General debt-related data. page 3

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "General debt-related data. page 3"

Transcription

1 MonthlyBulletin n D e c e m b e r 1 6 Publication manager: Anthony Requin Editor: Agence France Trésor Available in Arab, Chinese, English, French, Japanese, Russian and Spanish Bloomberg TREX<GO> Reuters <TRESOR> News at Agence France Trésor page 1 Economic news page General debt-related data page 3 Secondary market page 5 Negotiable government debt page 6 The French economy and international comparisons page 8 Agence France Trésor is tasked with managing the government debt and cash positions under the most secure conditions in the interest of the taxpayer. News at Agence France Trésor AFT will maintain its flexible and innovative issuance strategy in 17 with the launch of a green OAT In a 17 market environment where the ECB sustains quantitative easing throughout the year, Agence France Trésor will continue to adapt its issuance policy to market developments. AFT will continue its policy of adjusting issuance to investor demand during the year to maintain the greatest liquidity possible in every segment of the yield curve. The year 17 is already promising to be a year of innovation, with the issue of a French government green bond, as announced jointly by Ségolène Royal (Minister for the Environment) and Michel Sapin (Minister for the Economy and Finance) in September 16. When market conditions permit, AFT will undertake the syndicated launch of the long-dated green OAT to serve as a benchmark bond (see box). In keeping with market demand, AFT will also issue a new benchmark bond maturing in February to serve as a -year long-dated benchmark bond. Investors welcomed the launch of an equivalent bond in 16 that made it possible to meet demand in the context of negative short-term yields. AFT will also issue one or two new 5-year benchmarks and two new 1-year benchmarks. In collaboration with primary dealers, AFT will also examine the prospects for a new syndicated issue of a 3-year bond, depending on market conditions. The funding programme calls for issuance of bonds linked to French and European inflation indices. As in previous years, such bonds will account for approximately 1% of net medium- and long-term debt issuance. AFT will issue a new 1-year benchmark bond linked to French inflation (OATi). Unless very strong demand arises in 17, issuance of a new 1-year benchmark bond linked to European inflation (OAT i) will take place in 18. All the new benchmark bonds will continue to be tapped so that outstanding amounts are sufficient to ensure a liquid market. AFT will innovate with the launch of the first green OAT in 17 The green OAT, which is now being planned, constitutes an eagerly-awaited innovation. As 16 draws to a close, Agence France Trésor continues to prepare plans for the new product in close collaboration with the Ministry of the Environment, defining a pool of eligible green projects and expenditures to be funded that relate to energy transition, ecology, the climate and the environment. The green OAT will be designed to fit into the French yield curve and, as such, it will enjoy the same liquidity as other OATs. In this respect, the creation of this new bond will be consistent with AFT s issuance strategy, with the goal of achieving benchmark status for the inaugural issue to ensure a liquid market. Like conventional OATs, the green OAT could then be tapped repeatedly to meet investor demand, thus maintaining a high level of liquidity on the secondary market. 1

2 UK France Netherlands Italy Germany Spain Germany Italy France Netherlands Spain UK Spain UK Italy Netherlands France Germany Spain Netherlands Italy UK Germany France Economic news A Hard Brexit Would Pose Risks to Intellectual Capital Carmen Nuzzo, Economist, Morgan Stanley Economics Research This article is based on research published by Morgan Stanley Research on October 1, 16. Intellectual capital has not featured prominently in the UK s Brexit debate. Yet, as a key input for innovation and productivity, it matters for maintaining the UK s prosperity and potential to grow. A hard Brexit that prioritises immigration controls over access to the single market could erode the UK s competitive edge in key sectors intensive in science and technology. Intellectual capital is about people s skills but also intangible assets, such as software, research and development (R&D) capabilities, as well as networks connecting universities, research partners and the corporate sector; it also includes property rights which protect innovative products. It is crucial for a country s ability to innovate and become more productive. Depending on the terms the UK negotiates, a hard Brexit could carry negative implications for the UK s wealth of intellectual capital, particularly in the area of research. The UK s R&D business spend is skewed towards hightech manufacturing (6%) and knowledge intensive services (3%). This has given it a competitive advantage in sectors such as pharmaceuticals, chemicals, aerospace, transport equipment, information and communication technology and financial services. The problem is not so much funding. The UK is a net recipient of EU research funds and the largest receiver of those allocated on a competitive basis (like the Netherlands if measured as a share of GDP). But these funds represent only.% of GDP and could conceivably be replaced by government funds or venture capital. A greater challenge is that the UK s ability to influence the direction of EU funding research could wane. Moreover, prospective migration restrictions could impede international collaboration which is key to research: it creates synergies, builds on the best expertise, provides access to equipment, reduces costs and facilitates the sharing of new ideas. Should there be a hard Brexit, the UK s ability to attract talent could diminish over time as well as the country s appeal as a base for new, shared pan-european research infrastructure. The extent of the threat to intellectual capital depends on how the Brexit deal is negotiated. True, the UK has an unrivalled business-friendly environment in the EU that is conducive to innovation and risk-taking, boasting low barriers to entrepreneurship, well-functioning institutions and a healthy venture-capital system. This advantage will not dissipate quickly, but a hard Brexit could risk a slow erosion of the UK s competitiveness and of its appeal to investors as a base from which to access the EU market to scale activity internationally. UK intangible investment now exceeds tangible investment bn UK business expenditure in R&D is skewed towards high-tech and high-knowledge sectors % High-Tech Manufacturing Structure of Business Expenditure in R&D Medium-to-Low-Tech Manufacturing High-Knowledge Market Services Low-Knowledge Market Services Intangible Tangible Source: UK Government s Intellectual Property Office, Morgan Stanley Research Source: OECD, Morgan Stanley Research Morgan Stanley Disclaimer: This article is based on research published for Morgan Stanley Research on 1 October 16. It is not an offer to buy or sell any security/instruments or to participate in a trading strategy. For important disclosures as of the date of the publication of the research, please refer to the original piece available at Brexit: Let's Talk About Intellectual Capital (1 October 16). For important current disclosures that pertain to Morgan Stanley, please refer to the disclosures regarding the issuer(s) that are the subject of this article on Morgan Stanley s disclosure website. NB: this Agence France Trésor forum offers economists an opportunity to express their personal opinion. Thus, the above article strictly reflects the author s view, and should not be construed as expressing the viewpoints of Agence France Trésor or the Ministry of the Economy and Finance.

3 General debt-related data Indicative auction schedule Short-term Medium-term Long-term Index-linked January 17 auction date settlement date February February 17 auction date / settlement date March / 6 Medium- and long-term negotiable government debt at 3 November 16 Nominal value of each line, in billion Medium- and long-term: securities issued during the year and total issuance at 3 November OAT /19 OAT 11/19 OAT / OAT 11/ OAT i 3/1 OAT /1 OAT 5/1 OATi 7/1 OAT / OAT 5/ OAT 1/ OAT 5/3 OATi 7/3 OAT 1/3 OAT 5/ OAT i 7/ OATi 3/5 OAT 5/5 OAT 1/5 OAT 11/5 OAT /6 OAT 5/6 OAT 11/6 OAT i 7/7 OATi 7/9 OAT i 7/3 OAT 5/31 OAT 1/3 OAT /35 OAT 5/36 OAT 1/38 OAT i 7/ OAT /1 OAT 5/5 OAT i 7/7 OAT 5/66 issued before 16 issued in 16 Issuance net of buybacks at 3 November Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Medium- and long-term: provisional maturity schedule at 3 November 16 Month Coupon Redemption Dec-16 Jan-17 Feb Mar-17. Apr May-17. Jun-17 Jul Aug-17 Sep-17 Oct Nov

4 1/9 1/1 1/11 1/1 1/13** 1/1* 3/15* 6/15* 9/15* 1/15* 3/16* 6/16* 9/16* General debt-related data Non-resident holders of negotiable government debt in second quarter of 16 As a % of negotiable debt outstanding expressed in market value Negotiable government debt by group of holders in second quarter of 16 Structure in % expressed in market value non-resident investors French insurance companies French credit institutions French UCITS 6.1 others (French) (*) figures revised quarterly (**) figures revised annually Source: Banque de France Source: Banque de France Negotiable government debt at 3 November 16 In euros Total medium- and long-term debt 1,83,9,7,17 Total stripping activity 6,919,1,1 Average maturity 8 years and 85 days Total short-term debt 13,393,, Average maturity 117 days TOTAL OUTSTANDING 1,66,685,7,17 Average maturity 7 years and 196 days Negotiable government debt and interest rate swaps at 3 November 16 End 13 End 1 End 15 End Oct. 16 End Nov. 16 Negotiable government debt outstanding 1,57 1,58 1,576 1,65 1,67 of which index-linked securities Medium- and long-term 1,83 1,35 1, 1,83 1,83 short-term Swaps outstanding Average maturity of the negotiable debt before swaps 7 years 6 years 7 years 7 years 7 years 5 days 363 days 7 days 18 days 196 days after swaps 7 years 6 years 7 years 7 years 7 years days 36 days 7 days 18 days 196 days

5 1/1 1/1 /15 /15 6/15 8/15 1/15 1/15 /16 /16 6/16 8/16 1/16 Secondary market Yield curve for French government securities End-of-month value, % 3 1 Average daily volume of medium- and long-term transactions y r 5 y rs 1 y rs y rs 3 y rs 5 y rs - Source: Bloomberg 11/1 11/15 11/16 Source: reporting by primary dealers in government securities, excluding flows arising from the Eurosystem public sector purchase programme. Total stripping and reconstitution 5 reconstitution stripping strips outstanding (->) Source: Euroclear Primary dealers, repo outstanding at end of month Fixed-rate Floating-rate Others 1/1 11/1 1/1 1/15 /15 3/15 /15 5/15 6/15 7/15 8/15 9/15 1/15 11/15 1/15 1/16 /16 3/16 /16 5/16 6/16 7/16 8/16 9/16 1/16 Source: reporting by primary dealers in government securities 5

6 Negotiable government debt Short-term debt at 3 November 16 Maturity Outstanding ( ) BTF 7 December 16 3,59,, BTF 1 December 16 6,885,, BTF 1 December 16,83,, BTF 9 December 16 6,99,, BTF January 17 7,9,, BTF 11 January 17 7,31,, BTF 18 January 17,17,, BTF 5 January 17 7,951,, BTF 1 February 17 6,76,, BTF 8 February 17 7,3,, BTF 15 February 17 6,55,, BTF February 17 7,79,, BTF 1 March 17 6,366,, BTF 15 March 17 6,9,, BTF 9 March 17 6,135,, BTF 1 April 17 6,1,, BTF 6 April 17 5,3,, BTF 11 May 17,11,, BTF May 17,97,, BTF 1 June 17,571,, BTF 19 July 17 3,979,, BTF 17 August 17 5,88,, BTF 13 September 17 5,871,, BTF 11 October 17 6,15,, BTF 8 November 17,81,, Medium- and long-term debt (maturing 16 19) at 3 November 16 ISIN Code Bond Outstanding ( ) Ind. Coeff. Face value Stripped ( ) Maturity 16 Maturity ,869,3,8 FR17353 BTAN 1.75% 5 February 17 16,6,, FR OAT 3.75% 5 April 17 7,3,, FR17669 BTAN 1% 5 July 17 19,53,, FR OATi 1% 5 July 17 18,73,3,8 (1) ,7,, FR OAT.5% 5 October 17 33,7,, Maturity ,97,891,51 FR OAT % 5 February 18 17,57,, FR16983 OAT % 5 April 18 31,53,, FR OAT 1% 5 May 18,56,, FR OAT i.5% 5 July 18 11,75,891,51 (1) ,57,, FR OAT.5% 5 October 18 9,5,, FR OAT 1% 5 November 18,65,, 15,, Maturity ,7,,66 FR OAT % 5 février 19 19,313,, FR OAT.5% 5 April 19 31,78,, FR11788 OAT 1% 5 May 19 3,95,, FR1853 OATi 1.3% 5 July 19 1,563,913, (1) ,7,, FR5791 OAT 8.5% 5 October 19 8,8,39,893 5,11,385,1 FR OAT 3.75% 5 October 19 35,1,, FR OAT.5% 5 November 19 8,737,, FR5795 OAT cap. 9.8% 31 December 19 3,896,553 () 6,69,15 (1) face value x indexation coefficient (face value if coefficient < 1) () Including coupons capitalised at 31 December 15; not open to subscription 6

7 Negotiable government debt Medium- and long-term debt (maturing in and beyond) at 3 November 16 ISIN Code Bond Outstanding ( ) Ind. Coeff. Face value Stripped ( ) Maturity 17,15,939, FR18518 OAT 3.5% 5 April 37,97,, FR OAT % 5 May,969,, FR15559 OAT i.5% 5 July,865,939, (1) 1.3,31,, FR OAT.5% 5 October 36,56,, FR OAT.5% 5 November,78,, Maturity 1 11,13,83,6 FR13135 OAT i.1% 1 March 1,96,9,1 (1) 1.366,8,, FR OAT 3.75% 5 April 1 39,35,, FR OAT % 5 May 1 1,85,, FR11376 OATi.1% 5 July 1 6,9,53,5 (1) ,85,, FR OAT 3.5% 5 October 1 39,891,, Maturity 97,73,55,1 FR571 OAT 8.5% 5 April 1,3,939,99 37,68, FR OAT 3% 5 April,73,, FR OAT % 5 May,31,, FR OAT i 1.1% 5 July 19,513,565, (1) ,99,, FR OAT.5% 5 October 3,5,, Maturity 3 15,1,361,93 FR57185 OAT 8.5% 5 April 3 1,66,195,93 5,66,5, FR OAT 1.75% 5 May 3 35,37,, FR OATi.1% 5 July 3 16,38,166, (1) 1.1 1,86,, FR OAT.5% 5 October 3 3,185,, 59,585, Maturity 77,9,737,96 FR OAT.5% 5 May 33,135,, 1,, FR11788 OAT i.5% 5 July 13,879,737,96 (1) ,618,, FR OAT 1.75% 5 November 3,35,, 6,, Maturity 5 91,33,3,918 FR OATi.1% 1 March 5 6,861,115,8 (1) ,88,, FR15177 OAT.5% 5 May 5 3,87,, FR57115 OAT 6% 5 October 5 6,39,98,118 3,11,96, FR OAT 1% 5 November 5 5,57,, Maturity 6 78,669,, FR19169 OAT 3.5% 5 April 6 35,81,, 1,13, FR OAT.5% 5 May 6 7,5,, FR13813 OAT.5% 5 November 6 15,333,, Maturity 7 9,818,59,8 FR11875 OAT i 1.85% 5 July 7 1,789,59,8 (1) ,789,, FR OAT.75% 5 October 7 35,9,, Maturity 8 3,815,557 FR5716 OAT zero coupon 8 March 8 3,815,557 (3) 6,3,63 Maturity 9,68,69,613 FR57118 OAT 5.5% 5 April 9 9,91,88,58 3,37,69,1 FR18613 OATi 3.% 5 July 9 1,976,81,155 (1) ,73,1, Maturity 3 39,99,5,51 FR OAT.5% 5 May 3 31,3,, 7,, FR OAT i.7% 5 July 3 8,76,5,51 (1) ,7,, Maturity 31 3,513,, FR OAT 1.5% 5 May 31 3,513,, 11,, Maturity 3 and later 1,669,63, FR OAT i 3.15% 5 July 3 1,63,76,8 (1) 1.8 1,16,, FR OAT 5.75% 5 October 3 3,8,3,6 11,8,157, FR176 OAT.75% 5 April 35 6,678,, 5,88,167, FR1315 OAT 1.5% 5 May 36 1,11,, FR13711 OAT % 5 October 38 6,53,,,837,11, FR17367 OAT i 1.8% 5 July 1,63,79,88 (1) ,986,, FR OAT.5% 5 April 1 9,9,, 7,,539, FR OAT 3.5% 5 May 5,,, 79,6, FR OAT i.1% 5 July 7,56,1,7 (1) 1.137,556,, FR OAT % 5 April 55 1,96,, 7,3,588, FR OAT % 5 April 6 11,918,, 5,97,78,1 FR13158 OAT 1.75% 5 May 66,39,, 8,, (1) face value x indexation coefficient (face value if coefficient < 1) (3) Revised on 8 March 16; not open to subscription 7

8 The French economy and international comparisons Most recent economic indicators Monthly government budget position end of October level General budget balance revenue expenditure Balance of special Treasury accounts General budget outturn * manufactured products Sources: Insee, Minefi, Banque de France Source: Minefi Public finances: deficit and debt As % of GDP deficit (left-hand scale) debt (right-hand scale) debt excluding impact of European guarantees debt (right-hand scale) debt including impact of European guarantees Source: Eurostat, Insee General government debt in 15 As % of GDP Sources: Eurostat (16), IMF (16), Insee (16) 8

9 The French economy and international comparisons French economic indicators: timetable Sources: Insee, Eurostat This publication, which is the exclusive property of AFT, is entirely protected by the provisions of the French Intellectual Property Code, particularly those provisions relating to copyright. Any reproduction of the content, in whole or in part, by any means whatsoever, without the permission of AFT, is strictly prohibited. As a result, the permission of the rights holder must be sought for any reproduction of the content exclusively for non-commercial purposes. Requests for permission must be submitted via to AFT's Publication Director at the following address: Reuse of information must mention the source and the date of the reproduction, and must feature the copyright notice " Agence France Trésor". English translation: Centre de traduction des ministères économiques et financiers 9

MONTHLY BULLETIN. N 270 November 2012. Debt general data. MONTHLY BULLETIN n 270 November 2012 1

MONTHLY BULLETIN. N 270 November 2012. Debt general data. MONTHLY BULLETIN n 270 November 2012 1 AGENCE FRANCE TRESOR is tasked with managing the government debt and cash positions under the most secure conditions in the interest of the taxpayer. HTTP://WWW.AFT.GOUV.FR BLOOMBERG TRESOR REUTERS TRESOR

More information

MONTHLY BULLETIN - N 240 May 2010

MONTHLY BULLETIN - N 240 May 2010 MONTHLY BULLETIN - N 24 May 21 DEBT GENERAL DATA... 1 PRIMARY MARKET... 2 SECONDARY MARKET... 4 TRIBUNE.... 6 THE FRENCH ECONOMY... 7 INTERNATIONAL COMPARISONS... 8 FRENCH GOVERNMENT NEGOTIABLE DEBT OUTSTANDING...

More information

FOTEGAL, August 21st 2014

FOTEGAL, August 21st 2014 The French government agency for debt and cash management FOTEGAL, August 21st 2014 1 1 AFT organization 2 Key facts Tasked with managing the government debt and cash positions under the most secure conditions

More information

MONTHLY BULLETIN - N 215 April 2008

MONTHLY BULLETIN - N 215 April 2008 MONTHLY BULLETIN - N 1 April 8 DEBT GENERAL DATA... 1 PRIMARY MARKET... SECONDARY MARKET... 4 TRIBUNE.... 6 THE FRENCH ECONOMY... 7 INTERNATIONAL COMPARISONS... 8 FRENCH GOVERNMENT NEGOTIABLE DEBT OUTSTANDING...

More information

1. 2015 Gross Borrowing Requirements and Funding Plan

1. 2015 Gross Borrowing Requirements and Funding Plan 1 1. 2015 Gross Borrowing Requirements and Funding Plan 1.1 Gross Borrowing requirements The Treasury expects its 2015 gross borrowing requirements to amount to EUR 39.90 billion. This represents an increase

More information

MONTHLY BULLETIN - N 214 March 2008

MONTHLY BULLETIN - N 214 March 2008 MONTHLY BULLETIN - N 1 March 8 DEBT GENERAL DATA... 1 PRIMARY MARKET... SECONDARY MARKET... TRIBUNE.... 6 THE FRENCH ECONOMY... 7 INTERNATIONAL COMPARISONS... 8 FRENCH GOVERNMENT NEGOTIABLE DEBT OUTSTANDING...

More information

DANMARKS NATIONALBANK DANISH GOVERNMENT DEBT MANAGEMENT POLICY

DANMARKS NATIONALBANK DANISH GOVERNMENT DEBT MANAGEMENT POLICY DANMARKS NATIONALBANK DANISH GOVERNMENT DEBT MANAGEMENT POLICY Strategy 2nd half of 2014 Published 24 June 2014 - Translation KEY ISSUES, 2ND HALF OF 2014 The strategy for the central government debt policy

More information

Developing the Domestic Debt Market The South African Experience

Developing the Domestic Debt Market The South African Experience Commonwealth Secretariat Debt Management Forum Developing the Domestic Debt Market The South African Experience June 2008 Challenges for South African Debt Market 2 Challenges. Domestic debt management

More information

DANMARKS NATIONALBANK DANISH GOVERNMENT DEBT MANAGEMENT. October 2014

DANMARKS NATIONALBANK DANISH GOVERNMENT DEBT MANAGEMENT. October 2014 DANMARKS NATIONALBANK DANISH GOVERNMENT DEBT MANAGEMENT October 2014 2 Kingdom of Denmark: AAA, Stable Outlook Low government debt Current account surplus and net external assets Reform-oriented policies

More information

7 th OECD Forum on Africa Public Debt Management

7 th OECD Forum on Africa Public Debt Management BUILDING BLOCKS FOR LIQUID PRIMARY AND SECONDARY MARKETS CASE OF KENYAN MARKET 7 th OECD Forum on Africa Public Debt Management Cape Town, South Africa 26-28, June 2013 By Mwenda Marete, Assistant Director,

More information

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION 30-Apr-2004 28.35 29.00 28.20 28.46 28.55 03-May-2004 28.50 28.70 26.80 27.04 27.21 04-May-2004 26.90 26.99 26.00 26.00 26.38 05-May-2004 26.05 26.69 26.00 26.35 26.34 06-May-2004 26.31 26.35 26.05 26.26

More information

State budget borrowing requirements financing plan and its background May 2013

State budget borrowing requirements financing plan and its background May 2013 Public Debt Department State budget borrowing requirements financing plan and its background May 2013 THE MOST IMPORTANT INFORMATION Monthly issuance calendar... 2 Record high level of foreign investors'

More information

2nd OECD China Forum on Public Debt Management. Xian, 15 & 16 September 2005

2nd OECD China Forum on Public Debt Management. Xian, 15 & 16 September 2005 2nd OECD China Forum on Public Debt Management Xian, 5 & 6 September 25 The Ministry of Finance and the Government Bond Market: the Case of France Bertrand de Mazières Chief Executive Officer, Agence France

More information

Best Practice framework EGB Market

Best Practice framework EGB Market Best Practice framework EGB Market Mathieu Gaveau ECB Bond Market Contact Group, 21 October 2014 EGBs: Primary Dealership Secure System The system of Primary Dealerships supports security, stability and

More information

Development of the government bond market and public debt management in Singapore

Development of the government bond market and public debt management in Singapore Development of the government bond market and public debt management in Singapore Monetary Authority of Singapore Abstract This paper describes the growth of the Singapore Government Securities (SGS) market.

More information

Twenty-First OECD Global Forum On Public Debt Management Paris, 19-20 January 2012

Twenty-First OECD Global Forum On Public Debt Management Paris, 19-20 January 2012 Twenty-First OECD Global Forum On Public Debt Management Paris, 19-20 January 2012 Session 2: Bond exchanges (switches) and buyback operations Italian contribution (background document) Exchange and Buy-back

More information

ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES

ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES NUMBER 99 JULY 21 ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES MACROECONOMIC PROJECTIONS 1 7 8 11 12 Directorate general for economics, statistics

More information

Country Background Sri Lanka. Investor-Country Conference Cairo, Egypt March 26-27, 2010

Country Background Sri Lanka. Investor-Country Conference Cairo, Egypt March 26-27, 2010 Country Background Sri Lanka Investor-Country Conference Cairo, Egypt March 26-27, 2010 Macro Economic data 2000 2001 2002 2003 2004 2005 2006 2007 2008 GDP growth 6.0 (1.5) 4.0 5.9 5.4 6.2 7.7 6.8 6.0

More information

Guidelines for public debt management

Guidelines for public debt management 2016 Guidelines for public debt management 2016 Public Debt Management Guidelines Contents FOREWORD... 3 2016 ISSUANCE PROGRAMME AND DEBT MANAGEMENT... 4 Preliminary considerations... 4 ISSUANCE PROGRAMME

More information

Office of Debt Management. Treasury Debt Management Strategy

Office of Debt Management. Treasury Debt Management Strategy Office of Debt Management Treasury Debt Management Strategy Overview Treasury may borrow on the credit of the United States Government amounts necessary for expenditures authorized by law and may issue

More information

General Government Debt

General Government Debt 2 Government Debt 2.1 Revenues from taxation and other charges represent the primary source of State funding, but the State also borrows substantially to supplement annual funding. This report outlines

More information

Median and Average Sales Prices of New Homes Sold in United States

Median and Average Sales Prices of New Homes Sold in United States Jan 1963 $17,200 (NA) Feb 1963 $17,700 (NA) Mar 1963 $18,200 (NA) Apr 1963 $18,200 (NA) May 1963 $17,500 (NA) Jun 1963 $18,000 (NA) Jul 1963 $18,400 (NA) Aug 1963 $17,800 (NA) Sep 1963 $17,900 (NA) Oct

More information

Debt Portfolio Management Quarterly Report

Debt Portfolio Management Quarterly Report Ministry of Finance Debt and Financial Assets Management Department Debt Portfolio Management Quarterly Report First Half of 2015 17 July 2015 Ministry of Finance Debt Portfolio Management Quarterly Report

More information

THE UNIVERSITY OF BOLTON

THE UNIVERSITY OF BOLTON JANUARY Jan 1 6.44 8.24 12.23 2.17 4.06 5.46 Jan 2 6.44 8.24 12.24 2.20 4.07 5.47 Jan 3 6.44 8.24 12.24 2.21 4.08 5.48 Jan 4 6.44 8.24 12.25 2.22 4.09 5.49 Jan 5 6.43 8.23 12.25 2.24 4.10 5.50 Jan 6 6.43

More information

Main Indicators for the Finnish Economy

Main Indicators for the Finnish Economy BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 1/11 January 1 January 11 Monetary Policy and Research - Financial Markets and Statistics

More information

Main Indicators for the Finnish Economy

Main Indicators for the Finnish Economy BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 3/11 17 March 11 Main Indicators for the Finnish Economy is produced jointly by the

More information

Financing government s borrowing requirement

Financing government s borrowing requirement 7 Financing government s borrowing requirement In brief Government s net borrowing requirement is expected to be R173.1 billion in 2015/16, decreasing to R155.5 billion in 2017/18. South Africa s deep

More information

Main Indicators for the Finnish Economy

Main Indicators for the Finnish Economy BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy /1 13 April 1 13 April 1 Monetary Policy and Research - Financial Markets and Statistics

More information

Introduction to Fixed Income (IFI) Course Syllabus

Introduction to Fixed Income (IFI) Course Syllabus Introduction to Fixed Income (IFI) Course Syllabus 1. Fixed income markets 1.1 Understand the function of fixed income markets 1.2 Know the main fixed income market products: Loans Bonds Money market instruments

More information

Inflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes)

Inflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes) NUMBER 16 FEBRUARY 216 Economic activity and employment Foreign trade and competitiveness Inflation Credit The Public Finances Macroeconomic projections 1 7 8 11 12 Directorate general for economics, statistics

More information

UPDATE ON CURRENT MACRO ENVIRONMENT

UPDATE ON CURRENT MACRO ENVIRONMENT 1 Oct 213 Macro & Strategy Equity Credit Commodities 13 13 #1 Global Strategy #1 Multi Asset Research #3 Global Economics #2 Equity Quant #2 Index Analysis #3 SRI Research 12 sector teams in the Top 1

More information

No. 1 BANK OF RUSSIA FOREIGN EXCHANGE ASSET MANAGEMENT REPORT. Moscow

No. 1 BANK OF RUSSIA FOREIGN EXCHANGE ASSET MANAGEMENT REPORT. Moscow No. 1 2015 FOREIGN EXCHANGE ASSET MANAGEMENT REPORT Moscow Bank of Russia Foreign Exchange Asset Management Report No. 1 (33) 2015 Reference to the Central Bank of the Russian Federation is mandatory in

More information

French government debt news

French government debt news m o n t h l y b u l l e t i n OAT 7, % 4-2 OATi 3% 7-29 OAT,2% 4-28 OAT TEC 1 1-29 OAT 4 % 1-29 OAT 8, % 4-223 OAT, % 4-229 BTAN 7,7 % 4-2 OAT 4% 4-29 BTAN 4, % 7-23 BTAN 3, % 7-24 2/11/9 2/9/99 OAT 7,

More information

The financial turbulence and Norway what lessons can be drawn? Governor Øystein Olsen Eiendomsdagene Norefjell 19 January 2012

The financial turbulence and Norway what lessons can be drawn? Governor Øystein Olsen Eiendomsdagene Norefjell 19 January 2012 The financial turbulence and Norway what lessons can be drawn? Governor Øystein Olsen Eiendomsdagene Norefjell 19 January 1 The run-up to the financial crisis 1. Sharp rise in debt and asset prices low

More information

Developing the Fixed Income Market in Nigeria. September 2010

Developing the Fixed Income Market in Nigeria. September 2010 Developing the Fixed Income Market in Nigeria September 2010 Contents 1. Evolution Where we are coming from 2. Status Quo Where we are 3. Constraints Challenges to be overcome 4. The Future How to develop

More information

Topics to be Discussed Description of Fixed Income Securities Characteristics Used to Evaluate Securities. Fixed Income Securities

Topics to be Discussed Description of Fixed Income Securities Characteristics Used to Evaluate Securities. Fixed Income Securities Topics to be Discussed Description of Characteristics Used to Evaluate Securities Treasury Bonds Agency Bonds Municipal Bonds Corporate Bonds Institutional Bonds Evaluation of Bonds Preferred Stock Description

More information

Principles and Trade-Offs when Making Issuance Choices in the UK

Principles and Trade-Offs when Making Issuance Choices in the UK Please cite this paper as: OECD (2011), Principles and Trade-Offs when Making Issuance Choices in the UK, OECD Working Papers on Sovereign Borrowing and Public Debt Management, No. 2, OECD Publishing.

More information

BORROWING AND DEBT MANAGEMENT GUIDELINES OF THE GOVERNMENT OF THE REPUBLIC OF LITHUANIA FOR 2015 2017 CHAPTER I GENERAL PROVISIONS

BORROWING AND DEBT MANAGEMENT GUIDELINES OF THE GOVERNMENT OF THE REPUBLIC OF LITHUANIA FOR 2015 2017 CHAPTER I GENERAL PROVISIONS APPROVED BY Government of the Republic of Lithuania Resolution No 1437 of 15 December 2014 BORROWING AND DEBT MANAGEMENT GUIDELINES OF THE GOVERNMENT OF THE REPUBLIC OF LITHUANIA FOR 2015 2017 CHAPTER

More information

Danmarks Nationalbank. Danish Government Borrowing and Debt

Danmarks Nationalbank. Danish Government Borrowing and Debt Danmarks Nationalbank Danish Government Borrowing and Debt 2000 Danmarks Nationalbank Danish Government Borrowing and Debt 2000 DANISH GOVERNMENT BORROWING AND DEBT 2000 Print: Schultz Grafisk ISSN: 1399-2023

More information

Treasury Presentation to TBAC

Treasury Presentation to TBAC Treasury Presentation to TBAC Office of Debt Management Fiscal Year 2015 Q1 Report Table of Contents I. Fiscal II. A. Quarterly Tax Receipts p. 4 B. Monthly Receipt Levels p. 5 C. Eleven Largest Outlays

More information

danmarks nationalbank Danish Government borrowing and Debt

danmarks nationalbank Danish Government borrowing and Debt danmarks nationalbank Danish Government borrowing and Debt 2013 Danmarks Nationalbank Danish Government Borrowing and debt 2013 Danish Government Borrowing and Debt 2013 Text may be copied from this publication

More information

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network

More information

If you are having technical difficulties, please call Go To Webinar at (800) 263 6317

If you are having technical difficulties, please call Go To Webinar at (800) 263 6317 If you are having technical difficulties, please call Go To Webinar at (800) 263 6317 STAR Ohio Update November 19, 2013 Josh Mandel, Treasurer of Ohio Conrad R. Metz, Chief Investment Officer Jason Click,

More information

4 Further details of the responses received are presented below.

4 Further details of the responses received are presented below. REPORT ON BOND EXCHANGES AND DEBT BUY-BACKS A SURVEY OF PRACTICE BY EC DEBT MANAGERS In June 2001 a questionnaire covering the practices followed by debt managers implementing bond exchange or buy-back

More information

Debt management guidelines: 10 years

Debt management guidelines: 10 years Debt management guidelines: 10 years Systems for Debt Otavio Medeiros Brazilian National Treasury Ministry of Finance SDMF -Washington D.C, October 29 th -31 st 2012 Institutional Framework Transparency

More information

STAR Ohio Update. November 19, 2013

STAR Ohio Update. November 19, 2013 STAR Ohio Update November 19, 2013 Conrad R. Metz, Director of Investments Ryan A. Bilsky, Deputy Director of Investments Jason Click, Vice President Public Funds Administrators If you are having technical

More information

AGREEMENT. between the Ministry of Finance and Central Bank Iceland on Treasury debt management

AGREEMENT. between the Ministry of Finance and Central Bank Iceland on Treasury debt management AGREEMENT between the Ministry of Finance and Central Bank Iceland on Treasury debt management 1. Foundation of the Agreement Pursuant to Article 1 of the Act on the Government Debt Management, no. 43/1990,

More information

Sri Lanka: Macroeconomic Developments in Charts September 2015

Sri Lanka: Macroeconomic Developments in Charts September 2015 Sri Lanka: Macroeconomic Developments in Charts September 215 Real Sector and Inflation Real GDP Growth (Annual /Quarterly) Sectoral GDP Growth Per Capita GDP Unemployment Poverty Inflation (i) Inflation

More information

DKK: Central Bank Preview

DKK: Central Bank Preview DKK: Central Bank Preview July 2012 Kasper Kirkegaard Senior Strategist +45 45 13 70 18 kaki@danskebank.com Lars Tranberg Rasmussen Senior Strategist +45 45 12 85 34 laras@danskebank.com Anders Møller

More information

The Central Bank from the Viewpoint of Law and Economics

The Central Bank from the Viewpoint of Law and Economics The Central Bank from the Viewpoint of Law and Economics Handout for Special Lecture, Financial Law at the Faculty of Law, the University of Tokyo Masaaki Shirakawa Governor of the Bank of Japan October

More information

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research Fixed Income 2015 Update Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research 1 Fed: Slow and Low 2015 Fixed Income Outlook 2 Yield Curve Flattening 3

More information

The Taxonomy of Fixed Income Securities: A CNO Approach

The Taxonomy of Fixed Income Securities: A CNO Approach The Taxonomy of Fixed Income Securities: A CNO Approach Finance theory cannot identify the true boundary between debt and equity There is nothing more complex than trying to draw a line which does not

More information

Public Debt Management

Public Debt Management Public Debt Management quarterly report Apr-Jun 2010 Government of India Ministry of finance Department of economic affairs September 2010 www.finmin.nic.in CONTENTS Section Page No. Introduction 1 1 Macroeconomic

More information

THE LOAN CONSOLIDATION AND INVESTMENT RESERVE (LCIR)

THE LOAN CONSOLIDATION AND INVESTMENT RESERVE (LCIR) Appendix 8 THE LOAN CONSOLIDATION AND INVESTMENT RESERVE (LCIR) Contents Page Introduction 94 LCIR Holdings of CGS 94 1998-99 Activities of the LCIR 95 Tables Table 1: LCIR Investments at 30 June 1999

More information

Money market portfolio

Money market portfolio 1 Money market portfolio April 11 Management of Norges Bank s money market portfolio Report for the fourth quarter 1 Contents 1 Key figures Market value and return 3 3 Market risk and management guidelines

More information

Electricity Supply Board

Electricity Supply Board Electricity Supply Board Investor Presentation 2012 Interim Results December 2012 Disclaimer Forward looking statements: This presentation contains certain forward-looking statements with respect to ESB

More information

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF)

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF) NAV HISTORY OF DBH FIRST MUTUAL FUND () Date NAV 11-Aug-16 10.68 8.66 0.38% -0.07% 0.45% 3.81% 04-Aug-16 10.64 8.66-0.19% 0.87% -1.05% 3.76% 28-Jul-16 10.66 8.59 0.00% -0.34% 0.34% 3.89% 21-Jul-16 10.66

More information

Investing in Bonds challenges and opportunities in 2015

Investing in Bonds challenges and opportunities in 2015 For Financial Brokers and Advisors Only Investing in Bonds challenges and opportunities in 2015 March 2015 Andy Ivory-Corr, QFA, Grad Dip, CFP Head of Investments New Ireland Assurance What exactly is

More information

EURO-BULLETIN. EURO FLASH J -273 French government debt news THE FRENCH ECONOMY

EURO-BULLETIN. EURO FLASH J -273 French government debt news THE FRENCH ECONOMY 9 8,5 % 11- OAT 7,5 % -5 OATi % 7-9 OAT 5,5% -8 OAT TEC 1 1-9 OAT,5 % -11 OAT 8,5 % - OAT 5,5 % -9 BTAN 7,75 % - OAT % EURO-BULLETIN 9 BTAN,5 % 7- BTF 7/5/99 BTF 5//99 OAT 8,5 % 11- OAT 7,5 % -5 OATi %

More information

State budget borrowing requirements financing plan and its background

State budget borrowing requirements financing plan and its background Public Debt Department State budget borrowing requirements financing plan and its background September 2014 THE MOST IMPORTANT INFORMATION Monthly issuance calendar... 2 MoF comment... 8 Rating agencies

More information

Sri Lanka: Macroeconomic Developments in Charts March 2015

Sri Lanka: Macroeconomic Developments in Charts March 2015 Sri Lanka: Macroeconomic Developments in Charts March 215 Real Sector and Inflation Real GDP Growth (Annual /Quarterly) Sectoral GDP Growth Per Capita GDP Unemployment Poverty Inflation (Headline and Core

More information

State budget borrowing requirements financing plan and its background

State budget borrowing requirements financing plan and its background Public Debt Department State budget borrowing requirements financing plan and its background March 2014 THE MOST IMPORTANT INFORMATION Monthly issuance calendar... 2 20-year EUR denominated Registered

More information

TREASURY BONDS LINKED TO EURO-ZONE INFLATION (BTP is)

TREASURY BONDS LINKED TO EURO-ZONE INFLATION (BTP is) TREASURY BONDS LINKED TO EURO-ZONE INFLATION (BTP is) Treasury Bonds linked to Euro-zone inflation are securities that provide investors with protection against price increases. Both the principal to be

More information

The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates:

The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates: Annex A Forecast of interest rates as at September 2015 The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates: NOW Sep-15 Dec-15 Mar-16 Jun-16 Sep-16

More information

LGIP QUARTERLY MEETING & CONFERENCE CALL

LGIP QUARTERLY MEETING & CONFERENCE CALL LGIP QUARTERLY MEETING & CONFERENCE CALL 7.26.2012 OFFICE OF THE ARIZONA STATE TREASURER AGENDA LGIP Performance Endowment Performance Endowment Distribution Formula State Cash Flow Guest Presentation:

More information

Robeco High Yield Bonds

Robeco High Yield Bonds Important Information 1. Robeco High Yield Bonds (the Fund aims to provide long term capital growth. The Fund invests at least two thirds of its total assets in bonds, asset backed securities and similar

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

How liquidity impacts growth

How liquidity impacts growth How liquidity impacts growth Moderator Rick Watson, Managing Director, Head of Capital Markets, AFME Panellists Nick Burge, Managing Director, Head of Strategic Liquidity, Lloyds Bank Matthew Cairns, Senior

More information

DANMARKS NATIONALBANK EXPERIENCE OF NEGATIVE INTEREST RATES IN DENMARK. Niels Lynggård Hansen, Director, Danmarks Nationalbank

DANMARKS NATIONALBANK EXPERIENCE OF NEGATIVE INTEREST RATES IN DENMARK. Niels Lynggård Hansen, Director, Danmarks Nationalbank DANMARKS NATIONALBANK EXPERIENCE OF NEGATIVE INTEREST RATES IN DENMARK Niels Lynggård Hansen, Director, Danmarks Nationalbank 2 GDP growth Per cent, year-on-year 3 2 1 0-1 2011 2012 2013 20 2015 2016 2017

More information

London Stock Exchange Group plc. Xavier Rolet Chief Executive. September 2010

London Stock Exchange Group plc. Xavier Rolet Chief Executive. September 2010 London Stock Exchange Group plc Xavier Rolet Chief Executive September 2010 Agenda Competing in an Age of Austerity Overview of business and strategy Cash equities markets overview and actions to strengthen

More information

Turkish Arab Economic Forum June 29, 2012. Mehmet Şimşek. Minister of Finance

Turkish Arab Economic Forum June 29, 2012. Mehmet Şimşek. Minister of Finance Turkish Arab Economic Forum June 29, 2012 Mehmet Şimşek Minister of Finance 1 Outline Turkey: Short Term Outlook Managing a Soft Landing Fallout from the Euro Crisis Turkey & MENA REBALANCING Growing ON

More information

Annual Borrowing Plan

Annual Borrowing Plan 20154 Bosnia and Herzegovina Federation of Bosnia and Herzegovina Federal Ministry of Finance Annual Borrowing Plan 2016 January 2016 www.fmf.gov.ba INTRODUCTION In order to increase transparency, fiscal

More information

LEBANON'S DEBT MANAGEMENT FRAMEWORK

LEBANON'S DEBT MANAGEMENT FRAMEWORK LEBANON'S DEBT MANAGEMENT FRAMEWORK FOR 2010-2015 MARCH 2010 For further information, please contact: 1 DEBT MANAGEMENT FRAMEWORK FOR 2010-2015 CONTENTS I. Purpose of the report... 5 II. Regulatory framework...

More information

General Government Debt

General Government Debt 2 Government Debt 2.1 Revenues from taxation and other charges represent the primary source of State funding, but the State also borrows substantially to supplement annual funding. This report outlines

More information

Greek banks and corporate funding costs

Greek banks and corporate funding costs NATIONAL BANK OF GREECE Greek banks and corporate funding costs January 214 Paul Mylonas CRO & Chief Economist National Bank of Greece NBG: ECONOMIC ANALYSIS DEPARTMENT Economic Analysis Department Roadmap

More information

The economic outlook for Norway. Governor Øystein Olsen Sparebanken Hedmark 7 September 2011

The economic outlook for Norway. Governor Øystein Olsen Sparebanken Hedmark 7 September 2011 The economic outlook for Norway Governor Øystein Olsen Sparebanken Hedmark 7 September GDP Index, = Euro area US Brazil India China Sources: IMF and Norges Bank GDP Index, = Euro area US Brazil India China

More information

NewEuroMTS Overview. October 2005

NewEuroMTS Overview. October 2005 NewEuroMTS Overview October 2005 1 NewEuroMTS Rationale Driven by accession to the EU by 10 new countries in 2004 in compliance with Maastricht Criteria Expected convergence with Euro-Zone interest rates

More information

2018-04 SEK ING Sprinter Sverige ING Bank NV (NL) 20 Units Outperformance Bonus Certificates linked to OMX due 2018-04

2018-04 SEK ING Sprinter Sverige ING Bank NV (NL) 20 Units Outperformance Bonus Certificates linked to OMX due 2018-04 2018-04 SEK ING Sprinter Sverige ING Bank NV (NL) 20 Units Outperformance Bonus Certificates linked to OMX due 2018-04 Product Description This 5YR SEK Outperformance Bonus Certificate is linked to the

More information

2014 15 Debt Management Strategy Consultations

2014 15 Debt Management Strategy Consultations October 2013 2014 15 Debt Management Strategy Consultations Overview The Department of Finance and the Bank of Canada are seeking the views of government securities distributors, institutional investors

More information

S&P Year Rolling Period Total Returns

S&P Year Rolling Period Total Returns S&P 500 10 Year Rolling Period Total Returns Summary: 1926 June 2013 700% 600% 500% 400% 300% 200% 100% 0% 100% Scatter chart of all 931 ten year periods. There were 931 ten year rolling periods from January

More information

Investing in Asia s Debt Markets

Investing in Asia s Debt Markets Investing in Asia s Debt Markets Alexandre Bouchardy, CFA Head of Fixed Income Asia April 2013 Content How to Capture the Asian Growth Story Hard or Local Currency Bonds? Risk and Return Opportunities

More information

Recent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016

Recent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016 Credit Suisse, Macro Conference April 19, Outline 1 Inflation and Monetary Policy 2 Recent Developments and Outlook for the Mexican Economy 3 Final Remarks 2 In line with its constitutional mandate, the

More information

Agreement between the Ministry of Finance and Central Bank of Iceland on Treasury debt management

Agreement between the Ministry of Finance and Central Bank of Iceland on Treasury debt management Agreement between the Ministry of Finance and Central Bank of Iceland on Treasury debt management 1. Foundation of the Agreement Under Article 1 of Act No. 43/1990 on the National Debt Management Agency,

More information

Diminished Liquidity in the Corporate Bond Market: Implications for Fixed Income Investors

Diminished Liquidity in the Corporate Bond Market: Implications for Fixed Income Investors Diminished Liquidity in the Corporate Bond Market: Implications for Fixed Income Investors 3/16/215 Summary In the wake of the 27-8 Financial Crisis, investors increased their holdings of fixed income

More information

Section B Developments in the Domestic Government Bond Market and in Global Bond Markets in 2005

Section B Developments in the Domestic Government Bond Market and in Global Bond Markets in 2005 Section B Developments in the Domestic Government Bond Market and in Global Bond Markets in 2005 Section B Developments in the Domestic Government Bond Market and in Global Bond Markets in 2005 1. Macro-Economic

More information

An Overview of Offshore RMB Market. Nov 2013

An Overview of Offshore RMB Market. Nov 2013 An Overview of Offshore RMB Market Nov 2013 Contents 1. Outlook of RMB Internationalisation 2. Implications for Offshore RMB Bonds 2 Section 1 Outlook of RMB Internationalisation 3 RMB The next international

More information

Monthly Update. January 2014

Monthly Update. January 2014 Monthly Update Politics On the 29 th of January, the President of the Republic of Serbia Mr. Tomislav Nikolic called for earlier Parliamentary elections for the 16 th of March 2014, in order to speed up

More information

Securities Finance: Fixed Income & Repo Market Update

Securities Finance: Fixed Income & Repo Market Update MARKETS GROUP Securities Finance: Fixed Income & Repo Market Update Key Highlights from a Panel Discussion Fixed income and repo market participants are adapting to new regulations and fiscal realities

More information

What s behind the liquidity spread? On-the-run and off-the-run US Treasuries in autumn 1998 1

What s behind the liquidity spread? On-the-run and off-the-run US Treasuries in autumn 1998 1 Craig H Furfine +4 6 28 923 craig.furfine@bis.org Eli M Remolona +4 6 28 844 eli.remolona@bis.org What s behind the liquidity spread? On-the-run and off-the-run US Treasuries in autumn 998 Autumn 998 witnessed

More information

Introduction. Why does Government Issue securities. How does a Bond work?

Introduction. Why does Government Issue securities. How does a Bond work? Introduction Namibian Government long-term securities are issued in the form of Internal Registered Stock (IRS). Government securities are essentially IOU declarations (or debt instruments) by the Government

More information

United Kingdom Debt Management Office. UK Government Securities: a Guide to Gilts Eighth edition June 2010

United Kingdom Debt Management Office. UK Government Securities: a Guide to Gilts Eighth edition June 2010 United Kingdom Debt Management Office UK Government Securities: a Guide to Gilts Eighth edition June 2010 UK Government Securities: a Guide to Gilts United Kingdom Debt Management Office Eastcheap Court

More information

Chapter 1: Economic commentary

Chapter 1: Economic commentary Compendium: Chapter 1: Economic commentary This section of the Pink Book provides an examination of recent trends, main movements and international comparisons for a range of information contained in subsequent

More information

Green Bonds. Our Experience with THE WORLD BANK. Presentation by: George Richardson, Head of Capital Markets

Green Bonds. Our Experience with THE WORLD BANK. Presentation by: George Richardson, Head of Capital Markets THE WORLD BANK Our Experience with Green Bonds Presentation by: George Richardson, Head of Capital Markets The Euromoney Sustainable and Responsible Capital Markets Forum New York - March 12, 2014 THE

More information

CENTRAL BANK OF SEYCHELLES

CENTRAL BANK OF SEYCHELLES CENTRAL BANK OF SEYCHELLES MONTHLY REVIEW August 2013 1.0 Key Economic Developments August 2013 observed a slight monthly pick-up of 0.5 per cent in the Consumer Price Index (CPI) which was primarily associated

More information

The Hungarian Government Securities Market: Overview and Recent Developments. Laszlo Buzas,, Deputy CEO

The Hungarian Government Securities Market: Overview and Recent Developments. Laszlo Buzas,, Deputy CEO The Hungarian Government Securities Market: Overview and Recent Developments Laszlo Buzas,, Deputy CEO Presentation for the Turkish Treasury, March 2, 2005 1 DEBT OF THE CENTRAL GOVERNMENT The public debt/

More information

A Heavenly Match - The Danish mortgage model in an international perspective. Jesper Berg Managing director, Nykredit Bank Iceland, July 1, 2014

A Heavenly Match - The Danish mortgage model in an international perspective. Jesper Berg Managing director, Nykredit Bank Iceland, July 1, 2014 A Heavenly Match - The Danish mortgage model in an international perspective Jesper Berg Managing director, Nykredit Bank Iceland, July 1, 2014 Game Plan The Danish Mortgage model 1...makes sense in a

More information

STRUCTURED PRODUCTS. Weekly Ideas

STRUCTURED PRODUCTS. Weekly Ideas STRUCTURED PRODUCTS Weekly Ideas 00 2 222 Table of Contents 0/04/2009 New Issues USD Month Microsoft Reverse Convertible USD 2 Year Floating Rate Note 4 USD Year Floating Rate Note 5 Trade Ideas 6 USD

More information

DANMARKS NATIONALBANK DANISH GOVERNMENT BORROWING AND DEBT

DANMARKS NATIONALBANK DANISH GOVERNMENT BORROWING AND DEBT DANMARKS NATIONALBANK DANISH GOVERNMENT BORROWING AND DEBT 2014 DANMARKS NATIONALBANK DANISH GOVERNMENT BORROWING AND DEBT 2014 DANISH GOVERNMENT BORROWING AND DEBT 2014 Text may be copied from this publication

More information

2014 Asia Securities Forum Presented by the Korea Financial Investment Association

2014 Asia Securities Forum Presented by the Korea Financial Investment Association 2014 Asia Securities Forum Presented by the K O R E A I. Korean Capital Market I. Current Status II. Prospects II. Korean Financial Investment Industry C O N T E N T S III. Capital Market Regulations 2

More information