U.S. Treasury Borrowing
0

10

20

30

0

10

20

30

Increase in

Nonmarketables

Paydown in

Marketables

Decrease in

Cash Balance

Deficit

17

7

1

TREASURY FINANCING REQUIREMENTS

October — December 2000

Department of the Treasury

Office of Market Finance January 29, 2001-1

1

Uses Sources

33

32

2

1

2

$Bil. $Bil.

9

Buybacks

26

 Includes inflation increment on IIS and accrued discount/premium of $0.3 billion.

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

outstanding and minor miscellaneous debt transactions.
0

10

20

30

40

50

0

10

20

30

40

50

Increase in Cash Balance

Deficit

Paydown in

Nonmarketables

TREASURY FINANCING REQUIREMENTS

January—March 2001

Department of the Treasury

Office of Market Finance January 29, 2001-2

Uses Sources

46

46

$Bil. $Bil.

1

 Assumes a $45 billion cash balance, March 31, 2001.

24

New Cash

from

Marketables

13

9

1

2

2

3

3

9

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

and checks outstanding and minor miscellaneous debt transactions.

 Includes inflation increment on IIS and accrued discount/premium of $2.3 billion.

Buybacks expected to be $9 billion.
 (Billions of Dollars)

NET MARKET BORROWING

January – March 2001

Department of Treasury

Office of Market Finance January 29, 2001-3

Issued or announced through January 26, 2001.

Financing done

Bills

Regular weekly 33.5

52 week -31.2

Coupons

Inflation-indexed note 6.0

2 year notes -9.0

5 year notes -38.5

Total financing done -39.2

Buybacks -2.8

Total -41.9

To be done

Financing 91.9

Buybacks -6.2

Inflation Increment & disc./prem 2.3

Total for the quarter 46.1

1

1

Includes inflation increment of $0.3 billion, and premium and discount of $2.0 billion. 2

2
-50

-40

-30

-20

-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 January 29, 2001-4

1

Without

New

Borrowing

Federal Reserve Account

Tax and Loan

Accounts Balance Total Operating

Balance

1 Forecasted data points are semi-monthly.

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

2000 2001

$Bil.
I II III IV I II III IV I II III IV I II III IV I II III IV I

-200

-160

-120

-80

-40

0

40

80

-200

-160

-120

-80

-40

0

40

80 77.2

-25.7

40.3

41.344.6

-71.4

6.6

17.2

10.3

-97.6

-38.5

25.0

6.6

-113.1

-15.9

47.3

-21.1

-188.8

-44.7

-25.6

46.1

TREASURY NET MARKET BORROWING

$Bil.

Department of the Treasury

Office of Market Finance

$Bil.

to be

done

January 29, 2001-5

Coupons

Over 10 yrs

5 - 10 yrs

2 - under 5 yrs

Buybacks

1

e

e estimate

1 Includes inflation increment and discount/premium.

1996 1997 1998 1999 2000 2001

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

Bought Back

Stripped

Federal Reserve

LONG-TERM MARKETABLE DEBT

January 29, 2001-6

Department of the Treasury

Office of Market Finance

1

1 Fixed rate Treasury Bonds by final maturity dates, all data through December 31, 2000.

Maturity Range

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

amounts held in stripped form.

2

Bought Back and Outstanding

2

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

TREASURY NOTES

January 29, 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

May, August & November 2000

Auctions

89%

3%

4%

30% 53%

3%

5%

4%

10-Year Inflation-Indexed

January & July 2000 and

January 2001 Auctions

5%

2%

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

January 29, 2001-8

Department of the Treasury

Office of Market Finance

Primary Dealers

Foreign &

International

Financial Insts.

Investment

Funds

Pension Funds

Other

30-Year Fixed Rate

August 1999 and February &

August 2000 Auctions

70% 2%

22%

28% 43%

4%

8%

14%

30-Year Inflation-Indexed

April & October 1999 and

October 2000 Auctions

1%

3%

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.
0

50

100

150

200

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

End of Quarter

Department of the Treasury

Office of Market Finance January 29, 2001-9

*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

-15

-10

-5

0

5

10

15

-15

-10

-5

0

5

10

15

2.5 1.5 3.3

13.9

15.4 15.4

8.5

3.0

1.2

4.8

-4.1

0.4

-5.7

-0.9

-8.4

0.7

-6.3

Other

Foreign Series

State and Local Series

Savings Bonds

e estimate

$Bil. $Bil.

TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

January 29, 2001-10

Department of the Treasury

Office of Market Finance

e

1

1 Includes inflation increment and accrued discount/premium.

1997 1998 1999 2000 2001
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 III IV

-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 January 29, 2001-11

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

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

0

20

40

60

80

100

120

140

160

180

200

0

20

40

60

80

100

120

140

160

180

200

160.8 159.7

153.5 149.4

132.6

104.4 101.3

124.1

165.3 165.7

151.0

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

$ Bil.

January 29, 2001-12

Department of the Treasury

Office of Market Finance

As of December 31

Remaining Time to Maturity $ Bil.
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 III IV

-60

-40

-20

0

20

40

60

80

100

-60

-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

-6.5

-13.5

22.7

-12.7

5.1

-25.0

-23.6

-17.6

January 29, 2001-13

Department of the Treasury

Office of Market Finance

$Bil. $Bil.

2

1996 1997 1998 1999 2000

1

2 Data through November 30, 2000.

the Federal Reserve in excess of foreign custody account holdings of maturing securities. Foreign

Noncompetitive awards to Foreign and International Monetary Authority (FIMA) held in custody at

add-ons prohibited from October 18, 1995 to March 29, 1996 to avoid exceeding the debt limit.

Marketable

1 Net Auction Awards to FIMA

Other Market Transactions

Nonmarketable
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 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 January 29, 2001-14

Percent Percent

1

1 Privately held debt excludes holdings of the Federal Reserve.
MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

November 30, 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 $339.9 28.1% 11.6% $320.0 25.2% 9.9% $276.1 21.6% 8.5%

United Kingdom 211.7 17.5% 7.3% 242.7 19.1% 7.5% 264.0 20.6% 8.2%

Germany 89.7 7.4% 3.1% 96.8 7.6% 3.0% 95.1 7.4% 2.9%

OPEC 53.6 4.4% 1.8% 43.5 3.4% 1.3% 42.9 3.4% 1.3%

China 46.9 3.9% 1.6% 51.8 4.1% 1.6% 46.4 3.6% 1.4%

Hong Kong 43.9 3.6% 1.5% 46.7 3.7% 1.4% 44.2 3.5% 1.4%

Mexico 32.4 2.7% 1.1% 34.0 2.7% 1.1% 37.4 2.9% 1.2%

Korea 29.7 2.5% 1.0% 26.1 2.1% 0.8% 18.0 1.4% 0.6%

Singapore 24.1 2.0% 0.8% 30.7 2.4% 0.9% 43.1 3.4% 1.3%

Belgium-Luxemburg 23.6 2.0% 0.8% 28.0 2.2% 0.9% 31.5 2.5% 1.0%

Spain 22.3 1.8% 0.8% 22.2 1.7% 0.7% 41.2 3.2% 1.3%

France 20.9 1.7% 0.7% 31.0 2.4% 1.0% 30.0 2.3% 0.9%

Italy 20.0 1.7% 0.7% 18.0 1.4% 0.6% 15.6 1.2% 0.5%

Canada 19.7 1.6% 0.7% 18.6 1.5% 0.6% 12.4 1.0% 0.4%

Taiwan 19.0 1.6% 0.7% 29.3 2.3% 0.9% 31.3 2.4% 1.0%

Netherland Antilles 16.0 1.3% 0.5% 11.9 0.9% 0.4% 21.7 1.7% 0.7%

Switzerland 14.0 1.2% 0.5% 26.3 2.1% 0.8% 33.7 2.6% 1.0%

Other 180.2 14.9% 6.2% 191.1 15.1% 5.9% 194.1 15.2% 6.0%

Estimated

Foreign Total $1,207.6 100.0% 41.4% $1,268.7 100.0% 39.2% $1,278.7 100.0% 39.5%

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 January 29, 2001-15
MARKET YIELDS ON GOVERNMENTS

6.4

%

6.2

6.0

5.8

5.6

5.2

5.0

4.8

4.6

5.4

3 months 6 months 1 2 5 10 20 30

October 30, 2000

January 29, 2001

Years to Maturity

January 29, 2001-16

Department of the Treasury

Office of Market Finance
447.0

424.6

329.1

761.7

461.1

PRIVATELY HELD TREASURY MARKETABLE DEBT

BY MATURITY

As of December 31

January 29, 2001-17

Department of the Treasury

Office of Market Finance

$Bil.

June 30,

1994

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

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

2,423.5

December 31, 2000

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

1

1 Privately held marketable debt excludes holdings of the Federal Reserve.
1989 1990 1991 1992 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 Over 10 years

2-10 years

1-2 years

1 year & under

Bills

As of December 31

Department of the Treasury

Office of Market Finance January 29, 2001-18

19

31

18

18

14

1 Privately held debt excludes holdings of the Federal Reserve.
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

Years

January 29, 2001-19

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

December 31, 2000

5 Years, 10 Months

As of December 31

1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995

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

 2 months as of December 31, 2000.
Total Maturing Coupons Federal

Reserve

Privately

Held

December 31, 2000

MATURING COUPON ISSUES

February — June 2001

(in millions of dollars)

Totals

Department of the Treasury

Office of Market Finance January 29, 2001-20

11,313

15,367

1,501

12,820

19,587

14,181

21,605

13,780

21,034

12,398

12,874

1,750

13,722

19,886

14,262

19,001

 225,101

10,104

13,610

1,335

11,213

15,998

12,227

17,821

11,806

17,644

10,462

9,698

1,450

12,130

16,765

11,746

15,716

189,725

1,209

1,757

166

1,607

3,589

1,954

3,784

1,974

3.390

1,936

3,176

300

1,592

3,121

2,536

3,285

35,376

7 3/4%

5 3/8%

11 3/4%

5 5/8%

5 %

6 3/8%

4 7/8%

6 1/4%

5 %

8 %

5 5/8%

13 1/8%

6 1/2%

5 1/4%

6 5/8%

5 3/4%

Note

Note

Bond

Note

Note

Note

Note

Note

Note

Note

Note

Bond

Note

Note

Note

Note

2/15/01

2/15/01

2/15/01

2/28/01

2/28/01

3/31/01

3/31/01

4/30/01

4/30/01

5/15/01

5/15/01

5/15/01

5/31/01

5/31/01

6/30/01

6/30/01
0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

36

38

25.127.2

30.0 29.5

21.6

28.9 27.5 29.3

12.0

28.9 28.5 29.9

22.2

29.3

26.3

J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

32

34

36

38

27.4

4.2

25.0 25.8 25.8

9.5

22.8 22.3

17.3

23.0 20.0 23.4 23.4 22.3

3.3

22.4 22.6

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

Department of the Treasury

Office of Market Finance January 29, 2001-21

2001

2002

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

Issued or announced through January 26, 2001

Securities issued prior to 1999

New issues calendar year 1999

New issues calendar year 2000
J FMAMJ 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

50

52

54

56

58

60

62

64

66

68

70

72

74

76

78

80

82

23.923.3

11.3 11.2

10.0

2.5

11.4 11.8

44.7

26.3

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

48

50

52

28.1

35.2

32.1

51.0

$Bil. $Bil.

Department of the Treasury

Office of Market Finance January 29, 2001-22

2003 2004

J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

34

36

38

40

42

44

46

13.7

20.4

42.1 2005

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

30.1

New issues calendar year 1999 Issued or announced through January 26, 2001

Securities issued prior to 1999 New issues calendar year 2000
J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

16.2

12.1

22.9

10.4

21.7

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

Department of the Treasury

Office of Market Finance January 29, 2001-23

2008

J FMAMJ J ASOND

0

2

4

0

2

4

6

8

10

12

14

16

18

20

22

24

17.5 16.9

18.6 18.5

3.9

2006

0

2

4

6

8

10

12

14

16

18

20

22

24

26

15.6

11.9 12.0

21.8

8.5

2007 0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

15.9 16.4

27.9

4.8

2009 $Bil.

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

0

2

4

6

8

10

12

14

16

18

20

11.4

19.6 19.9 2010

0

2

4

6

8

10

12

14

16

18

20

6.0

0

2

4

2011

2012

2013

New issues calendar year 1999 Issued or announced through January 26, 2001

Securities issued prior to 1999 New issues calendar year 2000
J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

18

20

22

14.8

21.1

J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

18

14.9

17.7

0

2

4

0

2

4

6

8

10

12

14

16

18

20

22

24

26

28

30

9.5 9.1 9.0

28.7

0

2

4

6

8

10 9.5

4.0

4.9

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil.

Department of the Treasury

Office of Market Finance January 29, 2001-24

0

2

4

6

8

10

12

14

16

18

5.8

17.7 17.2 2016

2019

0

2

4

6

8

10 9.4 7.2

2023

2021

2014

0

2

4

6

8

10

12

14

16

8.5

6.9

17.0 $Bil.

2020

2015

0

2

4

6

8

10

12

14

14.1

10.9 2017

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

0

2

4

6

8 6.1 6.9 2018

2022

New issues calendar year 1999 Issued or announced through January 26, 2001

Securities issued prior to 1999 New issues calendar year 2000
0

2

4

6

8

10

12

14

16

18

20

22

24

10.0

20.1

10.1

0

2

4

6

8

10 10.3 10.2

0

2

4

6

8

10

12

14

16

18

20

9.4 8.8

19.3

J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

17.2

10.0 10.0

2028

0

2

4

6

8

10

12

14

16

18

20

22

24

15.1

0

2

4

6

8

8.9

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

$Bil. $Bil.

Department of the Treasury

Office of Market Finance January 29, 2000-25

2025

2024

2027

2030

0

2

4

6

8

10

12 11.7

9.2 2026 9.8

J FMAMJ J ASOND

0

2

4

6

8

10

12

14

16

18

20

22

24 2031

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

2029

Issued or announced through January 26, 2001

Securities issued prior to 1999

New issues calendar year 1999

New issues calendar year 2000