PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

Coupons [] Over 10 years 1-2 years Bills
1 2-10 years B 1 year & under
100%|—
80 }-
60 +
40-
16
20
0

1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Mar'0O
As of December 31

Depanment of the Treasury

Office of Market Finance May 1, 2000-20


MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES

February 29, 2000

December 31, 1999

December 31, 1998

Asa%of [Asa % 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 $321.2 25.0% 10.2% $320.0 25.2% 9.9% $276.1 21.6% 8.5%
United Kingdom 240.3 18.7% 7.6% 242.9 19.1% 7.5% 264.0 20.6% 8.2%
Germany 97.2 7.6% 3.1% 96.8 7.6% 3.0% 95.1 TAY 2.9%
Mainland China 60.1 4.7% 1.9% 51.8 41% 1.6% 46.4 3.6% 1.4%
OPEC 47.6 3.7% 1.5% 43.5 3.4% 1.3% 42.9 3.4% 1.3%
Hong Kong 46.5 3.6% 1.5% 46.7 3.7% 1.4% 44.2 3.5% 1.4%
Mexico. 32.8 2.6% 1.0% 34.0 2.7% 1.1% 37.4 2.9% 1.2%
Singapore 31.3 2.4% 1.0% 30.7 2.4% 0.9% 43.1 3.4% 1.3%
France 31.4 2.4% 1.0% 31.0 2.4% 1.0% 30.0 2.3% 0.9%
Taiwan 30.9 2.4% 1.0% 29.3 2.3% 0.9% 31.3 2.4% 1.0%
Belgium-Luxemburg 26.0 2.0% 0.8% 28.0 2.2% 0.9% 31.5 2.5% 1.0%
Spain 23.1 1.8% 0.7% 22.2 1.7% 0.7% 41.2 3.2% 1.3%
Switzerland 21.3 1.7% 0.7% 26.3 2.1% 0.8% 33.7 2.6% 1.0%
Canada 18.6 1.5% 0.6% 18.5 1.5% 0.6% 12.4 1.0% 0.4%
Netherland Antilles 17.5 1.4% 0.6% 11.8 0.9% 0.4% 21.7 1.7% 0.7%
Other 237.2 18.5% 7.5% 235.3 18.5% 7.38% 227.7 17.8% 7.0%
Estimated
Foreign Total $1,282.7 100.0% 40.8% |/$1,268.8 100.0% 39.2% ||$1,278.7 100.0% 39.5%
Source: Treasury Foreign Portfolio Investment Survey benchmark as of end-year 1994
and monthly data collected under the Treasury International Capital reporting
system,
Department of the Treasury May 1, 2000-14

Office of Market Finance



TREASURY MARKETABLE MATURITIES
Privately Held, Excluding Bills

$8, sBit{—
of 2002 wie 2004
of aE
‘= 48}—
rat 275 os
= 44r—
— 42r—-
= 40}—
= 38}—-
- 36 eas 32.4
— 34-— 7]
= 3of—
i 30F—- 28.4
I 28}—
E -- /
bt 24b—
E ze 1 U]
} 20f- 4 a i
18F—
se
46 F— 14,-
ef 2003 a
42 -— 10f—
40 -— ay
38 ;- st
36 f— ae |
zt i: :
ee ; i
30} val
Ae ke 2005
24 f-E 23.3 24--
FA 22f— 20.9
20 |- 20;— 18.4
48 [— 18}— 167
i6}— [13.8
a a we 7 18 pl
a || 10}—
at | st
6f— || 6
4 a 4 |
2b— rH ; 3 A A I iL
0 = 0 =.
JF MAM J J A S ON D J FMAM J JAS ON D
| | Securities issued prior to 1998 [ZZ] New issues calendar year 1999
Department of he Treasury [HB New issues calendar year 1998 Issued or announced through April 28, 2000

Office of Market Finance May 1, 2000-24


TREASURY NET MARKET BORROWING ”

$Bil.— 47.0 7 $Bil.
80
60
40
20
+0
-20
-40
Coupons “25.7
“60 /— Over 10 yrs “60
-80}— 5-10 yrs -80
ZZ 2- under 5 yrs
-100 }— ; Sop -100
Bills =
-120|- -97.9 -120
149 | | | a avr
Pon om Wot ow mn Wor th Ve ott voto tt
1995 1996 1997 1998 1999 2000

1 Excludes Federal Reserve and Government Account Transactions.

Department of the Treasury
Office of Market Finance May 1, 2000-5


AVERAGE LENGTH OF THE MARKETABLE DEBT”

Privately Held

Years
< June 1947
10 Years Months
10 5 Months
70 March 31, 2000
9 5 Years, 7 Months
68
8
66
7LL a ee
64 JFMAMJJASOND
6LL
SLL December 1975
2 Years
5 Months
4ut
BLL
2aLLitii tii | Litt Lit TE Tit Ett tee et

1945 49 51 53 55 57 59 61 63 65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 9799
1) Excludes inflation-indexed securities; including IIS the average length was 5 years, 11 months.

as of March 31, 2000.

Department of the Treasury
Office of Market Finance May 1, 2000-21


TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

SR, ‘SBil,
i 2022 2 92 of 2027
8 16 |—
§ 14 -—
2 % [98 92
af—
24 j}—
22 }-~ 2023 4 > |
20 2
1r-  15.9 o
16 -—
"4 LE ia I 167 2028
10 F—- 14-—
BE- % [— 10.0
jz aL
2r- cis
0 =
7 ake
a 2024 7 9
a 16; 14.4
she r8]- : 2029
| i 12F- 10.0
2 10 gs
0 at
12/— 10.6 2025 10.9 é =
10 F—- 2a g
ale
i. a
P| tet 2030
2y- 14,—
u yop
10
0 id 2026 23 ea sf
8 6
: | °F
4 2—
2
0
0
J FMAM J J AS ON D JF MAM J J AS ON D
HB Sccurities issued prior to 1998 [ZZ New issues calendar year 1999

[HB New issues calendar year 1998 Issued or announced through April 28, 2000

Department of the Treasury
Office of Market Finance: May 1, 2000-27


TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills
2000

29.9 |
25.5 24.3

TTTTTTTTTTTTTTTTTT1

2001 |

PTTTTTTTTT TTT TT TTT TT

J F M A M J J A Ss oO N D
MM Securities issued prior to 1998 New issues calendar year 1999
(HG) New issues calendar year 1998 Issued or announced through April 28, 2000
igh Apt

Department of the Treasury

Office of Market Finance May 1, 2000-23


MARKET YIELDS ON GOVERNMENTS

l %
January 31, 2000

¥

%

6.5

6.0

5.5

5.5 5.5
10 12 14 16 18}20 22 24 26 281] 30

5.0 5.0
0 1 2 3 4 5 6 7 8 9 10

Years to Maturity

Department of the Treasury
Office of Market Finance May 1, 2000-18


STATE & LOCAL GOVERNMENT SERIES

$Bil. $Bil.
25;- — ___ Gross Issues 25
20 |E =a=s= Redemptions —| 20
15 -—- — 15
. oor te, %e,
10 -_ Re “ "ene t?” "Seema g? eames — 10
S

5 . “euneneee®® 45

0 0
$Bil.[_ $Bil
10K === Net SLGs —l10

BLL 5

0 0
BE 1-5
soho

| ll til IV | I il IV | I il IV | tl lov |
1996 1997 1998 1999 2000

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

Department of the Treasury
Otfice of Market Finance May 1, 2000-10


TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JULY 2000

Monday

Tuesday

Wednesday

Thursday

Friday

Holiday

5 Announce
10 year
Inflation-indexed
note

10

11

42 Auction
10 year

Inflation-indexed
note 2/

13

14

17

18

19
Announce
2 year note

20

21

24

25

26
Auction
2 year note

27

28

31

Department of the Treasury
Office of Market Finance,

J/ Does not include weekly bills.

27For settlement July 17
3/For settlement July 31

May 3, 2000-30


DISTRIBUTION OF COMPETITIVE AUCTION AWARDS OF
TREASURY BONDS

30-Year Inflation-Indexed 30-Year Fixed Rate
July 1998 and February & August 1999 and
April & October 1999 Auctions February 2000 Auctions

2%,

a Primary Dealers

Foreign &
ZA International

Financial Insts.

Investment
Funds

Pension Funds

Other

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.

Department of the Treasury
Office of Market Finance May 1, 2000-7


DISTRIBUTION OF COMPETITIVE AUCTION AWARDS OF
TREASURY NOTES

10-Year Inflation-Indexed 10-Year Fixed Rate
January & July 1999, and August & November 1999 and
January 2000 Auctions February 2000 Auctions

Ee Primary Dealers

Foreign &
International

Financial Insts.
| Investment
Funds

Pension Funds

Other

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.

Department of the Treasury
Office of Market Finance: May 1, 2000-6


PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT
BY MATURITY

$Bil.
| Es March 31, 2000

3,000

Over 10 years [4 1-2 years

2-10 years 1 year & under

2,500

2,000

1,500

1,000 f+

500

556.2

0
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
As of December 31

Department of the Treasury
Oftice of Market Finance May 1, 2000-19


TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil. $Bil.
15.3 15.3 Savings Bonds
15 | 13.8 15
: State and Local Series
Foreign Series
me a4 7 —| 10
57 24
olla 45
25 45 3.3
og 13
ote 0
= -1.4
-0.5 .22 -1.9
5 = +5
-4.7
-7.6
-10 | = -10
| ott ov | oot IV | oti IV | foil Woot i]
1996 1997 1998 1999 2000
e estimate

Department of the Treasury
Office of Market Finance

May 1, 2000-9


TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

SB
26
24
22
20
18
16
14
12

a
2006 2
24
19.5 19.2 22
20
18
16
14
12
10

3.9 6

2009 28.2

TT TTT

=
ie

BI

is

16.9

SS)

TTTTTTTTTTTT TT

Ey
GAT

onaawvd

tI Ht |

14

2007 24

94
22.4
17
| 2014
J oF MAM J J AS ON D J FMAM JJ AS ON D

HM Sccurities issued prior to 1998 New issues calendar year 1999
(HB) New issues calendar year 1998 Issued or announced through April 28, 2000

2010

TTTTTTT

aS
8

za1 2008 [~ 2011

aoa

Co 2013

6
4
2
0,
4
2
0
4
2
0
4
2
°
4
2
i}

epantment of the Treasury
Office of Market Finance May 1, 2000-25


TREASURY FINANCING REQUIREMENTS

$Bil.

January —March 2000

$Bil.
Uses Sources
40 ;—- — 40
30 f- 30
1 .
Deficit 2! >» Paydown in
Nonmarketables
Decrease
20 inCash _| 20
Balance

10 4 Paydown in Marketables

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

Department of the Treasury
Oftice of Market Finance

10

May 1, 2000-1


QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL
HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil $Bil.
108.8 Nonmarketable
oo 100
tus Marketable
Net Auction Awards to Foreign?’
80 IW other Transactions ~7 80
54.5
60 47.8 60
40 40
20 20
0 0
-20 -20
. | | Ll
oT vow Ww) mW WoT NW Wve
1996 1997 1998 1999 2000

1 Noncompetitive awards to foreign official accounts held in custody at the Federal Reserve in
excess of foreign custody account holdings of maturing securities. Foreign add-ons prohibited
from October 18, 1995 to March 29, 1996 to avoid exceeding the debt limit.

2 Data through February 29, 2000.
Department of the Treasury
Office of Market Finance May 1, 2000-42


STATE AND LOCAL MATURITIES 2000-2005

$Bil. $Bil.
12/— 11.5 — 12
10.9
9.5 + 10
7.8
7.5 +18

WIV ono 'ouomiv to ouliv 1ou mv 1ouoiiv

2000

Department of the Treasury
Office of Market Finance

2001 2002 2003 2004 2005

May 1, 2000-11


SB NET STRIPS OUTSTANDING (1985-2000)*

200};—

150;—

100;—

50;—

0 ATER NTER AEVRRHORSHOD SURE AWORATERATOREEOOGETO SEE ATOR ATTOE
1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 '20
End of Quarter

*Strips program began February 15, 1985.
Reconstitution began May 1, 1987.

Department of the Treasury Inflation-indexed securities had not been stripped as of April 24, 2000.
Office of Market Finance

May 1, 2000-8


MATURING COUPON ISSUES
May — September 2000

(in millions of dollars)

March 31, 2000
Held by
laturing Cou
mM 9 Coupons Total . wan 1/
Federal Reserve | Private Foreign
Investors | Investors

87/8% Note 05/15/00 10,496 486 10,010 49
6 3/8% Note 05/15/00 20,763 2,927 17,836 4,910
81/4% Bond 05/15/002 4,224 2,177 3/ 2,047 0
6 1/4% Note 05/31/00 12,752 1,613 11,139 1,480
5 1/2% Note 05/31/00 16,580 2,224 14,356 3,823
5 7/8% Note 06/30/00 12,464 1,571 10,893 3,418
5 3/8% Note 06/30/00 14,939 1,538 13,401 1,861
6 1/8% Note 07/31/00 12,339 1,044 11,295 2,879
5 3/8% Note 07/31/00 18,683 2,656 16,027 5,182
83/4% Note 08/15/00 11,081 1,538 9,543 442
6 % Note 08/15/00 18,053 2,524 15,529 4,466
6 1/4% Note 08/31/00 11,922 1,226 10,696 1,562
5 1/8% Note 08/31/00 20,029 2,994 17,035 5,845
6 1/8% Note 09/30/00 12,011 1,033 10,978 3,646
41/2% Note 09/30/00 19,269 2,242 17,027 5,976

Totals 215,605 27,793 187,812 45,537

1/F.R.B. custody accounts for foreign official institutions; included in Private Investors.

2/On January 14, Treasury announced the calll for redemption at par on May 15, 2000 the 8 1/4%
2000-05, issued May 15, 1975, due May 15, 2005 (CUSIP 912810BU1).

3/ Government account holdings included.

Department of the Treasury
Office of Market Finance May 1, 200022


TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MAY 2000

Monday Tuesday Wednesday Thursday Friday
1 2 3 4 5
8 10 . 11 12
Auction Auction
5 year note’ | 10 year note 7
15 16 17 18 19
Announce
2 year note
22 23 24 25 26
Auction Announce
2 year note 3/ 52 week
29 30 31
H Auction
id
Holiday 52 week 4/

Department of the Treasury
Office of Market Finance

1 Does not include weekly bills

2/For settlement May 15
3/For settlement May 31
4/For settlement June 1

May 8, 2000-28


TREASURY OPERATING CASH BALANCE

Daily
$Bil.
Without
100 4 New >|
Borrowing,/
90lt- Tax and Loan i
Accounts Balanceg
uy
80 Total Operating Fy
Balance ‘
i
‘ 4
4 /
ry 7
‘of
‘oe
wa
a
Ww
.
0
‘ederal Reserve Account
qoL-_[_| | | FederptResprve Account | || |
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May = Jun
1999

2000
1° Data points are semi-monthly.
Department of the Treasury

Office of Market Finance

May 1, 2000-4


SHORT TERM INTEREST RATES

Weekly Averages
% Yo

8 ys Through 8

Prime Rate Apri |
7 47
Commercial
Paper

etete,
o ee,

Treasury Bill — 5

Federal Funds
4 it oli h, Ll {ott Lo Ar whe 1s De ee nae cig mall)
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1999 2000

Department of the Treasury
Office of Market Finance May 1, 2000-15


LONG TERM INTEREST RATES

Weekly Averages

% %
New Aa
Corporates
B}- » 8
7
7}- 30-Year Treasury
by +6
o
o %
out *
orn, oo”. 7 e=uhy
Re a a — 5
- ‘©, Shey
=e, an oumnme? ee a ry pints .
CE, gf Q o ee
“en aS= —— 30-Year 0%”
o’ Municipal Bonds =e
— a 14
Through
April 28
5 MOG Coe eee ee A
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1999 2000

Department of the Treasury
Office of Market Finance May 1, 2000-17


NET MARKET BORROWING
April —- June 2000
(Billions of Dollars)

Total
Done
Bills
Regular weekly 7.4
52 week -35.5
Cash management -95.1
Coupons
7 year note -10.5
2 year note *
5 year note -32.7
30 year called bond -2.7
Buybacks -5.0
To Be Done

-185.4
-174.1

-11.3

Y Issued or announced through April 28, 2000.

Department of Treasury * Less than $0.1 billion.
Office of Market Finange:

May 1, 2000-3



TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills

Bil spi=

6 2015 zf- 2019

14 20 |- 18.3
12 10.7 ps

10 i

8 14 -—

5 5.6 58 i

4 10

2 El

0 6

26 at

2a 2016 2

22-— 0

oo 177 22

18}— ‘a 20f;—

16 =

4 i

12|— =

10}— Be

brea of 88 86

6 +!

4h i

2b >|

0. Pp i
af ss 2017 7

16 pos 2021

14}— 120 Sle 29.9
12-— 2

oo a

oe Ae

4h 22 -—

2k 20 |—

0 18 }—

16 167—

af 2018 taf

Ps 2 02 106 10.6
10} at 10}

4 74 al

6 6f—

4b 4b

2 py

0 0

J oF MAM JJ AS ON D JF MAM J J A S ON D
HB Sccurities issued prior to 1998 [4 New issues calendar year 1999

(9) New issues calendar year 1998 Issued or announced through April 28, 2000

Department of the Treasury
Office of Market Finance May 1, 2000-26


TREASURY FINANCING REQUIREMENTS

April —June 2000

$Bil. S$Bil.

Uses Sources
200 f- 192 —| 200

EEE
2
a .
. Paydown in
Increase in

150 F — 150

Cash Nonmarketables

Balance
100 | 4 Paydown in Marketables —| 100
50 |— —1 50
0 “0

Department of the Treasury
Office of Market Finance

1/ Assumes a $50 billion cash balance, June 30, 2000.

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

May 1. 2000-2


TENTATIVE SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JUNE 2000 ”

Monday

Tuesday Wednesday Thursday Friday
1 2

5 6 7 8 9
12 13 14 15 16
19 20 21 22 23

Announce

2 year note
26 27 28 29 30

Auction
2 year noteY

Department of the Treasury
Office of Market Finance

1/ Does not include weekly bills

2/For settlement June 30

May 3, 2000-29



FOREIGN HOLDINGS AS A PERCENT OF TOTAL
PRIVATELY HELD PUBLIC DEBT

Percent Percent
40 |— 40
38 }— —1 38
36 | —7 36
34 |— | 34
32 -— —| 32
30 f— — 30
28 |— — 28
26 ;— — 26
24 ;— 24
22; —| 22
20 fe — 20
18} 18
pot i

16
16 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 19992000

Quarterly

Department of the Treasu
Office of M

May 1, 2000-13



INTERMEDIATE TERM INTEREST RATES

9 Weekly Averages 9
lo lo
FHLMC 30-Year
“ Conventional PP a ee
8y- awe -” ome o* ia) 2/ 8
~ ? arn T= AA 10-Year Industrial
~
* oe ease,
Ce tlm, yae oeime
7 FT age “e, one 47
Vaio” m=
Treasury
ele & 10-Year le
-_ Treasury 5-Year
5|- 10-Year Inflation- 5
Indexed Note 2/
ee
| gemma all +4
. Through
April 2
ARS COO Se eT cD
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1999 2000

Salomon 10-yr. AA Industrial is a Thursday rate.
Department of the Treasury The first 10-year inflation-indexed note settled on February 6, 1997.
Office of Market Finance May 1, 2000-16

2