A : Caterpillar 's liquidity position continues to improve . Cat Financial has issued both fixed rate and floating rate notes in euros and a medium-term note in Canadian dollars . These represent our first euro issuances in more than a year and our first Canadian dollar issuance in more than two years . Both suggest continued improvement in global credit markets . Of note , the coupon on the euro fixed rate note was 5.125 percent , which was lower than the issuance a year earlier . Despite improvements in global credit markets we continue to hold approximately $ 3 billion in excess cash reserves as a buffer . We plan to gradually reduce some of this excess over the remainder of the year .