AVERAGE LENGTH OF THE MARKETABLE DEBT”

Privately Held
Years

Months

72 September 30, 2000
5 Years, 10 Months

2LLLI TIT TIS PTT
1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995
As of December 31

1’ Excludes inflation-indexed securities; including IIS the average length was 6 years and 2 months,

Deparimentofthe Treasury as of September 30, 2000.
Office of Market Finance ctober 30, 2000-20


QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL
HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil. $Bil.
= Nonmarketable |
100 Marketable — 100
Net Auction Awards to Foreign/
80 Other Market Transactions — 80
54.5
60 —| 60
40 — 40
20 20
0 0
-20 -20
-40 }- 25.0 -40
l | | | 60
OT rm voto mw wot mw Ww) nm We
1996 1997 1998 1999 2000

1’ Noncompetitive awards to foreign official accounts held in custody at the Federal Reserve in
excess of foreign custody account holdings of maturing securities. Foreign add-ons prohibited
from October 18, 1995 to March 29, 1996 to avoid exceeding the debt limit.

2 Data through August 31, 2000.
Department of the Treasury
Office of Market Finance October 30, 2000-14


TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

17.6

TTTTTTTTTTTI

74

2006

18.9

'$Bil,

2009

34
32
30
28
26
24
22
20
18
16
14
12

16.7

a TTTTTTTT

12.0

2007

218

10

IS
SEAR py

48

2010

2008

115

TTTTTTTTTTTTTT

S
ca
&

J FM A M_J J
HM Securities issued prior to 1998

New issues calendar year 1998
Note: In the case of callables, maturities represent first call date.

Department of the Treasury
Office of Market Finance

A S ON D

J oF MAM J J AS ON D

New issues calendar year 1999
Issued or announced through October 27, 2000

October 30, 2000-24


TREASURY NET MARKET BORROWING ”

Bil. Bil.
: -- 47.3 + Lv
80 . s — 80
40 ‘25. : ; = —l40
0 10
-40 —|-40
wi
-80/- Coupons 23.1 _|_g9
Lf Buybacks —
-120 LE Over 10 yrs —]-120
= 5-10 yrs —
-160 |— 2- under 5 yrs —1-160
| Bills |
-200 }— -188.8 —-200
| | | | | | |
Pon om vob nh mW wveor dm wot Wd i wor Wo iv ot ow in ive
1995 1996 1997 1998 1999 2000
1 Includes inflation increment and discount/premium.
e estimate

Department of he Treasury
Office of Market Finance October 30, 2000-5,


MATURING COUPON ISSUES
November 2000 — March 2001
(in millions of dollars)

September 30, 2000

Maturing Coupons Total Privately Federal
ota Held Reserve

81/2% Note 11/15/00 11,519 10,023 1,496
5 3/4% Note 11/15/00 16,036 13,854 2,182
5 5/8% Note 11/30/00 12,357 10,844 1,513
45/8% Note 11/30/00 20,158 17,557 2,601
5 1/2% Note 12/31/00 12,821 10,953 1,868
45/8% Note 12/31/00 19,475 16,449 3,026
5 1/4% Note 1/31/01 12,816 11,386 1,430
41/2% Note 1/31/01 19,777 17,012 2,765
11 3/4% Bond 2/15/01 1,501 1,335 166
73/4% Note 2/15/01 11,313 10,104 1,209
5 3/8% Note 2/15/01 15,367 13,614 1,753
5 5/8% Note 2/28/01 12,820 11,213 1,607
5 % Note 2/28/01 19,587 16,133 3,454
6 3/8% Note 3/31/01 14,181 12,382 1,799
47/8% Note 3/31/01 21,605 18,070 3,535
Totals 221,333 190,929 30,404

Deparment of the Treasury
Office of Market Finance

October 30, 2000-21



TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN NOVEMBER 2000”

Monday

Tuesday

Wednesday

Thursday

Friday

Announce
5-year note
9 3/4-year note

2

Auction
5-year note 2/

8 Auction

9 3/4-year note 2/

Announce
buyback

9

10
Holiday

13

14

15
Announce
buyback

16

17

20

21

22 Announce
2-year note

Announce
52-week bill

23

Holiday

24

27

28
Auction
52-week bill 2/

29
Auction
2-year note y

30

Department of the Treasury
Office of Market Finance

1/Does not include regular Monday bill auctions
2/For settlement November 15
3/For settlement November 30

November 1, 2000-27


TREASURY MARKETABLE MATURITIES
Privately Held, Excluding Bills

$Bil.-— 2002 S$Bil]
ay 50 2004
a i 50° |
[_ 4
28 |—- 3af—
26 |— ae 95.2
2aft- 223 34t— 32.2
22-— 32-—
20 }— 30-281
18F— 2b-
16 -— 26r—-
14f;- 24/—
22,— 4
12;—
10 20;— a
18F—
ate
16F~
oe 14h—
4 a
2 10}—
a ar~
sl
we 2003 i.
42b— A=
40 F— 46
ssf Ae 2005
36 |- 4ok—
a4[— 40}
32 | ‘a8}—
30 | 26 {—
2af— 26.4 34
26 |— ser
raf 23.3 26/-—
22 4 i 20.9
20 -—- 20f}—
18;— 16.7
18f—
RE 1et- 138
PLs Ba 116 114 118 Ae
10 }— ) 10
8 at
6 st
4 at
2 | 3
oO 0!

i st
J FMAM JS J AS ON D JF MAM JJ AS ON D

HM Securities issued prior to 1998 New issues calendar year 1999
[BM New issues calendar year 1998 Issued or announced through October 27, 2000
facie pee nity Note: In the case of callables, maturities represent first call date. Coetercotzonss



PRIVATELY HELD TREASURY MARKETABLE DEBT
BY MATURITY ”

Over 10 years 1 year & under

$Bil.
3,000

September 30, 2000

“/) 2-40 years | Bills

2,469.2

2,500

1-2 years

463.3
2,000

779.6
1,500

4,000 | 367.4
G 427A

500 =
431.8

0
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
As of December 31

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

Be 1 Privately held marketable debt excludes holdings of the Federal Reserve.

Office of Market Finance Qctober 30, 2000-18


spi NET STRIPS OUTSTANDING (1985-2000)*
HT,

200}—

150;—

100};—

50;—

0 hihi bbb bb
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
End of Quarter

“Strips program began February 15, 1985.
Reconstitution began May 1, 1987.

Department of the Treasury Inflation-indexed securities had not been stripped as of October 26, 2000.
Office of Market Finance

October 30, 2000-10


BUYBACKS THROUGH OCTOBER 26

Calendar Years
$Bil,

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

Depariment of the Treasury

Office of Market Finance Qotober 30, 2000-7


OUTSTANDING LONG-TERM MARKETABLE DEBT ”
As of October 27, 2000

$Bil. $Bil.
100 | ies | Federal Reserve eleven)
Stripped
iqui 2
80 i Net Liquid Supply _| 99
60 60
40 40
20 20

0
2010-11 2012-13 2014-15 2016-17 2018-19 2020-21 2022-23 2024-25 2026-27
Maturity Range

1, Securities at final maturity date.

2. Net liquid supply equals outstanding marketable debt less Federal Reserve holdings
Department of the Treasury

Office of Market Finance and amounts held in stripped form. Cetober 20, 2000-6


PRIVATELY HELD TREASURY MARKETABLE DEBT ”

Percent Distribution By Maturity

Coupons [] Over 10 years 1-2 years Bi Bills
2-10 years 1 year & under
100%— aan

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Sep'00

As of December 31
1) Privately held marketable debt excludes holdings of the Federal Reserve.

Department of the Treasury

Office of Market Finance October 30, 2000-19


DISTRIBUTION OF COMPETITIVE AUCTION AWARDS OF
TREASURY BONDS

30-Year Inflation-Indexed 30-Year Fixed Rate
April & October 1999 and August 1999 and February &
October 2000 Auctions August 2000 Auctions

4% 3%

& Primary Dealers

Foreign &
International

Financial Insts.
i Investment
Funds

Pension Funds

Other

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 October 30, 2000-9)


TREASURY MARKETABLE MATURITIES
Privately Held, Excluding Bills

SBil , .
: 201 OE 5 2018 .
iE | |
2012 °
F : ee 15.4 2019 o
e 2013 De
Q L 10
rs
A 2014 6
0 . ae
12 10.2 0
OE a's . Se 2020 77
iE is Ae
E i | .
aL LEE 2016 17.2 l
16 -—
be | 5
+ I 2021 29.0
8-58
rs i
Ed
2
0
ref 14.4 2017 i
i | a be 95 93 93
8b oo
Se J
7 af
a =
0
“J FMAM J JAS ON D J oF MAM J JAS ON D

Hl Securities issued prior to 1998
(BB) New issues calendar year 1998

New issues calendar year 1999
Issued or announced through October 27, 2000

Department of the Treasury Note: In the case of callables, maturities represent first call date.
Office of Market Finance October 30, 2000-25


$Bil,

60

50 ;—

40

30

20

10

TREASURY FINANCING REQUIREMENTS

July — September 2000

$Bil.
Uses Sources
— 60
53
P. i TT
Nonmarketables >» on
Buybacks Decrease in Cash a

. Balance 40

4 Paydown in >
45 SH Marketables 1/ Surplus 2/ >

1/ Includes inflation increment on IIS and accrued discount/premium of $3.0 billion.
2 Includes budget results, direct loan activity, changes in accrued interest and checks

outstanding and minor miscellaneous debt transactions.

Department of the Treasury
Office of Market Finance

30

20

10

October 30, 2000-1


STATE & LOCAL GOVERNMENT SERIES

$Bil, $Bil.
25;- Gross Issues 25
20 |- =aa= Redemptions —| 20
15 115
10 —1 10

5 15

0 0
$Bil. _| SBil
jo mum Net SLGs 10

BL 15

0 0
-5 —4-5
10 pot ft fp tt 10

I noi Woot toil Wot oll Woot oi wood sil
1996 1997 1998 1999 2000

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

Department of the Treasury
Office of Market Finance Qetaber 30, 2000-12


TREASURY NET BORROWING FROM NONMARKETABLE ISSUES ”
$Bil. $Bil.

15 -—- — 15

15.4 15.4
13.9

10 - — 10

Savings Bonds

5 5

ea] State and Local Series

40 | | Foreign Series —}-10
Si, Other

| L | |
- -15
Ue Io oul Wet toil Wood oil Woot oil Wet flood Ive
1996 1997 1998 1999 2000
e estimate

1 Includes inflation increment and accrued discount/premium.

Department of the Treasury
Office of Market Finance October 30, 2000-11


DISTRIBUTION OF COMPETITIVE AUCTION AWARDS OF
TREASURY NOTES

10-Year Inflation-Indexed 10-Year Fixed Rate
July 1999, and February, May & August 2000
January & July 2000 Auctions Auctions

yy Primary Dealers

Z| Foreign &
4A \nternational

Financial Insts.

Investment
Funds

Pension Funds

Other

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 (October 20, 2000-8


TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills
2000

TTT TTT

TTT TT

J F M A M J J A Ss oO N D
HM Securities issued prior to 1998 New issues calendar year 1999

New issues calendar year 1998 issued or announced through October 27, 2000

Department of the Treasury : HL turities repr first call date.
ORES ore Note: In the case of callables, maturities represent le. October 30, 2000-22



TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED
AND AUCTIONED IN DECEMBER 2000”

Monday

Tuesday

Wednesday

Thursday

Friday

6
Announce
buyback

an

12

13
Announce
buyback

14

15

18

19

20
Announce
2-year note

21

22

25
Holiday

26

27

Auction 5
2-year note +

28

29

Department of the Treasury
Olfice of Market Finance

1/Does not include regular Monday bill auctions
2/For settlement January 2

November 1, 2000-28


TREASURY OPERATING CASH BALANCE

Dail

$Bil. u
100 eet y

90}— Borrowing!/

Tax and Loan
= I
80 Accounts Ba janceg Total Operating
70;—

Balance

0 ys

A0k Federal Reserve Account

(7
age i | | J | | | | | ||

Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
1999 2000

1” Forecasted data points are semi-monthly.

Depantment of the Treasury
Office of Market Finance October 30, 2000-4


FOREIGN HOLDINGS AS A PERCENT OF TOTAL
PRIVATELY HELD PUBLIC DEBT”

Percent Percent
42}- | 42
40 }— —| 40
38 — 38
36 | 36
34 — 34
32 — 32
30 —{ 30
28 — 28
26 — 26
24 — 24
22 —| 22
20 — 20
18 )— —| 18
pe FERESUHE SEW SEE GREE PRERER OREO ESE BOORAH OM

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

1) Privately held debt excludes holdings of the Federal Reserve.
Department of the Treasury
Office of Market Finance October 30, 2000-15


MARKET YIELDS ON GOVERNMENTS

%

6.4

July 31, 2000
6.3 ~~,

6.2
6.1
6.0
5.9
5.8

October 30, 2000,
5.7

5.6
3 months 6 months 1 2 5 10 20 30

Years to Maturity

Department of the Treasury
Office of Market Finance
October 30, 2000-17


PROJECTED MARKET PAYDOWN

October - December 2000
(Billions of Dollars)

Financing done ¥
Bills
Regular weekly 23.1
52-week -16.7
Coupons
Inflation-indexed bond 5.0
2-year notes -9.8
5-year notes -24.1
Buybacks _-4.0°
Total -26.4
Financing to be done 1.7
Infla. increment & disc./prem. 2 1.6
Total for the quarter -23.1

J/ Issued or announced through October 27, 2000.
Department of Treasury 2/ Inflation increment of $0.5 billion and discount/premium of $1.1 billion.

Office of Market Finance October 30, 2000-3



TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil. = SBil,
woh 2022 » ” 20) 2027 a
al—
16 F—-
Sc 14
at i" {87 ot
— = 5|—
= {=
zaf- 2023 ae
= $e
t [149 Wu
1a te 2028
10 F- 14
| eb
a i i 10.0 10.0
4h 8F—
a 6f—
0 5.)
fF et
Be 2024 92 9
a 2029
ate
ak
0
12 10.4 2025 102
10
al—
6
4 2030
0
6 ms 2026 33 ae
8
4
2
0

J FMAM J JS AS ON D
HM Sccurities issued prior to 1998
{1 New issues calendar year 1998

Department of the Treasury
Ottice of Market Finance

J oF MAM J J
New issues calendar year 1999

Issued or announced through October 27, 2000

Note: In the case of callables, maturities represent first call date.

A S ON D

Ostober 20, 2000-26


TREASURY FINANCING REQUIREMENTS

October — December 2000

SBil $Bil.
Uses Sources
25 -—- 24 —1 25
oo Buybacks Paydown in — 20
Nonmarketables
9
15 Decrease in Cash | '®
Balance /
Paydown in
10 Marketables?/ +10
o +5
Surplus 2/
a; #5

1) Assumes a $30 bilion cash balance, December 31, 2000.

2” Includes inflation increment on IIS and accrued discount/premium of $1.6 billion.
Includes budget results, direct loan activity, changes in accrued interest and checks

3
Department of the Treasury
Office of Market Finance

outstanding and minor miscellaneous debt transactions.

October 30, 2000-2


TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JANUARY 2001

Monday

Tuesday

Wednesday

Thursday

Friday

Holiday

3 Announce
Inflation-indexed
10-year note

4

10 Auction
Inflation-indexed
10-year note 2/

11

12

15
Holiday

16

17 Announce
2-year

Announce
buyback

19

22

23

24 Auction
2-year note
Announce

buyback

25

26

29

30

31 Announce
4 3/4-year &
10-year notes

& 30-year bond 4

Department of the Treasury
Office of Market Finance

1/Does not include regular Monday bill auctions
2/For settlement January 16
3/For settlement January 31
4/For settlement February 15

November 1, 2000-29


STATE AND LOCAL MATURITIES 2000-2005

$Bil. $Bil.
12 11.8 42
11.2
10-96 9.7 9.6 — 10
9.2
84 8.3
Bi 7.7 18
6 5.7 6
4.8 4.9
4.6 1348 re
4}— 3.717) 3.6 4
2.8
ol 1.9 1.8 _| 2
0}
VvVootimwnv thw tumnVv tumnv otnimiv

2000 2001 2002 2003 2004 2005

Department of the Treasury
Office of Market Finance October 30, 2000-13


MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

August 31, 2000 December 31, 1999 December 31, 1998
As a % of As a % of As a %of | Asa % of As a % of [As a % of
$ Billions | _ Total Total ||$Billions | Total Total |/$ Billions} Total Total

Country Foreign | Private Foreign | Private Foreign | Private
Japan $336.0 27.1% 11.4% $320.0 25.2% 9.9% $276.1 21.6% 8.5%
United Kingdom 223.5 18.0% 7.6% 242.9 19.1% 7.5% 264.0 20.6% 8.2%
Germany 92.0 7.4% 3.1% 96.8 7.6% 3.0% 95.1 7.4% 2.9%
OPEC 53.0 4.3% 1.8% 43.5 3.4% 1.3% 42.9 3.4% 1.3%
China 50.6 41% 1.7% 51.8 41% 1.6% 46.4 3.6% 1.4%
Hong Kong 44.0 3.5% 1.5% 46.7 3.7% 1.4% 44.2 3.5% 1.4%
Mexico 31.9 2.6% 1.1% 34.0 2.7% 1.1% 37.4 2.9% 1.2%
Korea 29.9 2.4% 1.0% 26.1 2.1% 0.8% 18.0 1.4% 0.6%
Singapore 29.5 2.4% 1.0% 30.7 24% 0.9% 43.1 3.4% 1.3%
Taiwan 25.6 2.1% 0.9% 29.3 2.3% 0.9% 31.3 24% 1.0%
Belgium-Luxemburg 23.9 1.9% 0.8% 28.0 2.2% 0.9% 31.5 25% 1.0%
France 23.8 1.9% 0.8% 31.0 2.4% 1.0% 30.0 2.8% 0.9%
Spain | 23.6 1.9% 0.8% 22.2 1.7% 0.7% 41.2 3.2% 1.3%
Italy 20.2 1.6% 0.7% 18.0 1.4% 0.6% 15.6 1.2% 0.5%
Canada 18.8 1.5% 0.6% 18.5 1.5% 0.6% 12.4 1.0% 0.4%
Switzerland 15.7 1.3% 0.5% 26.3 2.1% 0.8% 33.7 2.6% 1.0%
Netherland Antilles 15.0 1.2% 0.5% 11.8 0.9% 0.4% 21.7 1.7% 0.7%
Other 183.1 14.8% 6.2% 191.2 15.1% 5.9% 194.1 15.2% 6.0%
Estimated
Foreign Total $1,240.1 100.0% 41.9% ||$1,268.8 100.0% 39.2% ||$1,278.7 100.0% 39.5%

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
Office of Market Finance October 30, 2000-16