U.S. Treasury Borrowing
0

20

40

60

80

0

20

40

60

80

21

62

TREASURY FINANCING REQUIREMENTS

July —September 2002

Department of the Treasury

Office of Market Finance October 28, 2002-1

Uses Sources 84

1

$Bil. $Bil.

1

Deficit

Nonmarketables

1

Marketables

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

and checks outstanding and minor miscellaneous transactions.

Increase in

Cash Balance

84
0

20

40

60

80

100

0

20

40

60

80

100

17

108

TREASURY FINANCING REQUIREMENTS

October — December 2002

Department of the Treasury

Office of Market Finance October 28, 2002-2

Uses 108 Sources

2

1

2 Assumes a December 31, 2002 cash balance of $45 billion.

$Bil. $Bil.

76

Decrease in

Cash Balance

Nonmarketables

1

Marketables

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

and checks outstanding and minor miscellaneous transactions.

Deficit

16

 Note: Totals may not add due to rounding.
 (Billions of Dollars)

NET MARKET BORROWING

October – December 2002

Department of Treasury

Office of Market Finance October 28, 2002-3

Issued or announced through October 25, 2002.

 Assumes a December 31, 2002 cash balance of $45 billion.

Done

Bills

Regular weekly 11.6

Coupons

2-year note 27.0

5-year note -21.2

9 3/4-year IIS 7.0

30-year called bond -1.5

Total 22.9

To be done

Financing 52.6

Total for the quarter 75.5

1

1

2

2

Note: Totals may not add due to rounding.
-40

-20

0

20

40

60

TREASURY OPERATING CASH BALANCE

Daily

Department of the Treasury

Office of Market Finance October 28, 2002-4

1

Without

New

Borrowing

Tax and Loan

Accounts Balance

1 Forecasted data points are semi-monthly.

$Bil.

Total Operating

Balance

Federal Reserve Account

Balance

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

2001 2002
I II III IV I II III IV I II III IV I II III IV I II III IV

-200

-160

-120

-80

-40

0

40

80

120

-200

-160

-120

-80

-40

0

40

80

120

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

-163.4

74.4

52.1

52.515.1

84.2

75.5

TREASURY NET MARKET BORROWING

$Bil.

Department of the Treasury

Office of Market Finance

$Bil.

to be

done

October 28, 2002-5

e

e — estimate

1998 1999 2000 2001 2002

Bills

Coupons

2 - under 5 yrs

5 - 10 yrs

Over 10 yrs

Buybacks
I II III IV I II III IV I II III IV I II III IV I II III IV -15

-10

-5

0

5

10

15

-15

-10

-5

0

5

10

15

12.6 13.0

6.2

-0.1

-0.9

1.6

-6.9

-3.6

-8.0

-5.0

-10.1

-2.2 -1.4

-1.7

-10.6

0.8

-5.4

-0.1 -0.7

16.8

e — estimate

$Bil. $Bil.

TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

October 28, 2002-6

Department of the Treasury

Office of Market Finance

e

State and Local Series

Foreign Series

Savings Bonds

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

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

1998 1999 2000 2001 2002
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 II III

-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 October 28, 2002-7

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

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

1998 1999 2000 2001 2002
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 October 28, 2002-8

Percent Percent

1

Data through August 31, 2002.

New benchmark

Series break due to March 2000 benchmark revision.

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

2

1 Privately held debt excludes holdings of the Federal Reserve.

2

See http://www.treas.gov/tic/index.html.
MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

August 31, 2002 December 31, 2001 December 31, 2000

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 $349.0 31.4% 11.9% $317.9 30.2% 11.3% $ 317.7 30.7% 11.0%

China 86.2 7.8% 2.9% 78.6 7.5% 2.8% 60.3 5.8% 2.1%

United Kingdom 65.9 5.9% 2.2% 45.0 4.3% 1.6% 50.2 4.9% 1.7%

Caribbean Banking Centers 57.9 5.2% 2.0% 45.4 4.3% 1.6% 43.8 4.2% 1.5%

Hong Kong 46.9 4.2% 1.6% 47.7 4.5% 1.7% 38.6 3.7% 1.3%

Oil Exporters 46.6 4.2% 1.6% 48.9 4.6% 1.7% 49.9 4.8% 1.7%

Germany 41.3 3.7% 1.4% 47.8 4.5% 1.7% 49.0 4.7% 1.7%

Korea 40.8 3.7% 1.4% 32.8 3.1% 1.2% 29.6 2.9% 1.0%

Taiwan 35.9 3.2% 1.2% 35.3 3.4% 1.3% 33.4 3.2% 1.2%

Mexico 26.3 2.4% 0.9% 24.8 2.4% 0.9% 27.2 2.6% 0.9%

Belgium-Luxembourg 23.7 2.1% 0.8% 22.4 2.1% 0.8% 29.6 2.9% 1.0%

Italy 20.0 1.8% 0.7% 18.9 1.8% 0.7% 20.8 2.0% 0.7%

Singapore 19.6 1.8% 0.7% 20.0 1.9% 0.7% 27.9 2.7% 1.0%

Switzerland 19.6 1.8% 0.7% 18.7 1.8% 0.7% 16.4 1.6% 0.6%

Thailand 17.2 1.5% 0.6% 15.7 1.4% 0.5% 13.8 1.2% 0.5%

France 17.0 1.5% 0.6% 20.6 2.0% 0.7% 25.1 2.4% 0.9%

Spain 16.2 1.5% 0.6% 15.6 1.5% 0.6% 19.0 1.8% 0.7%

Canada 9.0 0.8% 0.3% 15.4 1.5% 0.5% 14.2 1.4% 0.5%

Other 171.7 15.5% 5.9% 181.6 17.2% 6.4% 167.7 16.2% 5.8%

Estimated

Foreign Total $1,110.8 100.0% 37.9% $1,053.1 100.0% 37.3% $1,034.2 100.0% 35.9%

Source: Treasury Foreign Portfolio Investment Survey (benchmark March 2000) and monthly

data collected under the Treasury International Capital reporting system.

Department of the Treasury

Office of Market Finance October 28, 2002-9
1994 1995 1996 1997 1998 1999 2000 2001

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 October 28, 2002-10

18

29

12

26

15

Over 10 years

2-10 years

1-2 years

1 year & under

Bills

Sep '02

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

October 28, 2002-11

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

Months

September 30, 2002

5 Years, 6 Months

As of December 31

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

1 Includes inflation-indexed securities (IIS).
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0

50

100

150

200

250

300

350

400

450

500

0

50

100

150

200

250

300

350

400

450

500

MATURITY PROFILE

Outstanding Treasury Marketable Coupon Securities

$Bil.

Department of the Treasury

Office of Market Finance October 28, 2002-12

$Bil.

Calendar Year

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1

Note: Where applicable, maturities represent first call date.

1 Issued or announced through October 25, 2002.
0

2

4

6

8

10

12

AUCTION RELEASE TIMES

Minutes from Closing to Release

October 28, 2002-13

1

2

Data Through

October 25

1. 7/29/02, 13- and 26-week bills, release time:1:06:30, 13-week bill press release not sent to Treasury press room in a timely manner.

2. 7/30/02, 4-week bill, release time:1:15:09, a system error required manual intervention that delayed release.

Note: Current Quarter Exceptions:

Target Release Range

Department of the Treasury

BPD - Office of Financing

Nov-01 Dec Jan-02 Feb Mar Apr May Jul Aug Sep Jun Oct

Current Quarter

(July 29 - October 25)
Jan Feb Mar Apr May Jun Jul Aug Sep

0

5

10

15

20

25

30

35

40

45

Direct

Indirect

Average Number of Bidders

2002

COMPETITIVE BIDDER PARTICIPATION BY MONTH

TREASURY BILL AUCTIONS

Monthly Averages

October 28, 2002-14

1

2

1 Indirect bidders submit competitive bids through a direct bidder.

2

Department of the Treasury Direct bidders submit competitive bids for their own account.

BPD - Office of Financing
Jan Feb Mar Apr May Jun Jul Aug Sep

0

10

20

30

40

50

60

70

80

Average Number of Bidders

2002

COMPETITIVE BIDDER PARTICIPATION BY MONTH

TREASURY NOTE AUCTIONS

Monthly Averages

October 28, 2002-15

1 Indirect bidders submit competitive bids through a direct bidder.

2

Department of the Treasury Direct bidders submit competitive bids for their own account.

BPD - Office of Financing

Indirect Indirect

Direct Direct

Nominal TIIS

1

2

1

2