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

# Overview

• 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.

# Dataset

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

# Keywords

offset, delta, merge-columns, csv

# Graphics

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

• Uptick by France in second half of 2018 continues.

• Italy allocates more to short-term maturities.

• Substantial differences in maturity allocations among countries are observable.

# Syntax Features

• merge-columns setting to merge multiple series into one row.

# merge base and offset series into a single row, one per country
merge-columns = a.tags.country == b.tags.country

• time-offset setting to load series with a time lag.

[series]
  # 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
endcsv