高盛市场雷达：美国债务的外国持有者是谁？ --- GS Market Radar_ Who are the foreign holders of US debt_

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Foreign private investors have become the dominant holders of US debt, with their holdings growing significantly since 2010, now totaling approximately $8.5 trillion, surpassing official holdings by $1 trillion [4][11] - The US external debt has surged 1.5 times since 2020, now nearing $10 trillion, indicating a growing reliance on foreign private creditors to service this debt [2][6] Summary by Sections Foreign Holdings of US Debt - Foreign investors hold around $8.5 trillion of US treasury debt, with private creditors holding $4.7 trillion and official creditors holding $3.8 trillion [4][11] - Over 60% of these foreign holdings have maturities within 5 years [4] Maturity Distribution - The weighted average maturity of US debt portfolios for foreign private investors is 10 years, compared to 8 years for foreign official investors, reflecting differing investment priorities [5][21] - Most foreign-held treasury securities with maturities longer than 20 years are held by private investors, with private holdings at $450 billion versus $130 billion for official investors [15][16] Short and Long-Term Debt - Private foreign investors exhibit greater exposure to both short-term (less than 1 year) and long-term (more than 15 years) maturities compared to official institutions, holding approximately $1 trillion in short-term debt [24][25] - The report highlights that the US external debt service payments (principal + interest) have increased significantly, indicating potential challenges in refinancing and servicing this debt [29][31]