July - September 2003 October - December 2003

(Projected) (Actuals) (Projected)

Deficit Funding (Def + / Surplus -) * 138 103 140

Means of Financing

Change in Cash Balance -15 -5 0

Compensating Balances 28 28 7

Net Non-Marketable Financing 16 8 5

Net Marketable Financing 104 82 117

Other 5 -10 10

Net Marketable Financing 104 82 117

Bills -10

Nominal Notes 86

IIS 11

Bonds -6

Notes:

Starting Cash Balance 30 30 35

Ending Cash Balance 45 35 35

* Includes budget results, direct loan activity, changes in accrued interest and checks outstanding and minor miscellaneous transactions.

Note: Totals may not add due to rounding

TREASURY FINANCING REQUIREMENTS

Department of the Treasury

Office of Market Finance November 3, 2003-1

$ Billions
010203040506070

FY 2002FY 2003FY 2004

TREASURY DAILY OPERATING CASH BALANCE

November 3, 2003-2

$Bil.

Source: Daily Treasury Statement, data through October 30, 2003.

Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep
2030405060708090

THE AVERAGE MATURITY OF TOTAL OUTSTANDING

ETABLE DEBT AND A 1-YEAR MOVING AVERAGE OF THE

AVERAGE MATURITY OF ISSUANCE

November 3, 2003-3

Months

1

Average Maturity of Issuance

Average Maturity

turity of issuance is the ultimate average maturity achieved if nominal issuance in any given quarter is held constant going forward. 

1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008

Currently

57.2

27.5
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

020040060080010001200

MATURITY PROFILE

Treasury Marketable Coupon Securities

$Bil.

Calendar Year

1

Note: Where applicable, maturities represent first call date.

November 3, 2003-4

1 Issued or announced through October 29, 2003.

Actual Projected

1st Quarter

2nd Quarter3rd Quarter4th Quarter
2005 2006 2007 2008 2009

-300-200-1000100200300400

500

600

NANCING RESIDUALS GIVEN CURRENT ISSUANCE

$Bil.

November 3, 2003-5

Deficits plus Average Absolute Error

FY04 OMB MSR Deficit forecast

nus

bsolute

ate Additional

Required in Given

ifferent Deficit

Note: Bars represent financing changes from current pattern

Lines represent budget estimates

Fiscal Years
I III IV I II III IV I II III IV I II III IV I II III

-200-160-120-80-4004080120

3.8

-15.9

47.0

-20.1

-192.1

-47.7-26.1

17.8

-163.4

74.4

52.1

52.5

15.1

84.2

82.6

111.3

60.3 81.5

REASURY QUARTERLY NET MARKET BORROWING

$Bil.

November 3, 2003-6

Coupons

Bills

2 - under 5 yrs

5 - 10 yrs

Over 10 yrs

Buybacks

1999 2000 2001 2002 2003
III IV I II III IV I II III IV I II III IV I II III 

-15-10-50510

-6.9

-3.6

-8.0

-5.0

-10.1

-2.2

-1.4

-1.7

-10.6

0.8

-5.5

-0.1 -0.7

7.6

-2.4

-8.4

7.6

$Bil.

TREASURY QUARTERLY NET BORROWING

FROM NONMARKETABLE ISSUES

November 3, 2003-7

State and Local SeriesForeign Series

Savings Bonds

Note: Treasury suspended new issuance of State and Local Government Series (SLGS) Treasury

securities from May 15, 2002—July 8, 2002.

99 2000 2001 2003 2002
1996 1997 1998 1999 2000 2001 2002

020406080

100

RIVATELY HELD TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

1

Coupons

Calendar Year End Data

November 3, 2003-8

16

31

14

24

15

Over 10 years

2-10 years

1-2 years1 year & under

Bills

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

non-interest-bearing matured debt.

15

33

16

19

17

Percent

Sep '03

17

28

1712

26
.

0510152025303540

FOREIGN HOLDINGS AS A PERCENT OF TOTAL

PRIVATELY HELD PUBLIC DEBT

Quarterly

November 3, 2003-9

Percent

1

Estimated Foreign Holdings

Foreign and International Institutional Holdings at FRBNY 3

 Benchmark revision

2

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

Privately held debt excludes holdings of the Federal Reserve.

Source: Federal Reserve Bank of New York statistical release H4.1.

Series for estimated foreign holdings. Data through August 31, 2003. See http://www.treas.gov/tic/index.html.
012345678

AUCTION RELEASE TIMES

Data

Through

October 31

Target Release Range

Current Quarter

(July 28 - October 31)

asury

ing November 3, 2003-10

Minutes from Closing to Release

Dec Jan-03 Feb Mar Jun Apr May Jul Aug Sep Oct