U.S. Treasury Borrowing
0

10

20

30

0

10

20

30

Increase in Cash Balance

Deficit

Buybacks

TREASURY FINANCING REQUIREMENTS

January—March 2001

Department of the Treasury

Office of Market Finance April 30, 2001-1

Uses Sources 31

26

$Bil. $Bil.

1

7

16

5

1

Nonmarketables

8

Marketables

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

and checks outstanding and minor miscellaneous transactions.
0

50

100

150

200

0

50

100

150

200

Surplus

Increase in Cash

Balance

Nonmarketables

32

9

4

TREASURY FINANCING REQUIREMENTS

April — June 2001

Department of the Treasury

Office of Market Finance April 30, 2001-2

1

Uses Sources

219

215

2

1

2

$Bil. $Bil.

178

Buybacks

187

 Assumes a $60 billion cash balance June 30, 2001.

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

and checks outstanding and minor miscellaneous transactions.

Paydown in

Marketables
 (Billions of Dollars)

NET MARKET BORROWING

April – June 2001

Department of Treasury

Office of Market Finance April 30, 2001-3

Issued or announced through April 30, 2001.

Done

Bills

Regular weekly -30.6

Cash Management -68.0

Coupons

2 year notes -14.6

5 year notes -41.7

Total -154.9

Buybacks -5.0

Total -159.9

To be done

Financing -22.8

Buybacks -4.0

Total for the quarter -186.7

1

1
-10

0

10

20

30

40

50

60

70

80

90

100

TREASURY OPERATING CASH BALANCE

Daily

Department of the Treasury

Office of Market Finance April 30, 2001-4

1

Without

New

Borrowing

Federal Reserve Account

Tax and Loan

Accounts Balance

Total Operating

Balance

1 Forecasted data points are semi-monthly.

$Bil.

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

2000 2001
I II III IV I II III IV I II III IV I II III IV I II

-200

-160

-120

-80

-40

0

40

80

-200

-160

-120

-80

-40

0

40

80

44.6

-71.5

6.5

17.0 10.3

-97.9

-38.8

24.0

5.8

-113.8

-15.9

47.0

-20.1

-192.1

-47.7

-26.1

17.8

-186.7

TREASURY NET MARKET BORROWING

$Bil.

Department of the Treasury

Office of Market Finance

$Bil.

to be

done

April 30, 2001-5

e

e estimate

1997 1998 1999 2000 2001

Coupons

Over 10 yrs

5 - 10 yrs

2 - under 5 yrs

Buybacks

Bills
2010-11 2012-13 2014-15 2016-17 2018-19 2020-21 2022-23 2024-25 2026-27

0

20

40

60

80

100

0

20

40

60

80

100

Net Liquid Supply

Stripped

Federal Reserve

Bought Back

LONG-TERM MARKETABLE DEBT

April 30, 2001-6

Department of the Treasury

Office of Market Finance

1

1 Fixed-rate Treasury Bonds by final maturity dates, all data through April 27, 2001.

Maturity Range

 Net liquid supply equals outstanding marketable debt less Federal Reserve holdings and

amounts held in stripped form.

2

Bonds Outstanding and Bought Back

2

$Bil. $Bil.
DISTRIBUTION OF COMPETITIVE AUCTION AWARDS OF

TREASURY NOTES AND BONDS

April 30, 2001-7

Department of the Treasury

Office of Market Finance

Primary Dealers Foreign & International Financial Insts. Investment Funds Pension Funds Other

10-Year Fixed-Rate

August & November 2000 and

February 2001 Auctions

88%

2% 4%

53% 30%

3%

5%

4%

10-Year Inflation-Indexed

January & July 2000 and

January 2001 Auctions

5% 2%

4%

Other includes individuals, nonfinancial cos., and other financial cos.

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

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

43%

8%

14%

28%

4% 3%

30-Year Inflation-Indexed

April & October 1999 and

October 2000 Auctions

30-Year Fixed-Rate

February & August 2000 and

February 2001 Auctions

65%

1%

2%

29%

3%
0

50

100

150

200

0

50

100

150

200

NET STRIPS OUTSTANDING (1985-2001)* $Bil.

End of Calendar Quarter

Department of the Treasury

Office of Market Finance April 30, 2001-8

$Bil.

*Strips program began February 15, 1985.

Reconstitution began May 1, 1987.

1985 1987 1989 1991 1993 1995 1997 1999 2001
I II III IV I II III IV I II III IV I II III IV I II -15

-10

-5

0

5

10

15

-15

-10

-5

0

5

10

15

0.8 1.2 1.5

11.6

12.6 13.0

6.2

5.2

0.0

4.3

-6.6

-1.8

-7.9

-3.0

-10.6

-0.7

4.9

4.0

e estimate

$Bil. $Bil.

TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

April 30, 2001-9

Department of the Treasury

Office of Market Finance

e

1

State and Local Series

Foreign Series

Other

Savings Bonds

1997 1998 1999 2000 2001

1/ Other includes net transactions from Domestic Series Securities, Tax and Loss Bonds, Deposit Funds

Activity and Guaranteed Debt of Federal Agencies.
0

5

10

15

20

25

0

5

10

15

20

25 Gross Issues

Redemptions

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

-10

-5

0

5

10

-10

-5

0

5

10

STATE & LOCAL GOVERNMENT SERIES (SLGS)

$Bil.

$Bil.

$Bil.

$Bil.

Net SLGS

Department of the Treasury

Office of Market Finance April 30, 2001-10

1997 1998 1999 2000 2001
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

0

20

40

60

80

100

120

140

160

180

200

220

240

0

20

40

60

80

100

120

140

160

180

200

220

240

159.7 153.5 149.4

132.6

104.4 101.3

124.1

165.3 165.7

151.0 152.8

Less than 1 year

1 to 2 yrs

> 2 yrs to 3 yrs

> 3 yrs to 5 yrs

> 5 yrs to 10 yrs

> 10 yrs to 40 yrs

STATE AND LOCAL GOVERNMENT SERIES (SLGS)

$Bil.

April 30, 2001-11

Department of the Treasury

Office of Market Finance

As of December 31

Remaining Time to Maturity $Bil.

Mar '01
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF MARKETABLE TREASURY SECURITIES

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

-40

-20

0

20

40

60

-40

-20

0

20

40

60 56.1

26.5

48.3

9.9 8.7 5.9

-30.9

55.3

-5.7

-10.9

22.6

-13.1

7.6

-24.3

-20.9

-25.5

-0.3

April 30, 2001-12

Department of the Treasury

Office of Market Finance

$Bil.

1 Data through February 28, 2001.

1

$Bil.

1997 1998 1999 2000 2001
16

18

20

22

24

26

28

30

32

34

36

38

40

42

16

18

20

22

24

26

28

30

32

34

36

38

40

42

FOREIGN HOLDINGS AS A PERCENT OF TOTAL

PRIVATELY HELD PUBLIC DEBT

Quarterly

Department of the Treasury

Office of Market Finance April 30, 2001-13

Percent Percent

1

1 Privately held debt excludes holdings of the Federal Reserve.

1993 1994 1995 1996 1997 1998 1999 2000 '01
MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

February 28, 2001 December 31, 2000 December 31, 1999

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 $329.7 27.5% 11.5% $335.8 28.0% 11.7% $320.0 25.2% 9.9%

United Kingdom 205.6 17.1% 7.2% 207.3 17.3% 7.2% 242.7 19.1% 7.5%

Germany 84.4 7.0% 2.9% 88.6 7.4% 3.1% 96.8 7.6% 3.0%

OPEC 53.0 4.4% 1.9% 52.9 4.4% 1.8% 43.5 3.4% 1.3%

China 51.6 4.3% 1.8% 48.3 4.0% 1.7% 51.8 4.1% 1.6%

Hong Kong 45.5 3.8% 1.6% 44.7 3.7% 1.6% 46.7 3.7% 1.4%

Korea 30.5 2.5% 1.1% 32.0 2.7% 1.1% 26.1 2.1% 0.8%

Mexico 28.7 2.4% 1.0% 29.8 2.5% 1.0% 34.0 2.7% 1.1%

Belgium-Luxemburg 27.9 2.3% 1.0% 28.9 2.4% 1.0% 28.0 2.2% 0.9%

Singapore 21.6 1.8% 0.8% 23.6 2.0% 0.8% 30.7 2.4% 0.9%

Spain 21.3 1.8% 0.7% 21.5 1.8% 0.7% 22.2 1.7% 0.7%

Taiwan 21.1 1.8% 0.7% 19.1 1.6% 0.7% 29.3 2.3% 0.9%

Italy 20.6 1.7% 0.7% 20.0 1.7% 0.7% 18.0 1.4% 0.6%

France 18.7 1.6% 0.7% 20.4 1.7% 0.7% 31.0 2.4% 1.0%

Canada 16.0 1.3% 0.6% 17.8 1.5% 0.6% 18.6 1.5% 0.6%

Netherland Antilles 15.0 1.3% 0.5% 17.1 1.4% 0.6% 11.9 0.9% 0.4%

Switzerland 14.6 1.2% 0.5% 13.5 1.1% 0.5% 26.3 2.1% 0.8%

Other 193.0 16.1% 6.7% 180.1 15.0% 6.3% 191.1 15.1% 5.9%

Estimated

Foreign Total $1,198.8 100.0% 41.9% $1,201.4 100.0% 41.7% $1,268.7 100.0% 39.2%

Source: Treasury Foreign Portfolio Investment Survey benchmark December 1994

and monthly data collected under the Treasury International Capital reporting

system.

Department of the Treasury

Office of Market Finance April 30, 2001-14
509.5

393.4

336.1

728.6

462.6

PRIVATELY HELD TREASURY MARKETABLE DEBT

BY MATURITY

As of December 31

April 30, 2001-15

Department of the Treasury

Office of Market Finance

$Bil.

June 30,

1994

1993 1994 1995 1996 1997 1998 1999 2000

0

500

1,000

1,500

2,000

2,500

3,000

2,430.1

March 31, 2001

Note: Figures may not add to total due to rounding.

1

Over

10 years 2-10 years 1-2 years 1 year &

under Bills Coupons:

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

non-interest-bearing matured debt.
1993 1994 1995 1996 1997 1998 1999 2000

0

20

40

60

80

0

20

40

60

80

100% 100%

PRIVATELY HELD TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

1

Coupons

As of December 31

Department of the Treasury

Office of Market Finance April 30, 2001-16

19

30

16

21

14

Over 10 years

2-10 years

1-2 years

1 year & under

Bills

Mar '01

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

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

Privately Held

Years

April 30, 2001-17

Department of the Treasury

Office of Market Finance

10

9

8

7

6

5

4

3

2

1

J FMAMJ J ASOND 66

68

70

72

Months

March 31, 2001

5 Years, 9 Months

As of December 31

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

1 Excludes inflation-indexed securities (IIS). Including IIS the average length was 6 years and

 1 month as of March 31, 2001.
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 0

50

100

150

200

250

300

350

400

0

50

100

150

200

250

300

350

400

MATURITY PROFILE

Outstanding Treasury Marketable Coupon Securities

$Bil.

Department of the Treasury

Office of Market Finance April 30, 2001-18

$Bil.

End of Calendar Year

Note: Maturities represent first call date.

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1

1 Issued or announced through April 30, 2001.
2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 0

10

20

30

40

50

60

0

10

20

30

40

50

60

MATURITY PROFILE

Outstanding Treasury Marketable Coupon Securities $Bil.

Department of the Treasury

Office of Market Finance April 30, 2001-19

$Bil.

End of Calendar Year

Note: Maturities represent first call date.

1

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1 Issued or announced through April 30, 2001.