U.S. Treasury Borrowing
0

50

100

150

200

0

50

100

150

200

Paydown in Marketables

Increase in

Cash

Balance

Paydown in

Nonmarketables

TREASURY FINANCING REQUIREMENTS

April —June 2000

Department of the Treasury

Office of Market Finance July 31, 2000-1

1

Uses Sources 208

208

$Bil. $Bil.

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

and checks outstanding and minor miscellaneous debt transactions.

192 Surplus

13 3
0

10

20

30

40

50

0

10

20

30

40

50

Decrease in Cash

Balance

Paydown in

Marketables

Surplus

Paydown in

Nonmarketables

45

8 7

TREASURY FINANCING REQUIREMENTS

July — September 2000

Department of the Treasury

Office of Market Finance July 31, 2000-2

1

Uses Sources

53

46 2

1

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

and checks outstanding and minor miscellaneous debt transactions.

 Assumes a $50 billion cash balance, September 30, 2000.

2

$Bil. $Bil.
 (Billions of Dollars)

NET MARKET BORROWING

July – September 2000

Department of Treasury

Office of Market Finance July 31, 2000-3

Issued or announced through July 28, 2000.

Total -45.0

Done -57.9

Bills

Regular weekly 8.6

52 week -41.1

Coupons

Inflation-indexed note 5.0

2 year note -3.6

5 year notes -24.3

Buybacks -2.5

To Be Done 12.9

1

1
-30

-20

-10

0

10

20

30

40

50

60

70

80

90

100

TREASURY OPERATING CASH BALANCE

$Bil.

Daily

Department of the Treasury

Office of Market Finance July 31, 2000-4

1

Without

New

Borrowing

1 Data points are semi-monthly.

Federal Reserve Account

Tax and Loan

Accounts Balance

Total Operating

Balance

1999 2000

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

74.5 80

25.3

25.7

48.1

77.2

-25.7

40.3

41.344.6

-71.5

6.5

17.010.3

-97.9

-38.8

24.0

5.8

-113.8

-15.9

47.0

-20.1

-192.1

TREASURY NET MARKET BORROWING

$Bil.

Department of the Treasury

Office of Market Finance

$Bil.

1

July 31, 2000-5

1995 1999 2000 1996 1997 1998

1 Excludes Federal Reserve and Government Account Transactions.

Coupons

Over 10 yrs

5 - 10 yrs

2 - under 5 yrs

Bills
DISTRIBUTION OF COMPETITIVE AUCTION AWARDS OF

TREASURY NOTES

July 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

November 1999 and

February & May 2000 Auctions

86%

3% 6%

54% 27%

4%

7%

4%

10-Year Inflation-Indexed

July 1999, and

January & July 2000 Auctions

4%

3%

2%

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

July 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

February & August 1999 and

February 2000 Auctions

68%

10%

13%

44%

18%

1%

8%

21%

30-Year Inflation-Indexed

July 1998 and

April & October 1999 Auctions

1%

8%

2%

5%

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.
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 July 31, 2000-8

*Strips program began February 15, 1985.

Reconstitution began May 1, 1987.

Inflation-indexed securities had not been stripped as of July 28, 2000.
I II III IV I II III IV I II III IV I II III IV I II III

-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

-7.7

-3.1

-8.4

Foreign Series

State and Local Series

Savings Bonds

e estimate

$Bil. $Bil.

TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

July 31, 2000-9

Department of the Treasury

Office of Market Finance

e

1996 1997 1998 1999 2000
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

-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 July 31, 2000-10

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

1996 1997 1998 1999 2000
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

11.6 12

7.5

8.4

7.8

11.6

9.2

8.2

7.6

11.1

9.6

4.8

3.6

4.6

3.6

4.3

4.6

5.7

4.9

4.3

1.9

2.8

1.8

$Bil. $Bil.

STATE AND LOCAL MATURITIES 2000-2005

Department of the Treasury

Office of Market Finance July 31, 2000-11

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 -40

-20

0

20

40

60

80

100

-40

-20

0

20

40

60

80

100

72.9

21.6

63.7

108.8

55.5

25.1

47.8

11.1 8.9 5.6

-31.8

54.5

-6.6

-13.5

22.7

-12.5

5.2

-13.2

July 31, 2000-12

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 May 31, 2000.

1

Marketable

Net Auction Awards to Foreign

Other Transactions

1996 1997 1998 1999 2000

Nonmarketable
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 '00 16

18

20

22

24

26

28

30

32

34

36

38

40

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 July 31, 2000-13

Percent Percent
MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

May 31, 2000 December 31, 1999 December 31, 1998

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 $337.4 26.8% 11.1% $320.0 25.2% 9.9% $276.1 21.6% 8.5%

United Kingdom 234.6 18.6% 7.7% 242.9 19.1% 7.5% 264.0 20.6% 8.2%

Germany 93.7 7.4% 3.1% 96.8 7.6% 3.0% 95.1 7.4% 2.9%

Mainland China 60.4 4.8% 2.0% 51.8 4.1% 1.6% 46.4 3.6% 1.4%

OPEC 48.3 3.8% 1.6% 43.5 3.4% 1.3% 42.9 3.4% 1.3%

Hong Kong 44.8 3.6% 1.5% 46.7 3.7% 1.4% 44.2 3.5% 1.4%

Mexico 32.6 2.6% 1.1% 34.0 2.7% 1.1% 37.4 2.9% 1.2%

Singapore 28.5 2.3% 0.9% 30.7 2.4% 0.9% 43.1 3.4% 1.3%

Taiwan 27.9 2.2% 0.9% 29.3 2.3% 0.9% 31.3 2.4% 1.0%

Belgium-Luxemburg 24.6 2.0% 0.8% 28.0 2.2% 0.9% 31.5 2.5% 1.0%

Spain 22.2 1.8% 0.7% 22.2 1.7% 0.7% 41.2 3.2% 1.3%

France 22.0 1.7% 0.7% 31.0 2.4% 1.0% 30.0 2.3% 0.9%

Switzerland 20.3 1.6% 0.7% 26.3 2.1% 0.8% 33.7 2.6% 1.0%

Canada 20.0 1.6% 0.7% 18.5 1.5% 0.6% 12.4 1.0% 0.4%

Netherland Antilles 13.9 1.1% 0.5% 11.8 0.9% 0.4% 21.7 1.7% 0.7%

Other 229.6 18.2% 7.6% 235.3 18.5% 7.3% 227.7 17.8% 7.0%

Estimated

Foreign Total $1,260.8 100.0% 41.6% $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 July 31, 2000-14

Office of Market Finance
Department of the Treasury

Office of Market Finance July 31, 2000-15

SHORT TERM INTEREST RATES

Weekly Averages

% %

4

5

6

7

8

9

4

5

6

7

8

9

Through

July 28

Commercial

Paper

3 Month

Treasury Bill

Prime Rate

Federal Funds

Oct Nov Dec Jan Feb Mar Apr May Jun Jul

1999 2000
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

July 31, 2000-16

Through

Treasury

10-Year

FHLMC 30-Year

Conventional

July 28

1999 2000

Oct Nov Dec Jan Feb Mar Apr May Jun Jul

10-Year InflationIndexed Note

AA 10-Year Industrial
5

6

7

8

5

6

7

8

LONG TERM INTEREST RATES

Weekly Averages % %

Department of the Treasury

Office of Market Finance July 31, 2000-17

Through

July 28

30-Year

Municipal Bonds

30-Year Treasury

New Aa

Corporates

Oct Nov Dec Jan Feb Mar Apr May Jun Jul

1999 2000
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

July 31, 2000

July 31, 2000-18 Department of the Treasury

Office of Market Finance

10 12 14 16 18 20 22 24 26 28 30

5.5

6.0

6.5

5.5

6.0

6.5

% %

May 1, 2000
437.1

440.7

374.0

831.6

465.7

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

As of December 31

July 31, 2000-19

Department of the Treasury

Office of Market Finance

$Bil.

June 30,

1994

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

2,549.0

June 30, 2000

Note: Figures may not add to total due to rounding.
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

As of December 31

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

100%

Percent Distribution By Maturity

Department of the Treasury

Office of Market Finance July 31, 2000-20

Coupons Over 10 years

2-10 years

1-2 years

1 year & under

Bills

18

33

17

17

15

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

July 31, 2000-21

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

June 30, 2000

5 Years, 10 Months

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

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

 as of June 30, 2000.
⁄

Foreign

Investors

Total Maturing Coupons

Federal Reserve Private

Investors

June 30, 2000

MATURING COUPON ISSUES

August — December 2000

(in millions of dollars)

Held by

Totals

Department of the Treasury

Office of Market Finance July 31, 2000-22

1

11,081

18,053

11,922

20,029

12,011

19,269

12,080

20,525

11,519

16,036

12,357

20,158

12,821

19,475

217,336

274

3,727

653

4,358

2,450

5,404

1,997

4,388

3

2,175

2,323

6,883

2,666

6,784

44,085

9,543

15,529

10,696

17,035

10,977

17,027

11,142

17,585

10,237

13,854

11,042

17,557

11,159

16,449

189,832

1,538

2,524

1,226

2,994

1,034

2,242

938

2,940

1,282

2,182

1,315

2,601

1,662

3,026

27,504

F.R.B. custody accounts for foreign official institutions; included in Private Investors. 1

8 3/4%

6 %

6 1/4%

5 1/8%

6 1/8%

4 1/2%

5 3/4%

4 %

8 1/2%

5 3/4%

5 5/8%

4 5/8%

5 1/2%

4 5/8%

Note

Note

Note

Note

Note

Note

Note

Note

Note

Note

Note

Note

Note

Note

08/15/00

08/15/00

08/31/00

08/31/00

09/30/00

09/30/00

10/31/00

10/31/00

11/15/00

11/15/00

11/30/00

11/30/00

12/31/00

12/31/00

⁄
0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

36

38

25.1

27.7 28.0 28.7

24.1

28.6 27.6

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

25.1

28.1

30.8 30.1

22.8

29.0 28.6 29.5

12.1

29.6 29.3 30.1

22.2

29.3

26.5

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills $Bil.

Department of the Treasury

Office of Market Finance July 31, 2000-23

2000

2001

Issued or announced through July 28, 2000

Securities issued prior to 1998

New issues calendar year 1998

New issues calendar year 1999
J FMAM J 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

11.9

23.3

11.7 12.0

10.6

2.8

11.5 11.8

45.0

26.8

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

40

42

44

46

48

50

28.1

35.3 32.4

51.9

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

27.4

4.2

25.6 26.3 25.8

10.1

22.9 23.0

17.0

23.1

20.5

11.7 12.1

10.8

3.4

10.7 11.1

J FMAM J J ASOND

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

13.8

31.2

20.9

16.7

$Bil. $Bil.

2005

Department of the Treasury

Office of Market Finance July 31, 2000-24

2002 2004

2003

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

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

0

2

4

6

8

10

12

14

16

18

20

22

24

26

16.5

12.1

23.1

11.7

21.7

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil. $Bil.

Department of the Treasury

Office of Market Finance July 31, 2000-25

2008

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

15.8 16.9

28.2

4.8

2009

0

2

4

6

8

10

12

14

16

18

20

22

24

11.1

19.6

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

17.9 17.2

19.3 19.1

3.9

2006

0

2

4

6

8

10

12

14

16

18

20

22

24

26

15.9

11.9 12.0

21.8

9.4

2007

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

Securities issued prior to 1998 New issues calendar year 1999
0

2

4

6

8

10

12

14

16

18

20

22

16.4

18.0

2019

0

2

4

6

8

10

12

14

16

18

20

22

24

26

5.8

17.7 17.4

J FMAM J J ASOND

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

9.9 10.0 9.8

29.6

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil. $Bil.

Department of the Treasury

Office of Market Finance July 31, 2000-26

0

2

4

6

8

10

12

14

16

18

20

14.5

11.3

2017

J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

7.0 7.3

2018

0

2

4

6

8

10

12

14

16

18

20

22

8.6 7.9

18.3

2021

2020

2016

0

2

4

6

8

10

12

14

16

10.2

4.6 5.1

2015

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

Securities issued prior to 1998 New issues calendar year 1999
0

2

4

6

8

10

12 10.4 10.6

J FMAMJ J ASOND

0

2

4

6

8

10

12 11.8 9.3 9.8 2026

0

2

4

6

8

10

12

14

16

10.0

14.6

10.1

0

2

4

6

8

10

12

14

16

18

20

22

24

15.3

21.2

0

2

4

6

8

10 9.5 8.5

0

2

4

6

8

10

12

14

16

18 16.9

10.0 10.0

2028

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil. $Bil.

Department of the Treasury

Office of Market Finance July 31, 2000-27

0

2

4

6

8

10

12

14

16

18

20

9.7 9.1

19.6 2027

2023

2022

2025

2029

0

2

4

6

8

10

12 9.7 2024

J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

18

10.1

2030

Issued or announced through July 28, 2000

Securities issued prior to 1998

New issues calendar year 1998

New issues calendar year 1999