Why Belgium, Luxembourg and the Cayman Islands hold so many Treasuries

Belgium is home to Euroclear and Luxembourg to Clearstream, two of the world's largest securities depositories. Investors from many countries, including central banks, hold their Treasuries through them, so the holdings appear under Belgium and Luxembourg.

The Cayman Islands and Bermuda host many hedge funds and insurance companies. Their figures reflect those funds' investors around the world, not local savings.

This is why the country table is best read alongside the total and the official-versus-private split, which are more reliable guides to who is buying.

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