ppt课件-overviewof u s treasury debt management（浏览信息美国国债管理）.pptVIP

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ppt课件-overviewof u s treasury debt management（浏览信息美国国债管理）.ppt

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DRAFT Overview of U.S. Treasury Debt Management Contents Overview and Objectives Composition of Portfolio Determinants of Borrowing Needs and Policy Tools International Investments Overview of TIPS Program I. Overview and Objectives Size of Operations is Hard to Grasp $4.4 trillion issued in 219 auctions in FY 2007 $238 billion paid in net interest in FY 2007 represented 8.7% of Government expenditures More than $1 trillion moved between accounts on NBES daily More than $565 billion traded daily (primary dealers) For comparison total global equity trading is under $420 billion daily $4.6 trillion in marketable debt outstanding as of May 31, 2008 represents roughly a quarter of U.S. credit markets * includes holdings by the Federal Reserve Treasury Issuance Objectives and Constraints Our Objective Lowest cost of financing over time Constraints Uncertainty: Forecast errors, legislation, etc. all create uncertainty in deficit forecasts, debt limit problems Size: Treasury is too large to behave opportunistically Fluctuations in non-marketable debt: Savings Bonds, State and Local Government Securities Short-term balances: Adequate cash balances to cover expenses Lowest Cost over Time Implies a Diversified Debt Portfolio Spread debt across maturities to… Reduce risk Diversify the investor base Improve cash management Facilitate regular and predictable issuance Treasury Issuance Outcomes Policy Outcomes We are regular market participants, not market timers -- “Regular and predictable” We don’t react to interest rate levels We need flexibility We strive for transparency Transparency and PredictabilityLeads to Greater Investor Participation over the Long Run II. Composition of Portfolio Marketable Debt $4.6 trillion outstanding, can be traded in the secondary market Sold at auction, rates set via competitive bidding Non-Marketable Debt $515 billion outstanding Can only be sold to Treasury Sold by subscription, rates set administratively Savings bonds, State