U.S. Treasury Borrowing
0

20

40

0

20

40

Increase in Cash

Balance

Deficit

Net Market

Borrowing

17 State and Local

TREASURY FINANCING REQUIREMENTS

October — December 1999

Department of the Treasury

Office of Market Finance January 31, 2000-1

1

Uses Sources

47

47

$Bil. $Bil.

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

and checks outstanding and minor miscellaneous debt transactions.

2

1

2

1

27

2
0

10

20

30

40

0

10

20

30

40

Paydown in

Marketables

Deficit

Decrease

in Cash

Balance

State and Local

22

3

TREASURY FINANCING REQUIREMENTS

January — March 2000

Department of the Treasury

Office of Market Finance January 31, 2000-2

1

Uses Sources

43

43

2

4

3

$Bil. $Bil.

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

and checks outstanding and minor miscellaneous debt transactions.

 Assumes a $40 billion cash balance, March 31, 2000.

2

1

2

1

17

2

4

3
 (Billions of Dollars)

NET MARKET BORROWING

January – March 2000

Department of Treasury

Office of Market Finance January 31, 2000-3

* Issued or announced through January 28, 2000.

Total -16.9

Done* -119.4

Bills

Regular weekly -23.2

52 week -5.3

Cash management -54.1

Coupons

7 year note -10.1

2 year note 0.1

5 year note -33.1

10 year inflation-indexed note 6.3

To Be Done 102.5
-70

-60

-50

-40

-30

-20

-10

0

10

20

30

40

50

60

70

80

90

TREASURY OPERATING CASH BALANCE

$Bil.

Daily

Department of the Treasury

Office of Market Finance January 31, 2000-4

1

Without

New

Borrowing

1 Data points are semi-monthly.

Federal Reserve Account

Tax and Loan

Total Operating Accounts Balance

Balance

1999 2000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV -140

-120

-100

-80

-60

-40

-20

0

20

40

60

80

-140

-120

-100

-80

-60

-40

-20

0

20

40

60

80

53.4

8.1

40.6

61.2

74.5

25.3

25.7

48.1

77.2

-25.7

40.3

41.3

44.6

-71.5

6.5

17.0

10.3

-97.9

-38.8

24.0

5.8

-113.8

-15.9

47.0

TREASURY NET MARKET BORROWING

$Bil.

Department of the Treasury

Office of Market Finance

$Bil.

1

January 31, 2000-5

1 Excludes Federal Reserve and Government Account Transactions.

1994 1995 1996 1997 1998 1999

Coupons

Over 10 yrs

5 - 10 yrs

2 - under 5 yrs

Bills
DISTRIBUTION OF COMPETITIVE AUCTION AWARDS OF

TREASURY NOTES

January 31, 2000-6

Department of the Treasury

Office of Market Finance

Primary Dealers

Foreign &

International

Financial Insts.

Investment

Funds

Pension Funds

Other

10-Year Fixed Rate

 May, August & November

1999 Auctions

82%

3%

10%

43%

20%

3%

5% 9%

10-Year Inflation-Indexed

January & July 1999, &

January 2000 Auctions

20%

4%

1%

Note: Investment funds include investment mgrs., mutual funds, and hedge funds.

Financial insts. include nonprimary dealers, depository insts., and insurance cos.

Other includes individuals, nonfinancial cos., and other financial cos.
DISTRIBUTION OF COMPETITIVE AUCTION AWARDS OF

TREASURY BONDS

January 31, 2000-7

Department of the Treasury

Office of Market Finance

Primary Dealers

Foreign &

International

Financial Insts.

Investment

Funds

Pension Funds

Other

30-Year Fixed Rate

 November 1998 &

February & August 1999 Auctions

67%

13%

13%

44%

18%

1%

8%

21%

30-Year Inflation-Indexed

July 1998 &

April & October 1999 Auctions

1%

8%

2%

4%

Note: Investment funds include investment mgrs., mutual funds, and hedge funds.

Financial insts. include nonprimary dealers, depository insts., and insurance cos.

Other includes individuals, nonfinancial cos., and other financial cos.
Department of the Treasury

Office of Market Finance January 31, 2000-8

1 Real Price for inflation-indexed note

Correlation: 84.4% STD IIN/STD Nominal = 0.45

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

Price $ Price $

3-7/8% IIN of 1/15/09

4-3/4% of 11/15/08

Apr May Jun Jul Aug Sep Oct Nov Dec Jan

1999 2000

PRICES FOR 10-YEAR 3-7/8% IIN AND 10-YEAR 4-3/4% FIXED-RATE NOTE

Daily Data: 4/8/99 through 1/27/00

1
Department of the Treasury

Office of Market Finance

January 31, 2000-9

80

82

84

86

88

90

92

94

96

98

100

80

82

84

86

88

90

92

94

96

98

100

1 Real Price for inflation-indexed note

Correlation: 91.9% STD IIN/STD Nominal = 0.61

Price $ Price $

3-7/8% IIB of 4/15/29

5-1/4% of 02/15/29

Apr May Jun Jul Sep Aug Oct Nov Dec Jan

1999 2000

PRICES FOR 30-YEAR 3-7/8% IIB AND 30-YEAR 5-1/4% FIXED-RATE BOND

Daily Data: 4/8/99 through 1/27/00

1
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 '20 0

50

100

150

200

NET STRIPS OUTSTANDING (1985-2000)* $Bil.

End of Quarter

Department of the Treasury

Office of Market Finance January 31, 2000-10

*Strips program began February 15, 1985.

Reconstitution began May 1, 1987.

Inflation-indexed securities had not been stripped as of January 21, 2000.
I II III IV I II III IV I II III IV I II III IV I

-10

-5

0

5

10

15

-10

-5

0

5

10

15

-7.6

-0.5 -2.2

5.7

2.5 1.5

3.3

13.8

15.3 15.3

8.4

0.8 1.3

2.4

-4.7

-1.9

-4.2

Foreign Series

State and Local Series

Savings Bonds

e estimate

$Bil. $Bil.

TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

January 31, 2000-11

Department of the Treasury

Office of Market Finance

e

1996 1997 1998 2000 1999
0

5

10

15

20

25

0

5

10

15

20

Gross Issues 25

Redemptions

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

-10

-5

0

5

10

-10

-5

0

5

10

STATE & LOCAL GOVERNMENT SERIES

$Bil.

$Bil.

$Bil.

$Bil.

Net SLGs

Department of the Treasury

Office of Market Finance January 31, 2000-12

Note: SLGS sales were suspended from October 18, 1995 to March 29, 1996.

1995 1996 1997 1998 1999
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV

0

2

4

6

8

10

12

0

2

4

6

8

10

12

7.6

7.1

8.8

6.3

7.4 7.5

11.4

9.0

7.7

7.4

10.8

9.5

4.7

3.5

4.4

3.5

4.3 4.6

5.3

4.8

4.2

1.8

2.6

1.7

$Bil. $Bil.

STATE AND LOCAL MATURITIES 2000-2005

Department of the Treasury

Office of Market Finance January 31, 2000-13

2000 2001 2002 2003 2004 2005
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

I II III IV I II III IV I II III IV I II III IV I II III IV -40

-20

0

20

40

60

80

100

-40

-20

0

20

40

60

80

100

36.6

55.5

57.9

14.9

72.9

21.6

63.7

108.9

55.5

25.1

47.8

11.1 8.9 5.5

-34.1

51.4

-2.5

-13.4

23.9

-17.7

January 31, 2000-14

Department of the Treasury

Office of Market Finance

$Bil. $Bil.

excess of foreign custody account holdings of maturing securities. Foreign add-ons prohibited

Noncompetitive awards to foreign official accounts held in custody at the Federal Reserve in

from October 18, 1995 to March 29, 1996 to avoid exceeding the debt limit.

1

2

2 Data through November 30, 1999.

1

Marketable

Net Auction Awards to Foreign

Other Transactions

1995 1996 1997 1998 1999

Nonmarketable
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

14

16

18

20

22

24

26

28

30

32

34

36

38

40

14

16

18

20

22

24

26

28

30

32

34

36

38

40

FOREIGN HOLDINGS AS A PERCENT OF TOTAL

PRIVATELY HELD PUBLIC DEBT

Quarterly

Department of the Treasury

Office of Market Finance January 31, 2000-15

Percent Percent
MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

November 30, 1999 December 31, 1998 December 31, 1997

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 $313.9 24.8% 9.9% $276.1 21.6% 8.3% $277.6 22.4% 8.2%

United Kingdom 246.1 19.5% 7.7% 264.0 20.6% 7.9% 251.3 20.2% 7.4%

Germany 96.2 7.6% 3.0% 95.1 7.4% 2.9% 93.9 7.6% 2.8%

Mainland China 50.1 4.0% 1.6% 46.4 3.6% 1.4% 47.9 3.9% 1.4%

OPEC 46.8 3.7% 1.5% 42.9 3.4% 1.3% 58.4 4.7% 1.7%

Hong Kong 45.3 3.6% 1.4% 44.2 3.5% 1.3% 35.0 2.8% 1.0%

Mexico 34.6 2.7% 1.1% 37.4 2.9% 1.1% 35.9 2.9% 1.1%

France 31.2 2.5% 1.0% 30.0 2.3% 0.9% 13.3 1.1% 0.4%

Singapore 30.1 2.4% 0.9% 43.1 3.4% 1.3% 35.2 2.8% 1.0%

Belgium-Luxemburg 29.1 2.3% 0.9% 31.5 2.5% 0.9% 26.0 2.1% 0.8%

Taiwan 27.9 2.2% 0.9% 31.3 2.4% 0.9% 33.2 2.7% 1.0%

Switzerland 25.5 2.0% 0.8% 33.7 2.6% 1.0% 28.0 2.3% 0.8%

Spain 24.5 1.9% 0.8% 41.2 3.2% 1.2% 51.7 4.2% 1.5%

Canada 18.6 1.5% 0.6% 12.4 1.0% 0.4% 11.5 0.9% 0.3%

Netherland Antilles 11.6 0.9% 0.4% 21.7 1.7% 0.7% 35.7 2.9% 1.1%

Other 232.1 18.4% 7.3% 227.7 17.8% 6.8% 207.0 16.7% 6.1%

Estimated

Foreign Total $1,263.6 100.0% 39.7% $1,278.7 100.0% 38.4% $1,241.6 100.0% 36.6%

Source: Treasury Foreign Portfolio Investment Survey benchmark as of end-year 1994

and monthly data collected under the Treasury International Capital reporting

system.

Department of the Treasury January 31, 2000-16

Office of Market Finance
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

2

4

6

8

10

2

4

6

8

10

SHORT TERM INTEREST RATES

Quarterly Averages

% %

Department of the Treasury

Office of Market Finance January 31, 2000-17

Federal

Funds

Prime Rate

3 Month

Treasury Bill Paper

Commercial

Through

January 26
Department of the Treasury

Office of Market Finance January 31, 2000-18

SHORT TERM INTEREST RATES

Weekly Averages

% %

3

4

5

6

7

8

3

4

5

6

7

8

Through

January 26

Federal Funds

Prime Rate

Commercial

Paper

3 Month

Treasury Bill

Apr May Jun Jul Aug Sep Oct Nov Dec Jan

1999 2000
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

4

5

6

7

8

9

10

4

5

6

7

8

9

10

New Aa

Corporates

30-Year Treasury

30-Year

Municipal Bonds

LONG TERM MARKET RATES

Quarterly Averages

% %

Through

January 26

Department of the Treasury

Office of Market Finance January 31, 2000-19
3

4

5

6

7

8

3

4

5

6

7

8

INTERMEDIATE TERM INTEREST RATES

Weekly Averages % %

Department of the Treasury

Office of Market Finance

Treasury 5-Year

1

2

 Salomon 10-yr. AA Industrial is a Thursday rate.

The first 10-year inflation-indexed note settled on February 6, 1997.

January 31, 2000-20

Through

1 AA 10-Year Industrial

Treasury

10-Year

2

10-Year InflationIndexed Note

FHLMC 30-Year

Conventional

Apr May Jun Jul Aug Sep Oct Nov Dec Jan

1999 2000

January 26
0 1 2 3 4 5 6 7 8 9 10

5.0

5.5

6.0

6.5

5.0

5.5

6.0

6.5

MARKET YIELDS ON GOVERNMENTS

% %

Years to Maturity

November 1, 1999

January 31, 2000-21 Department of the Treasury

Office of Market Finance

10 12 14 16 18 20 22 24 26 28 30

6.0

6.5

6.0

6.5

% %

January 31, 2000
560.6

448.7

434.6

870.9

472.5

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

As of December 31

January 31, 2000-22

Department of the Treasury

Office of Market Finance

$Bil.

June 30, 1994

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

0

500

1,000

1,500

2,000

2,500

3,000

Bills

1 year & under

1-2 years

2-10 years

Over 10 years

2,787.1
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

As of December 31

1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

100%

Percent Distribution By Maturity

Department of the Treasury

Office of Market Finance January 31, 2000-23

Coupons Over 10 years

2-10 years

1-2 years

1 year & under

Bills

17

31

16

20

16

80

60

40

20

0
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

Years

June 1947

5 Months

10 Years

5 Months

2 Years

December 1975

January 31, 2000-24

Department of the Treasury

Office of Market Finance

10

9

8

7

6

5

4

3

2

1

J FMAMJ J ASOND 64

66

68

70

Months December 31, 1999

5 Years, 6 Months

1945 49 51 53 55 57 59 67 69 73 61 63 65 71 79 75 77 81 83 85 87 89 91 93 95 97 99

1 Excludes inflation-indexed securities; including IIS the average length was 5 years, 10 months.

 as of December 31, 1999.
⁄

⁄

Foreign

Investors

Total Maturing Coupons

Federal Reserve Private

Investors

December 31, 1999

MATURING COUPON ISSUES

November 1999 — March 2000

(in millions of dollars)

Held by

Totals

Department of the Treasury

Office of Market Finance January 31, 2000-25

1

10,673

20,421

12,496

17,776

13,188

17,026

10,535

12,433

15,634

10,496

20,763

4,224

12,752

16,580

12,464

14,939

222,400

100

3,594

809

1,673

1,464

2,093

1,226

1,862

3,367

49

5,532

0

1,681

4,469

3,783

2,471

34,171

9,369

18,255

10,833

16,221

11,771

14,928

9,967

10,713

13,485

10,010

17,836

2,047

11,138

14,356

10,893

13,401

195,223

1,304

2,166

1,663

1,555

1,417

2,098

568

1,720

2,149

486

2,927

2,177

1,614

2,224

1,571

1,538

27,177

F.R.B. custody accounts for foreign official institutions; included in Private Investors.

On January 14, Treasury announced the call for redemption at par on May 15, 2000 the 8 1/4%

2000-05, issued May 15, 1975, due May 15, 2005 (CUSIP NO. 912810BU1).

Government account holdings included.

1

8 1/2%

5 7/8%

7 1/8%

5 1/2%

6 7/8%

5 1/2%

5 1/2%

6 3/4%

5 5/8%

8 7/8%

6 3/8%

8 1/4%

6 1/4%

5 1/2%

5 7/8%

5 3/8%

Note

Note

Note

Note

Note

Note

Note

Note

Note

Note

Note

Bond

Note

Note

Note

Note

02/15/00

02/15/00

02/29/00

02/29/00

03/31/00

03/31/00

04/15/00

04/30/00

04/30/00

05/15/00

05/15/00

05/31/00

05/31/00

05/31/00

06/30/00

06/30/00

⁄

2 ⁄ 3

⁄ 2

⁄ 3
0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

36

38

27.627.1 26.9

10.0

24.2

29.9

25.5 24.3

27.325.1

27.7 28.0 28.7

24.3

28.6 28.4

J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

36

38

29.0

25.2

28.6

30.8 30.4

22.8

29.1 28.6 29.5

12.1

29.6 29.7 30.2

22.3

29.6

27.0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills $Bil.

Department of the Treasury

Office of Market Finance January 31, 2000-26

2000

2001

Issued or announced through January 28, 2000

Securities issued prior to 1998

New issues calendar year 1998

New issues calendar year 1999
J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

36

38

40

42

44

46

48

12.0

23.3

11.9 12.7

10.8

2.8

11.8 11.8

45.5

26.9

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

36

38

28.1

35.3 32.4

38.8

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

27.5

4.2

12.4 12.5 12.5

10.1

11.9 11.7

16.8

11.4

20.5

11.7 12.1

10.9

3.5

10.8 11.1

J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

36

38

40

42

14.0

18.1

20.9

16.7

$Bil. $Bil.

2005

Department of the Treasury

Office of Market Finance January 31, 2000-27

2002 2004

2003

New issues calendar year 1998 Issued or announced through January 28, 2000

Securities issued prior to 1998 New issues calendar year 1999
J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

18

20

22

24

26

16.1

12.2

23.1

11.7

22.6

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil. $Bil.

Department of the Treasury

Office of Market Finance January 31, 2000-28

2008

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

15.5

16.9

28.2

4.8

2009

0

2

4

6

8

10

12

14

16

18

20

22

24

6.0

2010

0

2

4 2011

0

2

4 2012

0

2

4 2013

J FMAMJ J ASOND

0

2

4 2014

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

18.0 17.5

19.5

19.4

3.9

2006

0

2

4

6

8

10

12

14

16

18

20

22

24

26

15.7

12.1 12.0

22.0

9.4

2007

New issues calendar year 1998 Issued or announced through January 28, 2000

Securities issued prior to 1998 New issues calendar year 1999
0

2

4

6

8

10

12

14

16

18

20

22

17.6 18.4

2019

0

2

4

6

8

10

12

14

16

18

20

22

24

26

6.2

17.7 17.5

J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

10.3 10.6 10.6

30.1

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil. $Bil.

Department of the Treasury

Office of Market Finance January 31, 2000-29

0

2

4

6

8

10

12

14

16

18

20

15.7

12.1

2017

J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

7.5 8.5

2018

0

2

4

6

8

10

12

14

16

18

20

22

8.9 8.8

19.9

2021

2020

2016

0

2

4

6

8

10

12

14

16

11.0

6.0 6.0

2015

New issues calendar year 1998 Issued or announced through January 28, 2000

Securities issued prior to 1998 New issues calendar year 1999
0

2

4

6

8

10

12 10.6 10.9

J FMAMJ J ASOND

0

2

4

6

8

10

12 11.9 9.5 9.9 2026

0

2

4

6

8

10

12

14

16

10.0

14.3

10.1

0

2

4

6

8

10

12

14

16

18

20

22

24

16.1

21.4

0

2

4

6

8

10

12

9.5 9.2

0

2

4

6

8

10

12

14

16

18 16.7

10.0 10.0

2028

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil. $Bil.

Department of the Treasury

Office of Market Finance January 31, 2000-30

0

2

4

6

8

10

12

14

16

18

20

9.8 9.5

19.7 2027

2023

2022

2025

2029

0

2

4

6

8

10

12 10.1 2024

J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

18

2030

Issued or announced through January 28, 2000

Securities issued prior to 1998

New issues calendar year 1998

New issues calendar year 1999