U.S. Portfolio Holdings of Foreign Securities

U.S. Portfolio Holdings of Foreign Securities

as of December 31, 2018

Department of the Treasury

Federal Reserve Bank of New York

Board of Governors of the Federal Reserve System

October 2019

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Contents

Introduction

1

Acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Chapter 1. Results of the December 31, 2018 Survey

4

5

U.S. Portfolio Holdings over Time by Type of Security . . . . . . . . . . . . . . .

5

Exhibit 1T: Market value of U.S. holdings of foreign securities, by type of security, as of end-December, selected survey dates . . . . . . . . . . .

5

Exhibit 1: Market value of U.S. holdings of foreign securities, by type of security

6

U.S. Portfolio Investment by Country . . . . . . . . . . . . . . . . . . . . . . . . .

6

Exhibit 2: Market value of U.S. holdings of foreign securities, by country and

security type . . . . . . . . . . . . . . . . . . . . . . . . . .

7

Exhibit 3: Market value of U.S. holdings of foreign securities, top 5 countries .

8

Accounting for Year-to-Year Changes in U.S. Holdings of Foreign Long-Term Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9

Exhibit 4: Decomposition of annual net change in U.S. holdings of foreign longterm securities . . . . . . . . . . . . . . . . . . . . . . . . .

10

Annual TIC Survey Data and the TIC Form SLT Data . . . . . . . . . . . . . . .

11

Exhibit 5: Market value of U.S. holdings of foreign long-term securities as measured by the survey of portfolio holdings and the TIC SLT. . . . . . .

12

U.S. Portfolio Investment Abroad Compared with Foreign Portfolio Investment in

the United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12

Exhibit 6: Net asset position in long-term securities of U.S. residents . . . . .

13

Details of U.S. Equity Investment by Country . . . . . . . . . . . . . . . . . . . .

13

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Exhibit 7: Market value of U.S. holdings of foreign equity . . . . . . . . . .

14

Exhibit 8: Market value of U.S. holdings of foreign common stock equities . . .

16

U.S. Portfolio Investment in Foreign Debt Securities by Currency . . . . . . . . .

17

Exhibit 9: Percentage of U.S. holdings of foreign equity in depositary receipts .

18

Exhibit 10: Share of U.S. holdings of foreign debt by foreign currency of denomination

18

Exhibit 11A: Market value of U.S. holdings of foreign debt by currency for selected regions . . . . . . . . . . . . . . . . . . . . . . . . . .

19

Exhibit 11B: Market value of U.S. holdings of foreign debt by currency for selected countries . . . . . . . . . . . . . . . . . . . . . . . . .

19

U.S. Holdings of Foreign Private and Government Debt . . . . . . . . . . . . . . .

20

Exhibit 12: Market value of U.S. holdings of foreign debt securities by country

and sector of issuer . . . . . . . . . . . . . . . . . . . . . . .

21

Exhibit 13: Market value of U.S. holdings of foreign debt by sector of issuer . .

22

Exhibit 13T: Market value of U.S. holdings of foreign long-term debt securities

by country and sector of issuer . . . . . . . . . . . . . . . . . .

23

U.S. Holdings of Asset-Backed Securities . . . . . . . . . . . . . . . . . . . . . . .

24

Exhibit 14: Market value of U.S. holdings of foreign long-term asset-backed

securities . . . . . . . . . . . . . . . . . . . . . . . . . . .

24

Exhibit 15: CLO holdings by sector and country, selected survey dates . . . .

25

Maturity Structure of U.S. Foreign Debt Holdings . . . . . . . . . . . . . . . . . .

25

Exhibit 16: Maturity structure of U.S. holdings of foreign long-term debt securities

26

U.S. Portfolio Investment Abroad by Type of Market and Geographic Region . . .

26

Exhibit 17: Market value of U.S. holdings of foreign securities by type of economy 27

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Exhibit 18: Market value of U.S. holdings of foreign securities by geographic

region as of end-December, 2018 and 2017 . . . . . . . . . . . . .

28

Data by Residence versus Data by Nationality . . . . . . . . . . . . . . . . . . . .

28

U.S. Portfolio Investment by Sector of U.S. Holder

. . . . . . . . . . . . . . . . .

29

Exhibit 19A: Market value of U.S. holdings of foreign securities by sector of U.S.

holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30

Exhibit 19B: Market value of U.S. holdings of foreign debt by sector of U.S.

holder and currency . . . . . . . . . . . . . . . . . . . . . . .

30

Exhibit 19C: Market value of U.S. holdings of foreign debt by sector of U.S.

holder and foreign issuer . . . . . . . . . . . . . . . . . . . . .

30

U.S. Ownership of Foreign Securities by Industry of Issuer . . . . . . . . . . . . .

31

Exhibit 20: Market value of U.S. holdings of foreign securities by industry . . .

32

Exhibit 21: Forms of U.S. portfolio investment abroad . . . . . . . . . . .

33

Comparison of Different Types of U.S. Overseas Financial Assets as of Selected Dates 33

Chapter 2. Data Collection Methodology

35

Adjustments and Calculation of Total U.S.-Resident Ownership of Foreign Securities 36

Exhibit 22: Adjustments for calculation of total U.S.-resident ownership of foreign securities . . . . . . . . . . . . . . . . . . . . . . . . .

36

Data Analysis and Editing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

37

Avoidance of Data Gaps and Double Counting . . . . . . . . . . . . . . . . . . . .

37

Acknowledgements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

38

Appendix A: Statistical Appendix

A-1

Table A1. Market value of U.S. holdings of foreign securities, by country and

type of security, as of December 31, 2018 . . . . . . . . . . . . . . A-2

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Table A2. Market value of U.S. holdings of foreign long-term securities, by

country, as of selected survey dates . . . . . . . . . . . . . . . . A-6

Table A3. Market value of U.S. holdings of foreign equity, by country, as of

selected survey dates. . . . . . . . . . . . . . . . . . . . . . . A-10

Table A4. Market value of U.S. holdings of foreign long-term debt securities, by

country, as of selected survey dates . . . . . . . . . . . . . . . . A-14

Table A5. Market value of U.S. holdings of foreign short-term debt securities,

by country, as of selected survey dates . . . . . . . . . . . . . . . A-18

Table A6. Market value of U.S. holdings of foreign long-term debt securities, by

country and currency, as of December 31, 2018 . . . . . . . . . . . A-21

Table A7. Market value of U.S. holdings of foreign short-term debt securities,

by country and currency, as of December 31, 2018 . . . . . . . . . . A-25

Table A8. Market value of U.S. holdings of foreign long-debt securities, by

country and type of security, as of December 31, 2018 . . . . . . . . A-27

Table A9. Market value of U.S. holdings of foreign short-debt securities, by

country and type of security, as of December 31, 2018 . . . . . . . . A-31

Table A10. Market value of U.S. holdings of foreign debt securities, by country

and sector of issuer, as of December 31, 2018 . . . . . . . . . . . . A-33

Table A11. Market value of U.S. holdings of foreign long-term debt securities,

by country and sector of issuer, denominated in U.S. dollars and in local

currency, as off December 31, 2018 . . . . . . . . . . . . . . . . A-37

Table A12. Market value of U.S. holdings of foreign equity, by country and type

of security, as of December 31, 2018 . . . . . . . . . . . . . . . . A-41

Table A13. Market value of U.S. holdings of foreign equity, by country and

amounts held as depositary receipts, as of December 31, 2018 . . . . . A-44

Table A14. Market value of U.S. holdings of foreign equity, by country, size of

domestic equity markets, and percentage of each market that is U.S.-held,

as of December 31, 2018 . . . . . . . . . . . . . . . . . . . . . A-47

Table A15. U.S. holdings of foreign securities, by industry, as of December 31,

2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-50

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