U.S. Treasury Borrowing
0

50

100

150

0

50

100

150

Increase in Cash

Balance

15

9

2

TREASURY FINANCING REQUIREMENTS

April — June 2001

Department of the Treasury

Office of Market Finance July 30, 2001-1

Uses Sources 180

1

$Bil. $Bil.

154 163

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

and checks outstanding and minor miscellaneous transactions.

Paydown in

Marketables

Nonmarketables

Buybacks

180 Surplus 1
0

10

20

30

40

50

60

0

10

20

30

40

50

60

11 Increase in Cash Balance

10

9

TREASURY FINANCING REQUIREMENTS

July — September 2001

Department of the Treasury

Office of Market Finance July 30, 2001-2

Uses 61 Sources

1

 Assumes a $55 billion cash balance, September 30, 2001. 2

$Bil. $Bil.

Deficit 31

Nonmarketables

1

Marketables

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

and checks outstanding and minor miscellaneous transactions.

61

Buybacks

2
 (Billions of Dollars)

NET MARKET BORROWING

July – September 2001

Department of Treasury

Office of Market Finance July 30, 2001-3

Issued or announced through July 27, 2001.

Done

Bills

Regular weekly 29.0

Coupons

2-year notes -8.9

5-year notes -42.4

10-year IIN 5.0

Total -17.3

Buybacks -4.3

Total -21.6

To be done

Financing 78.3

Buybacks -5.3

Total for the quarter 51.4

1

1
-80

-60

-40

-20

0

20

40

60

80

100

TREASURY OPERATING CASH BALANCE

Daily

Department of the Treasury

Office of Market Finance July 30, 2001-4

1

Without

New

Borrowing

Federal Reserve Account

Tax and Loan

Accounts Balance

Total Operating

Balance

1 Forecasted data points are semi-monthly.

$Bil.

2000 2001

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

-200

-160

-120

-80

-40

0

40

80

-200

-160

-120

-80

-40

0

40

80

44.6

-71.5

6.5

17.0 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

51.4

TREASURY NET MARKET BORROWING

$Bil.

Department of the Treasury

Office of Market Finance

$Bil.

to be

done

July 30, 2001-5

e

e estimate

1997 1998 1999 2000 2001

Coupons

Over 10 yrs

5 - 10 yrs

2 - under 5 yrs

Buybacks

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

Stripped

Federal Reserve

Bought Back

LONG-TERM MARKETABLE DEBT

July 30, 2001-6

Department of the Treasury

Office of Market Finance

1

1 Fixed-rate Treasury Bonds by final maturity dates.

Maturity Range

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

amounts held in stripped form.

2

Bonds Outstanding and Bought Back

2

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

TREASURY NOTES AND BONDS

July 30, 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

November 2000 and February

& May 2001 Auctions

82%

1%

10%

60%

21%

4%

5%

3%

10-Year Inflation-Indexed

July 2000 and January &

July 2001 Auctions

7% 1%

6%

Other includes individuals, nonfinancial cos., and other financial cos.

Note: Investment funds include investment mgrs., mutual funds, and hedge funds.

Financial insts. include nonprimary dealers, depository insts., and insurance cos.

43%

8%

14%

28%

4% 3%

30-Year Inflation-Indexed

April & October 1999 and

October 2000 Auctions

30-Year Fixed-Rate

February & August 2000 and

February 2001 Auctions

65%

1%

2%

29%

3%
0

50

100

150

200

0

50

100

150

200

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

End of Calendar Quarter

Department of the Treasury

Office of Market Finance July 30, 2001-8

$Bil.

*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 II III -15

-10

-5

0

5

10

15

-15

-10

-5

0

5

10

15

0.1

-0.1

1.0

11.6

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

-9.1

e estimate

$Bil. $Bil.

TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

July 30, 2001-9

Department of the Treasury

Office of Market Finance

e

State and Local Series

Foreign Series

Savings Bonds

1997 1998 1999 2001 2000
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

-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 July 30, 2001-10

1997 1998 1999 2000 2001
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

0

20

40

60

80

100

120

140

160

180

200

220

240

0

20

40

60

80

100

120

140

160

180

200

220

240

159.7 153.5 149.4

132.6

104.4 101.3

124.1

165.3 165.7

151.0 153.2

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 (SLGS)

$Bil.

July 30, 2001-11

Department of the Treasury

Office of Market Finance

As of December 31

Remaining Time to Maturity $Bil.

Jun '01
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF MARKETABLE TREASURY 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

-40

-20

0

20

40

60 56.1

26.5

48.3

9.9 8.7 5.9

-30.9

55.3

-5.7

-10.9

22.6

-13.1

7.6

-24.2

-21.4

-25.4

-0.2

-28.7

July 30, 2001-12

Department of the Treasury

Office of Market Finance

$Bil.

1 Data through May 31, 2001.

1

$Bil.

1997 1998 1999 2000 2001
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 July 30, 2001-13

Percent Percent

1

1 Privately held debt excludes holdings of the Federal Reserve.

1993 1994 1995 1996 1997 1998 1999 2000 '01

Data through May 31, 2001.
MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

May 31, 2001 December 31, 2000 December 31, 1999

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 $324.3 27.5% 11.9% $335.9 28.0% 11.7% $320.0 25.2% 9.9%

United Kingdom 212.3 18.2% 7.8% 207.3 17.3% 7.2% 242.7 19.1% 7.5%

Germany 88.6 7.6% 3.2% 88.6 7.4% 3.1% 96.8 7.6% 3.0%

China 57.2 4.9% 2.1% 48.3 4.0% 1.7% 51.8 4.1% 1.6%

OPEC 48.4 4.1% 1.8% 52.9 4.4% 1.8% 43.5 3.4% 1.3%

Hong Kong 45.8 3.9% 1.7% 44.7 3.7% 1.6% 46.7 3.7% 1.4%

Mexico 31.2 2.7% 1.1% 29.8 2.5% 1.0% 34.0 2.7% 1.1%

Korea 28.5 2.4% 1.0% 32.0 2.7% 1.1% 26.1 2.1% 0.8%

Taiwan 20.6 1.8% 0.8% 19.1 1.6% 0.7% 29.3 2.3% 0.9%

Belgium-Luxemburg 20.6 1.8% 0.8% 28.9 2.4% 1.0% 28.0 2.2% 0.9%

Spain 19.6 1.7% 0.7% 21.5 1.8% 0.7% 22.2 1.7% 0.7%

Italy 19.6 1.7% 0.7% 20.0 1.7% 0.7% 18.0 1.4% 0.6%

France 17.8 1.5% 0.7% 20.4 1.7% 0.7% 31.0 2.4% 1.0%

Canada 17.8 1.5% 0.7% 17.6 1.5% 0.6% 18.6 1.5% 0.6%

Singapore 15.9 1.4% 0.6% 23.6 2.0% 0.8% 30.7 2.4% 0.9%

Switzerland 13.2 1.1% 0.5% 13.5 1.1% 0.5% 26.3 2.1% 0.8%

Netherland Antilles 7.8 0.7% 0.3% 17.1 1.4% 0.6% 11.9 0.9% 0.4%

Other 180.2 15.4% 6.6% 180.1 15.0% 6.3% 191.1 15.1% 5.9%

Estimated

Foreign Total $1,169.4 100.0% 42.8% $1,201.3 100.0% 41.7% $1,268.7 100.0% 39.2%

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 July 30, 2001-14
421.9

360.1

319.1

708.1

451.7

PRIVATELY HELD TREASURY MARKETABLE DEBT

BY MATURITY

As of December 31

July 30, 2001-15

Department of the Treasury

Office of Market Finance

$Bil.

June 30, 1994

1993 1994 1995 1996 1997 1998 1999 2000

0

500

1,000

1,500

2,000

2,500

3,000

2,260.8

June 30, 2001

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

1

Over

10 years 2-10 years 1-2 years 1 year &

under Bills Coupons:

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

non-interest-bearing matured debt.
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

As of December 31

Department of the Treasury

Office of Market Finance July 30, 2001-16

20

31

16

19

14

Over 10 years

2-10 years

1-2 years

1 year & under

Bills

Jun '01

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

July 30, 2001-17

Department of the Treasury

Office of Market Finance

10

9

8

7

6

5

4

3

2

1

J FMAMJ J ASOND 68

70

72

74

Months

June 30, 2001

6 Years

As of December 31

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

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

 4 months as of June 30, 2001.
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 0

50

100

150

200

250

300

350

400

0

50

100

150

200

250

300

350

400

MATURITY PROFILE

Outstanding Treasury Marketable Coupon Securities

$Bil.

Department of the Treasury

Office of Market Finance July 30, 2001-18

$Bil.

End of Calendar Year

Note: Maturities represent first call date.

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

1

1 Issued or announced through July 27, 2001.
2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 0

10

20

30

40

50

60

0

10

20

30

40

50

60

MATURITY PROFILE

Outstanding Treasury Marketable Coupon Securities

$Bil.

Department of the Treasury

Office of Market Finance July 30, 2001-19

$Bil.

End of Calendar Year

Note: Maturities represent first call date.

1

1st Quarter

 2nd Quarter

3rd Quarter

4th Quarter

1 Issued or announced through July 27, 2001.