Foreign U.S. Treasury Holders: France, Italy, and End of Year Positioning. November 2018


  • Does France know something special about the treasuries?
  • Italy maintains an overall stable level, however the share of short maturities has increased rapidly.
  • China and Japan, the two largest holders, offset each other.
  • With 85% of treasuries sold, Russia reduced its portfolio to $13 billion, 70% of which is held in short-term T-Bills.


  • TIC Data.
  • The next dataset update, covering the entire calendar year of 2018, is scheduled for February 15.


offset, delta, merge-columns, csv


  • Top-N countries by U.S. debt holdings, November 2018.

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  • Uptick by France in second half of 2018 continues.

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  • Italy allocates more to short-term maturities.

  • Substantial differences in maturity allocations among countries are observable.

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Syntax Features

# merge base and offset series into a single row, one per country
merge-columns = ==
  # load series with 1 month lag
  time-offset = 1 month  
  • csv setting to create a list of objects with the same properties for iteration.
csv offsets = alias,offset,label
      now,0 month,Now
      m1,1 month,1 month ago
      y1,1 year,1 year ago
      y3,3 year,3 years ago
      y5,5 year,5 years ago