 0 0 0 0 0

Somalia 0 0 0 0 0 0 0

South Africa 0 * 0 141 95 50 0

Spain 1,453 831 595 1,184 1,942 5,066 219

Sri Lanka 0 * 0 0 4 0 9

Sudan 0 0 0 0 0 0 0

Suriname 0 0 0 0 0 0 0

Swaziland 0 0 0 0 0 0 0

Sweden 4,973 9,537 17,608 18,805 25,553 8,840 6,236

Switzerland 715 2,274 2,139 415 3,290 236 632

Taiwan 2 2 * 0 0 0 0

Tanzania 0 0 0 0 0 0 0

Thailand 27 16 145 290 10 76 21

Tokelau Islands 0 0 0 0 0 0 0

Tonga 0 0 0 0 0 0 0

Trinidad and Tobago 26 26 26 0 0 0 0

Tunisia 0 0 0 0 0 0 0

Turkey 3 87 22 59 0 3 41

Turks and Caicos Islands 0 0 0 0 0 0 0

Millions of dollars

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

50 

Table A5. Market value of U.S. holdings of foreign short-term debt securities, by country, 

as of selected survey dates (continued) 

Country or region of issuer

December 

2003 

December 

2004 

December 

2005 

December 

2006 

December 

2007 

December 

2008 

December 

2009 

Uganda * 0 0 0 1 0 0

Ukraine 0 3 0 0 0 0 0

United Kingdom 99,155 110,390 91,935 156,236 140,948 85,114 156,335

Uruguay 5 0 0 0 * 0 0

Uzbekistan 0 0 0 0 0 0 0

Venezuela 18 0 111 0 0 8 1

Vietnam 0 0 0 0 0 * 0

Zambia 0 0 0 3 2 3 4

Zimbabwe 0 0 0 * 0 0 0

Country Unknown 31 0 0 0 0 0 0

International Organizations 1,087 2,177 2,976 2,542 1,520 4,943 8,056

Middle East oil-exporters2 4333310

African oil-exporters3 0 0 0 0 1 88 0

Total 198,502 233,248 263,221 367,877 356,963 282,354 387,229

2. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates.

3. Algeria, Gabon, Libya, Nigeria.

Millions of dollars

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

51 

Table A6. Market value of U.S. holdings of foreign long-term debt securities, by country 

and currency, as of December 31, 2009 

Country or region of issuer Total $U.S. Euro 

Japanese

Yen

U.K.

Pound

Own

Currency

Albania 6 6 0 0 0 0

Angola 6 6 0 0 0 0

Argentina 6,113 5,054 544 2 * 504

Aruba 848 848 0 0 0 0

Australia 107,326 89,760 1,114 7 325 15,540

Austria 4,734 3,239 1,108 333 15 1,108

Bahamas 662 549 0 0 * 0

Barbados 1,304 1,304 0 0 0 0

Belgium 7,596 4,888 2,662 0 46 2,662

Belize 59 59 0 0 0 0

Bermuda 26,829 26,357 69 23 65 1

Bosnia and Herzegovina 110 1 43 0 0 0

Brazil 32,420 12,567 237 0 0 19,616

British Virgin Islands 2,121 2,018 19 0 0 2,018

Bulgaria 95 92 3 0 0 0

Canada 219,531 155,993 1,016 121 435 61,480

Cayman Islands 217,465 214,124 1,169 160 1,499 90

Chile 6,662 6,624 0 0 0 38

China, mainland1 670 509 4 0 0 14

Colombia 6,264 3,732 30 0 0 2,502

Congo (Brazzaville) 128 128 0 0 0 0

Costa Rica 170 170 0 0 0 *

Cote D'Ivoire 261 156 43 0 0 0

Croatia 693 669 23 0 0 0

Cyprus 89 81 8 0 0 8

Czech Republic 177 8 142 0 0 27

Denmark 7,565 4,161 992 0 84 2,014

Dominican Republic 622 621 0 0 0 1

Ecuador 316 316 0 0 0 316

Egypt 1,362 1,229 0 1 0 132

El Salvador 731 731 * 0 0 0

Estonia 42 0 42 0 0 0

Fiji 21 21 0 0 0 0

Finland 4,387 3,681 626 0 34 626

France 81,859 47,193 33,331 150 575 33,331

Georgia 87 87 0 0 0 0

Germany 80,168 27,442 50,224 620 460 50,224

Ghana 214 196 0 0 0 0

Greece 1,768 47 1,664 58 0 1,664

Grenada 10 10 0 0 0 1

Guatemala 48 48 0 0 0 0

Guernsey 1,333 1,239 84 0 9 10

Millions of dollars

* Greater than zero but less than $500,000.

1. Excludes Hong Kong and Macau, which are reported separately.
U.S. Holdings of Foreign Securities 

52 

Table A6. Market value of U.S. holdings of foreign long-term debt securities, by country 

and currency, as of December 31, 2009 (continued) 

Country or region of issuer Total $U.S. Euro 

Japanese

Yen

U.K.

Pound

Own

Currency

Honduras 7 7 0 0 0 *

Hong Kong 1,456 1,158 0 * 11 252

Hungary 2,271 131 549 0 1 1,590

Iceland 1,422 734 135 149 36 330

India 3,352 3,275 0 7 0 67

Indonesia 7,261 3,972 0 * 0 3,288

Ireland 25,825 17,257 7,311 223 794 7,311

Isle of Man 189 170 19 0 0 0

Israel 14,369 13,842 4 0 0 522

Italy 15,597 3,956 11,307 131 184 11,307

Jamaica 379 370 9 0 0 0

Japan 40,532 4,531 198 35,777 26 35,777

Jersey 13,208 5,184 7,365 2 623 623

Jordan 26 26 0 0 0 0

Kazakhstan 406 406 0 0 0 1

Kenya 6 6 0 0 0 0

Korea, South 16,328 10,027 346 15 0 5,935

Latvia * 0 * 0 0 0

Lebanon 160 159 1 0 0 *

Liberia 1,965 1,926 39 0 0 0

Liechtenstein 10 0 0 0 0 10

Lithuania 771 717 54 0 0 0

Luxembourg 57,005 52,436 4,164 1 286 4,164

Macau 13 13 0 0 0 0

Macedonia 1 0 1 0 0 0

Malaysia 6,769 3,085 14 0 0 3,670

Malta 69 69 0 0 0 0

Marshall Islands 1,039 1,039 0 0 0 1,039

Mauritius 33 24 1 0 0 0

Mexico 22,555 17,527 128 0 80 4,820

Monaco * * 0 0 0 0

Mongolia * * 0 0 0 0

Morocco 47 46 1 0 0 0

Netherlands 106,172 83,346 21,051 136 1,022 21,051

Netherlands Antilles 1,119 1,003 101 14 * 0

New Zealand 5,248 3,295 0 0 17 1,935

Nicaragua 27 27 0 0 0 0

Norway 17,048 11,899 462 143 47 4,464

Pakistan 290 290 0 0 0 *

Panama 3,104 3,087 0 0 0 17

Peru 2,760 2,617 59 0 0 84

Millions of dollars

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

53 

Table A6. Market value of U.S. holdings of foreign long-term debt securities, by country 

and currency, as of December 31, 2009 (continued) 

Country or region of issuer Total $U.S. Euro 

Japanese

Yen

U.K.

Pound

Own

Currency

Philippines 3,216 3,024 105 0 0 87

Poland 8,718 2,159 153 5 12 6,389

Portugal 936 188 748 0 0 748

Reunion 1 1 0 0 0 0

Romania * 0 * 0 0 0

Russia 5,459 5,444 0 0 0 16

Saint Lucia 15 15 0 0 0 0

Saint Vincent and the Grenadines 10 10 0 0 0 0

Senegal 8 8 0 0 0 0

Serbia and Montenegro 112 112 0 0 0 0

Seychelles 2 2 * 0 0 0

Singapore 6,649 5,229 59 0 0 1,335

Slovakia 31 10 17 0 0 17

Slovenia 40 0 40 0 0 40

South Africa 4,054 2,071 620 0 0 1,364

Spain 25,808 18,520 6,643 50 172 6,643

Sri Lanka 793 178 0 0 0 615

Sweden 25,528 18,277 1,445 0 45 5,634

Switzerland 6,109 5,123 46 0 4 924

Taiwan 227 41 0 0 0 186

Thailand 1,239 616 0 0 0 623

Trinidad and Tobago 1,401 1,401 0 0 0 0

Tunisia 452 317 118 17 0 0

Turkey 7,183 4,343 14 0 0 28

Uganda 5 0 0 0 0 5

Ukraine 850 747 25 70 0 8

United Kingdom 240,252 198,705 11,540 5 28,651 28,651

Uruguay 1,713 1,295 81 16 0 321

Venezuela 9,508 8,612 43 0 0 760

Vietnam 243 243 0 0 0 0

Zambia 1 1 0 0 0 0

Zimbabwe 33 33 0 0 0 0

International Organizations 40,238 33,714 1,106 884 451 0

Middle East oil-exporters2 11,384 11,333 31 0 14 5

African oil-exporters3 257 256 1 0 * 0

Total 1,594,187 1,185,643 171,351 39,122 36,024 356,581

Totals by Region:

Total Africa 8,835 6,404 823 18 * 1,500

Total Asia 114,977 61,551 762 35,800 51 52,378

Total Caribbean 252,785 248,629 1,367 197 1,564 2,111

Total Europe 751,729 522,766 164,042 2,078 33,100 191,620

Of which: Euro Area Countries 4 412,052 262,342 140,887 1,703 3,588 140,887

Total Latin America 92,457 62,471 1,122 18 80 28,977

Canada 219,531 155,993 1,016 121 435 61,480

Total Other Countries 113,635 94,115 1,113 7 342 18,515

International Organizations 40,238 33,714 1,106 884 451 0

* Greater than zero but less than $500,000.

2. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates.

3. Algeria, Gabon, Libya, Nigeria.

4. Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, 

Portugal, Slovakia, Slovenia, Spain.

Millions of dollars
U.S. Holdings of Foreign Securities 

54 

Table A7. Market value of U.S. holdings of foreign short-term debt securities, by country 

and currency, as of December 31, 2009

Country or region of issuer Total $U.S. Euro 

Japanese

Yen

U.K.

Pound

Own

Currency

Argentina 15 * 0 0 0 15

Australia 41,233 41,059 110 0 0 63

Austria 364 364 0 0 0 0

Bahamas 15 14 0 0 0 0

Bangladesh 1 1 0 0 0 0

Belgium 898 841 58 0 0 58

Bermuda * * 0 0 0 0

Brazil 64 2 0 61 0 0

British Virgin Islands * * 0 0 0 *

Canada 25,646 21,317 0 0 0 4,328

Cayman Islands 8,337 8,205 111 * 18 0

Chile 24 24 0 0 0 0

China, mainland1 17 2 0 0 0 15

Colombia 15 0 0 0 0 15

Denmark 3,065 3,058 7 0 0 0

Ecuador 2 2 0 0 0 2

Egypt 300 0 0 0 0 300

El Salvador 3 3 0 0 0 0

Finland 764 720 44 0 0 44

France 29,818 27,307 2,510 0 0 2,510

Germany 20,739 16,001 4,613 0 0 4,613

Gibraltar * 0 0 0 0 0

Honduras 22 * 0 0 0 21

Hong Kong 39 20 0 0 0 18

Hungary 98 0 0 0 0 99

Iceland 7 0 0 0 0 7

India 98 96 0 0 0 2

Indonesia 13 11 0 0 0 2

Ireland 15,008 14,262 746 0 0 746

Israel 151 1 0 0 0 151

Italy 3,565 3,529 36 0 0 36

Japan 7,695 6,399 0 1,295 0 1,296

Jersey 12,964 12,395 568 0 * *

Kazakhstan 8 0 0 0 0 8

Kenya 2 0 0 0 0 2

Korea, South 583 567 0 0 0 9

Lebanon 8 0 0 0 0 8

Liberia 3 0 0 0 0 0

Luxembourg 5,838 5,409 429 0 0 430

Malaysia 15 11 0 0 0 4

Mexico 38 18 0 0 0 21

Netherlands 17,943 17,259 607 0 5 607

Millions of dollars

* Greater than zero but less than $500,000.

1. Excludes Hong Kong and Macau, which are reported separately.
U.S. Holdings of Foreign Securities 

55 

Table A7. Market value of U.S. holdings of foreign short-term debt securities, by country 

and currency, as of December 31, 2009 (continued) 

 

Country or region of issuer Total $U.S. Euro 

Japanese

Yen

U.K.

Pound

Own

Currency

Netherlands Antilles 3 3 0 0 0 0

New Zealand 7,685 7,672 0 0 0 13

Norway 12,445 12,078 0 0 0 367

Panama 87 87 0 0 0 0

Poland 7 0 0 0 0 7

Singapore 31 0 0 0 0 31

Spain 219 170 49 0 0 49

Sri Lanka 9 0 0 0 0 9

Sweden 6,236 5,977 91 0 0 168

Switzerland 632 588 0 0 0 44

Thailand 21 0 0 0 0 21

Turkey 41 22 0 0 0 0

United Kingdom 156,335 153,667 1,202 0 1,429 1,429

Venezuela 1 1 0 0 0 0

Zambia 4 0 0 0 0 4

International Organizations 8,056 7,984 72 0 0 0

Total 387,229 367,150 11,252 1357 1,452 17,571

Totals by Region:

Total Africa 309 0 0 0 0 306

Total Asia 8,681 7,109 0 1295 0 1565

Total Caribbean 8,355 8,223 111 * 18 *

Total Europe 286,994 273,647 10,959 0 1,434 11,221

Of which: Euro Area Countries 4 95,157 85,862 9,092 0 5 9,092

Total Latin America 271 138 0 61 0 74

Canada 25,646 21,317 0 0 0 4,328

Total Other Countries 48,917 48,731 110 0 0 76

International Organizations 8,056 7,984 72 0 0 0

3. Algeria, Gabon, Libya, Nigeria.

4. Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, 

Portugal, Slovakia, Slovenia, Spain.

Millions of dollars

* Greater than zero but less than $500,000.

2. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
U.S. Holdings of Foreign Securities 

56 

Table A8. Market value of U.S. holdings of foreign long-debt securities, by country and 

type of security, as of December 31, 2009 

Country or region of issuer Total Straight debt Zero-coupon

 

Convertible Asset-backed

Albania 6 1 5 0 0

Angola 6 0 0 0 6

Argentina 6,113 6,075 32 1 5

Aruba 848 754 0 94 0

Australia 107,326 99,760 253 120 7,193

Austria 4,734 4,668 14 51 0

Bahamas 662 619 31 11 0

Barbados 1,304 1,200 0 0 104

Belgium 7,596 7,438 2 141 14

Belize 59 59 0 0 0

Bermuda 26,829 25,265 60 855 650

Bosnia and Herzegovina 110 110 0 0 0

Brazil 32,420 30,137 2,271 5 8

British Virgin Islands 2,121 1,936 8 175 2

Bulgaria 95 95 0 0 0

Canada 219,531 211,933 2,295 2,731 2,573

Cayman Islands 217,465 55,586 1,306 3,971 156,601

Chile 6,662 6,662 0 0 0

China, mainland1 670 526 0 144 0

Colombia 6,264 6,264 * 0 0

Congo (Brazzaville) 128 128 0 0 0

Costa Rica 170 170 0 0 0

Cote D'Ivoire 261 261 0 0 0

Croatia 693 693 0 0 0

Cyprus 89 78 0 11 0

Czech Republic 177 177 0 0 0

Denmark 7,565 7,558 1 7 *

Dominican Republic 622 622 0 0 0

Ecuador 316 315 * 1 0

Egypt 1,362 1,362 0 0 0

El Salvador 731 731 0 0 0

Estonia 42 42 0 0 0

Fiji 21 21 0 0 0

Finland 4,387 4,345 0 42 0

France 81,859 80,457 557 245 600

Georgia 87 87 0 0 0

Germany 80,168 78,119 1,005 330 714

Ghana 214 214 0 0 0

Greece 1,768 1,768 1 0 0

Grenada 10 10 0 0 0

Guatemala 48 48 0 0 0

Guernsey 1,333 1,096 5 4 228

Millions of dollars

* Greater than zero but less than $500,000.

1. Excludes Hong Kong and Macau, which are reported separately.
U.S. Holdings of Foreign Securities 

57 

Table A8. Market value of U.S. holdings of foreign long-debt securities, by country and 

type of security, as of December 31, 2009 (continued) 

Country or region of issuer Total Straight debt Zero-coupon

 

Convertible Asset-backed

Honduras 7 7 0 0 0

Hong Kong 1,456 1,418 * 38 0

Hungary 2,271 2,259 0 13 0

Iceland 1,422 1,402 4 0 16

India 3,352 2,049 294 1,009 0

Indonesia 7,261 7,201 60 * 0

Ireland 25,825 16,674 49 11 9,091

Isle of Man 189 41 0 148 0

Israel 14,369 7,465 6,900 4 0

Italy 15,597 15,176 44 103 273

Jamaica 379 379 0 0 0

Japan 40,532 39,505 420 240 368

Jersey 13,208 10,455 166 841 1,746

Jordan 26 26 0 0 0

Kazakhstan 406 406 0 0 0

Kenya 6 6 0 0 0

Korea, South 16,328 16,265 * 63 *

Latvia * * 0 0 0

Lebanon 160 160 0 0 0

Liberia 1,965 1,939 0 25 0

Liechtenstein 10 8 0 2 0

Lithuania 771 771 0 0 0

Luxembourg 57,005 52,379 70 865 3,691

Macau 13 13 0 0 0

Macedonia 1 1 0 0 0

Malaysia 6,769 6,410 52 308 0

Malta 69 69 0 0 0

Marshall Islands 1,039 782 0 257 0

Mauritius 33 3 30 * 0

Mexico 22,555 22,516 * 5 34

Monaco * 0 * 0 0

Mongolia * * 0 0 0

Morocco 47 47 0 0 0

Netherlands 106,172 96,313 647 258 8,954

Netherlands Antilles 1,119 400 3 704 11

New Zealand 5,248 5,248 0 1 0

Nicaragua 27 27 0 0 0

Norway 17,048 16,386 623 40 0

Pakistan 290 290 0 0 0

Panama 3,104 2,698 15 391 0

Peru 2,760 2,760 * 0 0

Millions of dollars

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

58 

Table A8. Market value of U.S. holdings of foreign long-debt securities, by country and 

type of security, as of December 31, 2009 (continued) 

Country or region of issuer Total Straight debt Zero-coupon Convertible Asset-backed

Philippines 3,216 3,170 0 46 1

Poland 8,718 8,560 159 0 0

Portugal 936 916 0 12 8

Reunion 1 0 0 0 1

Romania * * 0 0 0

Russia 5,459 5,451 * 8 0

Saint Lucia 15 15 0 0 0

Saint Vincent and the Grenadines 10 10 0 0 0

Senegal 8 8 0 0 0

Serbia and Montenegro 112 112 0 0 0

Seychelles 2 2 0 0 0

Singapore 6,649 5,923 1 655 70

Slovakia 31 31 0 0 0

Slovenia 40 40 0 0 0

South Africa 4,054 4,049 1 5 0

Spain 25,808 25,622 58 1 127

Sri Lanka 793 793 0 0 0

Sweden 25,528 25,213 311 * 4

Switzerland 6,109 5,877 69 36 127

Taiwan 227 186 24 17 *

Thailand 1,239 1,222 0 17 0

Trinidad and Tobago 1,401 1,401 0 0 0

Tunisia 452 452 0 0 0

Turkey 7,183 6,603 580 0 0

Uganda 5 5 0 0 0

Ukraine 850 849 0 0 1

United Kingdom 240,252 193,052 2,553 367 44,280

Uruguay 1,713 1,712 2 0 *

Venezuela 9,508 8,943 565 * 0

Vietnam 243 243 0 0 0

Zambia 1 0 0 1 0

Zimbabwe 33 33 0 0 0

International Organizations 40,238 39,157 1,081 0 0

Middle East oil-exporters2 11,384 11,371 0 11 2

African oil-exporters3 257 257 * 0 0

Total 1,594,187 1,318,616 22,628 15,440 237,503

Totals by Region:

Total Africa 8,835 8,766 31 31 7

Total Asia 114,977 104,234 7,752 2,551 440

Total Caribbean 252,785 88,198 1,409 5,811 157,368

Total Europe 751,729 671,396 6,923 3,536 69,875

Of which: Euro Area Countries 4 412,052 384,061 2,447 2,071 23,472

Total Latin America 92,457 89,121 2,886 403 47

Canada 219,531 211,933 2,295 2,731 2,573

Total Other Countries 113,635 105,811 252 377 7,193

International Organizations 40,238 39,157 1,081 0 0

* Greater than zero but less than $500,000.

2. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates.

3. Algeria, Gabon, Libya, Nigeria.

4. Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, 

Slovakia, Slovenia, Spain.

Millions of dollars
U.S. Holdings of Foreign Securities 

59 

Table A9. Market value of U.S. holdings of foreign short-debt securities, by country and 

type of security, as of December 31, 2009 

Country or region of issuer Total

Commercial 

Paper

Negotiable 

CDs Other

Argentina 15 * * 0

Australia 41,233 27,550 3,524 0

Austria 364 364 0 0

Bahamas 15 0 2 0

Bangladesh 1 0 0 0

Belgium 898 100 741 0

Bermuda * 0 0 0

Brazil 64 0 0 0

British Virgin Islands * 0 * 0

Canada 25,646 14,976 1,439 0

Cayman Islands 8,337 4,873 738 2,005

Chile 24 0 0 0

China, mainland1 17 0 17 0

Colombia 15 0 15 0

Denmark 3,065 317 2,264 0

Ecuador 2 1 0 0

Egypt 300 0 0 0

El Salvador 3 0 0 0

Finland 764 401 330 0

France 29,818 14,639 9,734 0

Germany 20,739 13,001 2,744 0

Gibraltar * 0 0 0

Honduras 22 0 0 0

Hong Kong 39 0 1 0

Hungary 98 0 0 0

Iceland 7 0 0 0

India 98 95 1 0

Indonesia 13 0 0 0

Ireland 15,008 14,723 183 0

Israel 151 0 1 0

Italy 3,565 0 1,795 0

Japan 7,695 562 4,928 0

Jersey 12,964 12,580 0 0

Kazakhstan 8 0 0 0

Kenya 2 0 0 0

Korea, South 583 90 0 0

Lebanon 8 0 0 0

Liberia 3 0 0 0

Luxembourg 5,838 3,637 0 0

Malaysia 15 0 0 0

Mexico 38 2 9 0

Netherlands 17,943 727 15,725 0

Millions of dollars

* Greater than zero but less than $500,000.

1. Excludes Hong Kong and Macau, which are reported separately.
U.S. Holdings of Foreign Securities 

60 

Table A9. Market value of U.S. holdings of foreign short-debt securities, by country and 

type of security, as of December 31, 2009 (continued) 

 

Country or region of issuer Total

Commercial 

Paper

Negotiable 

CDs Other

Netherlands Antilles 3 0 0 0

New Zealand 7,685 7,102 20 0

Norway 12,445 11,033 145 0

Panama 87 86 0 0

Poland 7 0 7 0

Singapore 31 0 0 0

Spain 219 103 75 0

Sri Lanka 9 0 0 0

Sweden 6,236 5,570 0 0

Switzerland 632 495 77 0

Thailand 21 0 5 0

Turkey 41 0 0 0

United Kingdom 156,335 39,375 114,230 0

Venezuela 1 0 1 0

Zambia 4 0 0 0

International Organizations 8,056 908 0 0

Total 387,229 173,309 158,748 2,005

Totals by Region:

Total Africa 309 0 0 0

Total Asia 8,681 747 4,952 0

Total Caribbean 8,355 4,873 740 2,005

Total Europe 286,994 117,064 148,048 0

Of which: Euro Area Countries 4 95,157 47,694 31,327 0

Total Latin America 271 89 24 0

Canada 25,646 14,976 1,439 0

Total Other Countries 48,917 34,652 3,544 *

International Organizations 8,056 908 0 0

2. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

3. Algeria, Gabon, Libya, Nigeria.

Millions of dollars

4. Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, 

Netherlands, Portugal, Slovakia, Slovenia, Spain.

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

61 

Table A10. Market value of U.S. holdings of foreign debt securities, by country and sector 

of issuer, as of December 31, 2009 

Country or region of issuer Total Government1 Private Government1 Private

Albania 6 6 0 0 0

Angola 6 0 6 0 0

Argentina 6,128 4,904 1,209 * 15

Aruba 848 175 673 0 0

Australia 148,559 11,857 95,469 523 40,710

Austria 5,097 1,111 3,622 0 364

Bahamas 676 352 310 0 15

Bangladesh 1 0 0 0 1

Barbados 1,304 184 1,120 0 0

Belgium 8,494 3,010 4,586 36 862

Belize 59 59 0 0 0

Bermuda 26,830 167 26,662 0 *

Bosnia and Herzegovina 110 110 0 0 0

Brazil 32,484 28,294 4,126 0 64

British Virgin Islands 2,121 0 2,121 0 *

Bulgaria 95 91 4 0 0

Canada 245,177 54,691 164,840 7,164 18,481

Cayman Islands 225,802 220 217,245 0 8,337

Chile 6,686 570 6,091 0 24

China, mainland2 687 399 271 0 17

Colombia 6,278 5,360 904 0 15

Congo (Brazzaville) 128 128 0 0 0

Costa Rica 170 151 19 0 0

Cote D'Ivoire 261 261 * 0 0

Croatia 693 682 11 0 0

Cyprus 89 1 88 0 0

Czech Republic 177 163 13 0 0

Denmark 10,631 1,682 5,883 317 2,748

Dominican Republic 622 515 107 0 0

Ecuador 318 271 45 0 2

Egypt 1,662 1,327 35 300 0

El Salvador 734 712 19 0 3

Estonia 42 42 0 0 0

Fiji 21 21 0 0 0

Finland 5,151 1,314 3,073 34 731

France 111,676 27,385 54,474 6,063 23,755

Georgia 87 87 0 0 0

Germany 100,907 44,676 35,491 1,785 18,954

Ghana 214 214 0 0 0

Gibraltar * 0 0 0 *

Greece 1,768 1,712 56 0 0

Grenada 10 10 0 0 0

2. Excludes Hong Kong and Macau, which are reported separately.

Millions of dollars

Long-term Short-term

* Greater than zero but less than $500,000.

1. "Government" includes central, local, and provincial governments, and government-sponsored or guaranteed corporations. 

Debt issued by international organizations is classified as "private".
U.S. Holdings of Foreign Securities 

62 

Table A10. Market value of U.S. holdings of foreign debt securities, by country and sector 

of issuer, as of December 31, 2009 (continued) 

Country or region of issuer Total Government1 Private Government1 Private

Guatemala 48 40 8 0 0

Guernsey 1,333 0 1,333 0 0

Honduras 29 6 1 0 22

Hong Kong 1,495 291 1,165 18 21

Hungary 2,370 1,967 304 98 0

Iceland 1,429 359 1,062 7 0

India 3,450 61 3,291 1 96

Indonesia 7,274 6,852 409 1 11

Ireland 40,833 990 24,835 1,093 13,915

Isle of Man 189 0 189 0 0

Israel 14,520 13,280 1,089 151 1

Italy 19,162 12,236 3,362 36 3,529

Jamaica 379 317 62 0 0

Japan 48,227 34,176 6,356 1,295 6,399

Jersey 26,172 * 13,208 0 12,964

Jordan 26 26 0 0 0

Kazakhstan 415 0 406 1 7

Kenya 8 6 0 2 0

Korea, South 16,911 10,805 5,523 96 487

Latvia * * 0 0 0

Lebanon 168 160 0 8 0

Liberia 1,968 8 1,957 3 0

Liechtenstein 10 0 10 0 0

Lithuania 771 759 12 0 0

Luxembourg 62,843 149 56,856 15 5,823

Macau 13 0 13 0 0

Macedonia 1 1 0 0 0

Malaysia 6,784 3,836 2,934 4 11

Malta 69 0 69 0 0

Marshall Islands 1,039 0 1,039 0 0

Mauritius 33 0 33 0 0

Mexico 22,593 12,223 10,331 21 17

Monaco * 0 * 0 0

Mongolia * 0 * 0 0

Morocco 47 47 0 0 0

Netherlands 124,115 4,970 101,202 418 17,525

Netherlands Antilles 1,121 0 1,119 0 3

New Zealand 12,934 1,868 3,380 12 7,673

Nicaragua 27 27 0 0 0

1. "Government" includes central, local, and provincial governments, and government-sponsored or guaranteed corporations. 

Debt issued by international organizations is classified as "private".

Millions of dollars

Long-term Short-term

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

63 

Table A10. Market value of U.S. holdings of foreign debt securities, by country and sector 

of issuer, as of December 31, 2009 (continued) 

Country or region of issuer Total Government1 Private Government1 Private

Norway 29,493 5,895 11,153 367 12,078

Pakistan 290 248 42 0 0

Panama 3,192 1,826 1,279 0 87

Peru 2,760 2,553 207 0 0

Philippines 3,216 2,423 794 0 0

Poland 8,725 8,701 17 0 7

Portugal 936 326 611 0 0

Reunion 1 0 1 0 0

Romania * * 0 0 0

Russia 5,459 5,408 52 0 0

Saint Lucia 15 0 15 0 0

Saint Vincent and the Grenadines 10 10 0 0 0

Senegal 8 8 0 0 0

Serbia and Montenegro 112 109 3 0 0

Seychelles 2 2 0 0 0

Singapore 6,680 981 5,668 31 0

Slovakia 31 20 11 0 0

Slovenia 40 40 0 0 0

South Africa 4,054 3,376 678 0 0

Spain 26,027 1,941 23,867 31 188

Sri Lanka 802 793 0 9 0

Sweden 31,763 7,823 17,705 208 6,028

Switzerland 6,741 798 5,311 44 588

Taiwan 227 185 42 0 0

Thailand 1,260 608 631 13 7

Trinidad and Tobago 1,401 145 1,256 0 0

Tunisia 452 432 19 0 0

Turkey 7,224 7,116 67 19 22

Uganda 5 5 0 0 0

Ukraine 850 673 177 0 0

United Kingdom 396,587 14,982 225,270 629 155,705

Uruguay 1,713 1,682 31 0 0

Venezuela 9,508 7,712 1,796 0 1

Vietnam 243 224 19 0 0

Zambia 5 0 1 4 0

Zimbabwe 33 33 0 0 0

International Organizations 48,294 0 40,238 0 8,056

Middle East oil-exporters3 11,384 4,400 6,984 0 0

African oil-exporters4 257 255 2 0 0

Total 1,981,416 380,110 1,214,077 20,859 366,370

Totals by Region

Total Africa 9,144 6,103 2,732 309 0

Total Asia 123,658 79,747 35,229 1,629 7,052

Total Caribbean 261,140 2,096 250,689 0 8,355

Total Europe 1,038,723 157,338 594,392 11,201 275,792

Of which: Euro Area Countries 5 507,208 99,861 312,191 9,511 85,646

Total Latin America 92,728 66,390 26,067 21 250

Canada 245,177 54,691 164,840 7,164 18,481

Total Other Countries 162,552 13,745 99,890 535 48,383

International Organizations 48,294 0 40,238 0 8,056

Millions of dollars

5. Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, 

Slovakia, Slovenia, Spain.

Long-term Short-term

* Greater than zero but less than $500,000.

1. "Government" includes central, local, and provincial governments, and government-sponsored or guaranteed corporations. 

Debt issued by international organizations is classified as "private".

3. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

4. Algeria, Gabon, Libya, Nigeria.
U.S. Holdings of Foreign Securities 

64 

Table A11. Market value of U.S. holdings of foreign long-term debt securities, by country 

and sector of issuer, denominated in U.S. dollars and in local currency, as of December 31, 

2009

Government1

Country or region of issuer

Total LongTerm Debt Total U.S. DollarsOwn 

Currency Total U.S. Dollars

Own 

Currency

Albania 6 6 6 0 0 0 0

Angola 6 0 0 0 6 6 0

Argentina 6,113 4,904 3,879 473 1,209 1,175 32

Aruba 848 175 175 0 673 673 0

Australia 107,326 11,857 308 11,148 95,469 89,452 4,392

Austria 4,734 1,111 359 729 3,622 2,880 379

Bahamas 662 352 352 0 310 197 0

Barbados 1,304 184 184 0 1,120 1,120 0

Belgium 7,596 3,010 993 2,017 4,586 3,895 645

Belize 59 59 59 0 0 0 0

Bermuda 26,829 167 167 0 26,662 26,190 1

Bosnia and Herzegovina 110 110 1 0 0 0 0

Brazil 32,420 28,294 8,868 19,253 4,126 3,699 362

British Virgin Islands 2,121 0 0 0 2,121 2,018 2,018

Bulgaria 95 91 89 0 4 3 0

Canada 219,531 54,691 22,737 31,186 164,840 133,256 30,295

Cayman Islands 217,465 220 220 0 217,245 213,904 90

Chile 6,662 570 533 38 6,091 6,091 *

China, mainland2 670 399 395 0 271 114 14

Colombia 6,264 5,360 2,898 2,433 904 835 70

Congo (Brazzaville) 128 128 1280000

Costa Rica 170 151 151 * 19 19 0

Cote D'Ivoire 261 261 156 0 * * 0

Croatia 693 682 665 0 11 4 0

Cyprus 89 1 0 1 88 81 7

Czech Republic 177 163 8 27 13 0 0

Denmark 7,565 1,682 256 1,307 5,883 3,905 707

Dominican Republic 622 515 515 0 107 106 1

Ecuador 316 271 271 271 45 45 45

Egypt 1,362 1,327 1,195 132 35 34 0

El Salvador 731 712 712 0 19 18 0

Estonia 42 42 0 0 0 0 0

Fiji 21 21 21 0 0 0 0

Finland 4,387 1,314 842 461 3,073 2,839 165

France 81,859 27,385 1,764 25,097 54,474 45,429 8,235

Georgia 87 87 87 0 0 0 0

Germany 80,168 44,676 3,298 41,306 35,491 24,144 8,917

Ghana 214 214 196 0 0 0 0

Greece 1,768 1,712 * 1,654 56 46 10

Grenada 10 10 10 1 0 0 0

Guatemala 48 40 40 0 8 8 0

Guernsey 1,333 0 0 0 1,333 1,239 10

Billions of dollars

Private

* Greater than zero but less than $500 million.

2. Excludes Hong Kong and Macau, which are reported separately.

1. "Government" includes central, local, and provincial governments, and government-sponsored or guaranteed corporations. Debt 

issued by international organizations is classified as "private".
U.S. Holdings of Foreign Securities 

65 

Table A11. Market value of U.S. holdings of foreign long-term debt securities, by country 

and sector of issuer, denominated in U.S. dollars and in local currency, as of December 31, 

2009 (continued) 

Government1

Country or region of issuer

Total LongTerm Debt Total U.S. DollarsOwn 

Currency Total U.S. Dollars

Own 

Currency

Honduras 7 6 6 0 1 1 *

Hong Kong 1,456 291 99 193 1,165 1,059 60

Hungary 2,271 1,967 131 1,343 304 * 247

Iceland 1,422 359 7 330 1,062 728 0

India 3,352 61 20 34 3,291 3,255 33

Indonesia 7,261 6,852 3,571 3,282 409 402 7

Ireland 25,825 990 4 986 24,835 17,253 6,325

Isle of Man 189 0 0 0 189 170 0

Israel 14,369 13,280 12,772 507 1,089 1,071 15

Italy 15,597 12,236 3,453 8,627 3,362 503 2,680

Jamaica 379 317 308 0 62 62 0

Japan 40,532 34,176 604 33,560 6,356 3,927 2,217

Jersey 13,208 * 0 0 13,208 5,184 623

Jordan 26 26 26 0 0 0 0

Kazakhstan 406 0 0 0 406 406 1

Kenya 6 6 6 0 0 0 0

Korea, South 16,328 10,805 4,605 5,852 5,523 5,422 83

Latvia * * 0 0 0 0 0

Lebanon 160 160 159 * 0 0 0

Liberia 1,965 8 8 0 1,957 1,918 0

Liechtenstein 10 0 0 0 10 0 10

Lithuania 771 759 717 0 12 0 0

Luxembourg 57,005 149 135 14 56,856 52,300 4,150

Macau 13 0 0 0 13 13 0

Macedonia 1 1 0 0 0 0 0

Malaysia 6,769 3,836 308 3,528 2,934 2,778 142

Malta 69 0 0 0 69 69 0

Marshall Islands 1,039 0 0 0 1,039 1,039 1,039

Mauritius 33 0 0 0 33 24 0

Mexico 22,555 12,223 7,410 4,618 10,331 10,117 201

Monaco * 0 0 0 * * 0

Mongolia * 0 0 0 * * 0

Morocco 47 47 46 0 0 0 0

Netherlands 106,172 4,970 42 4,928 101,202 83,305 16,123

Netherlands Antilles 1,119 0 0 0 1,119 1,003 0

New Zealand 5,248 1,868 21 1,847 3,380 3,274 88

Nicaragua 27 27 27 0 0 0 0

Norway 17,048 5,895 1,332 4,385 11,153 10,568 79

Pakistan 290 248 248 * 42 42 0

Billions of dollars

Private

* Greater than zero but less than $500 million.

1. "Government" includes central, local, and provincial governments, and government-sponsored or guaranteed corporations. Debt 

issued by international organizations is classified as "private".
U.S. Holdings of Foreign Securities 

66 

Table A11. Market value of U.S. holdings of foreign long-term debt securities, by country 

and sector of issuer, denominated in U.S. dollars and in local currency, as of December 31, 

2009 (continued) 

Government1

Country or region of issuer

Total LongTerm Debt Total U.S. DollarsOwn 

Currency Total U.S. Dollars

Own 

Currency

Panama 3,104 1,826 1,826 0 1,279 1,261 17

Peru 2,760 2,553 2,412 81 207 204 3

Philippines 3,216 2,423 2,253 64 794 771 23

Poland 8,718 8,701 2,144 6,389 17 15 0

Portugal 936 326 4 321 611 184 427

Reunion 1 0 0 0 1 1 0

Romania * * 0 0 0 0 0

Russia 5,459 5,408 5,408 0 52 36 16

Saint Lucia 15 0 0 0 15 15 0

Saint Vincent and the Grenadines 10 10 10 0 0 0 0

Senegal 8 8 8 0 0 0 0

Serbia and Montenegro 112 109 109 0 3 3 0

Seychelles 2 2 2 0 0 0 0

Singapore 6,649 981 113 868 5,668 5,116 467

Slovakia 31 20 0 16 11 10 1

Slovenia 40 40 0 40 0 0 0

South Africa 4,054 3,376 1,746 1,326 678 324 38

Spain 25,808 1,941 264 1,631 23,867 18,256 5,012

Sri Lanka 793 793 178 615 0 0 0

Sweden 25,528 7,823 2,237 5,564 17,705 16,040 70

Switzerland 6,109 798 * 797 5,311 5,123 127

Taiwan 227 185 0 185 42 41 1

Thailand 1,239 608 0 608 631 616 15

Trinidad and Tobago 1,401 145 145 0 1,256 1,256 0

Tunisia 452 432 297 0 19 19 0

Turkey 7,183 7,116 4,275 28 67 67 0

Uganda 5 5 0 5 0 0 0

Ukraine 850 673 578 0 177 169 8

United Kingdom 240,252 14,982 550 14,433 225,270 198,155 14,219

Uruguay 1,713 1,682 1,266 320 31 29 2

Venezuela 9,508 7,712 6,868 757 1,796 1,744 3

Vietnam 243 224 224 0 19 19 0

Zambia 1 0 0 0 1 1 0

Zimbabwe 33 33 33 0 0 0 0

International Organizations 40,238 0 0 0 40,238 33,714 0

Middle East oil-exporters3 11,384 4,400 4,400 0 6,984 6,933 5

African oil-exporters4 257 255 255 0 2 * 0

Total 1,594,187 380,110 126,205 245,613 1,214,077 1,059,438 110,968

Totals by Region:

Total Africa 8,835 6,103 4,076 1,463 2,732 2,327 38

Total Asia 114,977 79,747 29,973 49,296 35,229 31,578 3,082

Total Caribbean 252,785 2,096 2,086 1 250,689 246,543 2,110

Total Europe 751,729 157,338 29,758 122,431 594,392 493,008 69,189

Of which: Euro Area Countries 4 412,052 99,861 11,158 87,813 312,191 251,184 53,074

Total Latin America 92,457 66,390 37,225 28,243 26,067 25,247 734

Canada 219,531 54,691 22,737 31,186 164,840 133,256 30,295

Total Other Countries 113,635 13,745 349 12,995 99,890 93,766 5,520

International Organizations 40,238 0 0 0 40,238 33,714 0

4. Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, Netherlands, Portugal, Slovakia, 

Slovenia, Spain.

3. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates.

* Greater than zero but less than $500 million.

1. "Government" includes central, local, and provincial governments, and government-sponsored or guaranteed corporations. Debt 

issued by international organizations is classified as "private".

Billions of dollars

Private
U.S. Holdings of Foreign Securities 

67 

Table A12. Market value of U.S. holdings of foreign equity, by country and type of 

security, as of December 31, 2009 

Millions of dollars

Country or region of issuer Total

Common

Stock Funds

Preferred

& Other

Albania * 0 0 0

Anguilla 1 * 0 1

Antigua and Barbuda 114 114 0 0

Argentina 1,168 1,118 0 50

Australia 127,872 119,008 8,551 312

Austria 9,876 9,866 1 8

Bahamas 1,494 654 459 381

Bangladesh 12 12 0 0

Barbados 61 61 0 0

Belarus * 0 0 0

Belgium 28,257 28,069 182 6

Belize 17 17 0 1

Bermuda 121,133 113,929 3,038 4,166

Botswana 40 40 0 0

Brazil 180,325 106,448 5,822 68,055

British Virgin Islands 8,193 3,410 4,157 626

Bulgaria 120 103 0 18

Canada 295,078 273,656 19,369 2,053

Cayman Islands 147,514 83,673 38,158 25,683

Chile 8,622 8,228 7 387

China, mainland1 101,616 101,382 125 109

Colombia 1,673 1,635 0 38

Comoros * 0 0 0

Congo (Brazzaville) * 0 0 0

Cook Islands 1 0 1 0

Costa Rica 1 1 0 0

Cote D'Ivoire 3 3 0 0

Croatia 87 61 3 24

Cuba * 0 0 0

Cyprus 793 790 3 *

Czech Republic 4,567 4,530 0 37

Denmark 26,952 26,952 0 *

Dominica * 0 0 0

Dominican Republic * 0 0 0

Ecuador * 0 0 0

Egypt 4,116 4,116 0 0

El Salvador 5 4 0 *

Estonia 56 54 2 0

Falkland Islands 3 4 0 0

Faroe Islands 3 3 0 0

Finland 29,646 29,643 * 3

France 250,706 243,291 6,342 1,072

* Greater than zero but less than $500,000.

1. Excludes Hong Kong and Macau, which are reported separately.
U.S. Holdings of Foreign Securities 

68 

Table A12. Market value of U.S. holdings of foreign equity, by country and type of 

security, as of December 31, 2009 (continued) 

Millions of dollars

Country or region of issuer Total

Common

Stock Funds

Preferred

& Other

French Guiana * 0 0 0

Gambia * 0 0 0

Georgia 30 30 0 0

Germany 192,692 184,253 342 8,097

Ghana 15 15 0 0

Gibraltar 104 97 0 7

Greece 9,706 9,508 37 161

Greenland * * 0 0

Guernsey 10,938 5,627 1,844 3,467

Guinea 2 * 1 0

Guyana * * 0 0

Hong Kong 91,391 88,966 2,090 335

Hungary 4,431 4,429 2 0

Iceland 22 22 0 1

India 62,045 61,309 149 587

Indonesia 15,467 15,461 1 5

Ireland 79,187 69,452 9,008 727

Isle of Man 1,112 1,058 34 21

Israel 44,284 44,208 1 75

Italy 59,343 59,102 53 188

Jamaica 3 3 0 0

Japan 370,850 367,560 2,894 396

Jersey 19,784 17,663 413 1,708

Jordan 65 65 0 0

Kazakhstan 1,008 1,008 0 0

Kenya 95 95 0 0

Kiribati 1 1 0 0

Korea, South 87,915 85,287 8 2,621

Latvia 10 10 0 0

Lebanon 136 136 0 0

Liberia 2,153 2,153 0 0

Liechtenstein 206 206 0 0

Lithuania 21 21 0 0

Luxembourg 31,533 23,858 6,343 1,333

Madagascar * 0 0 0

Malawi * * 0 0

Malaysia 12,133 12,056 9 69

Malta 13 13 * 0

Marshall Islands 6,182 5,391 2 789

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

69 

Table A12. Market value of U.S. holdings of foreign equity, by country and type of 

security, as of December 31, 2008 (continued) 

 

Millions of dollars

Country or region of issuer Total

Common

Stock Funds

Preferred

& Other

Mauritius 1,451 506 414 532

Mexico 65,061 62,785 2,154 122

Moldova * 0 0 0

Monaco 12 12 0 *

Morocco 246 246 0 0

Namibia 4 4 0 0

Netherlands 108,803 102,615 1,506 4,681

Netherlands Antilles 56,189 55,867 298 23

New Zealand 2,710 2,613 95 2

Niger 3 3 0 0

Norway 22,861 22,501 20 341

Pakistan 494 491 3 *

Panama 17,339 17,330 9 0

Papua New Guinea 2,802 2,802 0 0

Paraguay 5 5 0 *

Peru 2,218 2,213 5 *

Philippines 6,110 6,086 0 24

Poland 5,243 5,215 0 28

Portugal 5,242 5,236 3 3

Romania 184 172 10 3

Russia 45,355 44,387 17 951

Saint Kitts and Nevis * 0 0 0

Senegal 3 3 0 *

Serbia and Montenegro 6 6 0 0

Singapore 45,424 42,350 2,929 146

Slovakia * * * 0

Slovenia 182 182 * *

South Africa 49,465 44,473 4,918 75

Spain 87,442 86,044 117 1,280

Sri Lanka 223 224 0 0

Swaziland 3 3 0 0

Sweden 43,980 43,391 238 351

Switzerland 298,270 297,281 607 382

Taiwan 76,631 76,495 79 58

Thailand 12,962 12,792 132 38

Togo 1 1 0 0

Trinidad and Tobago 2 2 0 0

Tunisia 11 12 0 0

Turkey 21,302 21,226 63 13

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

70 

Table A12. Market value of U.S. holdings of foreign equity, by country and type of 

security, as of December 31, 2009 (continued) 

 

Country or region of issuer Total

Common

Stock Funds

Preferred

& Other

Turks and Caicos Islands * 0 0 0

Uganda 1 * 1 0

Ukraine 110 109 1 0

United Kingdom 561,670 526,907 15,680 19,083

Uruguay 1100

Venezuela 138 138 0 *

Vietnam 176 176 0 *

Zambia 46 46 0 0

Zimbabwe 35 35 0 0

International Organizations 278 277 0 1

Middle East oil-exporters2 1,326 1,321 5 0

African oil-exporters3 277 263 11 3

Total 3,995,295 3,704,777 138,763 151,755

Totals by Region:

Total Africa 57,972 52,017 5,344 610

Total Asia 929,262 916,374 8,424 4,464

Total Caribbean 334,704 257,713 46,109 30,880

Total Europe 1,961,863 1,875,001 42,869 43,993

Of which: Euro Area Countries 4 893,420 851,922 23,938 17,560

Total Latin America 276,575 199,925 7,996 68,654

Canada 295,078 273,656 19,369 2,053

Total Other Countries 139,565 129,816 8,650 1,102

International Organizations 278 277 0 1

2. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

3. Algeria, Gabon, Libya, Nigeria.

4. Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain.

Millions of dollars

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

71 

Table A13. Market value of U.S. holdings of foreign equity, by country and amounts held 

as Depositary Receipts, as of December 31, 2009 

Country or region of issuer Equity

Depositary 

Receipts

 Percentage

Depositary 

Receipts

Albania * 0 0

Anguilla 1 0 0

Antigua and Barbuda 114 0 0

Argentina 1,168 1,041 89

Australia 127,872 11,825 9

Austria 9,876 208 2

Bahamas 1,494 1 0

Bangladesh 12 * n.a.

Barbados 61 * n.a.

Belarus * 0 0

Belgium 28,257 1,618 6

Belize 17 1 3

Bermuda 121,133 1,324 1

Botswana 40 * n.a.

Brazil 180,325 88,063 49

British Virgin Islands 8,193 263 3

Bulgaria 120 0 0

Canada 295,078 611 0

Cayman Islands 147,514 27,903 19

Chile 8,622 4,996 58

China, mainland1 101,616 5,264 5

Colombia 1,673 1,162 69

Comoros * 0 0

Congo (Brazzaville) * * n.a.

Cook Islands 1 0 0

Costa Rica 1 0 0

Cote D'Ivoire 3 1 21

Croatia 87 3 4

Cuba * 0 0

Cyprus 793 110 14

Czech Republic 4,567 35 1

Denmark 26,952 2,892 11

Dominica * * n.a.

Dominican Republic * * n.a.

Ecuador * 0 0

Egypt 4,116 946 23

El Salvador 5 4 92

Estonia 56 * n.a.

Falkland Islands 3 0 0

Faroe Islands 3 0 0

Finland 29,646 9,118 31

France 250,706 24,973 10

Millions of dollars except as noted

* Greater than zero but less than $500,000.

1. Excludes Hong Kong and Macau, which are reported separately.
U.S. Holdings of Foreign Securities 

72 

Table A13. Market value of U.S. holdings of foreign equity, by country and amounts held 

as Depositary Receipts, as of December 31, 2009 (continued) 

Country or region of issuer Equity

Depositary 

Receipts

 Percentage

Depositary 

Receipts

French Guiana * 0 0

Gambia * 0 0

Georgia 30 30 100

Germany 192,692 15,703 8

Ghana 15 * n.a.

Gibraltar 104 0 0

Greece 9,706 872 9

Greenland * 0 0

Guernsey 10,938 1 0

Guinea 2 * n.a.

Guyana * 0 0

Hong Kong 91,391 6,430 7

Hungary 4,431 217 5

Iceland 22 * n.a.

India 62,045 14,816 24

Indonesia 15,467 1,454 9

Ireland 79,187 6,908 9

Isle of Man 1,112 25 2

Israel 44,284 27,959 63

Italy 59,343 3,815 6

Jamaica 3 * n.a.

Japan 370,850 25,101 7

Jersey 19,784 7,183 36

Jordan 65 1 2

Kazakhstan 1,008 1,007 100

Kenya 95 0 0

Kiribati 1 1 100

Korea, South 87,915 15,575 18

Latvia 10 * n.a.

Lebanon 136 119 87

Liberia 2,153 5 0

Liechtenstein 206 0 0

Lithuania 21 0 0

Luxembourg 31,533 8,133 26

Madagascar * 0 0

Malawi * * n.a.

Malaysia 12,133 27 0

Malta 13 13 100

Marshall Islands 6,182 2 0

Millions of dollars except as noted

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

73 

Table A13. Market value of U.S. holdings of foreign equity, by country and amounts held 

as Depositary Receipts, as of December 31, 2009 (continued) 

 

Country or region of issuer Equity

Depositary 

Receipts

 Percentage

Depositary 

Receipts

Mauritius 1,451 * n.a.

Mexico 65,061 41,744 64

Moldova * 0 0

Monaco 12 0 0

Morocco 246 * n.a.

Namibia 4 0 0

Netherlands 108,803 37,791 35

Netherlands Antilles 56,189 9 0

New Zealand 2,710 316 12

Niger 3 3 100

Norway 22,861 1,709 7

Pakistan 494 36 7

Panama 17,339 4 0

Papua New Guinea 2,802 644 23

Paraguay 5 4 99

Peru 2,218 1,916 86

Philippines 6,110 1,365 22

Poland 5,243 40 1

Portugal 5,242 420 8

Romania 184 0 0

Russia 45,355 38,431 85

Saint Kitts and Nevis * 0 0

Senegal 3 * n.a.

Serbia and Montenegro 6 0 0

Singapore 45,424 1,179 3

Slovakia * 0 0

Slovenia 182 * n.a.

South Africa 49,465 9,697 20

Spain 87,442 9,223 11

Sri Lanka 223 * n.a.

Swaziland 3 3 100

Sweden 43,980 3,088 7

Switzerland 298,270 37,531 13

Taiwan 76,631 14,549 19

Thailand 12,962 2,604 20

Togo 1 * n.a.

Trinidad and Tobago 2 0 0

Tunisia 11 * n.a.

Turkey 21,302 1,062 5

Millions of dollars except as noted

* Greater than zero but less than $500,000.
U.S. Holdings of Foreign Securities 

74 

Table A13. Market value of U.S. holdings of foreign equity, by country and amounts held 

as Depositary Receipts, as of December 31, 2009 (continued) 

 

Country or region of issuer Equity

Depositary 

Receipts

 Percentage

Depositary 

Receipts

Turks and Caicos Islands * 0 0

Uganda 1 0 0

Ukraine 110 27 25

United Kingdom 561,670 137,936 25

Uruguay 1 0 0

Venezuela 138 62 45

Vietnam 176 0 0

Zambia 46 25 54

Zimbabwe 35 0 0

International Organizations 278 * n.a.

Middle East oil-exporters2 1,326 138 10

African oil-exporters3 277 63 23

Total 3,995,295 659,382 17

Totals by Region:

Total Africa 57,972 10,745 19

Total Asia 929,262 116,617 13

Total Caribbean 334,704 29,500 9

Total Europe 1,961,863 350,126 18

Of which: Euro Area Countries 4 893,420 118,906 13

Total Latin America 276,575 138,997 50

Canada 295,078 611 0

Total Other Countries 139,565 12,786 9

International Organizations 278 * n.a.

3. Algeria, Gabon, Libya, Nigeria.

4. Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain.

Millions of dollars except as noted

* Greater than zero but less than $500,000.

2. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
U.S. Holdings of Foreign Securities 

75 

Table A14. Market value of U.S. holdings of foreign equity, by country, size of domestic 

equity markets, and percentage of each market that is U.S.-held, as of December 31, 2009 

Country or region of issuer Common Stock

Country rank 

according to 

domestic market 

capitalization1

Percent of domestic 

market 

capitalization1

Anguilla * n.a. n.a.

Antigua and Barbuda 114 n.a. n.a.

Argentina 1,118 50 2

Australia 119,008 9 9

Austria 9,866 48 18

Bahamas 654 n.a. n.a.

Bangladesh 12 71 0

Barbados 61 n.a. n.a.

Belgium 28,069 23 11

Belize 17 n.a. n.a.

Bermuda 113,929 88 >100

Botswana 40 81 1

Brazil 106,448 11 9

British Virgin Islands 3,410 n.a. n.a.

Bulgaria 103 70 1

Canada 273,656 6 16

Cayman Islands 83,673 n.a. n.a.

Chile 8,228 27 4

China, mainland2 101,382 1 2

Colombia 1,635 33 1

Costa Rica 1 87 0

Cote D'Ivoire 3 73 0

Croatia 61 57 0

Cyprus 790 75 16

Czech Republic 4,530 49 9

Denmark 26,952 28 14

Egypt 4,116 39 5

El Salvador 4 79 0

Estonia 54 83 2

Falkland Islands 4 n.a. n.a.

Faroe Islands 3 n.a. n.a.

Finland 29,643 38 33

France 243,291 5 12

Georgia 30 92 4

Germany 184,253 7 14

Ghana 15 84 1

Gibraltar 97 n.a. n.a.

Greece 9,508 47 17

Greenland * n.a. n.a.

Guernsey 5,627 n.a. n.a.

Millions of dollars except as noted

* Greater than zero but less than $500,000. n.a. Not available. 

1. Market capitalization data are from Standard & Poor's Global Stock Markets Factbook 2010. 

Market capitalization based on year-end 2009 total market values of listed domestic companies. 

U.S. holdings include securities of companies registered in each country that may not trade on 

domestic exchanges, thus U.S. holdings can exceed the total size of a countries' total domestic 

market capitalization. Rank order excludes the United States, which has the largest equity market 

capitalization.

2. Excludes Hong Kong and Macau, which are reported separately.
U.S. Holdings of Foreign Securities 

76 

Table A14. Market value of U.S. holdings of foreign equity, by country, size of domestic 

equity markets, and percentage of each market that is U.S.-held, as of December 31, 2009 

(continued) 

Country or region of issuer Common Stock

Country rank 

according to 

domestic market 

capitalization1

Percent of domestic 

market 

capitalization1

Guinea * n.a. n.a.

Guyana * n.a. n.a.

Hong Kong 88,966 4 4

Hungary 4,429 56 16

Iceland 22 89 2

India 61,309 10 5

Indonesia 15,461 30 9

Ireland 69,452 55 >100

Isle of Man 1,058 n.a. n.a.

Israel 44,208 29 24

Italy 59,102 21 19

Jamaica 3 72 0

Japan 367,560 2 11

Jersey 17,663 n.a. n.a.

Jordan 65 53 0

Kazakhstan 1,008 46 2

Kenya 95 66 1

Kiribati 1 n.a. n.a.

Korea, South 85,287 14 10

Latvia 10 86 1

Lebanon 136 63 1

Liberia 2,153 n.a. n.a.

Liechtenstein 206 n.a. n.a.

Lithuania 21 78 0

Luxembourg 23,858 35 23

Malawi * n.a. n.a.

Malaysia 12,056 24 5

Malta 13 85 1

Marshall Islands 5,391 n.a. n.a.

Mauritius 506 76 11

Mexico 62,785 19 18

Monaco 12 n.a. n.a.

Morocco 246 45 0

Namibia 4 91 0

Netherlands 102,615 17 19

Netherlands Antilles 55,867 n.a. n.a.

New Zealand 2,613 43 4

* Greater than zero but less than $500,000. n.a. Not available. 

1. Market capitalization data are from Standard & Poor's Global Stock Markets Factbook 2010. 

Market capitalization based on year-end 2009 total market values of listed domestic companies. 

U.S. holdings include securities of companies registered in each country that may not trade on 

domestic exchanges, thus U.S. holdings can exceed the total size of a countries' total domestic 

market capitalization. Rank order excludes the United States, which has the largest equity market 

capitalization.

Millions of dollars except as noted
U.S. Holdings of Foreign Securities 

77 

 Table A14. Market value of U.S. holdings of foreign equity, by country, size of domestic 

equity markets, and percentage of each market that is U.S.-held, as of December 31, 2009 

(continued) 

Country or region of issuer Common Stock

Country rank 

according to 

domestic market 

capitalization1

Percent of domestic 

market 

capitalization1

Niger 3 n.a. n.a.

Norway 22,501 25 10

Pakistan 491 52 1

Panama 17,330 69 >100

Papua New Guinea 2,802 n.a. n.a.

Paraguay 5 n.a. n.a.

Peru 2,213 42 3

Philippines 6,086 41 8

Poland 5,215 32 4

Portugal 5,236 36 5

Romania 172 54 1

Russia 44,387 13 5

Senegal 3 n.a. n.a.

Serbia and Montenegro 6 62 0

Singapore 42,350 22 14

Slovakia * 77 0

Slovenia 182 64 2

South Africa 44,473 15 6

Spain 86,044 8 7

Sri Lanka 224 68 3

Swaziland 3 n.a. n.a.

Sweden 43,391 18 10

Switzerland 297,281 12 28

Taiwan 76,495 16 11

Thailand 12,792 31 9

Togo 1 n.a. n.a.

Trinidad and Tobago 2 65 0

Tunisia 12 67 0

Turkey 21,226 26 9

Uganda * n.a. n.a.

Ukraine 109 61 1

United Kingdom 526,907 3 19

Uruguay 1 n.a. n.a.

Venezuela 138 n.a. n.a.

Vietnam 176 58 1

Zambia 46 n.a. n.a.

Zimbabwe 35 n.a. n.a.

Millions of dollars except as noted

* Greater than zero but less than $500,000. n.a. Not available. 

1. Market capitalization data are from Standard & Poor's Global Stock Markets Factbook 2010. 

Market capitalization based on year-end 2009 total market values of listed domestic companies. 

U.S. holdings include securities of companies registered in each country that may not trade on 

domestic exchanges, thus U.S. holdings can exceed the total size of a countries' total domestic 

market capitalization. Rank order excludes the United States, which has the largest equity market 

capitalization.
U.S. Holdings of Foreign Securities 

78 

Table A14. Market value of U.S. holdings of foreign equity, by country, size of domestic 

equity markets, and percentage of each market that is U.S.-held, as of December 31, 2009 

(continued) 

Country or region of issuer Common Stock

Country rank 

according to 

domestic market 

capitalization1

Percent of domestic 

market 

capitalization1

International Organizations 277 n.a. n.a.

Middle East oil-exporters3 1,321 n.a. 0

African oil-exporters4 263 n.a. 1

Total 3,704,777 n.a. 11

Totals by Region:

Total Africa 52,017 n.a. 6

Total Asia 916,374 n.a. 6

Total Caribbean 257,713 n.a. >100

Total Europe 1,875,001 n.a. 15

Of which: Euro Area Countries 5 851,922 n.a. 14

Total Latin America 199,925 n.a. 10

Canada 273,656 6 16

Total Other Countries 129,816 n.a. 10

International Organizations 277 n.a. n.a.

1. Market capitalization data are from Standard & Poor's Global Stock Markets Factbook 2010. 

Market capitalization based on year-end 2009 total market values of listed domestic companies. 

U.S. holdings include securities of companies registered in each country that may not trade on 

domestic exchanges, thus U.S. holdings can exceed the total size of a countries' total domestic 

market capitalization. Rank order excludes the United States, which has the largest equity market 

capitalization.

3. Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, United Arab Emirates.

4. Algeria, Gabon, Libya, Nigeria.

5. Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

Malta, Netherlands, Portugal, Slovakia, Slovenia, Spain.

Millions of dollars except as noted

* Greater than zero but less than $500,000. n.a. Not available. 
U.S. Holdings of Foreign Securities 

79 

Table 15. Market value of U.S. holdings of foreign securities, by industry, as of December 

31, 2009 

Millions of dollars

GICS

Code Total Equity Long-term Short-term

1010 Total Energy 629,906 522,768 105,339 1,799

101010 Energy Equipment & Services 141,328 124,848 16,304 175

101020 Oil & Gas 488,578 397,920 89,035 1,623

1510 Total Materials 515,390 428,526 82,086 4,778

151010 Chemicals 108,263 97,351 10,288 625

151020 Construction Materials 39,522 32,597 6,925 0

151030 Containers & Packaging 7,616 4,916 2,700 0

151040 Metals & Mining 340,753 283,196 53,405 4,152

151050 Paper & Forest Products 19,236 10,465 8,769 2

2000 Total Industrial 437,679 383,438 51,828 2,414

201010 Aerospace & Defense 25,157 21,077 4,080 0

201020 Building Products 14,559 13,834 725 0

201030 Construction & Engineering 33,190 30,571 2,619 0

201040 Electrical Equipment 52,054 50,535 1,520 0

201050 Industrial Conglomerates 79,851 66,377 13,473 0

201060 Machinery 67,640 62,281 5,208 151

201070 Trading Companies & Distributors 26,444 25,668 776 0

202010 Commercial Services & Supplies 23,629 17,875 5,752 2

202020 Professional Services 16,663 16,483 180 0

203010 Air Freight & Logistics 12,979 12,273 489 217

203020 Airlines 14,064 13,222 842 0

203030 Marine 18,669 13,148 3,521 2,000

203040 Road & Rail 34,178 23,220 10,913 45

203050 Transportation Infrastructure 18,602 16,872 1,730 0

2500 Total Consumer Discretionary 381,379 339,724 41,034 619

251010 Auto Components 26,754 19,912 6,842 0

251020 Automobiles 76,114 73,873 2,240 0

252010 Household Durables 35,060 33,181 1,879 0

252020 Leisure Equipment & Products 6,524 6,477 46 0

252030 Textiles, Apparel & Luxury Goods 28,372 27,318 1,054 *

253010 Hotels, Restaurants & Leisure 55,596 50,026 5,390 180

253020 Diversified Consumer Services 4,184 4,184 0 0

254010 Media 84,181 62,981 20,797 403

255010 Distributors 9,256 8,808 413 35

255020 Internet & Catalog Retail 3,311 3,302 8 0

255030 Multiline Retail 16,585 15,760 823 2

255040 Specialty Retail 35,442 33,902 1,541 0

3000 Total Consumer Staples 354,410 324,602 28,654 1,154

301010 Food & Staples Retailing 71,280 64,526 5,716 1,038

302010 Beverages 94,702 77,520 17,067 115

302020 Food Products 119,733 114,941 4,791 0

302030 Tobacco 31,583 30,788 795 0

303010 Household Products 19,807 19,522 285 0

303020 Personal Products 17,305 17,305 0 0

Debt
U.S. Holdings of Foreign Securities 

80 

Table A15. Market value of U.S. holdings of foreign securities, by industry, as of December 

31, 2009 (continued) 

Millions of dollars

GICS

Code Total Equity Long-term Short-term

3500 Total Health Care 328,595 311,871 16,135 589

351010 Health Care Equipment & Supplies 52,489 48,515 3,932 42

351020 Health Care Providers & Services 11,737 10,997 740 0

351030 Health Care Technology 1,120 1,120 0 0

352010 Biotechnology 7,050 7,049 1 0

352020 Pharmaceuticals 249,745 237,740 11,459 547

352030 Life Science Tools and Services 6,454 6,451 3 0

4000 Total Financial 1,967,732 960,759 671,780 335,194

401010 Commercial Banks 948,770 416,589 254,587 277,593

401020 Thrifts & Mortgage Finance 65,416 4,729 54,347 6,340

402010 Diversified Financial Services 172,325 47,043 82,159 43,124

402020 Consumer Finance 17,283 4,432 12,407 444

402030 Capital Markets (including Funds) 455,176 203,672 245,302 6,202

403010 Insurance 193,638 174,540 17,607 1,491

404020 Real Estate Investment Trust (REITs) 33,290 30,686 2,604 0

404030 Real Estate Management and Development 81,834 79,068 2,766 0

4500 Total Information Technology 387,869 357,362 30,505 2

451010 Internet Software & Services 26,310 26,055 254 0

451020 IT Services 42,648 41,621 1,027 0

451030 Software 45,304 44,548 756 0

452010 Communications Equipment 61,241 42,291 18,950 0

452020 Computers & Peripherals 30,045 28,825 1,220 0

452030 Electronic Equipment & Instruments 71,428 63,833 7,592 2

452040 Office Electronics 18,671 18,658 13 0

453010 Semiconductors & Semiconductor Equipment 92,222 91,531 691 0

5010 Total Telecommunication Services 304,377 224,264 79,418 695

501010 Diversified Telecommunication Services 175,652 116,606 58,687 360

501020 Wireless Telecommunication Services 128,725 107,658 20,731 336

5510 Total Utilities 175,598 116,570 54,973 4,055

551010 Utilities - Electric 86,274 61,830 23,194 1,250

551020 Utilities - Gas 29,428 9,443 19,985 0

551030 Utilities - Multi- & Unregulated Power 42,217 31,639 7,773 2,805

551040 Utilities - Water 5,033 2,891 2,141 0

551050 Independent Power Producers & Energy Traders 12,646 10,766 1,880 0

902010 Government1 444,987 50 416,020 28,917

Industry unknown 48,741 25,361 16,367 7,013

Total 5,976,663 3,995,295 1,594,140 387,229

Debt

1. Includes securities issued by local governments as well as government-sponsored or guaranteed corporations.
U.S. Holdings of Foreign Securities 

81 

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