Treasury Financing Requirements

($ Billions)

 April - June 2004 

 (Projected) (Actuals) (Projected) 

Deficit Funding (Def + / Surplus -) 203 171 22

Means of Financing

Change in Cash Balance 13 12 -24

Net Non-Marketable Financing 5 7 6

Net Marketable Financing 177 146 38

Other* 8 7 2

Net Marketable Financing 177 146 38

Bills 56

Nominal Notes 78

TIPS 12

Bonds 0

Notes:

Starting Cash Balance 33 33 21

Ending Cash Balance 20 21 45

* 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 May 3, 2004

Office of Fiscal Projection

 January - March 2004 
TREASURY DAILY OPERATING CASH BALANCE

Daily

$ billions

FY 2002 FY 2003 FY 2004

Date Total Date Total Date Total

10/1/2001 50.7 10/1/2002 42.2 10/1/2003 21.2

10/2/2001 50.4 10/2/2002 45.6 10/2/2003 14.0

10/3/2001 31.1 10/3/2002 16.2 10/3/2003 13.3

10/4/2001 23.3 10/4/2002 16.6 10/6/2003 13.5

10/5/2001 24.5 10/7/2002 16.7 10/7/2003 8.8

10/8/2001 24.5 10/8/2002 16.5 10/8/2003 5.8

10/9/2001 26.9 10/9/2002 15.5 10/9/2003 6.1

10/10/2001 22.3 10/10/2002 12.9 10/10/2003 3.2

10/11/2001 28.8 10/11/2002 10.5 10/13/2003 3.2

10/12/2001 27.1 10/14/2002 10.5 10/14/2003 4.2

10/15/2001 35.6 10/15/2002 20.9 10/15/2003 5.7

10/16/2001 38.9 10/16/2002 22.9 10/16/2003 19.6

10/17/2001 39.9 10/17/2002 24.6 10/17/2003 19.5

10/18/2001 33.9 10/18/2002 24.5 10/20/2003 21.7

10/19/2001 37.2 10/21/2002 27.7 10/21/2003 20.1

10/22/2001 38.9 10/22/2002 25.9 10/22/2003 20.3

10/23/2001 38.0 10/23/2002 25.4 10/23/2003 28.0

10/24/2001 35.5 10/24/2002 29.3 10/24/2003 25.9

10/25/2001 35.6 10/25/2002 28.5 10/27/2003 27.6

10/26/2001 35.2 10/28/2002 31.1 10/28/2003 23.4

10/29/2001 36.3 10/29/2002 29.1 10/29/2003 26.9

10/30/2001 34.6 10/30/2002 30.3 10/30/2003 36.0

10/31/2001 27.6 10/31/2002 43.7 10/31/2003 35.0

11/1/2001 27.0 11/1/2002 10.6 11/3/2003 14.0

11/2/2001 6.4 11/4/2002 14.0 11/4/2003 10.5

11/5/2001 7.7 11/5/2002 7.5 11/5/2003 11.5

11/6/2001 4.4 11/6/2002 11.0 11/6/2003 14.3

11/7/2001 8.7 11/7/2002 13.8 11/7/2003 11.6

11/8/2001 24.3 11/8/2002 11.9 11/10/2003 11.6

11/9/2001 22.4 11/11/2002 11.9 11/11/2003 11.6

11/12/2001 22.4 11/12/2002 12.4 11/12/2003 6.0

11/13/2001 24.0 11/13/2002 10.1 11/13/2003 5.9

11/14/2001 21.1 11/14/2002 18.5 11/14/2003 5.5

11/15/2001 23.1 11/15/2002 27.1 11/17/2003 22.7

11/16/2001 29.9 11/18/2002 34.8 11/18/2003 20.2

11/19/2001 29.5 11/19/2002 32.0 11/19/2003 19.6

11/20/2001 26.7 11/20/2002 30.5 11/20/2003 18.7

11/21/2001 27.9 11/21/2002 30.4 11/21/2003 16.9

11/22/2001 27.9 11/22/2002 27.7 11/24/2003 17.2

11/23/2001 51.3 11/25/2002 29.1 11/25/2003 12.4

11/26/2001 51.8 11/26/2002 28.0 11/26/2003 12.2

11/27/2001 47.8 11/27/2002 27.4 11/27/2003 12.2

11/28/2001 45.4 11/28/2002 27.4 11/28/2003 21.4

11/29/2001 48.4 11/29/2002 30.9 12/1/2003 9.1

11/30/2001 30.5 12/2/2002 27.4 12/2/2003 6.6

12/3/2001 5.9 12/3/2002 6.0 12/3/2003 17.7

12/4/2001 5.8 12/4/2002 4.6 12/4/2003 14.9

12/5/2001 5.2 12/5/2002 5.1 12/5/2003 10.8

12/6/2001 12.1 12/6/2002 3.1 12/8/2003 12.3

12/7/2001 11.0 12/9/2002 5.0 12/9/2003 7.6

12/10/2001 13.2 12/10/2002 14.4 12/10/2003 6.2

12/11/2001 10.5 12/11/2002 14.1 12/11/2003 3.6

12/12/2001 10.9 12/12/2002 7.1 12/12/2003 5.5

12/13/2001 9.2 12/13/2002 10.3 12/15/2003 41.6

12/14/2001 13.8 12/16/2002 35.0 12/16/2003 46.4

12/17/2001 55.6 12/17/2002 35.2 12/17/2003 45.3

12/18/2001 55.8 12/18/2002 35.8 12/18/2003 30.4

12/19/2001 58.7 12/19/2002 28.3 12/19/2003 32.5

12/20/2001 49.0 12/20/2002 27.9 12/22/2003 37.5

12/21/2001 49.9 12/23/2002 32.0 12/23/2003 34.5

12/24/2001 56.5 12/24/2002 27.2 12/24/2003 32.8

12/25/2001 56.5 12/25/2002 27.2 12/25/2003 32.8

12/26/2001 54.4 12/26/2002 23.5 12/26/2003 22.1

12/27/2001 49.2 12/27/2002 25.9 12/29/2003 29.8

12/28/2001 53.3 12/30/2002 33.5 12/30/2003 32.8

12/31/2001 52.4 12/31/2002 33.0 12/31/2003 33.2

1/1/2002 52.4 1/1/2003 33.0 1/1/2004 33.2

1/2/2002 52.1 1/2/2003 33.8 1/2/2004 13.9

1/3/2002 27.8 1/3/2003 11.3 1/5/2004 15.9

1/4/2002 27.9 1/6/2003 13.4 1/6/2004 11.9

1/7/2002 30.0 1/7/2003 11.6 1/7/2004 15.8
1/8/2002 28.7 1/8/2003 10.1 1/8/2004 6.5

1/9/2002 28.8 1/9/2003 4.8 1/9/2004 7.5

1/10/2002 19.9 1/10/2003 7.1 1/12/2004 11.6

1/11/2002 20.5 1/13/2003 11.6 1/13/2004 11.3

1/14/2002 27.0 1/14/2003 14.6 1/14/2004 12.8

1/15/2002 45.9 1/15/2003 8.0 1/15/2004 21.7

1/16/2002 55.2 1/16/2003 7.3 1/16/2004 30.0

1/17/2002 43.5 1/17/2003 10.5 1/19/2004 30.0

1/18/2002 46.7 1/20/2003 10.5 1/20/2004 35.9

1/21/2002 46.7 1/21/2003 17.2 1/21/2004 51.0

1/22/2002 55.8 1/22/2003 32.1 1/22/2004 51.0

1/23/2002 70.0 1/23/2003 30.9 1/23/2004 52.0

1/24/2002 66.7 1/24/2003 29.9 1/26/2004 57.0

1/25/2002 67.2 1/27/2003 35.3 1/27/2004 55.3

1/28/2002 73.0 1/28/2003 32.8 1/28/2004 54.7

1/29/2002 72.0 1/29/2003 36.5 1/29/2004 56.1

1/30/2002 74.6 1/30/2003 35.7 1/30/2004 42.5

1/31/2002 75.4 1/31/2003 31.2 2/2/2004 45.4

2/1/2002 38.5 2/3/2003 12.9 2/3/2004 21.0

2/4/2002 41.9 2/4/2003 8.5 2/4/2004 22.7

2/5/2002 36.9 2/5/2003 9.5 2/5/2004 30.5

2/6/2002 40.6 2/6/2003 18.5 2/6/2004 18.6

2/7/2002 44.5 2/7/2003 5.2 2/9/2004 22.3

2/8/2002 33.2 2/10/2003 8.1 2/10/2004 19.1

2/11/2002 36.7 2/11/2003 5.3 2/11/2004 17.8

2/12/2002 34.5 2/12/2003 4.1 2/12/2004 29.9

2/13/2002 34.2 2/13/2003 13.1 2/13/2004 9.9

2/14/2002 45.9 2/14/2003 6.5 2/16/2004 9.9

2/15/2002 28.3 2/17/2003 6.5 2/17/2004 25.1

2/18/2002 28.3 2/18/2003 13.2 2/18/2004 20.5

2/19/2002 38.2 2/19/2003 9.5 2/19/2004 34.3

2/20/2002 35.2 2/20/2003 21.3 2/20/2004 16.9

2/21/2002 53.4 2/21/2003 6.8 2/23/2004 22.1

2/22/2002 39.3 2/24/2003 10.8 2/24/2004 18.7

2/25/2002 44.7 2/25/2003 7.3 2/25/2004 16.9

2/26/2002 41.9 2/26/2003 6.1 2/26/2004 25.1

2/27/2002 41.7 2/27/2003 18.5 2/27/2004 16.7

2/28/2002 44.6 2/28/2003 8.6 3/1/2004 9.9

3/1/2002 16.5 3/3/2003 14.8 3/2/2004 8.8

3/4/2002 18.6 3/4/2003 11.5 3/3/2004 14.9

3/5/2002 13.0 3/5/2003 11.1 3/4/2004 18.2

3/6/2002 16.5 3/6/2003 16.1 3/5/2004 9.2

3/7/2002 19.0 3/7/2003 9.2 3/8/2004 12.8

3/8/2002 13.0 3/10/2003 12.5 3/9/2004 9.6

3/11/2002 16.5 3/11/2003 9.1 3/10/2004 7.0

3/12/2002 14.0 3/12/2003 7.0 3/11/2004 13.0

3/13/2002 13.3 3/13/2003 14.3 3/12/2004 8.1

3/14/2002 18.2 3/14/2003 9.1 3/15/2004 30.1

3/15/2002 31.6 3/17/2003 10.7 3/16/2004 35.4

3/18/2002 43.6 3/18/2003 8.3 3/17/2004 32.9

3/19/2002 40.1 3/19/2003 4.4 3/18/2004 37.3

3/20/2002 40.1 3/20/2003 14.0 3/19/2004 32.4

3/21/2002 34.1 3/21/2003 8.3 3/22/2004 34.0

3/22/2002 28.6 3/24/2003 11.2 3/23/2004 30.1

3/25/2002 30.5 3/25/2003 10.0 3/24/2004 26.4

3/26/2002 25.9 3/26/2003 6.2 3/25/2004 25.7

3/27/2002 24.4 3/27/2003 7.2 3/26/2004 18.3

3/28/2002 15.6 3/28/2003 5.1 3/29/2004 21.5

3/29/2002 14.1 3/31/2003 13.3 3/30/2004 17.8

4/1/2002 4.9 4/1/2003 5.1 3/31/2004 21.3

4/2/2002 4.2 4/2/2003 6.4 4/1/2004 4.9

4/3/2002 7.5 4/3/2003 11.5 4/2/2004 5.6

4/4/2002 13.6 4/4/2003 7.5 4/5/2004 4.6

4/5/2002 7.1 4/7/2003 9.0 4/6/2004 6.8

4/8/2002 8.2 4/8/2003 6.8 4/7/2004 9.5

4/9/2002 6.0 4/9/2003 11.2 4/8/2004 14.4

4/10/2002 5.8 4/10/2003 9.1 4/9/2004 9.8

4/11/2002 8.7 4/11/2003 5.2 4/12/2004 10.7

4/12/2002 7.3 4/14/2003 11.2 4/13/2004 11.5

4/15/2002 11.3 4/15/2003 7.9 4/14/2004 15.9

4/16/2002 4.2 4/16/2003 16.2 4/15/2004 20.7

4/17/2002 8.3 4/17/2003 6.6 4/16/2004 27.3

4/18/2002 5.9 4/18/2003 12.1 4/19/2004 19.8

4/19/2002 9.6 4/21/2003 22.8 4/20/2004 30.3

4/22/2002 10.9 4/22/2003 16.6 4/21/2004 38.1

4/23/2002 21.6 4/23/2003 21.9 4/22/2004 30.5

4/24/2002 29.7 4/24/2003 15.5 4/23/2004 30.7

4/25/2002 16.6 4/25/2003 15.0 4/26/2004 42.8
4/26/2002 18.2 4/28/2003 13.6 4/27/2004 52.2

4/29/2002 26.1 4/29/2003 13.3 4/28/2004 53.8

4/30/2002 38.8 4/30/2003 28.4

5/1/2002 30.5 5/1/2003 12.7

5/2/2002 24.5 5/2/2003 19.2

5/3/2002 13.5 5/5/2003 20.3

5/6/2002 14.6 5/6/2003 22.2

5/7/2002 10.6 5/7/2003 24.4

5/8/2002 9.6 5/8/2003 13.3

5/9/2002 7.4 5/9/2003 9.6

5/10/2002 9.8 5/12/2003 11.0

5/13/2002 10.9 5/13/2003 10.5

5/14/2002 9.0 5/14/2003 9.1

5/15/2002 10.9 5/15/2003 9.1

5/16/2002 25.1 5/16/2003 12.4

5/17/2002 11.1 5/19/2003 12.5

5/20/2002 12.5 5/20/2003 6.9

5/21/2002 9.1 5/21/2003 9.7

5/22/2002 7.5 5/22/2003 15.4

5/23/2002 14.0 5/23/2003 11.5

5/24/2002 11.0 5/26/2003 11.5

5/27/2002 11.0 5/27/2003 8.2

5/28/2002 12.7 5/28/2003 4.9

5/29/2002 10.7 5/29/2003 16.8

5/30/2002 14.5 5/30/2003 7.5

5/31/2002 8.3 6/2/2003 9.0

6/3/2002 24.4 6/3/2003 6.9

6/4/2002 19.7 6/4/2003 6.8

6/5/2002 20.4 6/5/2003 12.7

6/6/2002 16.9 6/6/2003 9.0

6/7/2002 14.6 6/9/2003 10.6

6/10/2002 16.6 6/10/2003 8.3

6/11/2002 14.6 6/11/2003 7.6

6/12/2002 16.1 6/12/2003 25.7

6/13/2002 9.7 6/13/2003 7.1

6/14/2002 14.6 6/16/2003 25.6

6/17/2002 35.5 6/17/2003 30.4

6/18/2002 16.4 6/18/2003 33.0

6/19/2002 21.0 6/19/2003 27.7

6/20/2002 25.9 6/20/2003 31.4

6/21/2002 26.7 6/23/2003 37.3

6/24/2002 32.7 6/24/2003 34.2

6/25/2002 31.6 6/25/2003 34.2

6/26/2002 32.1 6/26/2003 21.0

6/27/2002 35.6 6/27/2003 21.5

6/28/2002 39.6 6/30/2003 30.0

7/1/2002 27.8 7/1/2003 13.5

7/2/2002 26.8 7/2/2003 15.2

7/3/2002 8.5 7/3/2003 13.1

7/4/2002 8.5 7/7/2003 17.6

7/5/2002 9.4 7/8/2003 12.7

7/8/2002 9.5 7/9/2003 13.0

7/9/2002 6.9 7/10/2003 10.2

7/10/2002 6.9 7/11/2003 9.8

7/11/2002 9.5 7/14/2003 16.3

7/12/2002 11.6 7/15/2003 24.9

7/15/2002 3.8 7/16/2003 29.0

7/16/2002 8.0 7/17/2003 26.4

7/17/2002 8.0 7/18/2003 26.2

7/18/2002 18.2 7/21/2003 27.8

7/19/2002 19.1 7/22/2003 24.1

7/22/2002 20.9 7/23/2003 22.9

7/23/2002 17.7 7/24/2003 20.2

7/24/2002 17.2 7/25/2003 20.4

7/25/2002 27.4 7/28/2003 24.0

7/26/2002 27.3 7/29/2003 21.6

7/29/2002 31.6 7/30/2003 24.4

7/30/2002 29.8 7/31/2003 45.1

7/31/2002 39.8 8/1/2003 9.5

8/1/2002 35.6 8/4/2003 10.7

8/2/2002 13.8 8/5/2003 13.2

8/5/2002 13.1 8/6/2003 15.8

8/6/2002 9.6 8/7/2003 14.3

8/7/2002 14.2 8/8/2003 14.7

8/8/2002 17.1 8/11/2003 16.9

8/9/2002 18.6 8/12/2003 12.5

8/12/2002 22.6 8/13/2003 10.4

8/13/2002 20.4 8/14/2003 17.7
8/14/2002 21.2 8/15/2003 5.5

8/15/2002 21.5 8/18/2003 12.3

8/16/2002 24.1 8/19/2003 9.3

8/19/2002 26.1 8/20/2003 10.3

8/20/2002 24.1 8/21/2003 16.1

8/21/2002 26.3 8/22/2003 15.6

8/22/2002 28.6 8/25/2003 18.1

8/23/2002 29.3 8/26/2003 14.9

8/26/2002 33.1 8/27/2003 13.1

8/27/2002 31.5 8/28/2003 14.7

8/28/2002 32.1 8/29/2003 5.4

8/29/2002 35.6 9/1/2003 5.4

8/30/2002 26.5 9/2/2003 13.5

9/2/2002 26.5 9/3/2003 12.1

9/3/2002 9.6 9/4/2003 9.9

9/4/2002 8.3 9/5/2003 7.7

9/5/2002 8.2 9/8/2003 9.8

9/6/2002 7.3 9/9/2003 7.2

9/9/2002 10.4 9/10/2003 6.1

9/10/2002 9.6 9/11/2003 6.9

9/11/2002 18.1 9/12/2003 9.0

9/12/2002 9.5 9/15/2003 37.4

9/13/2002 11.9 9/16/2003 48.4

9/16/2002 49.7 9/17/2003 50.7

9/17/2002 52.4 9/18/2003 36.5

9/18/2002 56.7 9/19/2003 44.0

9/19/2002 49.2 9/22/2003 50.4

9/20/2002 54.7 9/23/2003 49.5

9/23/2002 62.7 9/24/2003 47.3

9/24/2002 61.3 9/25/2003 26.1

9/25/2002 61.1 9/26/2003 23.4

9/26/2002 51.5 9/29/2003 27.0

9/27/2002 50.8 9/30/2003 35.0

9/30/2002 60.9
THE AVERAGE MATURITY OF TOTAL OUTSTANDING MARKETABLE DEBT AND 

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

CIM Avg Mat

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

9/30/04 30.42 54.52

9/30/05 30.31 51.79

9/30/06 31.33 49.84

9/30/07 30.56 47.79

9/30/08 29.98 45.48

9/30/09 29.17 43.19
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 126 142 138 125 531

2005 154 148 116 112 530

2006 155 102 51 88 396

2007 57 38 51 33 180

2008 60 61 49 75 245

2009 67 35 32 5 139

2010 36 0 22 0 58

2011 35 0 27 0 62

2012 31 0 43 18 93

2013 19 18 54 31 122

2014 49 0 0 0 49

Issued or announced through April 30, 2004.

Note: Where applicable, maturities represent first call date.

PROJECTED--BASED ON CURRENT ISSUANCE PATTERNS--shaded

$ billions

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

2004

2005

2006 68 67 97 232

2007 102 129 123 163 518

2008 129 130 131 127 517

2009 131 170 180 184 665

2010 179 186 183 152 700

2011 216 187 187 155 745

2012 181 187 192 222 782

2013 153 188 231 186 758

2014 181 238 235 200 854

Issued or announced through April 30, 2004.

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

$ billions, Fiscal Year

Budget estimates 2004 2005 2006 2007 2008 2009

OMB FY2005 Budget Deficit(+)[Net Financing] 388 371 282 259 256 255

line Plus 1 Avg Absolute Error in OMB estimate 419 491 468 491 491 490

Minus 1 Avg Absolute Error in OMB estimate 357 251 96 27 21 20

Note: (+) Deficit, (-) Surplus

Estimated financing changes from current pattern

bar Plus 1 Avg Absolute Error in OMB estimate 65 167 178 279 302 391

OMB FY2005 Budget Deficit(+)[Net Financing] 34 47 -8 47 67 156

Minus 1 Avg Absolute Error in OMB estimate 3 -73 -194 -185 -168 -79

note: (-) implies less financing required

 (+) implies more financing required 
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
Treasury Quarterly Net Borrowing From NonMarketable Issues 

Calendar Year $ billions

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

I -2.7 -0.7 3.5 0.1 1997

II -2.4 -0.8 3.1 -0.1

III -2.4 -0.5 3.9 1.0

IV -1.9 1.2 12.3 11.6

I -2.7 0.2 15.1 12.6 1998

II -2.5 -0.3 15.8 13.0

III -2.4 -0.9 9.5 6.2

IV -1.5 0.7 0.7 -0.1

I -2.4 -0.8 2.3 -0.9 1999

II -2.2 -1.3 5.1 1.6

III -2.4 0.1 -4.5 -6.9

IV -1.9 0.7 -2.4 -3.6

I -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 -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 -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 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 -1.2 -0.8 6.5 4.5 2004

Treasury suspended new issuance of State and Local Government Series (SLGS) Treasury securities from May 15, 2002--July 8, 2002.
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

2004* 24 15 14 33 14 100

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

non-interest-bearing matured debt.

* Data as of March 31, 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* 47% 27%

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 February 29, 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 5/5/03 0:04:02 4.03

26-WEEK 5/5/03 0:04:04 4.07

4-WEEK 5/6/03 0:04:01 4.02

3-YEAR 5/6/03 0:04:02 4.03

5-DAY 5/7/03 0:04:04 4.07

5-YEAR 5/7/03 0:04:03 4.05

10-YEAR 5/8/03 0:04:04 4.07

2-DAY 5/12/03 0:04:02 4.03

13-WEEK 5/12/03 0:04:03 4.05

26-WEEK 5/12/03 0:04:00 4.00

4-WEEK 5/13/03 0:04:01 4.02

6-DAY 5/20/03 0:04:01 4.02

13-WEEK 5/20/03 0:04:01 4.02

26-WEEK 5/20/03 0:04:05 4.08

4-WEEK 5/21/03 0:04:00 4.00

16-DAY 5/27/03 0:04:00 4.00

4-WEEK 5/28/03 0:04:01 4.02

13-WEEK 5/28/03 0:04:01 4.02

26-WEEK 5/28/03 0:04:02 4.03

2-YEAR 5/29/03 0:04:00 4.00

2-DAY 6/02/03 0:04:01 4.02

13-WEEK 6/02/03 0:04:05 4.08

26-WEEK 6/02/03 0:04:02 4.03

4-WEEK 6/03/03 0:04:00 4.00

8-DAY 6/04/03 0:04:00 4.00

13-WEEK 6/09/03 0:04:03 4.05

26-WEEK 6/09/03 0:04:03 4.05

4-WEEK 6/10/03 0:04:00 4.00

4-YR 11-MONTH 6/11/03 0:04:04 4.07

13-WEEK 06/16/03 0:04:01 4.02

26-WEEK 06/16/03 0:04:03 4.05

4-WEEK 06/17/03 0:04:01 4.02

13-WEEK 06/23/03 0:04:02 4.03

26-WEEK 06/23/03 0:04:02 4.03

4-WEEK 06/24/03 0:04:00 4.00

2-YEAR 06/25/03 0:04:00 4.00

13-WEEK 06/30/03 0:04:07 4.12

26-WEEK 06/30/03 0:04:06 4.10

4-WEEK 07/01/30 0:04:01 4.02

13-WEEK 07/07/03 0:04:04 4.07

26-WEEK 07/07/03 0:04:14 4.23

4-WEEK 07/08/03 0:04:02 4.03

10-YEAR 07/09/03 0:04:03 4.05

13-WEEK 07/14/03 0:04:04 4.07

26-WEEK 07/14/03 0:04:05 4.08

4-WEEK 07/15/03 0:04:01 4.02

13-WEEK 07/21/103 0:04:05 4.08

26-WEEK 07/21/03 0:04:06 4.10

4-WEEK 07/22/03 0:04:08 4.13

2-YEAR 07/23/03 0:04:02 4.03

13-WEEK 07/28/03 0:04:04 4.07

26-WEEK 07/28/03 0:04:05 4.08

4-WEEK 07/29/03 0:04:05 4.08

Auction Release Times
13-WEEK 08/4/03 0:01:40 1.67

26-WEEK 08/4/03 0:01:40 1.67

4-WEEK 08/5/03 0:01:31 1.52

3-YEAR 08/5/03 0:01:30 1.50

5-YEAR 08/6/03 0:01:30 1.50

10-YEAR 08/7/03 0:01:31 1.52

13-WEEK 08/11/03 0:01:22 1.37

26-WEEK 08/11/03 0:01:31 1.52

4-WEEK 08/12/03 0:01:32 1.53

13-WEEK 08/18/03 0:01:44 1.73

26-WEEK 08/18/03 0:01:53 1.88

4-WEEK 08/19/03 0:01:34 1.57

13-WEEK 08/25/03 0:01:40 1.67

26-WEEK 08/25/03 0:01:42 1.70

4-WEEK 08/26/03 0:01:30 1.50

2-YEAR 08/27/03 0:01:32 1.53

12-Day 09/02/03 0:01:31 1.52

13-WEEK 09/02/03 0:01:31 1.52

26-WEEK 09/02/03 0:01:32 1.53

4-WEEK 09/03/03 0:01:31 1.52

13-WEEK 09/08/03 0:01:34 1.57

26-WEEK 09/08/03 0:01:35 1.58

4-WEEK 09/09/03 0:01:34 1.57

4-DAY 09/10/03 0:01:36 1.60

5-YEAR 09/10/03 0:01:57 1.95

9-YEAR 11 MONTH 09/11/03 0:01:31 1.52

13-WEEK 9/15/03 0:01:45 1.75

26-WEEK 09/15/03 0:01:39 1.65

4-WEEK 09/16/03 0:01:38 1.63

13-WEEK 09/22/03 0:01:36 1.60

26-WEEK 09/22/03 0:01:31 1.52

4-WEEK 09/23/03 0:01:38 1.63

2-YEAR 09/24/03 0:01:48 1.80

13-WEEK 09/29/03 0:01:31 1.52

26-WEEK 09/29/03 0:01:37 1.62

4-WEEK 09/30/03 0:01:38 1.63

12-Day 10/02/03 0:01:32 1.53

13-WEEK 10/6/03 0:01:36 1.60

26-WEEK 10/6/03 0:01:34 1.57

4-WEEK 10/7/03 0:01:38 1.63

5-YEAR 10/08/03 0:01:32 1.53

10-Year IIN 10/09/03 0:01:32 1.53

13-WEEK 10/14/03 0:01:35 1.58

26-WEEK 10/14/03 0:01:36 1.60

4-WEEK 10/15/03 0:01:32 1.53

13-WEEK 10/20/03 0:01:39 1.65

26-WEEK 10/20/03 0:01:34 1.57

4-WEEK 10/21/03 0:02:02 2.03

2-YEAR 10/27/03 0:01:39 1.65

13-WEEK 10/27/03 0:01:35 1.58

26-WEEK 10/28/03 0:01:40 1.67

4-WEEK 10/29/03 0:01:35 1.58

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

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