Japan and China have long been big holders of US Treasury debt. Over the past year, another country has landed on the podium: Ireland.
Thanks to a competitive corporate tax rate, Ireland is home to a number of multinational companies, and as corporate treasurers have pumped cash into government bonds, the country has become a big custodian of US debt, holding just over $300bn as of June.
That’s up from under $100bn in late 2012 and mirrors the steady rise of bonds held by tech companies.
Microsoft’s portfolio of Treasuries has more than doubled in size to $112bn in the past five years. Only 12 nations own more US government debt than the tech giant.
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