Treasury Financing Requirements

($ Billions)

J

 (Projected) (Actuals) 

Deficit Funding (Def + / Surplus -) -10 -45 

Means of Financing

Change in Cash Balance 2 -11 Net Non-Marketable Financing 16 24 Net Marketable Financing -42 -79 Other* 14 21 

Net Marketable Financing -42 -79 

Bills -136Nominal Notes 46TIPS 18Bonds -7

Notes:Starting Cash Balance 22 22 Ending Cash Balance 20 33 

* Includes direct loan activity, changes in accrued interest, checks outstanding, minor miscellaneous transactions, discount and inflatNote: Totals may not add due to rounding.

 April - June 2005 
Maturing Coupons Coupon 

Date (Excluding SOMA holdings) Payments 

2005

August 15 18.6 24.7 August 31 23.2 1.5 

September 15 0 1.0 September 30 25.0 1.5 

October 15 0 2.6 October 31 25.8 1.6 

(in dollar billions)

Marketable Treasury Coupon Flows
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 10/28/2004 31.4

10/29/2002 29.1 10/29/2003 26.9 10/29/2004 48.1

10/30/2002 30.3 10/30/2003 36.0 11/1/2004 35.1

10/31/2002 43.7 10/31/2003 35.0 11/2/2004 34.1

11/1/2002 10.6 11/3/2003 14.0 11/3/2004 14.9

11/4/2002 14.0 11/4/2003 10.5 11/4/2004 23.3

11/5/2002 7.5 11/5/2003 11.5 11/5/2004 19.9

11/6/2002 11.0 11/6/2003 14.3 11/8/2004 21.1

11/7/2002 13.8 11/7/2003 11.6 11/9/2004 16.4

11/8/2002 11.9 11/10/2003 11.6 11/10/2004 12.9

11/11/2002 11.9 11/11/2003 11.6 11/11/2004 12.9

11/12/2002 12.4 11/12/2003 6.0 11/12/2004 28.9

11/13/2002 10.1 11/13/2003 5.9 11/15/2004 10.5

11/14/2002 18.5 11/14/2003 5.5 11/16/2004 13.4

11/15/2002 27.1 11/17/2003 22.7 11/17/2004 10.5

11/18/2002 34.8 11/18/2003 20.2 11/18/2004 6.3

11/19/2002 32.0 11/19/2003 19.6 11/19/2004 5.1

11/20/2002 30.5 11/20/2003 18.7 11/22/2004 6.0

11/21/2002 30.4 11/21/2003 16.9 11/23/2004 18.1

11/22/2002 27.7 11/24/2003 17.2 11/24/2004 14.1

11/25/2002 29.1 11/25/2003 12.4 11/25/2004 14.1

11/26/2002 28.0 11/26/2003 12.2 11/26/2004 20.6

11/27/2002 27.4 11/27/2003 12.2 11/29/2004 24.3

11/28/2002 27.4 11/28/2003 21.4 11/30/2004 18.0

11/29/2002 30.9 12/1/2003 9.1 12/1/2004 7.6

12/2/2002 27.4 12/2/2003 6.6 12/2/2004 8.5

12/3/2002 6.0 12/3/2003 17.7 12/3/2004 7.4

12/4/2002 4.6 12/4/2003 14.9 12/6/2004 7.0

12/5/2002 5.1 12/5/2003 10.8 12/7/2004 15.5

12/6/2002 3.1 12/8/2003 12.3 12/8/2004 12.3

12/9/2002 5.0 12/9/2003 7.6 12/9/2004 5.4

12/10/2002 14.4 12/10/2003 6.2 12/10/2004 6.4

12/11/2002 14.1 12/11/2003 3.6 12/13/2004 11.4

12/12/2002 7.1 12/12/2003 5.5 12/14/2004 13.7

12/13/2002 10.3 12/15/2003 41.6 12/15/2004 39.8

12/16/2002 35.0 12/16/2003 46.4 12/16/2004 33.6

12/17/2002 35.2 12/17/2003 45.3 12/17/2004 32.8

12/18/2002 35.8 12/18/2003 30.4 12/20/2004 36.2

12/19/2002 28.3 12/19/2003 32.5 12/21/2004 35.1

12/20/2002 27.9 12/22/2003 37.5 12/22/2004 34.6

12/23/2002 32.0 12/23/2003 34.5 12/23/2004 24.5

12/24/2002 27.2 12/24/2003 32.8 12/24/2004 26.9

12/25/2002 27.2 12/25/2003 32.8 12/27/2004 31.9

12/26/2002 23.5 12/26/2003 22.1 12/28/2004 30.5

12/27/2002 25.9 12/29/2003 29.8 12/29/2004 34.8

12/30/2002 33.5 12/30/2003 32.8 12/30/2004 20.0

12/31/2002 33.0 12/31/2003 33.2 12/31/2004 24.7

1/1/2003 33.0 1/1/2004 33.2 1/3/2005 20.5

1/2/2003 33.8 1/2/2004 13.9 1/4/2005 16.8

1/3/2003 11.3 1/5/2004 15.9 1/5/2005 21.0

1/6/2003 13.4 1/6/2004 11.9 1/6/2005 10.2

1/7/2003 11.6 1/7/2004 15.8 1/7/2005 8.4

1/8/2003 10.1 1/8/2004 6.5 1/10/2005 13.7

1/9/2003 4.8 1/9/2004 7.5 1/11/2005 12.4

1/10/2003 7.1 1/12/2004 11.6 1/12/2005 10.6

1/13/2003 11.6 1/13/2004 11.3 1/13/2005 10.8
1/14/2003 14.6 1/14/2004 12.8 1/14/2005 10.9

1/15/2003 8.0 1/15/2004 21.7 1/17/2005 10.9

1/16/2003 7.3 1/16/2004 30.0 1/18/2005 28.1

1/17/2003 10.5 1/19/2004 30.0 1/19/2005 38.3

1/20/2003 10.5 1/20/2004 35.9 1/20/2005 36.3

1/21/2003 17.2 1/21/2004 51.0 1/21/2005 42.8

1/22/2003 32.1 1/22/2004 51.0 1/24/2005 52.2

1/23/2003 30.9 1/23/2004 52.0 1/25/2005 52.8

1/24/2003 29.9 1/26/2004 57.0 1/26/2005 54.8

1/27/2003 35.3 1/27/2004 55.3 1/27/2005 50.0

1/28/2003 32.8 1/28/2004 54.7 1/28/2005 44.8

1/29/2003 36.5 1/29/2004 56.1 1/31/2005 61.3

1/30/2003 35.7 1/30/2004 42.5 2/1/2005 49.3

1/31/2003 31.2 2/2/2004 45.4 2/2/2005 53.0

2/3/2003 12.9 2/3/2004 21.0 2/3/2005 29.7

2/4/2003 8.5 2/4/2004 22.7 2/4/2005 20.5

2/5/2003 9.5 2/5/2004 30.5 2/7/2005 23.0

2/6/2003 18.5 2/6/2004 18.6 2/8/2005 19.2

2/7/2003 5.2 2/9/2004 22.3 2/9/2005 15.8

2/10/2003 8.1 2/10/2004 19.1 2/10/2005 24.6

2/11/2003 5.3 2/11/2004 17.8 2/11/2005 5.0

2/12/2003 4.1 2/12/2004 29.9 2/14/2005 4.5

2/13/2003 13.1 2/13/2004 9.9 2/15/2005 14.7

2/14/2003 6.5 2/16/2004 9.9 2/16/2005 20.6

2/17/2003 6.5 2/17/2004 25.1 2/17/2005 29.0

2/18/2003 13.2 2/18/2004 20.5 2/18/2005 12.7

2/19/2003 9.5 2/19/2004 34.3 2/21/2005 12.7

2/20/2003 21.3 2/20/2004 16.9 2/22/2005 18.5

2/21/2003 6.8 2/23/2004 22.1 2/23/2005 13.5

2/24/2003 10.8 2/24/2004 18.7 2/24/2005 30.7

2/25/2003 7.3 2/25/2004 16.9 2/25/2005 17.2

2/26/2003 6.1 2/26/2004 25.1 2/28/2005 19.6

2/27/2003 18.5 2/27/2004 16.7 3/1/2005 7.0

2/28/2003 8.6 3/1/2004 9.9 3/2/2005 10.1

3/3/2003 14.8 3/2/2004 8.8 3/3/2005 11.8

3/4/2003 11.5 3/3/2004 14.9 3/4/2005 3.4

3/5/2003 11.1 3/4/2004 18.2 3/7/2005 6.6

3/6/2003 16.1 3/5/2004 9.2 3/8/2005 15.4

3/7/2003 9.2 3/8/2004 12.8 3/9/2005 10.8

3/10/2003 12.5 3/9/2004 9.6 3/10/2005 15.4

3/11/2003 9.1 3/10/2004 7.0 3/11/2005 6.2

3/12/2003 7.0 3/11/2004 13.0 3/14/2005 14.8

3/13/2003 14.3 3/12/2004 8.1 3/15/2005 35.2

3/14/2003 9.1 3/15/2004 30.1 3/16/2005 43.6

3/17/2003 10.7 3/16/2004 35.4 3/17/2005 48.9

3/18/2003 8.3 3/17/2004 32.9 3/18/2005 43.0

3/19/2003 4.4 3/18/2004 37.3 3/21/2005 47.5

3/20/2003 14.0 3/19/2004 32.4 3/22/2005 44.8

3/21/2003 8.3 3/22/2004 34.0 3/23/2005 42.0

3/24/2003 11.2 3/23/2004 30.1 3/24/2005 41.2

3/25/2003 10.0 3/24/2004 26.4 3/25/2005 34.2

3/26/2003 6.2 3/25/2004 25.7 3/28/2005 36.1

3/27/2003 7.2 3/26/2004 18.3 3/29/2005 34.4

3/28/2003 5.1 3/29/2004 21.5 3/30/2005 34.2

3/31/2003 13.3 3/30/2004 17.8 3/31/2005 22.4

4/1/2003 5.1 3/31/2004 21.3 4/1/2005 10.2

4/2/2003 6.4 4/1/2004 4.9 4/4/2005 14.6

4/3/2003 11.5 4/2/2004 5.6 4/5/2005 9.7

4/4/2003 7.5 4/5/2004 4.6 4/6/2005 12.4

4/7/2003 9.0 4/6/2004 6.8 4/7/2005 12.8

4/8/2003 6.8 4/7/2004 9.5 4/8/2005 6.3

4/9/2003 11.2 4/8/2004 14.4 4/11/2005 10.1

4/10/2003 9.1 4/9/2004 9.8 4/12/2005 13.0

4/11/2003 5.2 4/12/2004 10.7 4/13/2005 12.5

4/14/2003 11.2 4/13/2004 11.5 4/14/2005 5.4

4/15/2003 7.9 4/14/2004 15.9 4/15/2005 18.4

4/16/2003 16.2 4/15/2004 20.7 4/18/2005 27.7

4/17/2003 6.6 4/16/2004 27.3 4/19/2005 46.9

4/18/2003 12.1 4/19/2004 19.8 4/20/2005 55.6

4/21/2003 22.8 4/20/2004 30.3 4/21/2005 41.9

4/22/2003 16.6 4/21/2004 38.1 4/22/2005 45.0

4/23/2003 21.9 4/22/2004 30.5 4/25/2005 59.5

4/24/2003 15.5 4/23/2004 30.7 4/26/2005 80.3

4/25/2003 15.0 4/26/2004 42.8 4/27/2005 84.6

4/28/2003 13.6 4/27/2004 52.2 4/28/2005 72.8

4/29/2003 13.3 4/28/2004 53.8 4/29/2005 76.4

4/30/2003 28.4 4/29/2004 44.9 5/2/2005 83.2
5/1/2003 12.7 4/30/2004 40.4 5/3/2005 67.3

5/2/2003 19.2 5/3/2004 20.3 5/4/2005 71.2

5/5/2003 20.3 5/4/2004 17.2 5/5/2005 51.4

5/6/2003 22.2 5/5/2004 19.5 5/6/2005 49.7

5/7/2003 24.4 5/6/2004 19.6 5/9/2005 53.2

5/8/2003 13.3 5/7/2004 16.2 5/10/2005 49.5

5/9/2003 9.6 5/10/2004 17.1 5/11/2005 46.5

5/12/2003 11.0 5/11/2004 13.2 5/12/2005 31.1

5/13/2003 10.5 5/12/2004 11.3 5/13/2005 28.2

5/14/2003 9.1 5/13/2004 15.0 5/16/2005 30.8

5/15/2003 9.1 5/14/2004 13.7 5/17/2005 30.5

5/16/2003 12.4 5/17/2004 23.3 5/18/2005 27.8

5/19/2003 12.5 5/18/2004 20.7 5/19/2005 21.2

5/20/2003 6.9 5/19/2004 18.2 5/20/2005 18.4

5/21/2003 9.7 5/20/2004 22.8 5/23/2005 20.7

5/22/2003 15.4 5/21/2004 20.5 5/24/2005 15.6

5/23/2003 11.5 5/24/2004 21.7 5/25/2005 12.7

5/26/2003 11.5 5/25/2004 16.6 5/26/2005 13.6

5/27/2003 8.2 5/26/2004 13.4 5/27/2005 14.6

5/28/2003 4.9 5/27/2004 15.2 5/30/2005 14.6

5/29/2003 16.8 5/28/2004 15.9 5/31/2005 16.6

5/30/2003 7.5 5/31/2004 15.9 6/1/2005 9.5

6/2/2003 9.0 6/1/2004 3.5 6/2/2005 12.6

6/3/2003 6.9 6/2/2004 1.6 6/3/2005 5.6

6/4/2003 6.8 6/3/2004 12.1 6/6/2005 4.9

6/5/2003 12.7 6/4/2004 8.2 6/7/2005 11.2

6/6/2003 9.0 6/7/2004 8.1 6/8/2005 8.0

6/9/2003 10.6 6/8/2004 3.7 6/9/2005 5.0

6/10/2003 8.3 6/9/2004 5.9 6/10/2005 5.7

6/11/2003 7.6 6/10/2004 8.8 6/13/2005 11.3

6/12/2003 25.7 6/11/2004 7.2 6/14/2005 17.9

6/13/2003 7.1 6/14/2004 10.9 6/15/2005 49.3

6/16/2003 25.6 6/15/2004 41.6 6/16/2005 45.5

6/17/2003 30.4 6/16/2004 47.1 6/17/2005 46.7

6/18/2003 33.0 6/17/2004 39.6 6/20/2005 52.5

6/19/2003 27.7 6/18/2004 42.8 6/21/2005 63.0

6/20/2003 31.4 6/21/2004 49.8 6/22/2005 64.2

6/23/2003 37.3 6/22/2004 53.4 6/23/2005 44.1

6/24/2003 34.2 6/23/2004 53.1 6/24/2005 44.0

6/25/2003 34.2 6/24/2004 37.9 6/27/2005 49.7

6/26/2003 21.0 6/25/2004 38.6 6/28/2005 46.9

6/27/2003 21.5 6/28/2004 43.8 6/29/2005 51.8

6/30/2003 30.0 6/29/2004 43.3 6/30/2005 33.2

7/1/2003 13.5 6/30/2004 44.6 7/1/2005 10.1

7/2/2003 15.2 7/1/2004 9.5 7/4/2005 10.1

7/3/2003 13.1 7/2/2004 8.4 7/5/2005 11.9

7/7/2003 17.6 7/5/2004 8.4 7/6/2005 9.1

7/8/2003 12.7 7/6/2004 7.3 7/7/2005 6.8

7/9/2003 13.0 7/7/2004 3.5 7/8/2005 6.1

7/10/2003 10.2 7/8/2004 5.8 7/11/2005 7.9

7/11/2003 9.8 7/9/2004 5.0 7/12/2005 7.7

7/14/2003 16.3 7/12/2004 8.1 7/13/2005 5.3

7/15/2003 24.9 7/13/2004 4.7 7/14/2005 11.4

7/16/2003 29.0 7/14/2004 5.6 7/15/2005 14.4

7/17/2003 26.4 7/15/2004 10.2 7/18/2005 23.1

7/18/2003 26.2 7/16/2004 14.4 7/19/2005 19.7

7/21/2003 27.8 7/19/2004 16.6 7/20/2005 19.9

7/22/2003 24.1 7/20/2004 13.2 7/21/2005 25.4

7/23/2003 22.9 7/21/2004 12.6 7/22/2005 27.3

7/24/2003 20.2 7/22/2004 24.4 7/25/2005 31.4

7/25/2003 20.4 7/23/2004 24.7 7/26/2005 29.3

7/28/2003 24.0 7/26/2004 27.9 7/27/2005 26.7

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
Treasury Net Market Borrowing 

<5

Bills 2-under 5 years 5-10 years Over 10 yearsBuybacks Coupons Totals

Calendar Year Quarters $ billions Total check

1997 1Q 8.1 13.5 17.3 5.7 36.5 44.6 44.6

2Q -81.4 0.6 9.3 0.0 9.9 -71.5 -71.5

3Q -2.2 -0.8 6.4 3.1 8.7 6.5 6.5

4Q 13.5 -2.1 3.0 2.6 3.5 17.0 17.0

1998 1Q 4.7 -14.1 16.9 2.8 5.6 10.3 10.3

2Q -79.0 -18.6 -8.7 8.4 -18.9 -97.9 -97.9

3Q -3.5 -9.3 -37.1 11.1 -35.3 -38.8 -38.8

4Q 53.3 -5.9 -26.5 3.1 -29.3 24.0 24.0

1999 1Q 34.5 -1.8 -29.4 2.5 -28.7 5.8 5.8

2Q -77.7 -0.1 -43.4 7.4 -36.1 -113.8 -113.8

3Q 5.3 3.4 -27.4 2.8 -21.2 -15.9 -15.9

4Q 83.9 0.6 -44.9 7.4 -36.9 47.0 47.0

I-00 1Q 16.2 -1.6 -34.7 2.0 -2.0 -36.3 -20.1 -20.1

II 2Q -123.4 -5.5 -49.5 -2.7 -11.0 -68.7 -192.1 -192.1

III 3Q -13.8 -26.6 -4.8 5.8 -8.3 -33.9 -47.7 -47.7

IV 4Q 30.7 -30.9 -22.1 5.0 -8.8 -56.8 -26.1 -26.1

I-01 1Q 65.2 -29.2 -19.5 9.4 -8.0 -47.3 17.8 17.9

II 2Q -92.0 -34.1 -26.4 -1.8 -9.3 -71.6 -163.4 -163.6

III 3Q 114.8 -10.3 -26.1 3.8 -7.8 -40.4 74.4 74.4

IV 4Q 76.4 65.7 -84.7 3.3 -8.5 -24.2 52.1 52.1

I-02 1Q 23.2 26.6 8.7 -6.0 0.0 29.3 52.5 52.5

II 2Q -11.9 49.3 -18.3 0.0 -4.0 27.1 15.1 15.1

III 3Q 45.8 76.9 -38.5 0.0 0.0 38.4 84.2 84.2

IV 4Q 20.5 68.6 -2.3 -4.2 0.0 62.0 82.6 82.6

I-03 1Q 66.3 59.6 -11.5 -3.0 0.0 45.0 111.3 111.3

II 2Q -27.3 78.1 12.8 -3.2 0.0 87.6 60.3 60.3

III 3Q -9.6 62.7 34.0 -5.6 0.0 91.1 81.5 81.5

IV 4Q 10.6 44.1 71.2 -12.5 0.0 102.8 113.4 113.4

I-04 1Q 56.2 30.9 58.7 0.0 0.0 89.7 145.9 145.9

II 2Q -38.2 25.8 52.0 -8.4 0.0 69.4 31.3 31.3

III 3Q 14.7 16.7 50.6 7.0 0.0 74.3 89.0 89.0

IV 4Q 41.7 20.4 48.2 -12.5 0.0 56.1 97.8 97.8

I-05 1Q 55.9 12.5 67.0 8.7 0.0 88.2 144.2 144.2

II 2Q -135.7 17.5 46.9 -7.2 0.0 57.1 -78.5 -78.5
Treasury Quarterly Net Borrowing From NonMarketable Issues 

Calendar Year $ billions

Quarter Savings Bonds Foreign Series State and Local Govt. 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

IV -1.4 0.0 2.5 1.1

I 05 -1.9 0.2 18.3 16.6 2005

II -1.7 -1.6 27.7 24.4
Year Outlays Revenue GDP Growth Net Interest

1960 17.8 17.9 5.4 1.3

1961 18.4 17.8 2.5 1.3

1962 18.8 17.6 6.9 1.2

1963 18.6 17.8 5.5 1.3

1964 18.5 17.6 7.0 1.3

1965 17.2 17.0 7.3 1.3

1966 17.9 17.4 9.6 1.2

1967 19.4 18.3 7.8 1.3

1968 20.6 17.7 6.8 1.3

1969 19.4 19.7 9.5 1.3

1970 19.3 19.0 6.7 1.4

1971 19.5 17.3 6.7 1.4

1972 19.6 17.6 9.1 1.3

1973 18.8 17.7 11.0 1.3

1974 18.7 18.3 10.1 1.5

1975 21.3 17.9 8.4 1.5

1976 21.4 17.2 11.3 1.5

1976.5 21.0 17.8 11.3 1.5

1977 20.7 18.0 13.7 1.5

1978 20.7 18.0 12.3 1.6

1979 20.2 18.5 12.8 1.7

1980 21.7 19.0 9.0 1.9

1981 22.2 19.6 12.0 2.3

1982 23.1 19.1 5.7 2.6

1983 23.5 17.5 6.6 2.6

1984 22.2 17.4 11.6 2.9

1985 22.9 17.7 7.8 3.1

1986 22.4 17.4 6.5 3.1

1987 21.6 18.4 5.3 3.0

1988 21.3 18.2 7.8 3.0

1989 21.2 18.4 7.8 3.1

1990 21.8 18.0 6.2 3.2

1991 22.3 17.8 3.5 3.3

1992 22.1 17.5 5.1 3.2

1993 21.4 17.6 5.4 3.0

1994 21.0 18.1 5.9 2.9

1995 20.7 18.5 5.2 3.2

1996 20.3 18.9 5.0 3.1

1997 19.6 19.3 6.3 3.0

1998 19.2 20.0 5.4 2.8

1999 18.7 20.0 5.8 2.5

2000 18.4 20.9 6.4 2.3

2001 18.5 19.8 3.6 2.0

2002 19.4 17.8 3.3 1.6

2003 19.9 16.4 4.3 1.4

2004 19.8 16.3 6.6 1.4

2005 19.9 17.2 7.7 1.5

2006 19.6 17.3 5.6 1.6

2007 19.2 17.5 5.5 1.6

2008 18.9 17.8 5.4 1.7

2009 18.7 17.8 5.3 1.7

2010 18.7 18.0 5.3 1.7

Estimate

Source: OMB MSR FY 2006

Drivers of Financing Needs

Percentage of GDP 
Net Marketable Borrowing and Hypothetical Auction Size % Change

Auction Size Net Borrowing

9/30/2005 234

9/30/2006 9.96% 355

9/30/2007 3.31% 259

9/30/2008 -1.52% 189

9/30/2009 4.77% 184

9/30/2010 2.02% 192
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

(months) (months)

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 33.83 55.08

12/31/04 33.41 54.31

3/31/05 36.81 53.34

6/30/05 36.77 54.73

9/30/05 36 54 Projected

9/30/06 37 52

9/30/07 37 50

9/30/08 37 49

9/30/09 37 48

9/30/10 37 47
Percentage Breakdown of Annual Issuance

ISSUANCE

Date Bills 2-3 yrs 4-7 yrs 10 yrs Bonds TIPS

12/31/80 61.2% 20.5% 10.8% 2.9% 4.6% 0.0%

3/31/81 61.6% 20.0% 10.7% 3.5% 4.3% 0.0%

6/30/81 61.2% 19.6% 11.7% 3.2% 4.2% 0.0%

9/30/81 61.0% 19.2% 12.6% 2.9% 4.3% 0.0%

12/31/81 62.7% 19.3% 11.3% 2.7% 4.0% 0.0%

3/31/82 61.3% 21.4% 10.5% 2.6% 4.1% 0.0%

6/30/82 61.2% 22.8% 9.7% 3.3% 3.0% 0.0%

9/30/82 61.0% 21.6% 11.5% 3.5% 2.4% 0.0%

12/31/82 61.3% 22.1% 11.0% 3.6% 2.1% 0.0%

3/31/83 60.0% 22.4% 11.4% 3.8% 2.4% 0.0%

6/30/83 58.0% 22.5% 12.4% 3.6% 3.5% 0.0%

9/30/83 58.1% 23.0% 10.8% 3.6% 4.4% 0.0%

12/31/83 57.0% 23.3% 10.7% 3.8% 5.2% 0.0%

3/31/84 57.0% 23.1% 10.5% 4.0% 5.4% 0.0%

6/30/84 55.4% 23.9% 10.9% 4.1% 5.7% 0.0%

9/30/84 56.4% 23.3% 10.7% 3.9% 5.6% 0.0%

12/31/84 55.7% 22.4% 12.6% 3.8% 5.6% 0.0%

3/31/85 56.4% 22.4% 11.6% 3.8% 5.7% 0.0%

6/30/85 55.7% 22.7% 11.8% 3.9% 5.9% 0.0%

9/30/85 54.9% 22.9% 11.9% 4.1% 6.1% 0.0%

12/31/85 55.1% 22.8% 11.8% 4.1% 6.2% 0.0%

3/31/86 53.9% 22.7% 12.8% 4.2% 6.3% 0.0%

6/30/86 53.7% 22.9% 12.9% 4.5% 6.0% 0.0%

9/30/86 54.0% 23.0% 12.7% 4.7% 5.6% 0.0%

12/31/86 54.6% 23.3% 11.9% 5.0% 5.2% 0.0%

3/31/87 53.0% 24.5% 12.3% 5.3% 4.9% 0.0%

6/30/87 51.8% 25.2% 12.7% 5.4% 5.0% 0.0%

9/30/87 53.5% 24.7% 11.7% 5.2% 4.9% 0.0%

12/31/87 54.4% 24.0% 12.3% 5.1% 4.2% 0.0%

3/31/88 53.8% 24.2% 12.7% 5.1% 4.3% 0.0%

6/30/88 52.8% 24.8% 12.8% 5.2% 4.4% 0.0%

9/30/88 53.9% 24.3% 13.4% 5.3% 3.0% 0.0%

12/31/88 55.4% 24.3% 11.3% 5.4% 3.6% 0.0%

3/31/89 54.6% 24.0% 12.4% 5.3% 3.6% 0.0%

6/30/89 53.5% 24.4% 12.8% 5.5% 3.8% 0.0%

9/30/89 52.9% 24.6% 12.0% 5.4% 5.2% 0.0%

12/31/89 53.1% 24.1% 12.6% 5.2% 5.0% 0.0%

3/31/90 53.9% 24.4% 11.4% 5.3% 5.1% 0.0%

6/30/90 54.4% 24.3% 11.2% 5.1% 4.9% 0.0%

9/30/90 54.9% 23.8% 11.7% 4.9% 4.7% 0.0%

12/31/90 56.6% 22.6% 11.9% 4.6% 4.4% 0.0%

3/31/91 55.7% 23.2% 12.1% 4.6% 4.4% 0.0%

6/30/91 53.2% 24.1% 13.2% 4.8% 4.6% 0.0%

9/30/91 54.1% 23.1% 13.7% 4.6% 4.5% 0.0%

12/31/91 54.3% 23.1% 13.5% 4.6% 4.5% 0.0%

3/31/92 53.7% 23.2% 14.3% 4.5% 4.3% 0.0%

6/30/92 54.5% 22.9% 14.4% 4.3% 4.0% 0.0%

9/30/92 54.6% 23.1% 14.5% 4.1% 3.7% 0.0%
12/31/92 55.3% 22.7% 14.6% 3.9% 3.5% 0.0%

3/31/93 53.8% 23.3% 15.4% 4.0% 3.5% 0.0%

6/30/93 53.4% 23.6% 15.7% 4.0% 3.3% 0.0%

9/30/93 55.3% 23.0% 14.4% 3.9% 3.3% 0.0%

12/31/93 56.7% 23.3% 13.5% 4.1% 2.4% 0.0%

3/31/94 56.5% 24.0% 12.8% 4.2% 2.5% 0.0%

6/30/94 57.1% 24.6% 12.0% 4.4% 1.8% 0.0%

9/30/94 56.3% 25.2% 12.1% 4.5% 1.8% 0.0%

12/31/94 57.5% 24.6% 11.7% 4.3% 1.8% 0.0%

3/31/95 57.9% 24.4% 11.6% 4.3% 1.8% 0.0%

6/30/95 57.9% 24.3% 11.6% 4.4% 1.8% 0.0%

9/30/95 57.6% 24.5% 11.5% 4.5% 1.9% 0.0%

12/31/95 58.0% 24.1% 11.5% 4.5% 1.9% 0.0%

3/31/96 58.4% 23.7% 11.4% 4.6% 1.9% 0.0%

6/30/96 57.7% 24.2% 11.6% 4.6% 1.9% 0.0%

9/30/96 56.5% 24.6% 12.0% 5.2% 1.8% 0.0%

12/31/96 55.7% 24.4% 12.0% 5.5% 2.5% 0.0%

3/31/97 55.0% 24.6% 12.2% 5.4% 2.4% 0.5%

6/30/97 53.3% 24.9% 12.7% 5.5% 2.5% 1.2%

9/30/97 54.2% 24.0% 12.6% 4.8% 2.5% 1.9%

12/31/97 55.0% 23.3% 12.4% 4.2% 2.6% 2.6%

3/31/98 54.8% 22.8% 12.6% 4.3% 2.7% 2.7%

6/30/98 54.4% 22.4% 13.0% 4.6% 2.8% 2.9%

9/30/98 55.6% 22.0% 11.8% 4.7% 3.0% 2.9%

12/31/98 58.7% 20.9% 10.1% 4.6% 2.9% 2.9%

3/31/99 58.6% 21.8% 8.7% 4.8% 3.1% 3.1%

6/30/99 59.5% 22.3% 7.0% 4.9% 3.2% 3.1%

9/30/99 60.9% 21.7% 6.6% 4.9% 3.0% 2.9%

12/31/99 62.6% 21.2% 6.6% 4.8% 2.0% 2.8%

3/31/00 62.6% 21.2% 6.5% 5.1% 2.1% 2.6%

6/30/00 62.7% 21.4% 6.6% 5.0% 2.2% 2.1%

9/30/00 64.0% 20.9% 6.4% 5.0% 1.8% 1.9%

12/31/00 66.4% 19.5% 6.0% 4.7% 1.7% 1.7%

3/31/01 67.0% 18.9% 5.9% 4.7% 1.7% 1.7%

6/30/01 66.5% 18.9% 6.2% 4.9% 1.8% 1.7%

9/30/01 69.5% 17.8% 5.3% 4.3% 1.6% 1.5%

12/31/01 68.9% 19.1% 5.0% 4.3% 1.4% 1.4%

3/31/02 67.0% 22.1% 5.1% 4.1% 0.4% 1.3%

6/30/02 63.2% 25.7% 5.5% 4.0% 0.4% 1.2%

9/30/02 61.5% 26.8% 6.0% 4.2% 0.0% 1.5%

12/31/02 60.9% 27.1% 6.1% 4.3% 0.0% 1.6%

3/31/03 61.5% 26.1% 6.5% 4.4% 0.0% 1.5%

6/30/03 59.4% 27.2% 7.0% 4.8% 0.0% 1.5%

9/30/03 57.6% 27.7% 7.6% 5.6% 0.0% 1.5%

12/31/03 55.5% 28.0% 8.9% 6.1% 0.0% 1.6%

3/31/04 55.1% 27.4% 9.5% 6.2% 0.0% 1.8%

9/30/2004 53.0% 27.2% 11.0% 6.0% 0.0% 2.8%

9/30/2005 52.5% 26.2% 10.9% 5.7% 0.0% 4.7%

9/30/2006 55.4% 24.0% 10.1% 5.7% 0.0% 4.7%

9/30/2007 54.1% 25.4% 10.3% 5.6% 0.0% 4.7%

9/30/2008 53.4% 26.5% 10.0% 5.5% 0.0% 4.5%

9/30/2009 54.1% 25.2% 10.6% 5.6% 0.0% 4.6%

9/30/2010 54.1% 25.5% 10.2% 5.6% 0.0% 4.6%
Distribution of Marketable Debt Outstanding

Date Bills 2-3 yrs 4-7 yrs 10 yrs Bonds TIPS

9/30/1980 32.7% 20.3% 25.7% 7.6% 13.7% 0.0%

9/30/1981 32.4% 20.7% 26.3% 6.6% 14.0% 0.0%

9/30/1982 33.5% 21.3% 24.3% 8.4% 12.5% 0.0%

9/30/1983 33.1% 23.6% 22.2% 8.9% 12.2% 0.0%

9/30/1984 30.2% 25.5% 21.2% 9.8% 13.4% 0.0%

9/30/1985 28.1% 24.6% 22.1% 10.6% 14.6% 0.0%

9/30/1986 26.2% 23.4% 24.4% 10.6% 15.4% 0.0%

9/30/1987 22.6% 23.9% 25.1% 11.9% 16.6% 0.0%

9/30/1988 22.3% 22.2% 25.7% 13.0% 16.8% 0.0%

9/30/1989 21.6% 20.7% 25.6% 14.2% 18.0% 0.0%

9/30/1990 23.1% 20.1% 24.2% 14.4% 18.2% 0.0%

9/30/1991 23.8% 20.9% 23.3% 14.2% 17.8% 0.0%

9/30/1992 23.8% 21.2% 23.8% 13.8% 17.3% 0.0%

9/30/1993 22.8% 21.5% 24.8% 13.7% 17.2% 0.0%

9/30/1994 22.7% 21.7% 25.1% 13.9% 16.6% 0.0%

9/30/1995 22.7% 21.5% 25.9% 13.9% 16.0% 0.0%

9/30/1996 22.4% 21.5% 25.8% 14.4% 16.0% 0.0%

9/30/1997 20.5% 21.4% 25.7% 15.0% 16.8% 0.7%

9/30/1998 19.2% 19.7% 25.1% 15.9% 18.4% 1.8%

9/30/1999 20.3% 17.9% 22.2% 16.8% 20.0% 2.9%

9/30/2000 20.6% 16.2% 19.9% 18.2% 21.2% 3.8%

9/30/2001 25.2% 13.3% 16.8% 19.1% 21.0% 4.6%

9/30/2002 27.8% 18.2% 13.2% 17.4% 19.0% 4.4%

9/30/2003 26.5% 23.7% 11.5% 16.8% 16.7% 4.8%

9/30/2004 25.1% 24.3% 13.6% 16.9% 14.4% 5.7%

9/30/2005 22.4% 24.6% 15.8% 16.9% 12.7% 7.7%

9/30/2006 22.5% 23.1% 17.4% 16.3% 11.5% 9.2%

9/30/2007 21.8% 22.3% 18.8% 16.0% 10.7% 10.4%

9/30/2008 20.8% 21.9% 19.4% 16.7% 9.8% 11.5%

9/30/2009 20.8% 21.5% 18.9% 16.9% 9.3% 12.7%

9/30/2010 20.5% 21.3% 18.5% 17.5% 8.8% 13.4%
Percentage of Debt Maturing in Next 12 to 36 Months

Date

maturing in 12 

months

maturing in 24 

months

maturing in 

36 months

12/31/80 47.7% 63.0% 70.3%

3/31/81 48.2% 63.5% 70.5%

6/30/81 47.1% 62.1% 69.7%

9/30/81 46.7% 62.0% 70.4%

12/31/81 47.2% 62.2% 70.8%

3/31/82 47.4% 62.1% 70.7%

6/30/82 46.5% 62.1% 70.8%

9/30/82 46.4% 61.5% 69.5%

12/31/82 47.6% 63.1% 70.4%

3/31/83 47.2% 62.8% 69.8%

6/30/83 46.3% 62.4% 69.4%

9/30/83 45.5% 61.9% 69.1%

12/31/83 45.7% 61.0% 68.8%

3/31/84 45.3% 60.2% 68.6%

6/30/84 44.4% 59.5% 67.6%

9/30/84 44.6% 59.7% 66.9%

12/31/84 43.6% 59.5% 66.4%

3/31/85 43.5% 59.2% 65.8%

6/30/85 42.8% 58.2% 65.4%

9/30/85 42.0% 57.3% 64.9%

12/31/85 42.0% 56.8% 64.5%

3/31/86 41.4% 55.7% 63.5%

6/30/86 40.7% 55.5% 63.1%

9/30/86 39.9% 55.1% 62.7%

12/31/86 39.7% 55.0% 62.7%

3/31/87 38.0% 53.5% 61.7%

6/30/87 37.3% 52.7% 60.9%

9/30/87 36.9% 52.3% 60.8%

12/31/87 37.1% 52.3% 60.8%

3/31/88 37.0% 52.2% 60.4%

6/30/88 36.2% 51.4% 59.7%

9/30/88 36.5% 51.7% 59.9%

12/31/88 37.3% 51.9% 59.9%

3/31/89 36.8% 51.5% 59.6%

6/30/89 35.6% 50.6% 59.1%

9/30/89 36.1% 50.4% 58.9%

12/31/89 36.6% 50.5% 59.0%

3/31/90 36.7% 50.6% 59.3%

6/30/90 36.4% 50.7% 59.1%

9/30/90 36.7% 51.1% 59.6%

12/31/90 37.1% 51.8% 60.5%

3/31/91 37.1% 51.6% 60.0%

6/30/91 36.5% 50.8% 59.5%

9/30/91 36.9% 51.5% 59.8%

12/31/91 37.1% 52.0% 59.9%

3/31/92 37.5% 52.1% 59.7%

6/30/92 36.9% 51.7% 59.0%
9/30/92 36.9% 51.7% 58.6%

12/31/92 37.4% 51.7% 58.2%

3/31/93 36.9% 51.0% 58.4%

6/30/93 36.7% 50.4% 58.8%

9/30/93 36.4% 49.9% 58.7%

12/31/93 37.2% 50.3% 60.6%

3/31/94 36.8% 50.9% 60.6%

6/30/94 35.9% 51.1% 60.6%

9/30/94 35.4% 51.0% 60.9%

12/31/94 36.2% 52.2% 61.2%

3/31/95 36.8% 52.5% 62.4%

6/30/95 37.4% 52.9% 62.7%

9/30/95 37.7% 53.5% 63.6%

12/31/95 38.8% 53.7% 63.7%

3/31/96 39.2% 54.2% 63.6%

6/30/96 38.2% 53.7% 63.4%

9/30/96 37.4% 53.7% 63.1%

12/31/96 37.3% 53.7% 63.0%

3/31/97 37.7% 53.9% 63.1%

6/30/97 36.4% 52.9% 62.3%

9/30/97 36.7% 52.7% 61.7%

12/31/97 37.2% 52.8% 61.4%

3/31/98 37.3% 52.7% 60.9%

6/30/98 35.9% 51.6% 59.5%

9/30/98 35.8% 51.4% 59.2%

12/31/98 36.8% 52.1% 61.1%

3/31/99 37.6% 52.8% 61.1%

6/30/99 36.3% 51.9% 60.1%

9/30/99 36.4% 51.9% 60.8%

12/31/99 38.2% 53.5% 60.7%

3/31/00 38.9% 53.3% 61.2%

6/30/00 37.2% 51.6% 59.6%

9/30/00 37.4% 52.6% 59.8%

12/31/00 38.8% 52.7% 59.0%

3/31/01 39.4% 53.4% 58.4%

6/30/01 37.3% 51.7% 56.8%

9/30/01 40.6% 54.0% 58.4%

12/31/01 41.2% 55.0% 60.4%

3/31/02 41.6% 55.7% 60.4%

6/30/02 40.5% 56.2% 61.2%

9/30/02 40.3% 56.6% 61.1%

12/31/02 40.9% 58.4% 62.7%

3/31/03 41.9% 58.7% 63.0%

6/30/03 42.0% 58.7% 63.4%

9/30/03 41.5% 57.2% 62.6%

12/31/03 41.8% 56.6% 63.0%

3/31/04 41.5% 55.7% 62.9%

9/30/2004 39.1% 53.4% 61.0%

9/30/2005 36.5% 52.1% 59.7%

9/30/2006 37.6% 51.8% 60.9%

9/30/2007 36.4% 52.0% 60.5%

9/30/2008 36.3% 51.8% 59.9%

9/30/2009 35.7% 50.7% 59.0%

9/30/2010 35.0% 50.1% 58.8%
Net Marketable Borrowing

Bills 2-under 5yr 5-10yr over 10yr buyback tot NB tot

9/30/1998 -64 -44 -26 25 0 -45 -109

9/30/1999 15 -4 -127 16 0 -115 -100

9/30/2000 -37 -33 -134 13 -21 -176 -213

9/30/2001 119 -105 -94 16 -34 -216 -97

9/30/2002 133 218 -133 -3 -13 71 204

9/30/2003 50 269 33 -16 0 286 336

9/30/2004 43 118 233 -14 0 336 379

9/30/2005 -43 66 235 -13 0 288 245

9/30/2006 87 24 227 13 0 264 351

9/30/2007 28 24 190 18 0 232 260

9/30/2008 -4 27 182 -1 0 208 204

9/30/2009 42 23 107 13 0 143 185

9/30/2010 22 34 108 18 0 160 182
Primary Dealers CBO OMB

Current: 324 325 333

Range based on average absolute error 305-343 314-336 302-364

Estimates as of: July 28, 05 July 05 July 05

Note: Ranges based on errors from 1997-2004 

FY 05 Deficit Estimates 

($ Billions)
Financing Residuals Given Current Issuance Pattern

Note: FY 2005 Net Financing amount is an internal Treasury estimate 

$ billions, Fiscal Year

Budget estimates 2005 2006 2007 2008 2009 2010

line Plus average absolute error in OMB estimate 268 468 454 468 547 638

OMB FY2006 Budget--- Net Financing 240 356 259 189 184 192

Minus average absolute error in OMB estimate 212 244 64 -90 -179 -254

Note: (+) Deficit, (-) Surplus

Estimated financing changes from current pattern

bar Plus average absolute error in OMB estimate 0 254 307 308 469 548

OMB FY2006 Budget--- Net Financing -28 142 112 29 106 102

Minus average absolute error in OMB estimate -56 30 -83 -250 -257 -344

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. 
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 45% 26%

2004 1Q 48% 27%

2Q 50% 28%

3Q 51% 29%

4Q 52% 29%

2005 1Q 51% 28%

2Q* 53% 28%

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 May 31, 2005.

 FOREIGN HOLDINGS AS A PERCENT OF TOTAL PRIVATELY HELD PUBLIC DEBT 1/
SHARE OF NON-RESIDENT PARTICIPATION 

IN G-7 GOVERNMENT BOND MARKETS

Canada UK U.S. France Germany Japan Italy

1993 26.6% 21.0%

1994 25.3% 21.0%

1995 25.3% 25.0% 24.8%

1996 25.1% 19.0% 32.0% 18.4%

1997 24.2% 18.2% 36.0% 20.0%

1998 23.3% 19.7% 38.0% 22.6% 6.1% 30.2%

1999 22.3% 17.3% 39.0% 28.0% 8.1% 37.0%

2000 20.8% 17.7% 36.0% 33.7% 5.1% 42.0%

2001 18.4% 18.6% 37.0% 38.4% 55.3% 6.1% 42.4%

2002 20.1% 18.5% 41.0% 41.9% 58.4% 3.5% 43.0%

2003 15.7% 20.1% 45.0% 47.3% 60.3% 3.0% 46.8%

2004 15.9% 21.4% 51.1% 49.0% 61.8% 4.0% 45.4%

2005 23.6% 53.1% 49.6% 62.5%
Net Primary Dealer Positions in Treasuries Data

Net Primary Dealer Positions in Treasuries

Primary Dealer Net 

Outright Position: 

Nominal U.S. 

Government 

Securities(Mil.$)

Primary Dealer Net 

Outright Position: 

Treas Inflation 

Indexed Securities 

(Mil.$)

10-year TIP 

auction dates

1/28/1998 -22.52 1.79 #N/A

2/4/1998 -16.76 1.64 #N/A

2/11/1998 -23.41 1.51 #N/A

2/18/1998 -12.86 1.36 #N/A

2/25/1998 -27.57 1.46 #N/A

3/4/1998 -22.48 1.00 #N/A

3/11/1998 -28.30 0.96 #N/A

3/18/1998 -19.60 1.16 #N/A

3/25/1998 -11.37 1.23 #N/A

4/1/1998 -10.79 1.10 #N/A

4/8/1998 -9.95 2.54 2.536

4/15/1998 -18.32 2.13 #N/A

4/22/1998 -33.96 1.59 #N/A

4/29/1998 -49.75 2.09 #N/A

5/6/1998 -47.83 2.18 #N/A

5/13/1998 -46.34 2.10 #N/A

5/20/1998 -49.05 2.13 #N/A

5/27/1998 -38.05 1.78 #N/A

6/3/1998 -26.52 1.48 #N/A

6/10/1998 -30.16 1.34 #N/A

6/17/1998 -31.04 1.17 #N/A

6/24/1998 -29.74 1.18 #N/A

7/1/1998 -40.05 1.49 #N/A

7/8/1998 -40.05 1.49 1.486

7/15/1998 -43.27 3.01 #N/A

7/22/1998 -27.62 2.60 #N/A

7/29/1998 -22.53 2.53 #N/A

8/5/1998 -33.69 2.73 #N/A

8/12/1998 -37.64 2.60 #N/A

8/19/1998 -35.94 2.19 #N/A

8/26/1998 -16.13 2.20 #N/A

9/2/1998 -0.60 1.79 #N/A

9/9/1998 0.09 1.88 #N/A

9/16/1998 -10.62 1.54 #N/A

9/23/1998 -10.91 1.33 #N/A

9/30/1998 -6.30 1.40 #N/A

10/7/1998 -8.66 3.44 3.442

10/14/1998 2.66 2.40 #N/A

10/21/1998 3.66 2.23 #N/A

10/28/1998 -0.73 2.38 #N/A

11/4/1998 4.40 2.15 #N/A

11/11/1998 2.92 1.70 #N/A

11/18/1998 -6.51 1.41 #N/A

11/25/1998 5.73 1.52 #N/A

12/2/1998 5.73 1.52 #N/A
Net Primary Dealer Positions in Treasuries Data

12/9/1998 3.10 1.24 #N/A

12/16/1998 -15.65 1.09 #N/A

12/23/1998 -11.61 1.10 #N/A

12/30/1998 -7.35 1.10 #N/A

1/6/1999 -0.39 2.00 1.999

1/13/1999 -3.08 2.02 #N/A

1/20/1999 -11.01 2.02 #N/A

1/27/1999 -8.07 1.92 #N/A

2/3/1999 -10.00 1.87 #N/A

2/10/1999 0.16 1.90 #N/A

2/17/1999 -5.17 1.98 #N/A

2/24/1999 -14.85 1.81 #N/A

3/3/1999 -0.11 2.16 #N/A

3/10/1999 -2.71 2.16 #N/A

3/17/1999 -4.64 1.85 #N/A

3/24/1999 -2.55 1.75 #N/A

3/31/1999 9.85 1.49 #N/A

4/7/1999 12.28 2.53 2.527

4/14/1999 18.74 2.47 #N/A

4/21/1999 18.74 2.47 #N/A

4/28/1999 -2.02 2.77 #N/A

5/5/1999 -26.92 2.39 #N/A

5/12/1999 -35.29 2.33 #N/A

5/19/1999 -53.00 2.83 #N/A

5/26/1999 -41.11 2.68 #N/A

6/2/1999 -31.32 2.28 #N/A

6/9/1999 -40.70 2.29 #N/A

6/16/1999 -49.74 2.21 #N/A

6/23/1999 -39.73 1.87 #N/A

6/30/1999 -39.64 1.70 #N/A

7/7/1999 -41.04 3.25 3.25

7/14/1999 -34.87 3.05 #N/A

7/21/1999 -34.22 2.98 #N/A

7/28/1999 -30.25 3.57 #N/A

8/4/1999 -40.21 3.10 #N/A

8/11/1999 -38.77 3.33 #N/A

8/18/1999 -41.43 3.29 #N/A

8/25/1999 -42.58 3.31 #N/A

9/1/1999 -30.21 3.77 #N/A

9/8/1999 -36.76 3.70 #N/A

9/15/1999 -51.17 3.80 #N/A

9/22/1999 -51.09 3.94 #N/A

9/29/1999 -46.37 3.53 #N/A

10/6/1999 -50.76 4.16 4.161

10/13/1999 -48.82 4.04 #N/A

10/20/1999 -53.49 3.53 #N/A

10/27/1999 -41.67 3.62 #N/A

11/3/1999 -53.67 3.49 #N/A

11/10/1999 -35.11 3.42 #N/A

11/17/1999 -54.44 3.20 #N/A

11/24/1999 -31.89 2.85 #N/A

12/1/1999 -44.24 3.03 #N/A
Net Primary Dealer Positions in Treasuries Data

12/8/1999 -42.02 2.81 #N/A

12/15/1999 -25.38 2.58 #N/A

12/22/1999 -24.71 2.32 #N/A

12/29/1999 -36.09 2.04 #N/A

1/5/2000 -41.95 2.15 #N/A

1/12/2000 -52.98 2.74 2.739

1/19/2000 -66.11 3.30 #N/A

1/26/2000 -59.72 2.63 #N/A

2/2/2000 -64.03 3.66 #N/A

2/9/2000 -56.39 3.13 #N/A

2/16/2000 -67.32 3.05 #N/A

2/23/2000 -49.15 3.61 #N/A

3/1/2000 -54.26 2.81 #N/A

3/8/2000 -51.53 2.73 #N/A

3/15/2000 -50.24 2.80 #N/A

3/22/2000 -51.26 2.66 #N/A

3/29/2000 -12.98 2.31 #N/A

4/5/2000 -25.39 2.33 #N/A

4/12/2000 -29.93 2.45 #N/A

4/19/2000 -42.50 2.21 #N/A

4/26/2000 -45.53 1.98 #N/A

5/3/2000 -68.02 1.91 #N/A

5/10/2000 -68.99 1.82 #N/A

5/17/2000 -84.54 2.14 #N/A

5/24/2000 -69.23 1.84 #N/A

5/31/2000 -69.28 1.57 #N/A

6/7/2000 -56.80 1.33 #N/A

6/14/2000 -56.90 1.65 #N/A

6/21/2000 -57.30 1.82 #N/A

6/28/2000 -56.28 1.86 #N/A

7/5/2000 -50.65 1.75 #N/A

7/12/2000 -42.84 2.75 2.748

7/19/2000 -50.26 2.74 #N/A

7/26/2000 -45.73 2.75 #N/A

8/2/2000 -56.71 2.61 #N/A

8/9/2000 -47.75 2.63 #N/A

8/16/2000 -48.59 2.78 #N/A

8/23/2000 -43.16 2.93 #N/A

8/30/2000 -43.54 2.64 #N/A

9/6/2000 -25.29 1.98 #N/A

9/13/2000 -26.98 2.48 #N/A

9/20/2000 -41.27 2.74 #N/A

9/27/2000 -47.26 2.62 #N/A

10/4/2000 -49.99 2.26 #N/A

10/11/2000 -50.75 2.88 2.882

10/18/2000 -39.96 3.25 #N/A

10/25/2000 -37.47 3.39 #N/A

11/1/2000 -42.82 3.53 #N/A

11/8/2000 -33.75 3.08 #N/A

11/15/2000 -34.60 3.33 #N/A

11/22/2000 -34.65 3.41 #N/A

11/29/2000 -29.55 2.37 #N/A
Net Primary Dealer Positions in Treasuries Data

12/6/2000 -9.74 1.56 #N/A

12/13/2000 -11.81 1.87 #N/A

12/20/2000 -23.49 1.87 #N/A

12/27/2000 -21.43 1.71 #N/A

1/3/2001 -14.34 1.40 #N/A

1/10/2001 -8.97 4.46 4.458

1/17/2001 -16.01 3.63 #N/A

1/24/2001 -10.75 3.73 #N/A

1/31/2001 -13.58 3.40 #N/A

2/7/2001 -13.23 2.96 #N/A

2/14/2001 -17.00 3.59 #N/A

2/21/2001 -20.52 4.51 #N/A

2/28/2001 2.25 4.57 #N/A

3/7/2001 -6.76 4.19 #N/A

3/14/2001 -8.24 4.17 #N/A

3/21/2001 -6.74 3.66 #N/A

3/28/2001 8.68 4.55 #N/A

4/4/2001 22.58 4.19 #N/A

4/11/2001 17.15 4.38 #N/A

4/18/2001 31.77 4.51 #N/A

4/25/2001 -18.36 3.83 #N/A

5/2/2001 -32.91 4.03 #N/A

5/9/2001 -22.74 3.42 #N/A

5/16/2001 -32.05 3.91 #N/A

5/23/2001 -35.98 5.44 #N/A

5/30/2001 -32.03 3.76 #N/A

6/6/2001 -19.34 4.18 #N/A

6/13/2001 -26.75 3.12 #N/A

6/20/2001 -30.12 3.44 #N/A

6/27/2001 -31.39 3.77 #N/A

7/4/2001 -30.96 2.45 #N/A

7/11/2001 -36.79 1.87 1.872

7/18/2001 -39.29 2.18 #N/A

7/25/2001 -30.08 2.42 #N/A

8/1/2001 -28.04 2.75 #N/A

8/8/2001 -17.68 2.81 #N/A

8/15/2001 -11.83 3.30 #N/A

8/22/2001 -12.32 3.41 #N/A

8/29/2001 -7.48 3.34 #N/A

9/5/2001 1.58 3.27 #N/A

9/12/2001 -3.08 3.82 #N/A

9/19/2001 11.32 3.72 #N/A

9/26/2001 7.66 4.70 #N/A

10/3/2001 -6.85 3.87 #N/A

10/10/2001 -10.93 5.29 5.29

10/17/2001 -16.13 4.44 #N/A

10/24/2001 -22.22 4.33 #N/A

10/31/2001 -25.48 4.39 #N/A

11/7/2001 -41.43 5.12 #N/A

11/14/2001 -32.09 4.37 #N/A

11/21/2001 -35.48 4.15 #N/A

11/28/2001 -21.95 4.16 #N/A
Net Primary Dealer Positions in Treasuries Data

12/5/2001 -29.52 3.39 #N/A

12/12/2001 -16.96 3.26 #N/A

12/19/2001 -35.23 2.63 #N/A

12/26/2001 -22.77 2.91 #N/A

1/2/2002 -14.03 2.52 #N/A

1/9/2002 -27.05 3.82 3.821

1/16/2002 -34.67 3.59 #N/A

1/23/2002 -24.64 3.20 #N/A

1/30/2002 -39.35 3.28 #N/A

2/6/2002 -33.20 3.57 #N/A

2/13/2002 -33.80 3.43 #N/A

2/20/2002 -17.37 3.49 #N/A

2/27/2002 -16.13 3.36 #N/A

3/6/2002 -27.04 3.24 #N/A

3/13/2002 -40.46 3.98 #N/A

3/20/2002 -42.93 4.29 #N/A

3/27/2002 -52.28 3.56 #N/A

4/3/2002 -21.36 2.76 #N/A

4/10/2002 -18.09 2.52 #N/A

4/17/2002 -31.52 3.63 #N/A

4/24/2002 -39.02 4.65 #N/A

5/1/2002 -47.66 4.33 #N/A

5/8/2002 -40.78 3.96 #N/A

5/15/2002 -49.32 2.63 #N/A

5/22/2002 -38.34 1.93 #N/A

5/29/2002 -28.22 2.84 #N/A

6/5/2002 -32.55 3.26 #N/A

6/12/2002 -40.14 3.47 #N/A

6/19/2002 -47.44 3.25 #N/A

6/26/2002 -55.69 3.80 #N/A

7/3/2002 -47.10 3.91 #N/A

7/10/2002 -39.82 3.32 3.318

7/17/2002 -44.92 1.27 #N/A

7/24/2002 -33.02 1.15 #N/A

7/31/2002 -41.19 1.87 #N/A

8/7/2002 -31.86 0.43 #N/A

8/14/2002 -43.47 1.71 #N/A

8/21/2002 -51.29 1.98 #N/A

8/28/2002 -48.97 2.50 #N/A

9/4/2002 -42.06 1.24 #N/A

9/11/2002 -42.18 1.40 #N/A

9/18/2002 -56.25 1.55 #N/A

9/25/2002 -54.45 0.86 #N/A

10/2/2002 -58.46 1.11 #N/A

10/9/2002 -69.61 2.55 2.554

10/16/2002 -59.96 3.07 #N/A

10/23/2002 -44.87 3.47 #N/A

10/30/2002 -48.11 0.57 #N/A

11/6/2002 -45.72 0.23 #N/A

11/13/2002 -40.52 0.72 #N/A

11/20/2002 -50.27 0.93 #N/A

11/27/2002 -55.17 1.81 #N/A
Net Primary Dealer Positions in Treasuries Data

12/4/2002 -49.90 1.48 #N/A

12/11/2002 -39.93 1.12 #N/A

12/18/2002 -46.77 0.89 #N/A

12/25/2002 -42.96 3.58 #N/A

1/1/2003 -51.76 3.20 #N/A

1/8/2003 -33.38 0.71 0.708

1/15/2003 -43.40 0.74 #N/A

1/22/2003 -50.76 1.39 #N/A

1/29/2003 -47.93 2.03 #N/A

2/5/2003 -40.75 1.04 #N/A

2/12/2003 -23.81 2.22 #N/A

2/19/2003 -12.56 2.07 #N/A

2/26/2003 -9.49 2.58 #N/A

3/5/2003 -4.39 2.06 #N/A

3/12/2003 -20.56 2.13 #N/A

3/19/2003 -24.50 4.31 #N/A

3/26/2003 -35.89 1.94 #N/A

4/2/2003 -14.92 1.72 #N/A

4/9/2003 -19.16 1.75 #N/A

4/16/2003 -52.32 1.49 #N/A

4/23/2003 -57.64 1.76 #N/A

4/30/2003 -68.13 1.13 #N/A

5/7/2003 -52.92 0.80 #N/A

5/14/2003 -64.13 -0.88 #N/A

5/21/2003 -48.15 -0.27 #N/A

5/28/2003 -47.49 -0.30 #N/A

6/4/2003 -23.77 0.18 #N/A

6/11/2003 -47.73 0.81 #N/A

6/18/2003 -64.55 1.18 #N/A

6/25/2003 -63.94 0.97 #N/A

7/2/2003 -84.63 0.85 #N/A

7/9/2003 -78.06 1.52 1.524

7/16/2003 -87.15 1.13 #N/A

7/23/2003 -68.04 -0.09 #N/A

7/30/2003 -73.73 1.09 #N/A

8/6/2003 -41.16 0.99 #N/A

8/13/2003 -38.25 0.62 #N/A

8/20/2003 -40.40 -0.03 #N/A

8/27/2003 -50.39 1.14 #N/A

9/3/2003 -40.69 0.99 #N/A

9/10/2003 -35.55 1.48 #N/A

9/17/2003 -32.97 1.82 #N/A

9/24/2003 -44.88 -0.28 #N/A

10/1/2003 -55.82 0.73 #N/A

10/8/2003 -48.03 -0.42 #N/A

10/15/2003 -50.30 1.83 1.834

10/22/2003 -55.79 2.66 #N/A

10/29/2003 -38.25 2.88 #N/A

11/5/2003 -54.23 2.80 #N/A

11/12/2003 -41.45 2.44 #N/A

11/19/2003 -50.42 2.87 #N/A

11/26/2003 -48.35 2.52 #N/A
Net Primary Dealer Positions in Treasuries Data

12/3/2003 -44.79 1.46 #N/A

12/10/2003 -51.34 1.54 #N/A

12/17/2003 -50.88 1.72 #N/A

12/24/2003 -68.26 1.15 #N/A

12/31/2003 -57.65 0.94 #N/A

1/7/2004 -59.46 -0.13 #N/A

1/14/2004 -80.65 1.13 1.129

1/21/2004 -82.33 0.56 #N/A

1/28/2004 -96.53 1.63 #N/A

2/4/2004 -88.22 2.41 #N/A

2/11/2004 -61.70 1.35 #N/A

2/18/2004 -47.24 1.27 #N/A

2/25/2004 -38.68 0.15 #N/A

3/3/2004 -42.80 1.08 #N/A

3/10/2004 -37.57 0.56 #N/A

3/17/2004 -44.01 -0.56 #N/A

3/24/2004 -58.51 -0.49 #N/A

3/31/2004 -61.86 -0.55 #N/A

4/7/2004 -43.01 0.41 0.407

4/14/2004 -67.69 0.41 #N/A

4/21/2004 -100.05 0.21 #N/A

4/28/2004 -117.73 -0.87 #N/A

5/5/2004 -129.47 -0.69 #N/A

5/12/2004 -136.91 -0.43 #N/A

5/19/2004 -128.00 -0.40 #N/A

5/26/2004 -106.08 -0.62 #N/A

6/2/2004 -76.36 -1.44 #N/A

6/9/2004 -105.82 -1.44 #N/A

6/16/2004 -126.34 -1.22 #N/A

6/23/2004 -130.54 -1.15 #N/A

6/30/2004 -147.30 -1.89 #N/A

7/7/2004 -124.43 -2.02 #N/A

7/14/2004 -134.37 -0.41 -0.407

7/21/2004 -104.94 -0.11 #N/A

7/28/2004 -115.22 -0.04 #N/A

8/4/2004 -115.26 -0.43 #N/A

8/11/2004 -101.70 0.05 #N/A

8/18/2004 -72.84 0.42 #N/A

8/25/2004 -49.45 0.27 #N/A

9/1/2004 -48.68 0.11 #N/A

9/8/2004 -30.38 -0.64 #N/A

9/15/2004 -53.52 -0.68 #N/A

9/22/2004 -60.66 -1.28 #N/A

9/29/2004 -79.29 -2.06 #N/A

10/6/2004 -74.45 -2.43 #N/A

10/13/2004 -72.98 -1.00 -0.999

10/20/2004 -77.88 -1.21 #N/A

10/27/2004 -74.68 -0.24 -0.236

11/3/2004 -71.97 -0.45 #N/A

11/10/2004 -63.31 -0.44 #N/A

11/17/2004 -79.03 0.09 #N/A

11/24/2004 -68.33 -0.35 #N/A
Net Primary Dealer Positions in Treasuries Data

12/1/2004 -54.65 -0.60 #N/A

12/8/2004 -55.86 -0.48 #N/A

12/15/2004 -84.92 -0.66 #N/A

12/22/2004 -115.45 -0.09 #N/A

12/29/2004 -116.45 -0.23 #N/A

1/5/2005 -110.08 0.42 #N/A

1/12/2005 -105.04 -0.06 -0.061

1/19/2005 -119.28 1.30 #N/A

1/26/2005 -116.03 1.56 #N/A

2/2/2005 -119.93 0.82 #N/A

2/9/2005 -112.55 -0.61 #N/A

2/16/2005 -117.46 0.50 #N/A

2/23/2005 -110.71 -0.46 #N/A

3/2/2005 -96.71 -0.91 #N/A

3/9/2005 -99.81 -0.65 #N/A

3/16/2005 -106.54 -1.33 #N/A

3/23/2005 -119.00 -1.95 #N/A

3/30/2005 -97.89 -1.99 #N/A

4/6/2005 -97.18 -1.30 #N/A

4/13/2005 -90.45 -2.13 -2.132

4/20/2005 -120.26 -0.20 #N/A

4/27/2005 -128.59 0.60 #N/A

5/4/2005 -140.97 -0.02 #N/A

5/11/2005 -134.34 0.08 #N/A

5/18/2005 -117.41 -0.78 #N/A

5/25/2005 -125.74 -0.54 #N/A

6/1/2005 -118.03 -0.47 #N/A

6/8/2005 -96.01 -1.16 #N/A

6/15/2005 -114.82 -0.96 #N/A

6/22/2005 -124.28 0.25 #N/A

6/29/2005 -123.59 -0.20 #N/A

7/6/2005 -140.34 0.56 #N/A

7/13/2005 -136.85 -0.02 #N/A

7/20/2005 -142.48 -0.65 #N/A
Treasury Auction Release Times

August 2004 - July 2005

(In Minutes and Seconds)

Auction Date Security Type Release Time Auction Date Security Type Release Time

08/02/04 13-WEEK 01:30 02/01/05 4-WEEK 01:23

08/02/04 26-WEEK 00:52 02/07/05 13-WEEK 03:00

08/03/04 4-WEEK 01:36 02/07/05 26-WEEK 01:38

08/09/04 13-WEEK 01:32 02/08/05 4-WEEK 01:39

08/09/04 26-WEEK 01:47 02/08/05 3-YEAR 01:34

08/09/04 3-YEAR 01:33 02/09/05 3-DAY 01:33

08/10/04 4-WEEK 01:31 02/09/05 5-YEAR 01:37

08/11/04 5-YEAR 01:33 02/10/05 10-YEAR 01:37

08/12/04 10-YEAR 01:38 02/14/05 13-WEEK 01:51

08/16/04 13-WEEK 01:37 02/14/05 26-WEEK 01:41

08/16/04 26-WEEK 01:38 02/15/05 4-WEEK 01:36

08/17/04 4-WEEK 01:35 02/22/05 13-WEEK 01:34

08/23/04 13-WEEK 01:37 02/22/05 26-WEEK 01:41

08/23/04 26-WEEK 01:42 02/23/05 4-WEEK 01:37

08/24/04 4-WEEK 01:36 02/24/05 2-YEAR 01:33

08/25/04 2-YEAR 01:35 02/28/05 13-WEEK 01:33

08/30/04 13-WEEK 01:32 02/28/05 26-WEEK 01:41

08/30/04 26-WEEK 01:47 03/01/05 4-WEEK 01:33

08/31/04 14-DAY 01:32 03/02/05 12-DAY 01:38

08/31/04 4-WEEK 01:31 03/07/05 7-DAY 01:34

09/02/04 12-DAY 01:37 03/07/05 13-WEEK 01:31

09/07/04 7-DAY 01:37 03/07/05 26-WEEK 01:42

09/07/04 13-WEEK 01:38 03/08/05 4-WEEK 01:50

09/07/04 26-WEEK 01:47 03/09/05 5-YEAR 01:34

09/08/04 4-WEEK 01:34 03/10/05 9-YEAR 11-MONTH 01:37

09/08/04 5-YEAR 01:34 03/14/05 13-WEEK 01:38

09/09/04 9-YEAR 11 MONTH 01:35 03/14/05 26-WEEK 01:34

09/13/04 13-WEEK 01:41 03/15/05 4-WEEK 01:06

09/13/04 26-WEEK 01:42 03/21/05 13-WEEK 01:44

09/14/04 4-WEEK 01:38 03/21/05 26-WEEK 01:32

09/20/04 13-WEEK 01:48 03/22/05 4-WEEK 01:36

09/20/04 26-WEEK 01:43 03/28/05 13-WEEK 01:42

09/21/04 4-WEEK 01:38 03/28/05 26-WEEK 01:35

09/27/04 13-WEEK 01:37 03/29/05 4-WEEK 01:34

09/27/04 26-WEEK 01:56 03/30/05 14-DAY 01:36

09/28/04 4-WEEK 01:38 03/30/05 2-YEAR 01:28

09/29/04 14-DAY 01:35 04/04/05 13-WEEK 01:35

09/29/04 2-YEAR 01:41 04/04/05 26-WEEK 01:42

10/04/04 13-WEEK 01:35 04/05/05 4-WEEK 01:35

10/04/04 26-WEEK 01:37 04/06/05 8-DAY 01:38

10/05/04 4-WEEK 01:35 04/11/05 13-WEEK 01:34

10/06/04 5-YEAR 01:23 04/11/05 26-WEEK 01:42

10/07/04 9-YR 9-MO TIPS 01:40 04/12/05 4-WEEK 01:36

10/12/04 2-DAY 01:34 04/13/05 4-DAY 01:33

10/12/04 13-WEEK 01:43 04/14/05 5-YEAR 01:37

10/12/04 26-WEEK 01:37 04/14/05 9-YEAR 9-MONTH TIPS 01:35

10/13/04 4-WEEK 01:46 04/18/05 13-WEEK 01:42

10/18/04 13-WEEK 01:37 04/18/05 26-WEEK 01:46

10/18/04 26-WEEK 01:50 04/19/05 4-WEEK 01:38

10/19/04 4-WEEK 01:37 04/25/05 13-WEEK 01:36

10/25/04 13-WEEK 01:43 04/25/05 26-WEEK 01:48

10/25/04 26-WEEK 02:15 04/26/05 4-WEEK 01:34

10/26/04 4-WEEK 01:37 04/26/05 5-YEAR TIPS 01:40

10/26/04 5-YR 6-MO TIPS 01:42 04/27/05 2-YEAR 01:34

10/27/04 2-YEAR 01:54 05/02/05 13-WEEK 01:35

11/01/04 13-WEEK 01:41 05/02/05 26-WEEK 01:42

11/01/04 26-WEEK 01:37 05/03/05 4-WEEK 01:35

11/02/04 4-WEEK 01:35 05/09/05 13-WEEK 01:35

11/08/04 13-WEEK 01:36 05/09/05 26-WEEK 01:40

11/08/04 26-WEEK 01:42 05/10/05 4-WEEK 01:33

11/08/04 3-YEAR 03:33 05/10/05 3-YEAR 01:34

11/09/04 4-WEEK 01:31 05/11/05 5-YEAR 01:38

11/09/04 5-YEAR 01:39 05/12/05 10-YEAR 01:35

11/10/04 10-YEAR 02:53 05/16/05 13-WEEK 02:11

11/15/04 13-WEEK 01:31 05/16/05 26-WEEK 03:08

11/15/04 26-WEEK 01:51 05/17/05 4-WEEK 01:37

11/17/04 5-DAY 01:34 05/23/05 13-WEEK 01:30

11/19/04 4-WEEK 01:34 05/23/05 26-WEEK 01:40

11/22/04 13-WEEK 01:36 05/24/05 4-WEEK 01:33

11/22/04 26-WEEK 01:40 05/25/05 2-YEAR 01:33

11/23/04 4-WEEK 01:35 05/31/05 14-DAY 01:35

11/23/04 2-YEAR 01:35 05/31/05 13-WEEK 01:35

11/29/04 13-WEEK 28:19 05/31/05 26-WEEK 01:40

11/29/04 26-WEEK 28:24 06/01/05 4-WEEK 01:35

11/30/04 14-DAY 01:35 06/02/05 12-DAY 01:37

11/30/04 4-WEEK 01:36 06/06/05 8-DAY 01:32

12/01/04 12-DAY 01:36 06/06/05 13-WEEK 01:33

12/03/04 8-DAY 01:36 06/06/05 26-WEEK 01:33

12/06/04 13-WEEK 01:33 06/07/05 4-WEEK 01:32

12/06/04 26-WEEK 01:44 06/08/05 5-YEAR 01:36

12/07/04 4-WEEK 01:32 06/09/05 9-YEAR 11-MONTH 01:33

12/08/04 5-YEAR 01:35 06/13/05 13-WEEK 01:39

12/09/04 10-YEAR 01:37 06/13/05 26-WEEK 01:40

12/13/04 13-WEEK 01:32 06/14/05 4-WEEK 01:30

12/13/04 26-WEEK 01:40 06/20/05 13-WEEK 01:30

12/14/04 4-WEEK 01:32 06/20/05 26-WEEK 01:40

12/20/04 13-WEEK 01:33 06/21/05 4-WEEK 01:55

12/20/04 26-WEEK 01:42 06/27/05 13-WEEK 01:38

12/21/04 4-WEEK 01:33 06/27/05 26-WEEK 02:19

12/27/04 13-WEEK 01:35 06/28/05 4-WEEK 01:30

12/27/04 26-WEEK 01:44 06/29/05 14-DAY 01:32

12/28/04 4-WEEK 01:36 06/29/05 2-YEAR 01:35

12/29/04 2-YEAR 01:40 07/05/05 13-WEEK 01:33

12/30/04 15-DAY 01:35 07/05/05 26-WEEK 01:42

01/03/05 13-WEEK 01:43 07/06/05 4-WEEK 01:32

01/03/05 26-WEEK 01:36 07/11/05 13-WEEK 01:38

01/04/05 4-WEEK 01:36 07/11/05 26-WEEK 01:42

01/10/05 13-WEEK 01:40 07/12/05 4-WEEK 01:35

01/10/05 26-WEEK 01:53 07/13/05 5-YEAR 01:37

01/11/05 5-DAY 01:36 07/14/05 10-YEAR TIPS 01:34

01/11/05 4-WEEK 01:35 07/18/05 13-WEEK 04:56

01/12/05 5-YEAR 01:36 07/18/05 26-WEEK 04:04

01/13/05 10-YEAR TIPS 01:35 07/19/05 4-WEEK 01:35

01/18/05 13-WEEK 01:49 07/25/05 13-WEEK 01:33

01/18/05 26-WEEK 01:35 07/25/05 26-WEEK 01:39

01/19/05 4-WEEK 01:35 07/26/05 4-WEEK 01:35

01/24/05 13-WEEK 01:42 07/26/05 9-YEAR 6-MONTH TIP 01:33

01/24/05 26-WEEK 01:42 07/27/05 2-YEAR 01:35

01/25/05 4-WEEK 01:33

01/25/05 20-YEAR TIPS 01:37

01/26/05 2-YEAR 01:34

01/31/05 13-WEEK 01:42

01/31/05 26-WEEK 01:35