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U.S.

Treasury Borrowing
TREASURY FINANCING REQUIREMENTS
October — December 1999
$Bil. $Bil.
Uses Sources

47

1
2 2
40 40
1
1
Deficit 17 2 State and Local

Net Market
47
Borrowing

20 20

27 Increase in Cash
Balance

0 0
1 Includes budget results, direct loan activity, changes in accrued interest
and checks outstanding and minor miscellaneous debt transactions.
Department of the Treasury
Office of Market Finance January 31, 2000-1
TREASURY FINANCING REQUIREMENTS
January — March 2000
$Bil. $Bil.
Uses Sources
43 1 2
3
3 4
40 40

State and Local

30 1 30
Deficit 22 3 4
Decrease
1
43 2 in Cash
2
Balance 20
20

10 Paydown in 10
17
Marketables

0 0
1 Includes budget results, direct loan activity, changes in accrued interest
and checks outstanding and minor miscellaneous debt transactions.
2 Assumes a $40 billion cash balance, March 31, 2000.
Department of the Treasury
Office of Market Finance January 31, 2000-2
NET MARKET BORROWING
January – March 2000
(Billions of Dollars)

Total -16.9
Done* -119.4
Bills
Regular weekly -23.2
52 week -5.3
Cash management -54.1

Coupons
7 year note -10.1
2 year note 0.1
5 year note -33.1
10 year inflation-indexed note 6.3

To Be Done 102.5

* Issued or announced through January 28, 2000.


Department of Treasury
Office of Market Finance January 31, 2000-3
TREASURY OPERATING CASH BALANCE
Daily
$Bil.
90 Tax and Loan Without
Total Operating Accounts Balance New
80 Borrowing 1
Balance
70
60
50
40
30
20
10
0
-10 Federal Reserve Account
-20
-30
-40
-50
-60
-70
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
1999 2000
1 Data points are semi-monthly.

Department of the Treasury


Office of Market Finance January 31, 2000-4
1
TREASURY NET MARKET BORROWING
$Bil. 47.0 $Bil.

80 74.5 77.2 80
61.2 24.0
60 53.4 40.3 60
48.1 44.6
40.6 25.3 41.3
40 8.1 5.8 40
25.7
10.3
20 17.0 20
6.5
0 0

-20 -20

-40 -40
Coupons -25.7 -15.9
-60 Over 10 yrs -38.8 -60

-80 5 - 10 yrs -80


2 - under 5 yrs -71.5
-100 Bills -100
-97.9
-120 -120
-113.8
-140 -140
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV
1994 1995 1996 1997 1998 1999
1 Excludes Federal Reserve and Government Account Transactions.

Department of the Treasury


Office of Market Finance January 31, 2000-5
DISTRIBUTION OF COMPETITIVE AUCTION AWARDS OF
TREASURY NOTES
10-Year Inflation-Indexed 10-Year Fixed Rate
January & July 1999, & May, August & November
January 2000 Auctions 1999 Auctions

4%
Primary Dealers
10%
20% Foreign & 1% 3%
International
3% Financial Insts.
43%
Investment
20% Funds
82%
Pension Funds

9% Other
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.

Department of the Treasury


Office of Market Finance January 31, 2000-6
DISTRIBUTION OF COMPETITIVE AUCTION AWARDS OF
TREASURY BONDS
30-Year Inflation-Indexed 30-Year Fixed Rate
July 1998 & November 1998 &
April & October 1999 Auctions February & August 1999 Auctions

2%
1%
4%
8% Primary Dealers

Foreign & 13%


International
18%
44% Financial Insts.
13%
Investment
Funds 67%

21% Pension Funds 1%

8% 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 January 31, 2000-7
1
PRICES FOR 10-YEAR 3-7/8% IIN AND 10-YEAR 4-3/4% FIXED-RATE NOTE
Daily Data: 4/8/99 through 1/27/00
Price $ Price $
100 3-7/8% IIN of 1/15/09 100
99 99
98 98
97 97
96 96
95 95
94 94
93 93
92 92
91 91
90 90
89 4-3/4% of 11/15/08 89
88 88
87 87
86 86
Apr May Jun Jul Aug Sep Oct Nov Dec Jan
1999 2000
1
Real Price for inflation-indexed note
Department of the Treasury
Office of Market Finance Correlation: 84.4% STD IIN/STD Nominal = 0.45 January 31, 2000-8
PRICES FOR 30-YEAR 3-7/8% IIB AND 30-YEAR 5-1/4% FIXED-RATE BOND 1
Daily Data: 4/8/99 through 1/27/00
Price $ Price $
100 100
3-7/8% IIB of 4/15/29
98 98

96 96

94 94

92 5-1/4% of 02/15/29 92

90 90

88 88

86 86

84 84

82 82

80 80
Apr May Jun Jul Aug Sep Oct Nov Dec Jan
1
1999 2000
Real Price for inflation-indexed note
Department of the Treasury
Office of Market Finance Correlation: 91.9% STD IIN/STD Nominal = 0.61
January 31, 2000-9
NET STRIPS OUTSTANDING (1985-2000)*
$Bil.

200

150

100

50

0
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 January 21, 2000.
Office of Market Finance January 31, 2000-10
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES
$Bil. $Bil.
15.3 15.3
Savings Bonds
15 13.8 15
State and Local Series

Foreign Series 8.4


10 10

5.7
2.4
5 3.3 5
2.5 1.5
0.8 1.3

0 0

-0.5 -2.2 -1.9


-5 -4.2 -5
-4.7

-7.6
-10 -10
I II III IV I II III IV I II III IV I II III IV Ie
1996 1997 1998 1999 2000
e estimate

Department of the Treasury


Office of Market Finance January 31, 2000-11
STATE & LOCAL GOVERNMENT SERIES
$Bil. $Bil.
25 Gross Issues 25

20 Redemptions 20

15 15

10 10

5 5

0 0
$Bil. $Bil.

10 Net SLGs
10

5 5

0 0

-5 -5

-10 -10
I II III IV I II III IV I II III IV I II III IV I II III IV
1995 1996 1997 1998 1999
Note: SLGS sales were suspended from October 18, 1995 to March 29, 1996.
Department of the Treasury
Office of Market Finance January 31, 2000-12
STATE AND LOCAL MATURITIES 2000-2005
$Bil. $Bil.
12 12
11.4
10.8

10 9.5 10
8.8 9.0

8 7.6 7.7 8
7.4 7.5 7.4
7.1
6.3
6 6
5.3
4.7 4.8
4.4 4.6
4.3 4.2
4 3.5 3.5 4

2.6
2 1.8 1.7 2

0 0
I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV
2000 2001 2002 2003 2004 2005
Department of the Treasury
Office of Market Finance January 31, 2000-13
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL
HOLDINGS OF PUBLIC DEBT SECURITIES
$Bil. $Bil.
108.9 Nonmarketable

100 72.9 100


Marketable
1
Net Auction Awards to Foreign
80 80
Other Transactions
63.7 51.4
57.9 55.5 47.8 60
60 55.5

36.6 40
40 14.9
25.1
21.6 23.9
20 5.5 20
11.1 8.9

0 0

-2.5
-13.4
-20 -20
-17.7

-34.1
-40 -40
I II III IV I II III IV I II III IV I II III IV I II III IV2
1995 1996 1997 1998 1999
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 November 30, 1999.
Department of the Treasury
Office of Market Finance January 31, 2000-14
FOREIGN HOLDINGS AS A PERCENT OF TOTAL
PRIVATELY HELD PUBLIC DEBT
Percent Percent
40 40

38 38

36 36

34 34

32 32

30 30

28 28

26 26

24 24

22 22

20 20

18 18

16 16

14 14
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999

Quarterly
Department of the Treasury
Office of Market Finance January 31, 2000-15
MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES
November 30, 1999 December 31, 1998 December 31, 1997
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 $313.9 24.8% 9.9% $276.1 21.6% 8.3% $277.6 22.4% 8.2%
United Kingdom 246.1 19.5% 7.7% 264.0 20.6% 7.9% 251.3 20.2% 7.4%
Germany 96.2 7.6% 3.0% 95.1 7.4% 2.9% 93.9 7.6% 2.8%
Mainland China 50.1 4.0% 1.6% 46.4 3.6% 1.4% 47.9 3.9% 1.4%
OPEC 46.8 3.7% 1.5% 42.9 3.4% 1.3% 58.4 4.7% 1.7%
Hong Kong 45.3 3.6% 1.4% 44.2 3.5% 1.3% 35.0 2.8% 1.0%
Mexico 34.6 2.7% 1.1% 37.4 2.9% 1.1% 35.9 2.9% 1.1%
France 31.2 2.5% 1.0% 30.0 2.3% 0.9% 13.3 1.1% 0.4%
Singapore 30.1 2.4% 0.9% 43.1 3.4% 1.3% 35.2 2.8% 1.0%
Belgium-Luxemburg 29.1 2.3% 0.9% 31.5 2.5% 0.9% 26.0 2.1% 0.8%
Taiwan 27.9 2.2% 0.9% 31.3 2.4% 0.9% 33.2 2.7% 1.0%
Switzerland 25.5 2.0% 0.8% 33.7 2.6% 1.0% 28.0 2.3% 0.8%
Spain 24.5 1.9% 0.8% 41.2 3.2% 1.2% 51.7 4.2% 1.5%
Canada 18.6 1.5% 0.6% 12.4 1.0% 0.4% 11.5 0.9% 0.3%
Netherland Antilles 11.6 0.9% 0.4% 21.7 1.7% 0.7% 35.7 2.9% 1.1%
Other 232.1 18.4% 7.3% 227.7 17.8% 6.8% 207.0 16.7% 6.1%
Estimated
Foreign Total $1,263.6 100.0% 39.7% $1,278.7 100.0% 38.4% $1,241.6 100.0% 36.6%

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 January 31, 2000-16
Office of Market Finance
SHORT TERM INTEREST RATES
Quarterly Averages
% %

Through
January 26
10 Prime Rate 10
Federal
Funds

8 8

6 6

Commercial
4 Paper 3 Month 4
Treasury Bill

2 2
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

Department of the Treasury


Office of Market Finance January 31, 2000-17
SHORT TERM INTEREST RATES
Weekly Averages
% %

8 8

Prime Rate Through


January 26
7 7
Commercial
Paper
6 6

Federal Funds
5 5

4 3 Month 4
Treasury Bill

3 3
Apr May Jun Jul Aug Sep Oct Nov Dec Jan
1999 2000
Department of the Treasury
Office of Market Finance January 31, 2000-18
LONG TERM MARKET RATES
Quarterly Averages
% %

10 10
New Aa
Through
Corporates
9 January 26 9

8 8
30-Year Treasury

7 7

6 6

5 30-Year 5
Municipal Bonds

4 4
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000

Department of the Treasury


Office of Market Finance January 31, 2000-19
INTERMEDIATE TERM INTEREST RATES
Weekly Averages
% %
FHLMC 30-Year
8 Conventional 8

1
AA 10-Year Industrial
7 7

Treasury
6 10-Year 6

Treasury 5-Year
5 5
10-Year Inflation-
Indexed Note 2

4 4

Through
January 26

3 3
Apr May Jun Jul Aug Sep Oct Nov Dec Jan
1
1999 2000
Salomon 10-yr. AA Industrial is a Thursday rate.
2
Department of the Treasury
The first 10-year inflation-indexed note settled on February 6, 1997.
Office of Market Finance January 31, 2000-20
MARKET YIELDS ON GOVERNMENTS
% %

6.5 6.5
January 31, 2000

November 1, 1999
6.0 6.0
% %

6.5 6.5
5.5 5.5

6.0 6.0
10 12 14 16 18 20 22 24 26 28 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 January 31, 2000-21
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT
BY MATURITY
$Bil.
Over 10 years June 30, 1994
3,000
2,787.1
2-10 years

2,500 1-2 years 472.5

1 year & under


2,000
Bills 870.9

1,500

434.6
1,000
448.7

500
560.6

0
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
As of December 31
Department of the Treasury
Office of Market Finance January 31, 2000-22
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT
Percent Distribution By Maturity

Coupons Over 10 years 1-2 years Bills


2-10 years 1 year & under
100%
17

80

31
60

16
40

16
20

20

0
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
As of December 31
Department of the Treasury
Office of Market Finance January 31, 2000-23
1
AVERAGE LENGTH OF THE MARKETABLE DEBT
Privately Held
Years
June 1947
10 Years Months
10 5 Months December 31, 1999
5 Years, 6 Months
70
9
68

8 66

7 64
J F M A M J J A S O N D

December 1975
5 2 Years
5 Months
4

2
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 97 99
1 Excludes inflation-indexed securities; including IIS the average length was 5 years, 10 months.
as of December 31, 1999.
Department of the Treasury
Office of Market Finance January 31, 2000-24
MATURING COUPON ISSUES
November 1999 — March 2000
(in millions of dollars)
December 31, 1999
Held by
Maturing Coupons
Total
Federal Reserve Private Foreign 1 ⁄
Investors Investors

8 1/2% Note 02/15/00 10,673 1,304 9,369 100


5 7/8% Note 02/15/00 20,421 2,166 18,255 3,594
7 1/8% Note 02/29/00 12,496 1,663 10,833 809
5 1/2% Note 02/29/00 17,776 1,555 16,221 1,673
6 7/8% Note 03/31/00 13,188 1,417 11,771 1,464
5 1/2% Note 03/31/00 17,026 2,098 14,928 2,093
5 1/2% Note 04/15/00 10,535 568 9,967 1,226
6 3/4% Note 04/30/00 12,433 1,720 10,713 1,862
5 5/8% Note 04/30/00 15,634 2,149 13,485 3,367
8 7/8% Note 05/15/00 10,496 486 10,010 49
6 3/8% Note 05/15/00 20,763 2,927 17,836 5,532
8 1/4% Bond 05/31/00 2 ⁄ 4,224 2,177 3 ⁄ 2,047 0
6 1/4% Note 05/31/00 12,752 1,614 11,138 1,681
5 1/2% Note 05/31/00 16,580 2,224 14,356 4,469
5 7/8% Note 06/30/00 12,464 1,571 10,893 3,783
5 3/8% Note 06/30/00 14,939 1,538 13,401 2,471

Totals 222,400 27,177 195,223 34,171


1 ⁄ F.R.B. custody accounts for foreign official institutions; included in Private Investors.
2 ⁄ On January 14, Treasury announced the call for redemption at par on May 15, 2000 the 8 1/4%
2000-05, issued May 15, 1975, due May 15, 2005 (CUSIP NO. 912810BU1).
3 ⁄ Government account holdings included.
Department of the Treasury
Office of Market Finance January 31, 2000-25
TREASURY MARKETABLE MATURITIES
Privately Held, Excluding Bills
$Bil.
38
36 2000
34
32 29.9 28.7 28.6 28.4
30 27.6 27.1 26.9 27.3 27.7 28.0
28
24.2 25.5 24.3 25.1 24.3
26
24
22
20
18
16
14
12 10.0
10
8
6
4
2
0
38
36
2001
34
30.8 30.4 29.7 30.2
32 29.0 28.6 29.1 28.6 29.5 29.6 29.6
30
28 27.0
25.2 22.3
26
24
22.8
22
20
18
16
14 12.1
12
10
8
6
4
2
0
J F M A M J J A S O N D
Securities issued prior to 1998 New issues calendar year 1999
New issues calendar year 1998 Issued or announced through January 28, 2000
Department of the Treasury
Office of Market Finance January 31, 2000-26
TREASURY MARKETABLE MATURITIES
Privately Held, Excluding Bills
$Bil. $Bil. 38.8
34 2002 38 2004
32 35.3
36 32.4
30 34
27.5
28 32
26 30 28.1
24 20.5 28
22 26
20 24
18 16.8 22
16 20
14 12.4 12.5 12.5 12.1 18
11.9 11.7 11.4 11.7
12 10.9 10.8 11.1 16
10.1
10 14
8 12
6 10
4.2 3.5
4 8
2 6
0 4
48 2
46 45.5
44
2003 0

42 42
40 40 2005
38 38
36 36
34 34
32 32
30 30
28 26.9 28
26 26
24 23.3 24
22 22 20.9
20 20 18.1
18 18 16.7
16 16 14.0
14 12.0 12.7 14
11.9 11.8 11.8
12 10.8 12
10 10
8 8
6 6
4 2.8 4
2 2
0 0
J F M A M J J A S O N D J F M A M J J A S O N D
Securities issued prior to 1998 New issues calendar year 1999
Department of the Treasury
New issues calendar year 1998 Issued or announced through January 28, 2000
Office of Market Finance January 31, 2000-27
TREASURY MARKETABLE MATURITIES
Privately Held, Excluding Bills
$Bil. $Bil.
28
26 2006 28
26
2009 28.2
24
22 19.4 24
19.5 22
20 18.0 17.5 20
18
16 18 16.9
14 16 15.5
12 14
10 12
8 10
6 8
3.9 4.8
4 6
2 4
0 2
0
26
24
2007 22.0
24
22 2010
22 20
20 18
18 16
15.7
16
14
14 12.1 12.0 12
12
9.4 10
10
8
8 6.0
6 6
4 4
2 2
0 0

26
24
23.1 2008 22.6
4
2
2011
22 0
20
18 16.1
4
2
2012
16
0
14 12.2 11.7
12
10
4
2
2013
8 0
6
4
2
4
2
2014
0 0
J F M A M J J A S O N D J F M A M J J A S O N D
Securities issued prior to 1998 New issues calendar year 1999
New issues calendar year 1998 Issued or announced through January 28, 2000

Department of the Treasury


Office of Market Finance January 31, 2000-28
TREASURY MARKETABLE MATURITIES
Privately Held, Excluding Bills
$Bil. $Bil.
16 2015 22 2019
14 20 18.4
11.0 17.6
12 18
10 16
8 6.0 6.0 14
6 12
4 10
2 8
0 6
26 4
24 2016 2
22 0
20
18
17.7 17.5 22
20
2020 19.9
16 18
14 16
12 14
10 12
8 6.2 10 8.9 8.8
6 8
4
6
2
4
0
2
20
18 15.7 2017 34
0

16
14
32 2021 30.1
12.1 30
12
28
10
26
8
24
6
22
4
20
2
18
0
16 16
14 2018 14
12 10.6 10.6
12 10.3
10 8.5 10
7.5
8 8
6 6
4 4
2 2
0 0
J F M A M J J A S O N D J F M A M J J A S O N D
Securities issued prior to 1998 New issues calendar year 1999
New issues calendar year 1998 Issued or announced through January 28, 2000

Department of the Treasury


Office of Market Finance January 31, 2000-29
TREASURY MARKETABLE MATURITIES
Privately Held, Excluding Bills
$Bil. $Bil.
12
10 2022 9.5 9.2 20
18
2027 19.7

8
16
6
14
4 12 9.8 9.5
2 10
0 8
24 6
22 2023 21.4
4
20 2
18 16.1 0
16
18 16.7
14
12
16 2028
14
10
12 10.0 10.0
8
10
6
8
4
6
2
4
0
12 2
10.1
10 2024 0
8
6
16
14
14.3
2029
4 12 10.0 10.1
2 10
0 8
10.9 6
12
10
10.6
2025 4
2
8
6 0
18
4
2
16
14
2030
0 12
12 11.9 9.9 10
10 2026 9.5
8
8 6
6 4
4 2
2
0 0

J F M A M J J A S O N D J F M A M J J A S O N D
Securities issued prior to 1998 New issues calendar year 1999
New issues calendar year 1998 Issued or announced through January 28, 2000

Department of the Treasury


Office of Market Finance January 31, 2000-30