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Measuring U.S. Cross-Border Securities Flows: New Data and A Guide for Researchers, Accessible Data

Figure 1: Geographical Distributions of TIC S Transactions and SLT Transactions and Holdings for U.S. Government Securities
Security Type Transaction or Position Type Country Group Share
Treasuries S Transactions UK 0.261
Treasuries S Transactions European Custodial Centers 0.008
Treasuries S Transactions Europe excluding Cust. Ctrs. 0.304
Treasuries S Transactions Caribbean 0.288
Treasuries S Transactions Asia 0.078
Treasuries S Transactions Other 0.061
Treasuries SLT Positions UK 0.085
Treasuries SLT Positions European Custodial Centers 0.120
Treasuries SLT Positions Europe excluding Cust. Ctrs. 0.143
Treasuries SLT Positions Caribbean 0.039
Treasuries SLT Positions Asia 0.499
Treasuries SLT Positions Other 0.114
Treasuries SLT Transactions UK 0.092
Treasuries SLT Transactions European Custodial Centers 0.099
Treasuries SLT Transactions Europe excluding Cust. Ctrs. 0.202
Treasuries SLT Transactions Caribbean 0.228
Treasuries SLT Transactions Asia 0.195
Treasuries SLT Transactions Other 0.183
Agencies S Transactions UK 0.071
Agencies S Transactions European Custodial Centers 0.140
Agencies S Transactions Europe excluding Cust. Ctrs. 0.046
Agencies S Transactions Caribbean 0.321
Agencies S Transactions Asia 0.295
Agencies S Transactions Other 0.127
Agencies SLT Positions UK 0.050
Agencies SLT Positions European Custodial Centers 0.064
Agencies SLT Positions Europe excluding Cust. Ctrs. 0.051
Agencies SLT Positions Caribbean 0.059
Agencies SLT Positions Asia 0.664
Agencies SLT Positions Other 0.110
Agencies SLT Transactions UK 0.073
Agencies SLT Transactions European Custodial Centers 0.253
Agencies SLT Transactions Europe excluding Cust. Ctrs. 0.064
Agencies SLT Transactions Caribbean 0.152
Agencies SLT Transactions Asia 0.354
Agencies SLT Transactions Other 0.107

Note: Transactions data are gross (purchases + sales). S transaction data are for 2022. SLT transaction data are for February to June 2023. SLT position data are for December 2022.

Key identifies series in order from bottom to top.

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Figure 2: Geographical Distributions of TIC S Transactions and SLT Transactions and Holdings for U.S. Corporate Securities
Security Type Transaction or Position Type Country Group Share
U.S. corporate bonds S Transactions UK 0.314
U.S. corporate bonds S Transactions European Custodial Centers 0.042
U.S. corporate bonds S Transactions Europe excluding Cust. Ctrs. 0.103
U.S. corporate bonds S Transactions Caribbean 0.413
U.S. corporate bonds S Transactions Asia 0.043
U.S. corporate bonds S Transactions Other 0.084
U.S. corporate bonds SLT Positions UK 0.106
U.S. corporate bonds SLT Positions European Custodial Centers 0.356
U.S. corporate bonds SLT Positions Europe excluding Cust. Ctrs. 0.116
U.S. corporate bonds SLT Positions Caribbean 0.160
U.S. corporate bonds SLT Positions Asia 0.179
U.S. corporate bonds SLT Positions Other 0.083
U.S. corporate bonds SLT Transactions UK 0.213
U.S. corporate bonds SLT Transactions European Custodial Centers 0.196
U.S. corporate bonds SLT Transactions Europe excluding Cust. Ctrs. 0.155
U.S. corporate bonds SLT Transactions Caribbean 0.207
U.S. corporate bonds SLT Transactions Asia 0.144
U.S. corporate bonds SLT Transactions Other 0.085
U.S. equity S Transactions UK 0.264
U.S. equity S Transactions European Custodial Centers 0.024
U.S. equity S Transactions Europe excluding Cust. Ctrs. 0.090
U.S. equity S Transactions Caribbean 0.526
U.S. equity S Transactions Asia 0.044
U.S. equity S Transactions Other 0.053
U.S. equity SLT Positions UK 0.105
U.S. equity SLT Positions European Custodial Centers 0.150
U.S. equity SLT Positions Europe excluding Cust. Ctrs. 0.216
U.S. equity SLT Positions Caribbean 0.143
U.S. equity SLT Positions Asia 0.222
U.S. equity SLT Positions Other 0.165
U.S. equity SLT Transactions UK 0.184
U.S. equity SLT Transactions European Custodial Centers 0.084
U.S. equity SLT Transactions Europe excluding Cust. Ctrs. 0.191
U.S. equity SLT Transactions Caribbean 0.371
U.S. equity SLT Transactions Asia 0.090
U.S. equity SLT Transactions Other 0.080

Note: Transactions data are gross (purchases + sales). S transaction data are for 2022. SLT transaction data are for February to June 2023. SLT position data are for December 2022.

Key identifies series in order from bottom to top.

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Figure 3: Geographical Distributions of TIC S Transactions and SLT Transactions and Holdings for Foreign Securities
Security Type Transaction or Position Type Country Group Share
Foreign bonds S Transactions UK 0.054
Foreign bonds S Transactions European Custodial Centers 0.010
Foreign bonds S Transactions Europe excluding Cust. Ctrs. 0.028
Foreign bonds S Transactions Caribbean 0.843
Foreign bonds S Transactions Asia 0.020
Foreign bonds S Transactions Other 0.046
Foreign bonds SLT Positions UK 0.117
Foreign bonds SLT Positions European Custodial Centers 0.045
Foreign bonds SLT Positions Europe excluding Cust. Ctrs. 0.209
Foreign bonds SLT Positions Caribbean 0.242
Foreign bonds SLT Positions Asia 0.111
Foreign bonds SLT Positions Other 0.276
Foreign bonds SLT Transactions UK 0.152
Foreign bonds SLT Transactions European Custodial Centers 0.041
Foreign bonds SLT Transactions Europe excluding Cust. Ctrs. 0.198
Foreign bonds SLT Transactions Caribbean 0.103
Foreign bonds SLT Transactions Asia 0.101
Foreign bonds SLT Transactions Other 0.405
Foreign equity S Transactions UK 0.288
Foreign equity S Transactions European Custodial Centers 0.051
Foreign equity S Transactions Europe excluding Cust. Ctrs. 0.079
Foreign equity S Transactions Caribbean 0.300
Foreign equity S Transactions Asia 0.141
Foreign equity S Transactions Other 0.141
Foreign equity SLT Positions UK 0.095
Foreign equity SLT Positions European Custodial Centers 0.085
Foreign equity SLT Positions Europe excluding Cust. Ctrs. 0.262
Foreign equity SLT Positions Caribbean 0.211
Foreign equity SLT Positions Asia 0.215
Foreign equity SLT Positions Other 0.132
Foreign equity SLT Transactions UK 0.059
Foreign equity SLT Transactions European Custodial Centers 0.122
Foreign equity SLT Transactions Europe excluding Cust. Ctrs. 0.178
Foreign equity SLT Transactions Caribbean 0.157
Foreign equity SLT Transactions Asia 0.273
Foreign equity SLT Transactions Other 0.212

Note: Transactions data are gross (purchases + sales). S transaction data are for 2022. SLT transaction data are for February to June 2023. SLT position data are for December 2022.

Key identifies series in order from bottom to top.

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Figure 4: Estimated and Reported Net U.S. Cross-Border Securities Purchases by Security Type, Feb. - June 2023

Left panel: Net Foreign Purchases of U.S. Securities
Billions of dollars ($B)

Security type SLT Transactions ($B) Estimated Transactions ($B)
Treasuries: Official 137 139
Treasuries: Private 181 151
Agencies: Official 36 26
Agencies: Private 42 20
U.S. corporate bonds 118 175
U.S. equity 133 -177

Right panel: Net U.S. Purchases of Foreign Securities
Billions of dollars ($B)

Security type SLT Transactions ($B) Estimated Transactions ($B)
Foreign bonds 54 36
Foreign equity -15 -115

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Figure 5: SLT-Reported and Estimated Net U.S. Cross-Border Securities Purchases by Region, Feb. - June 2023

Left panel: Net Foreign Purchases of U.S. Securities
Billions of dollars ($B)

Country Group SLT Transactions ($B) Estimated Transactions ($B)
Europe 281 205
Canada 38 20
Caribbean 100 0
Latin Amer. 45 34
Asia 161 106
Africa 4 0
Oceania 3 -47

Right panel: Net U.S. Purchases of Foreign Securities
Billions of dollars ($B)

Country Group SLT Transactions ($B) Estimated Transactions ($B)
Europe 281 205
Canada 38 20
Caribbean 100 0
Latin Amer. 45 34
Asia 161 106
Africa 4 0
Oceania 3 -47

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Figure 6: Mean Absolute Errors for Valuation Change

Billions of dollars ($B)

Security Type Mean absolute error of valuation change ($B)
Treasuries 0.41
Agencies 0.08
U.S. corporate bonds 0.50
U.S. equity 1.66
Foreign government bonds 0.14
Foreign corporate bonds 0.36
Foreign equity 1.84

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Last Update: October 02, 2023