U.S. Portfolio Holdings of Foreign Securities

U.S. Portfolio Holdings of

Foreign Securities

as of December 31, 2020

Department of the Treasury

Federal Reserve Bank of New York

Board of Governors of the Federal Reserve System

October 2021

Contents

Introduction

1

Technical Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1

Geographic Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1

Acknowledgments . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2

Chapter 1. Results of the December 31, 2020 Survey

3

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

3

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

3

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

4

Accounting for Year-to-Year Changes in U.S. Holdings of Foreign Long-Term Securities 4

Exhibit 2: Decomposition of Annual Net Change in U.S. Holdings of Foreign

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

5

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

United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6

Exhibit 3: Net Asset Position in Long-Term Securities of U.S. Residents . .

7

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

7

Exhibit 4: U.S. Holdings of Foreign Securities, by Country and Security Type

For the Six Countries Attracting the Most U.S. Investment . . . . . .

8

Exhibit 5: U.S. Holdings of Foreign Securities By Country and Security Type

For the 20 Countries Attracting the Most U.S. Investment . . . . . .

9

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

9

Exhibit 6: U.S. Holdings of Foreign Securities by Type of Economy . . . .

10

Exhibit 7: U.S. Holdings of Foreign Securities by Geographic Region . . . .

11

i

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

11

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

13

Exhibit 8: Maturity Structure of U.S. Holdings of Foreign Long-Term Debt

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

13

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

13

Exhibit 9: U.S. Holdings of Foreign Equities By Equity Type for Countries

Attracting the Most U.S. Investment . . . . . . . . . . . . . . . .

14

Exhibit 10: U.S. Holdings of Foreign Common Stock Equities By Country,

Domestic Equity Market Size, and U.S.-Held Market Share . . . . . .

16

Exhibit 11: Percentage of U.S. Holdings of Foreign Equities in Depositary

Receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17

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

17

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

of Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18

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

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

19

Exhibit 13: U.S. Holdings of Foreign Long-Term Debt Securities by Sector of

Issuer and Currency. . . . . . . . . . . . . . . . . . . . . . .

20

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

20

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

21

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

Country . . . . . . . . . . . . . . . . . . . . . . . . . . . .

22

U.S. Portfolio Investment in Foreign Debt Securities by Currency and Type of Economy 22

Exhibit 16: Share of U.S. Holdings of Foreign Debt by Foreign Currency of

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

23

Exhibit 17: U.S. Holdings of Foreign Long-Term Debt by Currency and Type

of Economy and Issuer . . . . . . . . . . . . . . . . . . . . .

24

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

24

Exhibit 18: U.S. Holdings of Foreign Debt Securities by Term, Sector of U.S.

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

25

Exhibit 19: U.S. Holdings of Foreign Securities by Currency and Sector of

U.S. Holder and Foreign Issuer . . . . . . . . . . . . . . . . . .

26

Exhibit 20: U.S. Holdings of Long-term Foreign Debt by Type of Economy,

Type of Issuer, Type of Holder, and Currency Group . . . . . . . .

27

U.S. Portfolio Investment by Industry . . . . . . . . . . . . . . . . . . . . .

28

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

29

Exhibit 22: Forms of U.S. Portfolio Investment Abroadsup:1 . . . . . . .

30

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

30

Chapter 2. Data Collection Methodology

31

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

31

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

32

Exhibit 23: U.S. Holdings of Foreign Long-Term Securities as Measured by

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

33

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

33

Exhibit 24: Adjustments for Calculation of Total U.S.-Resident Ownership of

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

34

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

34

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

35

Chapter 3: Background of TIC Surveys and the TIC Reporting System

36

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

36

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

36

Reporting Basis: Country of Residence . . . . . . . . . . . . . . . . . . . .

37

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

37

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

38

iii

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

Table A13. U.S. Holdings of Foreign Equity by Country and Amounts Held

as Depositary Receipts. . . . . . . . . . . . . . . . . . . . . . A-43

Table A14. U.S. Holdings of Foreign Equity by Country, Size of Domestic

Equity Market, and U.S.-Held Percentage of Market . . . . . . . . . A-46

Table A15. U.S. holdings of Foreign Securities by Industry . . . . . . . . A-49

Appendix B: Tabular Data for Graphical Exhibits

B-1

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

of End-December, Selected Survey Dates . . . . . . . . . . . . . . B-2

iv

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