S. Treasury Borrowing
 Treasury Financing Requirements

($ Billions)

 (Projected) (Actuals) 

Net Marketable Issuance* 110 111 

Bills 66Nominal Notes 42IIS 6Bonds (20-yr) -3

Financing 110 111 

Deficit Funding ** 116 143 Compensating Balances 14 Net Non-Marketable Financing -3 -2 Change in Cash Balance 8 20 

Notes:Starting Cash Balance 33 33 Ending Cash Balance 25 13 

* Previously released coupon issuance pattern would raise $214 billion in FY03** Includes budget results, direct loan activity, changes in accrued interest and checks outstanding and minor mNote: Totals may not add due to roundingDepartment of the TreasuryOffice of Market Finance 

January - March 2003 
February 

Base Case 

Security Issuance * 

Bills2-year 27 3-year - 5-year 24 5-year (r ) - 10-year 18 IIS 6 Amount RaisedFY2003 214 FY2004 111 

* Note: Base case issuance is purely for illustrative purposes assuming no change in issuance going forward. Does not necessar
2003 2004 2005 2006 2007 2008 2009 2010 20

0

100200300400500600700800

First QuarterSecond QuarterThird QuarterFourth Quarter

$Bil.

Department of the TreasuryOffice of Market Finance

Calendar Year

1

MATURITY PROFILE

Outstanding Treasury Marketable Coupon Securities

Actual Data (Projected data are shaded)

Note: Where applicable, maturities represent first call date.

1 Issued or announced through April 25, 2003.
AVERAGE MATURITY OF TOTAL OUTSTANDING MARKETA

1-YEAR MOVING AVERAGE OF CONSTANT ISSUANCE 

2030405060708090

100

1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 

Months

CONSTANT ISSUANCE MEASURE

1/ The constant issuance measure is the ultimate average maturity achieved if nominal issuance in any given 
AVERAGE MATURITY OF ISSUANCE FROM PREVIOUS 3 A

20253035404550556065

1985 1987 1989 1991 1993 1995 1997 1999 2001 

Months

Previous 3 Years

Previous 5 Years

1/ The average maturity measure includes securities issued in the previous 3 or 5 years and still outstanding 
FINANCING RESIDUALS GIVEN CURRENT ISSUA

-400-300-200-100

0

100200300400500600

2003 2004 2005 2006 

Fiscal Year

$ billions

 Deficit Forecasts (FY04 Budget)

Deficits plus 1 S
FINANCING RESIDUALS GIVEN CURRENT ISSUA

0

100200300400500600700800900

2003 2004 2005 2006 2

Fiscal Year

$ billions

Deficit Forecasts (FY04 Budget)

Deficits plus 2 St. Dev.

Deficits plus 1 St. Dev.
Expanded Schedule Would Be Sustainable 

Security Announced Alternativ

Bills2-year 27 223-year 20 185-year (r ) 18/16

-

5-year (m )

- 15

10-year 18

-

10-year (r )

- 16/10

IIS 6/9 9
BILLS AS A PERCENTAGE OF MARKETABLE DEB

T

AND DEFICIT AS A PERCENTAGE OF GDP1

-6%-5%-4%-3%-2%-1%

0%1%2%3%

1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 20

Deficit/GDP

Deficit/GDP 3-Yr/Reopen 5s 3-Yr/Monthly 5s/Reopen 10s

1/ The projected deficits as a percentage of GDP for 2003 to 2008 are from Administration's FY04 Budget.

DAILY PRIMARY DEALER TRADING VOLUMES

3-MONTH MOVING AVERAGES

100150200250300350400

Apr-98 Sep-98 Feb-99 Jul-99 Dec-99 May-00 Oct-00 Mar-01 Aug-01 Jan-02 J

Nominal Volume 

($billions)

TIIS NOTES/BOND

NOMINAL NOTES/BONDS
TURNOVER RATIOS FOR NOMINAL AND INFLATION-INDEXE

3-MONTH MOVING AVERAGES

4%6%8%

10%12%14%16%18%20%

Apr-98 Sep-98 Feb-99 Jul-99 Dec-99 May-00 Oct-00 Mar-01 Aug-01 Ja

Nominal 

Volume/Outstanding 

1/ Average daily primary dealer trading volume divided by outstanding amount.

TIIS NOTES/BONDS

NOMINAL NOTES/BONDS
PRIMARY DEALER TIIS POSITIONS AS A PERCENTAGE OF O

3-MONTH MOVING AVERAGE

0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%

Apr-98 Sep-98 Feb-99 Jul-99 Dec-99 May-00 Oct-00 Mar-01 Aug-01 J