U.S. Portfolio Holdings of Foreign Securities

U.S. Portfolio Holdings of Foreign Securities

As of End-December 2019

Department of the Treasury

Federal Reserve Bank of New York

Board of Governors of the Federal Reserve System

October 2020

i

Contents

Introduction

1

History of the TIC Claims Surveys . . . . . . . . . . . . . . . . . . . . . . . . . .

1

The TIC Reporting System . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2

Uses of TIC Data in U.S. and International Reporting . . . . . . . . . . . . . . .

3

Online Links to TIC Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3

Outline of the Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4

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

4

Chapter 1. Results of the December 31, 2019 Survey

5

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

5

Exhibit 1T: U.S. Holdings of Foreign Securities by Security Type As of EndDecember, Selected Survey Dates . . . . . . . . . . . . . . . . .

5

Exhibit 1: U.S. Holdings of Foreign Securities by Security Type . . . . . . .

6

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

6

Exhibit 2: U.S. Holdings of Foreign Securities, by Country and Security Type .

7

Exhibit 3: 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8

Exhibit 4: Decomposition of Annual Net Change in U.S. Holdings of Foreign

Long-Term Securities . . . . . . . . . . . . . . . . . . . . . .

9

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

10

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Exhibit 5: U.S. Holdings of Foreign Long-Term Securities as Measured by the

Survey of Portfolio Holdings and the TIC SLT . . . . . . . . . . .

11

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 . . .

12

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

13

Exhibit 7: U.S. Holdings of Foreign Equities . . . . . . . . . . . . . . .

13

Exhibit 8: U.S. Holdings of Foreign Common Stock Equities . . . . . . . . .

15

Exhibit 9: Percentage of U.S. Holdings of Foreign Equity in Depositary Receipts

16

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

16

Exhibit 10: Share of U.S. Holdings of Foreign Debt by Foreign Currency of

Denomination . . . . . . . . . . . . . . . . . . . . . . . . .

17

Exhibit 11A: U.S. Holdings of Foreign Debt Securities by Currency, Selected

Regions . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18

Exhibit 11B: U.S. Holdings of Emerging Market Debt Securities by Currency. .

18

Exhibit 11C: U.S. Holdings of Foreign Debt Securities by Currency, Selected

Countries . . . . . . . . . . . . . . . . . . . . . . . . . . .

18

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

19

Exhibit 12: U.S. Holdings of Foreign Debt Securities by Country and Sector of

Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19

Exhibit 13T: U.S. Holdings of Foreign Long-Term Debt Securities by Country,

Sector of Issuer, and Currency . . . . . . . . . . . . . . . . . .

20

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

21

Exhibit 13: U.S. Holdings of Foreign Debt Securities by Sector of Issuer. . . .

22

Exhibit 14: U.S. Holdings of Foreign Long-Term Asset-Backed Securities . . .

22

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Exhibit 15: U.S. Holdings of Foreign CLOs by Type of Holder and Issuer Country

23

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

24

Exhibit 16: Maturity Structure of U.S. Holdings of Foreign Long-Term Debt

Securities . . . . . . . . . . . . . . . . . . . . . . . . . . .

24

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

24

Exhibit 17: U.S. Holdings of Foreign Securities by Type of Economy . . . . .

25

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

25

Exhibit 18: U.S. Holdings of Foreign Securities by Geographic Region . . . . .

26

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

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

27

Exhibit 19A: U.S. Holdings of Foreign Securities by Sector of U.S. Holder . . .

28

Exhibit 19B: U.S. Holdings of Foreign Debt by Sector of U.S. Holder and Currency

28

Exhibit 19C: U.S. holdings of Foreign Debt by Sector of U.S. Holder and Foreign

Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28

Exhibit 20: U.S. Holdings of Foreign Debt Securities by Term, Sector of U.S.

Holder, and Currency . . . . . . . . . . . . . . . . . . . . . .

29

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

29

Exhibit 21: U.S. Holdings of Foreign Securities by Industry . . . . . . . . .

30

Exhibit 22: Forms of U.S. Portfolio Investment Abroad . . . . . . . . . . .

31

Comparison of Different Types of U.S. Overseas Financial Assets Over Time . . .

31

Chapter 2. Data Collection Methodology

32

Adjustments and Calculation of Total U.S.-Resident Ownership of Foreign Securities 32

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Exhibit 23: Adjustments for Calculation of Total U.S.-Resident Ownership of

Foreign Securities . . . . . . . . . . . . . . . . . . . . . . . .

33

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

33

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

34

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

35

Appendix A: Statistical Appendix

A-1

Table A1. U.S. Holdings of Foreign Securities by Country and Security Type. . A-2

Table A2. U.S. Holdings of Foreign Long-Term Securities by Country, Selected

Survey Dates . . . . . . . . . . . . . . . . . . . . . . . . . . A-6

Table A3. U.S. Holdings of Foreign Equity by Country, Selected Survey Dates . A-10

Table A4. U.S. Holdings of Foreign Long-Term Debt Securities by Country,

Selected Survey Dates . . . . . . . . . . . . . . . . . . . . . . A-14

Table A5. U.S. Holdings of Foreign Short-term Debt Securities by Country,

Selected Survey Dates . . . . . . . . . . . . . . . . . . . . . . A-18

Table A6. U.S. Holdings of Foreign Long-Term Debt Securities by Country and

Currency . . . . . . . . . . . . . . . . . . . . . . . . . . . A-20

Table A7. U.S. Holdings of Foreign Short-Term Debt Securities by Country and

Currency . . . . . . . . . . . . . . . . . . . . . . . . . . . A-24

Table A8. U.S. Holdings of Foreign Long-Term Debt Securities by Country and

Security Type. . . . . . . . . . . . . . . . . . . . . . . . . . A-26

Table A9. U.S. Holdings of Foreign Short-Term Debt Securities by Country and

Security Type. . . . . . . . . . . . . . . . . . . . . . . . . . A-30

Table A10. U.S. Holdings of Foreign Debt Securities by Country and Sector of

Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . A-32

Table A11. U.S. Holdings of Foreign Long-Term Debt Securities by Country

and Sector of Issuer, Denominated in U.S. Dollars and Local Currency . A-36

Table A12. U.S. Holdings of Foreign Equity by Country and Security Type . . A-40

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