Treasury Financing Requirements

($ Billions)

 October - December 2004 

 (Projected) (Actuals) (Projected) 

Deficit Funding (Def + / Surplus -) 91 86 127

Means of Financing

Change in Cash Balance 10 8 11

Net Non-Marketable Financing -4 -6 5

Net Marketable Financing 89 89 100

Other* -4 -6 10

Net Marketable Financing 89 89 100

Bills 15

Nominal Notes 57

TIPS 21

Bonds -4

Notes:

Starting Cash Balance 45 45 36

Ending Cash Balance 35 36 25

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

Note: Totals may not add due to rounding

Department of the Treasury

Office of Debt Management

Office of Fiscal Projections

 July - September 2004 
TREASURY DAILY OPERATING CASH BALANCE

FY 2003 FY 2004 FY 2005

Date Total Date Total Date Total

10/1/2002 42.2 10/1/2003 21.2 10/1/2004 18.3

10/2/2002 45.6 10/2/2003 14.0 10/4/2004 21.5

10/3/2002 16.2 10/3/2003 13.3 10/5/2004 17.4

10/4/2002 16.6 10/6/2003 13.5 10/6/2004 20.5

10/7/2002 16.7 10/7/2003 8.8 10/7/2004 14.2

10/8/2002 16.5 10/8/2003 5.8 10/8/2004 10.9

10/9/2002 15.5 10/9/2003 6.1 10/11/2004 10.9

10/10/2002 12.9 10/10/2003 3.2 10/12/2004 10.9

10/11/2002 10.5 10/13/2003 3.2 10/13/2004 12.9

10/14/2002 10.5 10/14/2003 4.2 10/14/2004 20.4

10/15/2002 20.9 10/15/2003 5.7 10/15/2004 25.9

10/16/2002 22.9 10/16/2003 19.6 10/18/2004 34.5

10/17/2002 24.6 10/17/2003 19.5 10/19/2004 32.4

10/18/2002 24.5 10/20/2003 21.7 10/20/2004 30.9

10/21/2002 27.7 10/21/2003 20.1 10/21/2004 35.4

10/22/2002 25.9 10/22/2003 20.3 10/22/2004 32.0

10/23/2002 25.4 10/23/2003 28.0 10/25/2004 33.7

10/24/2002 29.3 10/24/2003 25.9 10/26/2004 27.8

10/25/2002 28.5 10/27/2003 27.6 10/27/2004 25.7

10/28/2002 31.1 10/28/2003 23.4

10/29/2002 29.1 10/29/2003 26.9

10/30/2002 30.3 10/30/2003 36.0

10/31/2002 43.7 10/31/2003 35.0

11/1/2002 10.6 11/3/2003 14.0

11/4/2002 14.0 11/4/2003 10.5

11/5/2002 7.5 11/5/2003 11.5

11/6/2002 11.0 11/6/2003 14.3

11/7/2002 13.8 11/7/2003 11.6

11/8/2002 11.9 11/10/2003 11.6

11/11/2002 11.9 11/11/2003 11.6

11/12/2002 12.4 11/12/2003 6.0

11/13/2002 10.1 11/13/2003 5.9

11/14/2002 18.5 11/14/2003 5.5

11/15/2002 27.1 11/17/2003 22.7

11/18/2002 34.8 11/18/2003 20.2

11/19/2002 32.0 11/19/2003 19.6

11/20/2002 30.5 11/20/2003 18.7

11/21/2002 30.4 11/21/2003 16.9

11/22/2002 27.7 11/24/2003 17.2

11/25/2002 29.1 11/25/2003 12.4

11/26/2002 28.0 11/26/2003 12.2

11/27/2002 27.4 11/27/2003 12.2

11/28/2002 27.4 11/28/2003 21.4

11/29/2002 30.9 12/1/2003 9.1

12/2/2002 27.4 12/2/2003 6.6

12/3/2002 6.0 12/3/2003 17.7

12/4/2002 4.6 12/4/2003 14.9

12/5/2002 5.1 12/5/2003 10.8

12/6/2002 3.1 12/8/2003 12.3

12/9/2002 5.0 12/9/2003 7.6

12/10/2002 14.4 12/10/2003 6.2

12/11/2002 14.1 12/11/2003 3.6

12/12/2002 7.1 12/12/2003 5.5

12/13/2002 10.3 12/15/2003 41.6

12/16/2002 35.0 12/16/2003 46.4

12/17/2002 35.2 12/17/2003 45.3

12/18/2002 35.8 12/18/2003 30.4

12/19/2002 28.3 12/19/2003 32.5

12/20/2002 27.9 12/22/2003 37.5

12/23/2002 32.0 12/23/2003 34.5

12/24/2002 27.2 12/24/2003 32.8

12/25/2002 27.2 12/25/2003 32.8

12/26/2002 23.5 12/26/2003 22.1

12/27/2002 25.9 12/29/2003 29.8

12/30/2002 33.5 12/30/2003 32.8

12/31/2002 33.0 12/31/2003 33.2

1/1/2003 33.0 1/1/2004 33.2

1/2/2003 33.8 1/2/2004 13.9

1/3/2003 11.3 1/5/2004 15.9

1/6/2003 13.4 1/6/2004 11.9

1/7/2003 11.6 1/7/2004 15.8
1/8/2003 10.1 1/8/2004 6.5

1/9/2003 4.8 1/9/2004 7.5

1/10/2003 7.1 1/12/2004 11.6

1/13/2003 11.6 1/13/2004 11.3

1/14/2003 14.6 1/14/2004 12.8

1/15/2003 8.0 1/15/2004 21.7

1/16/2003 7.3 1/16/2004 30.0

1/17/2003 10.5 1/19/2004 30.0

1/20/2003 10.5 1/20/2004 35.9

1/21/2003 17.2 1/21/2004 51.0

1/22/2003 32.1 1/22/2004 51.0

1/23/2003 30.9 1/23/2004 52.0

1/24/2003 29.9 1/26/2004 57.0

1/27/2003 35.3 1/27/2004 55.3

1/28/2003 32.8 1/28/2004 54.7

1/29/2003 36.5 1/29/2004 56.1

1/30/2003 35.7 1/30/2004 42.5

1/31/2003 31.2 2/2/2004 45.4

2/3/2003 12.9 2/3/2004 21.0

2/4/2003 8.5 2/4/2004 22.7

2/5/2003 9.5 2/5/2004 30.5

2/6/2003 18.5 2/6/2004 18.6

2/7/2003 5.2 2/9/2004 22.3

2/10/2003 8.1 2/10/2004 19.1

2/11/2003 5.3 2/11/2004 17.8

2/12/2003 4.1 2/12/2004 29.9

2/13/2003 13.1 2/13/2004 9.9

2/14/2003 6.5 2/16/2004 9.9

2/17/2003 6.5 2/17/2004 25.1

2/18/2003 13.2 2/18/2004 20.5

2/19/2003 9.5 2/19/2004 34.3

2/20/2003 21.3 2/20/2004 16.9

2/21/2003 6.8 2/23/2004 22.1

2/24/2003 10.8 2/24/2004 18.7

2/25/2003 7.3 2/25/2004 16.9

2/26/2003 6.1 2/26/2004 25.1

2/27/2003 18.5 2/27/2004 16.7

2/28/2003 8.6 3/1/2004 9.9

3/3/2003 14.8 3/2/2004 8.8

3/4/2003 11.5 3/3/2004 14.9

3/5/2003 11.1 3/4/2004 18.2

3/6/2003 16.1 3/5/2004 9.2

3/7/2003 9.2 3/8/2004 12.8

3/10/2003 12.5 3/9/2004 9.6

3/11/2003 9.1 3/10/2004 7.0

3/12/2003 7.0 3/11/2004 13.0

3/13/2003 14.3 3/12/2004 8.1

3/14/2003 9.1 3/15/2004 30.1

3/17/2003 10.7 3/16/2004 35.4

3/18/2003 8.3 3/17/2004 32.9

3/19/2003 4.4 3/18/2004 37.3

3/20/2003 14.0 3/19/2004 32.4

3/21/2003 8.3 3/22/2004 34.0

3/24/2003 11.2 3/23/2004 30.1

3/25/2003 10.0 3/24/2004 26.4

3/26/2003 6.2 3/25/2004 25.7

3/27/2003 7.2 3/26/2004 18.3

3/28/2003 5.1 3/29/2004 21.5

3/31/2003 13.3 3/30/2004 17.8

4/1/2003 5.1 3/31/2004 21.3

4/2/2003 6.4 4/1/2004 4.9

4/3/2003 11.5 4/2/2004 5.6

4/4/2003 7.5 4/5/2004 4.6

4/7/2003 9.0 4/6/2004 6.8

4/8/2003 6.8 4/7/2004 9.5

4/9/2003 11.2 4/8/2004 14.4

4/10/2003 9.1 4/9/2004 9.8

4/11/2003 5.2 4/12/2004 10.7

4/14/2003 11.2 4/13/2004 11.5

4/15/2003 7.9 4/14/2004 15.9

4/16/2003 16.2 4/15/2004 20.7

4/17/2003 6.6 4/16/2004 27.3

4/18/2003 12.1 4/19/2004 19.8

4/21/2003 22.8 4/20/2004 30.3

4/22/2003 16.6 4/21/2004 38.1

4/23/2003 21.9 4/22/2004 30.5

4/24/2003 15.5 4/23/2004 30.7

4/25/2003 15.0 4/26/2004 42.8
4/28/2003 13.6 4/27/2004 52.2

4/29/2003 13.3 4/28/2004 53.8

4/30/2003 28.4 4/29/2004 44.9

5/1/2003 12.7 4/30/2004 40.4

5/2/2003 19.2 5/3/2004 20.3

5/5/2003 20.3 5/4/2004 17.2

5/6/2003 22.2 5/5/2004 19.5

5/7/2003 24.4 5/6/2004 19.6

5/8/2003 13.3 5/7/2004 16.2

5/9/2003 9.6 5/10/2004 17.1

5/12/2003 11.0 5/11/2004 13.2

5/13/2003 10.5 5/12/2004 11.3

5/14/2003 9.1 5/13/2004 15.0

5/15/2003 9.1 5/14/2004 13.7

5/16/2003 12.4 5/17/2004 23.3

5/19/2003 12.5 5/18/2004 20.7

5/20/2003 6.9 5/19/2004 18.2

5/21/2003 9.7 5/20/2004 22.8

5/22/2003 15.4 5/21/2004 20.5

5/23/2003 11.5 5/24/2004 21.7

5/26/2003 11.5 5/25/2004 16.6

5/27/2003 8.2 5/26/2004 13.4

5/28/2003 4.9 5/27/2004 15.2

5/29/2003 16.8 5/28/2004 15.9

5/30/2003 7.5 5/31/2004 15.9

6/2/2003 9.0 6/1/2004 3.5

6/3/2003 6.9 6/2/2004 1.6

6/4/2003 6.8 6/3/2004 12.1

6/5/2003 12.7 6/4/2004 8.2

6/6/2003 9.0 6/7/2004 8.1

6/9/2003 10.6 6/8/2004 3.7

6/10/2003 8.3 6/9/2004 5.9

6/11/2003 7.6 6/10/2004 8.8

6/12/2003 25.7 6/11/2004 7.2

6/13/2003 7.1 6/14/2004 10.9

6/16/2003 25.6 6/15/2004 41.6

6/17/2003 30.4 6/16/2004 47.1

6/18/2003 33.0 6/17/2004 39.6

6/19/2003 27.7 6/18/2004 42.8

6/20/2003 31.4 6/21/2004 49.8

6/23/2003 37.3 6/22/2004 53.4

6/24/2003 34.2 6/23/2004 53.1

6/25/2003 34.2 6/24/2004 37.9

6/26/2003 21.0 6/25/2004 38.6

6/27/2003 21.5 6/28/2004 43.8

6/30/2003 30.0 6/29/2004 43.3

7/1/2003 13.5 6/30/2004 44.6

7/2/2003 15.2 7/1/2004 9.5

7/3/2003 13.1 7/2/2004 8.4

7/7/2003 17.6 7/5/2004 8.4

7/8/2003 12.7 7/6/2004 7.3

7/9/2003 13.0 7/7/2004 3.5

7/10/2003 10.2 7/8/2004 5.8

7/11/2003 9.8 7/9/2004 5.0

7/14/2003 16.3 7/12/2004 8.1

7/15/2003 24.9 7/13/2004 4.7

7/16/2003 29.0 7/14/2004 5.6

7/17/2003 26.4 7/15/2004 10.2

7/18/2003 26.2 7/16/2004 14.4

7/21/2003 27.8 7/19/2004 16.6

7/22/2003 24.1 7/20/2004 13.2

7/23/2003 22.9 7/21/2004 12.6

7/24/2003 20.2 7/22/2004 24.4

7/25/2003 20.4 7/23/2004 24.7

7/28/2003 24.0 7/26/2004 27.9

7/29/2003 21.6 7/27/2004 25.2

7/30/2003 24.4 7/28/2004 22.3

7/31/2003 45.1 7/29/2004 33.4

8/1/2003 9.5 7/30/2004 34.6

8/4/2003 10.7 8/2/2004 30.4

8/5/2003 13.2 8/3/2004 6.2

8/6/2003 15.8 8/4/2004 8.1

8/7/2003 14.3 8/5/2004 6.3

8/8/2003 14.7 8/6/2004 5.5

8/11/2003 16.9 8/9/2004 8.7

8/12/2003 12.5 8/10/2004 6.2

8/13/2003 10.4 8/11/2004 4.7

8/14/2003 17.7 8/12/2004 6.6
8/15/2003 5.5 8/13/2004 4.1

8/18/2003 12.3 8/16/2004 9.1

8/19/2003 9.3 8/17/2004 6.7

8/20/2003 10.3 8/18/2004 5.8

8/21/2003 16.1 8/19/2004 5.8

8/22/2003 15.6 8/20/2004 5.9

8/25/2003 18.1 8/23/2004 9.2

8/26/2003 14.9 8/24/2004 5.4

8/27/2003 13.1 8/25/2004 3.7

8/28/2003 14.7 8/26/2004 7.4

8/29/2003 5.4 8/27/2004 7.1

9/1/2003 5.4 8/30/2004 8.6

9/2/2003 13.5 8/31/2004 2.5

9/3/2003 12.1 9/1/2004 6.7

9/4/2003 9.9 9/2/2004 11.0

9/5/2003 7.7 9/3/2004 5.9

9/8/2003 9.8 9/6/2004 5.9

9/9/2003 7.2 9/7/2004 6.6

9/10/2003 6.1 9/8/2004 8.7

9/11/2003 6.9 9/9/2004 7.1

9/12/2003 9.0 9/10/2004 4.8

9/15/2003 37.4 9/13/2004 8.2

9/16/2003 48.4 9/14/2004 12.5

9/17/2003 50.7 9/15/2004 33.3

9/18/2003 36.5 9/16/2004 28.1

9/19/2003 44.0 9/17/2004 30.9

9/22/2003 50.4 9/20/2004 38.0

9/23/2003 49.5 9/21/2004 49.7

9/24/2003 47.3 9/22/2004 49.3

9/25/2003 26.1 9/23/2004 35.5

9/26/2003 23.4 9/24/2004 33.5

9/29/2003 27.0 9/27/2004 35.4

9/30/2003 35.0 9/28/2004 32.2

9/29/2004 38.5

9/30/2004 36.3
THE AVERAGE MATURITY OF TOTAL OUTSTANDING MARKETABLE DEBT AND 

A 1-YEAR MOVING AVERAGE OF THE AVERAGE MATURITY OF ISSUANCE

CIM Average Maturity 

1-Yr Moving Average Total Outstanding

12/31/80 73.92 48.39

3/31/81 73.21 48.10

6/30/81 73.59 49.97

9/30/81 76.38 50.54

12/31/81 77.34 50.18

3/31/82 77.28 50.09

6/30/82 63.57 49.69

9/30/82 56.92 48.80

12/31/82 54.85 47.06

3/31/83 55.57 47.48

6/30/83 69.27 48.45

9/30/83 77.91 49.70

12/31/83 82.90 50.98

3/31/84 84.39 51.91

6/30/84 85.78 53.34

9/30/84 85.93 53.90

12/31/84 85.62 55.33

3/31/85 87.02 55.77

6/30/85 87.55 57.00

9/30/85 88.83 58.19

12/31/85 89.54 58.71

3/31/86 89.30 60.10

6/30/86 89.51 61.13

9/30/86 88.80 61.74

12/31/86 88.55 62.15

3/31/87 87.85 63.85

6/30/87 87.60 65.14

9/30/87 88.28 66.17

12/31/87 82.59 65.63

3/31/88 82.48 66.01

6/30/88 82.30 67.15

9/30/88 66.77 65.97

12/31/88 73.57 66.51

3/31/89 73.17 66.78

6/30/89 73.64 68.19

9/30/89 89.63 69.07

12/31/89 89.12 68.95

3/31/90 89.85 68.89

6/30/90 89.27 69.44

9/30/90 87.40 69.07

12/31/90 85.68 67.91

3/31/91 85.05 68.46

6/30/91 84.66 69.40

9/30/91 84.21 68.31

12/31/91 84.66 67.94

3/31/92 82.20 67.27

6/30/92 79.70 67.50

9/30/92 77.38 67.22

12/31/92 75.29 66.78
3/31/93 74.43 66.77

6/30/93 72.52 66.58

9/30/93 73.37 66.80

12/31/93 60.98 64.68

3/31/94 62.11 64.55

6/30/94 51.37 64.18

9/30/94 51.43 64.27

12/31/94 51.28 62.81

3/31/95 51.26 62.05

6/30/95 51.18 61.27

9/30/95 51.76 61.72

12/31/95 51.87 60.36

3/31/96 52.37 60.09

6/30/96 52.44 60.36

9/30/96 50.34 60.58

12/31/96 62.21 60.93

3/31/97 60.32 60.93

6/30/97 61.29 61.96

9/30/97 62.09 62.39

12/31/97 63.28 62.52

3/31/98 64.64 63.11

6/30/98 74.90 65.14

9/30/98 83.89 66.84

12/31/98 85.12 65.11

3/31/99 87.44 65.28

6/30/99 87.65 67.39

9/30/99 80.96 68.19

12/31/99 78.40 66.88

3/31/00 78.73 67.43

6/30/00 67.32 69.39

9/30/00 63.90 70.06

12/31/00 61.73 69.42

3/31/01 62.06 68.81

6/30/01 62.07 70.90

9/30/01 60.14 68.33

12/31/01 57.78 66.01

3/31/02 41.76 64.94

6/30/02 40.66 63.82

9/30/02 32.27 62.09

12/31/02 25.48 60.47

3/31/03 25.89 58.59

6/30/03 26.62 57.63

9/30/03 27.49 57.21

12/31/03 28.42 56.30

3/31/04 29.38 54.94

6/30/04 30.93 55.13

9/30/04 34.22 55.08

9/30/05 37.4 53.6

9/30/06 37.7 52.0

9/30/07 37.1 50.5

9/30/08 36.5 48.9

9/30/09 36.2 47.1

Projected
MATURITY PROFILE--TREASURY MARKETABLE COUPON SECURITIES 2004-2014

ACTUAL MATURING--(solid pattern)

$ billions

Calendar Year I-Q II-Q III-Q IV-Q Total

2004 158 158

2005 118 148 116 112 494

2006 155 168 113 150 587

2007 57 66 76 33 232

2008 61 61 49 75 246

2009 68 68 79 32 247

2010 36 0 22 0 59

2011 35 0 27 0 62

2012 31 0 44 18 93

2013 19 18 54 31 123

2014 50 27 44 9 130

Issued or announced through October 29, 2004.

Note: Where applicable, maturities represent first call date.

PROJECTED--BASED ON CURRENT ISSUANCE PATTERNS--(shaded pattern)

$ billions

Calendar Year I-Q II-Q III-Q IV-Q Total

2004

2005

2006 30 30

2007 97 96 92 152 437

2008 121 122 122 121 486

2009 121 123 122 158 525

2010 171 187 170 155 682

2011 202 187 173 158 721

2012 168 187 181 219 756

2013 142 189 214 189 735

2014 180 191 171 216 757

Issued or announced through October 29, 2004.

Note: Where applicable, maturities represent first call date.
Financing Residuals Given Current Issuance Pattern

$ billions, Fiscal Year

Budget estimates 2005 2006 2007 2008 2009

line Plus average historical error in OMB estimate 429 441 487 553 602

OMB MSR FY2005 Budget--- Net Financing 334 275 251 246 247

Minus average historical error in OMB estimate 239 109 15 -61 -108

Note: (+) Deficit, (-) Surplus

Estimated financing changes from current pattern

bar Plus average historical error in OMB estimate 105 150 265 349 486

OMB MSR FY2005 Budget--- Net Financing 10 -16 29 42 131

Minus average historical error in OMB estimate -85 -182 -207 -265 -224

note: (-) implies less financing required

 (+) implies more financing required 

Assumes current coupon issuance pattern and issuance amount--Weekly bill issuance at levels required to maintain outstanding

FY$ amounts nearly equal to September 30, 2004 total outstanding.

Potential errors were estimated with a linear least-squares regression using OMB’s budget forecasts since the 

1989 Budget and OMB’s Mid-Sessions Reviews since the MSR for the 1998 Budget. 
Treasury Quarterly Net Market Borrowing 

$ billions

Bills 2-under 5 years 5-10 years over 10 years Buybacks Totals

Calendar Year Quarters

1998 1Q 4.7 -14.1 16.9 2.8 10.3

2Q -79.0 -18.6 -8.7 8.4 -97.9

3Q -3.5 -9.3 -37.1 11.1 -38.8

4Q 53.3 -5.9 -26.5 3.1 24.0

1999 1Q 34.5 -1.8 -29.4 2.5 5.8

2Q -77.7 -0.1 -43.4 7.4 -113.8

3Q 5.3 3.4 -27.4 2.8 -15.9

4Q 83.9 0.6 -44.9 7.4 47.0

2000 1Q 16.2 -1.6 -34.7 2.0 -2.0 -20.1

2Q -123.4 -5.5 -49.5 -2.7 -11.0 -192.1

3Q -13.8 -26.6 -4.8 5.8 -8.3 -47.7

4Q 30.7 -30.9 -22.1 5.0 -8.8 -26.1

2001 1Q 65.2 -29.2 -19.5 9.4 -8.0 17.8

2Q -92.0 -34.1 -26.4 -1.8 -9.3 -163.4

3Q 114.8 -10.3 -26.1 3.8 -7.8 74.4

4Q 76.4 65.7 -84.7 3.3 -8.5 52.1

2002 1Q 23.2 26.6 8.7 -6.0 0.0 52.5

2Q -11.9 49.3 -18.3 0.0 -4.0 15.1

3Q 45.8 76.9 -38.5 0.0 0.0 84.2

4Q 20.5 68.6 -2.3 -4.2 0.0 82.6

2003 1Q 66.3 59.6 -11.5 -3.0 0.0 111.3

2Q -27.3 78.1 12.8 -3.2 0.0 60.3

3Q -9.6 62.7 34.0 -5.6 0.0 81.5

4Q 10.6 44.1 71.2 -12.5 0.0 113.4

2004 1Q 56.2 30.9 58.7 0.0 0.0 145.9

2Q -38.2 25.8 52.0 -8.4 0.0 31.3

3Q 14.7 16.7 50.6 7.0 0.0 89.0
Treasury Quarterly Net Borrowing From NonMarketable Issues 

Calendar Year $ billions

Quarter Savings Bonds Foreign Series State and Local Government Series Total Calendar Year

I 00 -3.3 -0.9 -3.8 -8.0 2000

II -2.7 -0.6 -1.7 -5.0

III -2.4 -0.4 -7.3 -10.1

IV -1.7 1.7 -2.3 -2.2

I 01 -2.2 -1.1 1.9 -1.4 2001

II -1.4 -0.7 0.4 -1.7

III -1.4 -2.4 -6.8 -10.6

IV 1.9 -1.0 -0.1 0.8

I 02 -0.4 0.2 -5.2 -5.5 2002

II -1.1 -0.7 1.7 -0.1

III -1.4 -0.8 1.5 -0.7

IV -0.2 -1.3 9.1 7.6

I 03 0.1 -1.5 -1.0 -2.4 2003

II 0.5 -0.6 -8.3 -8.4

III 0.4 -0.7 7.9 7.6

IV 0.5 -0.5 0.8 0.8

I 04 -1.2 -0.8 6.5 4.5 2004

II -1.5 -0.3 5.8 3.9

III -2.1 -0.6 -3.3 -6.0
Privately Held Treasury Marketable Debt 1/

Percent Distribution By Maturity

As of Bills Under 1 yr 1-2 yrs 2-10 yrs Over 10 yrs Total

December 31

1993 21 13 13 37 16 100

1994 20 13 17 35 15 100

1995 20 16 16 33 15 100

1996 19 16 17 33 15 100

1997 17 17 17 34 15 100

1998 17 17 16 34 16 100

1999 20 16 16 31 17 100

2000 18 18 14 31 19 100

2001 25 13 14 29 19 100

2002 26 12 17 28 17 100

2003 24 15 14 32 15 100

Sept 2004* 22 14 15 35 14 100

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

non-interest-bearing matured debt.

* Data as of September 30, 2004.
Calendar Estimated foreign holdings Foreign and International Institutional Holdings at FRBNY

 Quarter as % of private 2/ as % of private 3/

1993 1Q 20% 10%

2Q 20% 11%

3Q 21% 11%

4Q 21% 11%

1994 1Q 21% 12%

2Q 21% 12%

3Q 22% 13%

4Q 21% 13%

1995 1Q 22% 13%

2Q 23% 14%

3Q 25% 15%

4Q 25% 15%

1996 1Q 27% 16%

2Q 28% 16%

3Q 29% 17%

4Q 32% 18%

1997 1Q 34% 19%

2Q 35% 19%

3Q 36% 19%

4Q 36% 18%

1998 1Q 36% 18%

2Q 38% 18%

3Q 37% 17%

4Q 38% 18%

1999 1Q 38% 18%

2Q 39% 19%

3Q 40% 19%

4Q 39% 20%

2000 1Q 35% 20%

2Q 36% 21%

3Q 36% 21%

4Q 36% 20%

2001 1Q 36% 21%

. 2Q 37% 21%

3Q 36% 22%

4Q 37% 21%

2002 1Q 37% 21%

2Q 40% 22%

3Q 41% 22%

4Q 41% 23%

2003 1Q 42% 23%

2Q 44% 24%

3Q 45% 24%

4Q 46% 26%

2004 1Q 49% 27%

2Q 51% 28%

3Q* 51% 29%

1/ Privately held debt excludes holdings of the Federal Reserve.

2/ Series for estimated foreign holdings. See www.treas.gov/tic/index.html for source data.

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

* Estimated foreign holdings data through August 31, 2004.

 FOREIGN HOLDINGS AS A PERCENT OF TOTAL PRIVATELY HELD PUBLIC DEBT 1/
*Release in minutes and fractions of a minute (I.e., a 4 minute 30 second release is 4.50)

# OF MINUTES

FROM CLOSING

TYPE OF AUCTION TO RELEASE Chart

SECURITY DATE (MINUTES & SECONDS) points

13-WEEK 11/3/2003 0:01:39 1.65

26-WEEK 11/3/2003 0:01:34 1.57

4-WEEK 11/4/2003 0:01:34 1.57

13-WEEK 11/10/2003 0:01:36 1.60

26-WEEK 11/10/2003 0:01:34 1.57

3-YEAR 11/10/2003 0:01:31 1.52

4-WEEK 11/12/2003 0:01:31 1.52

5-YEAR 11/12/2003 0:01:31 1.52

10-YEAR 11/13/2003 0:01:31 1.52

13-WEEK 11/17/2003 0:01:40 1.67

26-WEEK 11/17/2003 0:01:42 1.70

4-WEEK 11/18/2003 0:01:33 1.55

13-WEEK 11/24/2003 0:01:36 1.60

26-WEEK 11/24/2003 0:01:34 1.57

4-WEEK 11/25/2003 0:01:31 1.52

2-YEAR 11/26/2003 0:01:32 1.53

13-WEEK 12/01/2003 0:01:36 1.60

26-WEEK 12/01/2003 0:01:32 1.53

12-DAY 12/02/2003 0:01:34 1.57

4-WEEK 12/02/2003 0:01:32 1.53

13-WEEK 12/08/2003 0:01:38 1.63

26-WEEK 12/08/2003 0:01:33 1.55

4-WEEK 12/09/2003 0:01:32 1.53

5-YEAR 12/10/2003 0:01:32 1.53

10-YEAR 12/11/2003 0:01:33 1.55

13-WEEK 12/15/2003 0:01:33 1.55

26-WEEK 12/15/2003 0:01:36 1.60

4-WEEK 12/16/2003 0:01:34 1.57

13-WEEK 12/22/2003 0:01:36 1.60

26-WEEK 12/22/2003 0:01:32 1.53

4-WEEK 12/23/2003 0:01:31 1.52

2-YEAR 12/23/2003 0:01:31 1.52

13-WEEK 12/29/2003 0:01:36 1.60

26-WEEK 12/29/2003 0:01:33 1.55

13-DAY 12/30/2003 0:01:30 1.50

4-WEEK 12/30/2003 0:01:32 1.53

13-WEEK 01/05/2004 0:01:36 1.60

26-WEEK 01/05/2004 0:01:32 1.53

4-WEEK 01/06/2004 0:01:32 1.53

5-YEAR 01/07/2004 0:01:32 1.53

10-YEAR IIN 01/08/2004 0:01:31 1.52

13-WEEK 01/12/2004 0:01:36 1.60

26-WEEK 01/12/2004 0:01:35 1.58

4-WEEK 01/13/2004 0:01:31 1.52

13-WEEK 01/20/2004 0:01:35 1.58

26-WEEK 01/20/2004 0:01:39 1.65

4-WEEK 01/21/2004 0:01:31 1.52

13-WEEK 01/26/2004 0:01:36 1.60

26-WEEK 01/26/2004 0:01:38 1.63

4-WEEK 01/27/2004 0:01:31 1.52

2-YEAR 01/29/2004 0:01:34 1.57

13-WEEK 02/02/2004 0:01:34 1.57

26-WEEK 02/02/2004 0:01:40 1.67

Auction Release Times
4-WEEK 02/03/2004 0:01:32 1.53

13-WEEK 02/09/2004 0:01:35 1.58

26-WEEK 02/09/2004 0:01:38 1.63

4-WEEK 02/10/2004 0:01:31 1.52

3-YEAR 02/10/2004 0:01:31 1.52

5-YEAR 02/11/2004 0:01:32 1.53

10-YEAR 02/12/2004 0:01:32 1.53

13-WEEK 02/17/2004 0:01:38 1.63

26-WEEK 02/17/2004 0:01:39 1.65

4-WEEK 02/18/2004 0:01:34 1.57

13-WEEK 02/23/2004 0:01:34 1.57

26-WEEK 02/23/2004 0:01:43 1.72

4-WEEK 02/24/2004 0:01:33 1.55

2-YEAR 02/25/2004 0:01:31 1.52

13-WEEK 03/01/2004 0:01:39 1.65

26-WEEK 03/01/2004 0:01:31 1.52

12-DAY 03/02/2004 0:01:34 1.57

4-WEEK 03/02/2004 0:01:31 1.52

13-WEEK 03/08/2004 0:01:37 1.62

26-WEEK 03/08/2004 0:01:40 1.67

4-WEEK 03/09/2004 0:01:32 1.53

5-YEAR 03/10/2004 0:01:36 1.60

9-YEAR 11 MONTH 03/11/2004 0:01:33 1.55

13-WEEK 03/15/2004 0:01:32 1.53

26-WEEK 03/15/2004 0:01:37 1.62

4-WEEK 03/16/2004 0:01:31 1.52

13-WEEK 03/22/2004 0:01:57 1.95

26-WEEK 03/22/2004 0:01:54 1.90

4-WEEK 03/23/2004 0:01:45 1.75

2-YEAR 03/24/2004 0:01:31 1.52

13-WEEK 03/29/2004 0:01:37 1.62

26-WEEK 03/29/2004 0:01:33 1.55

4-WEEK 03/30/2004 0:01:32 1.53

13-DAY 04/01/2004 0:01:34 1.57

13-WEEK 04/05/2004 0:01:38 1.63

26-WEEK 04/05/2004 0:01:31 1.52

14-DAY 04/05/2004 0:01:31 1.52

4-WEEK 04/06/2004 0:01:31 1.52

5-YEAR 04/06/2004 0:01:33 1.55

11-DAY 04/07/2004 0:01:34 1.57

9-YEAR 9-MONTH TIPS 04/07/2004 0:01:32 1.53

13-WEEK 04/12/2004 0:01:41 1.68

26-WEEK 04/12/2004 0:01:39 1.65

4-WEEK 04/13/2004 0:01:35 1.58

13-WEEK 04/19/2004 0:01:36 1.60

26-WEEK 04/19/2004 0:01:35 1.58

4-WEEK 04/20/2004 0:01:32 1.53

13-WEEK 04/26/2004 0:01:34 1.57

26-WEEK 04/26/2004 0:01:34 1.57

4-WEEK 04/27/2004 0:01:31 1.52

2-YEAR 04/28/2004 0:01:38 1.63

13-WEEK 05/03/2004 0:01:32 1.53

26-WEEK 05/03/2004 0:01:40 1.67

4-WEEK 05/04/2004 0:01:31 1.52

13-WEEK 05/10/2004 0:01:34 1.57

26-WEEK 05/10/2004 0:01:44 1.73

4-WEEK 05/11/2004 0:01:35 1.58

3-YEAR 05/11/2004 0:01:34 1.57

5-YEAR 05/12/2004 0:01:35 1.58
10-YEAR 05/13/2004 0:01:35 1.58

13-WEEK 05/17/2004 0:01:32 1.53

26-WEEK 05/17/2004 0:01:41 1.68

4-WEEK 05/18/2004 0:01:34 1.57

13-WEEK 05/24/2004 0:01:52 1.87

26-WEEK 05/24/2004 0:01:32 1.53

4-WEEK 05/25/2004 0:01:35 1.58

2-YEAR 05/26/2004 0:01:38 1.63

13-DAY 05/27/2004 0:01:34 1.57

13-WEEK 06/01/2004 0:01:34 1.57

26-WEEK 06/01/2004 0:01:43 1.72

12-DAY 06/02/2004 0:01:35 1.58

4-WEEK 06/02/2004 0:01:37 1.62

13-WEEK 06/07/2004 0:01:34 1.57

26-WEEK 06/07/2004 0:01:38 1.63

2-DAY 06/08/2004 0:01:38 1.63

4-WEEK 06/08/2004 0:01:34 1.57

5-YEAR 06/09/2004 0:01:30 1.50

9-YR 11-MO 06/10/2004 0:01:39 1.65

13-WEEK 06/14/2004 0:01:44 1.73

26-WEEK 06/14/2004 0:01:34 1.57

4-WEEK 06/15/2004 0:01:41 1.68

13-WEEK 06/21/2004 0:01:38 1.63

26-WEEK 06/21/2004 0:01:46 1.77

4-WEEK 06/22/2004 0:01:37 1.62

2-YEAR 06/23/2004 0:01:42 1.70

13-WEEK 06/28/2004 0:01:41 1.68

26-WEEK 06/28/2004 0:01:35 1.58

4-WEEK 06/29/2004 0:01:32 1.53

13-DAY 07/01/2004 0:01:33 1.55

7-DAY 07/06/2004 0:01:34 1.57

13-WEEK 07/06/2004 0:01:47 1.78

26-WEEK 07/06/2004 0:01:42 1.70

4-WEEK 07/07/2004 0:01:34 1.57

5-YEAR 07/07/2004 0:01:34 1.57

10-YEAR TIPS 07/08/2004 0:01:31 1.52

13-WEEK 07/12/2004 0:01:36 1.60

26-WEEK 07/12/2004 0:01:43 1.72

4-WEEK 07/13/2004 0:01:38 1.63

13-WEEK 07/19/2004 0:01:41 1.68

26-WEEK 07/19/2004 0:01:41 1.68

4-WEEK 07/20/2004 0:01:35 1.58

13-WEEK 07/26/2004 0:01:38 1.63

26-WEEK 07/26/2004 0:01:42 1.70

4-WEEK 07/27/2004 0:01:35 1.58

20-1/2 YEAR TIPS 07/28/2004 0:01:39 1.65

2-YEAR 07/28/2004 0:01:37 1.62

13-WEEK 08/02/2004 0:01:30 1.50

26-WEEK 08/02/2004 0:00:52 0.87

4-WEEK 08/03/2004 0:01:36 1.60

13-WEEK 08/09/2004 0:01:32 1.53

26-WEEK 08/09/2004 0:01:47 1.78

3-YEAR 08/09/2004 0:01:33 1.55

4-WEEK 08/10/2004 0:01:31 1.52

5-YEAR 08/11/2004 0:01:33 1.55

10-YEAR 08/12/2004 0:01:38 1.63

13-WEEK 08/16/2004 0:01:37 1.62

26-WEEK 08/16/2004 0:01:38 1.63

4-WEEK 08/17/2004 0:01:35 1.58
13-WEEK 08/23/2004 0:01:37 1.62

26-WEEK 08/23/2004 0:01:42 1.70

4-WEEK 08/24/2004 0:01:36 1.60

2-YEAR 08/25/2004 0:01:35 1.58

13-WEEK 08/30/2004 0:01:32 1.53

26-WEEK 08/30/2004 0:01:47 1.78

14-DAY 08/31/2004 0:01:32 1.53

4-WEEK 08/31/2004 0:01:31 1.52

12-DAY 09/02/2004 0:01:37 1.62

7-DAY 09/07/2004 0:01:37 1.62

13-WEEK 09/07/2004 0:01:38 1.63

26-WEEK 09/07/2004 0:01:47 1.78

4-WEEK 09/08/2004 0:01:34 1.57

5-YEAR 09/08/2004 0:01:34 1.57

9-YEAR 11 MONTH 09/09/2004 0:01:35 1.58

13-WEEK 09/13/2004 0:01:41 1.68

26-WEEK 09/13/2004 0:01:42 1.70

4-WEEK 09/14/2004 0:01:38 1.63

13-WEEK 09/20/2004 0:01:48 1.80

26-WEEK 09/20/2004 0:01:43 1.72

4-WEEK 09/21/2004 0:01:38 1.63

13-WEEK 09/27/2004 0:01:37 1.62

26-WEEK 09/27/2004 0:01:56 1.93

4-WEEK 09/28/2004 0:01:38 1.63

14-DAY 09/29/2004 0:01:35 1.58

2-YEAR 09/29/2004 0:01:41 1.68

13-WEEK 10/04/2004 0:01:35 1.58

26-WEEK 10/04/2004 0:01:37 1.62

4-WEEK 10/05/2004 0:01:35 1.58

5-YEAR 10/06/2004 0:01:23 1.38

9-YR 9-MO TIPS 10/07/2004 0:01:40 1.67

2-DAY 10/12/2004 0:01:34 1.57

13-WEEK 10/12/2004 0:01:43 1.72

26-WEEK 10/12/2004 0:01:37 1.62

4-WEEK 10/13/2004 0:01:46 1.77

13-WEEK 10/18/2004 0:01:37 1.62

26-WEEK 10/18/2004 0:01:50 1.83

4-WEEK 10/19/2004 0:01:37 1.62

13-WEEK 10/25/2004 0:01:43 1.72

26-WEEK 10/25/2004 0:02:15 2.25

4-WEEK 10/26/2004 0:01:37 1.62

5-YR 6-MO TIPS 10/26/2004 0:01:42 1.70

2-YEAR 10/27/2004 0:01:54 1.90