U.S. Treasury Borrowing
0

10

20

0

10

20

Marketables

Surplus

Nonmarketables

Increase in

Cash Balance

11

TREASURY FINANCING REQUIREMENTS

April — June 2002

Department of the Treasury

Office of Market Finance July 29, 2002-1

1

Uses Sources

26

0

1

$Bil. $Bil.

26

 Includes budget results, direct loan activity, changes in accrued interest

and checks outstanding and minor miscellaneous transactions.

15
0

10

20

30

40

50

60

70

80

0

10

20

30

40

50

60

70

80

5

63

TREASURY FINANCING REQUIREMENTS

July —September 2002

Department of the Treasury

Office of Market Finance July 29, 2002-2

Uses Sources 76

2

1

2 Assumes a September 30, 2002 cash balance of $45 billion.

$Bil. $Bil.

8

Deficit

Nonmarketables

1

Marketables

 Includes budget results, direct loan activity, changes in accrued interest

and checks outstanding and minor miscellaneous transactions.

Increase in

Cash Balance

76
 (Billions of Dollars)

NET MARKET BORROWING

July – September 2002

Department of Treasury

Office of Market Finance July 29, 2002-3

Issued or announced through July 26, 2002.

 Assumes a September 30, 2002 cash balance of $45 billion.

Done

Bills

Regular weekly 45.4

Coupons

2-year notes 37.9

5-year notes -64.8

10-year IIS 10.0

Total 28.6

To be done

Financing 47.4

Total for the quarter 76.0

1

1

2

2
-60

-40

-20

0

20

40

60

TREASURY OPERATING CASH BALANCE

Daily

Department of the Treasury

Office of Market Finance July 29, 2002-4

1

Without

New

Borrowing

Tax and Loan

Accounts Balance

1 Forecasted data points are semi-monthly.

$Bil.

Total Operating

Balance

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

2001 2002

Federal Reserve Account

Balance
I II III IV I II III IV I II III IV I II III IV I II III

-200

-160

-120

-80

-40

0

40

80

120

-200

-160

-120

-80

-40

0

40

80

120

10.3

-97.9

-38.8

24.0

5.8

-113.8

-15.9

47.0

-20.1

-192.1

-47.7-26.1

17.8

-163.4

74.4

52.1

52.515.1

76

TREASURY NET MARKET BORROWING

$Bil.

Department of the Treasury

Office of Market Finance

$Bil.

to be

done

July 29, 2002-5

e

e — estimate

1998 1999 2000 2001 2002

Coupons

Buybacks

Over 10 yrs

5 - 10 yrs

2 - under 5 yrs

Bills
I II III IV I II III IV I II III IV I II III IV I II III -15

-10

-5

0

5

10

15

-15

-10

-5

0

5

10

15

12.6 13.0

6.2

-0.1

-0.9

1.6

-6.9

-3.6

-8.0

-5.0

-10.1

-2.2 -1.4

-1.7

-10.6

0.8

-5.4

-0.1

-8.1

e — estimate

$Bil. $Bil.

TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

July 29, 2002-6

Department of the Treasury

Office of Market Finance

e

State and Local Series

Foreign Series

Savings Bonds

1998 1999 2000 2002 2001

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

securities from May 15, 2002—July 8, 2002.
0

5

10

15

20

25

0

5

10

15

20

25 Gross Issues

Redemptions

I II III IV I II III IV I II III IV I II III IV I II

-10

-5

0

5

10

-10

-5

0

5

10

STATE & LOCAL GOVERNMENT SERIES (SLGS)

$Bil.

$Bil.

$Bil.

$Bil.

Net SLGS

Department of the Treasury

Office of Market Finance July 29, 2002-7

1998 1999 2000 2001 2002

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

securities from May 15, 2002—July 8, 2002.
16

18

20

22

24

26

28

30

32

34

36

38

40

42

16

18

20

22

24

26

28

30

32

34

36

38

40

42

FOREIGN HOLDINGS AS A PERCENT OF TOTAL

PRIVATELY HELD PUBLIC DEBT

Quarterly

Department of the Treasury

Office of Market Finance July 29, 2002-8

Percent Percent

1

Data through May 31, 2002.

Benchmark

Series break due to March 2000 benchmark revision.

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

2

1 Privately held debt excludes holdings of the Federal Reserve.

2

See http://www.treas.gov/tic/index.html.
MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

May 31, 2002 December 31, 2001 December 31, 2000

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

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

Country Foreign Private Foreign Private Foreign Private

Japan $321.0 30.8% 11.4% $319.6 30.3% 11.3% $ 317.7 30.7% 11.0%

China 80.9 7.8% 2.9% 78.6 7.5% 2.8% 60.3 5.8% 2.1%

United Kingdom 51.4 4.9% 1.8% 45.1 4.3% 1.6% 50.2 4.9% 1.7%

Caribbean Banking Centers 49.3 4.7% 1.7% 46.1 4.4% 1.6% 43.8 4.2% 1.5%

OPEC 47.8 4.6% 1.7% 48.9 4.6% 1.7% 49.9 4.8% 1.7%

Germany 45.9 4.4% 1.6% 47.8 4.5% 1.7% 49.0 4.7% 1.7%

Hong Kong 42.0 4.0% 1.5% 47.7 4.5% 1.7% 38.6 3.7% 1.3%

Mexico 37.9 3.6% 1.3% 35.6 3.4% 1.3% 29.9 2.9% 1.0%

Korea 35.3 3.4% 1.3% 32.8 3.1% 1.2% 29.6 2.9% 1.0%

Taiwan 32.9 3.2% 1.2% 35.3 3.4% 1.3% 33.4 3.2% 1.2%

Belgium-Luxemburg 21.4 2.1% 0.8% 22.4 2.1% 0.8% 29.6 2.9% 1.0%

Italy 20.3 1.9% 0.7% 18.9 1.8% 0.7% 20.8 2.0% 0.7%

Singapore 19.4 1.9% 0.7% 20.0 1.9% 0.7% 27.9 2.7% 1.0%

Switzerland 18.8 1.8% 0.7% 18.7 1.8% 0.7% 16.4 1.6% 0.6%

France 16.8 1.6% 0.6% 20.6 2.0% 0.7% 25.1 2.4% 0.9%

Spain 14.9 1.4% 0.5% 15.6 1.5% 0.6% 19.0 1.8% 0.7%

Canada 12.6 1.2% 0.4% 12.9 1.2% 0.5% 14.2 1.4% 0.5%

Other 174.2 16.7% 6.2% 186.5 17.7% 6.6% 178.8 17.3% 6.2%

Estimated

Foreign Total $1,042.8 100.0% 36.9% $1,053.1 100.0% 37.3% $1,034.2 100.0% 35.9%

Source: Treasury Foreign Portfolio Investment Survey (benchmark March 2000) and monthly

data collected under the Treasury International Capital reporting system.

Department of the Treasury

Office of Market Finance July 29, 2002-9
1994 1995 1996 1997 1998 1999 2000 2001

0

20

40

60

80

0

20

40

60

80

100% 100%

PRIVATELY HELD TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

1

Coupons

As of December 31

Department of the Treasury

Office of Market Finance July 29, 2002-10

18

29

13

25

15

Over 10 years

2-10 years

1-2 years

1 year & under

Bills

Jun '02

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

non-interest-bearing matured debt.
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

Years

July 29, 2002-11

Department of the Treasury

Office of Market Finance

10

9

8

7

6

5

4

3

2

1

J FMAMJ J ASOND 62

64

66

Months

June 30, 2002

5 Years, 4 Months

As of December 31

1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000

1 Excludes inflation-indexed securities (IIS). Including IIS the average length was 5 years and

 8 months as of June 30, 2002.
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0

50

100

150

200

250

300

350

400

0

50

100

150

200

250

300

350

400

MATURITY PROFILE

Outstanding Treasury Marketable Coupon Securities

$Bil.

Department of the Treasury

Office of Market Finance July 29, 2002-12

$Bil.

Calendar Year

Note: Where applicable, maturities represent first call date.

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1

1 Issued or announced through July 26, 2002.
0

2

4

6

8

10

12

AUCTION RELEASE TIMES FOR FY 2002

Minutes from Closing to Release

July 29, 2002-13

Department of the Treasury

Office of Market Finance

1

2

3

Data Through July 26

1. 5/6/02, 13- and 26-Week Bills, release time:1:08:55, the 26-week bill auction calculations and press release were delayed due to operator error.

3. 5/31/02, 9-day CMB, release time:11:08:18, the pressroom printer malfunctioned.

2. 5/29/02, 2-year Note, release time:1:11:23, submission error. Delay compounded by staff and bidder simultaneously trying to correct error.

Note: Current Quarter Exceptions:

4

4. 6/24/02, 13- and 26-Week Bills release time:1:09:38, multiple submission errors (incorrect CUSIP and NLP) increased auction processing time.

Oct Nov Dec Jan Feb Mar Apr May Jun Jul

Target Release Range

Current Quarter

(April 29 - July 26)