GOVERNMENT SECURITIES MARKET

Transcription

1 MONTHLY REPORT DECEMBER 216 The net issuance was HUF 782. billion; out of which net HUF-denominated issuance was HUF 2,222.9 billion and net foreign currency denominated redemption was HUF 1,44.9 billion in 216. CENTRAL GOVERNMENT DEBT Change () HUF denominated debt 16, , , Loans Government bonds 11, , Retail securities , Discount treasury bills Foreign exchange denominated debt 7, , , Total 23, , Other obligations Total central government debt 24, , The HUF denominated debt of the central government increased by HUF 2,222.9 billion in 216. The increase in domestic debt was the result of net government bond issuance of HUF 519. billion, the amount of discount Treasury bills decreased by HUF 5.2 billion and the total amount of retail government securities increased by HUF 5.5 billion. The stock of non-marketable government bonds decreased by HUF 12.3 billion. The volume of HUF loans increased by HUF 17.9 billion in 216. The foreign currency debt of the central government decreased by HUF 1,479.3 billion in 216. The Dim Sum bond issue increased the debt by HUF 42.3 billion, the domestic P MAK and residence bond issuance was HUF 18.6 billion, while the redemptions of foreign currency debt worth HUF 1,663.8 billion decreased the debt. The exchange rate revaluations totalling HUF 38.4 billion decreased the Hungarian Forint value of the foreign currency debt in. The total amount of other liabilities decreased by HUF 13.3 billion in 216. BENCHMARK YIELDS Maturity Change in basis point 3-month month year year year year year Monthly OTC turnover of government securities decreased by 29 to HUF 4,16.4 billion in. Primary dealers, who account for the decisive part of all secondary government securities trading, made 68 of their secondary government securities deals with non-resident. The volume of non-residents holdings of Hungarian government securities decreased altogether by HUF 165,8 billion in and amounted to HUF 3,442.4 billion at the end of the month. This volume represented 19.6 of the total amount of domestic government securities. The EUR/HUF exchange rate according to the National Bank of Hungary was on the last working day of. The credit rating of the long-term foreign currency debt of Hungary is as follows on the last working day of : BBB- (Standard & Poor s); Baa3 (Moody s); BBB- (Fitch). 1 Government securities market MONTHLY REPORT

2 CENTRAL GOVERNMENT GROSS DEBT HUF BILLION Forint denominated debt 1, , , , , , , , Loans Government securities 9, , , , , , , , Public issues 9, , , , , , , , Bonds 7, , , , , , ,96.5 1, ,78.4 1, Retail securities , , ,87.7 4,91.3 5, Private placements Foreign currency denominated debt* 1,17.4 8, ,94.9 8, , , , , Loans 4, , , , , , , , Foreign loans 4, ,229. 2,4.2 1, , ,17.7 1, , Domestic loans Government securities 5, ,14.1 6, , ,39. 5,12.6 5, , Issued abroad 5, , , , , , ,669. 4, Issued domestically Total , , , , , ,687.4 Other liabilities Total central government debt 2, , , , , , , ,43. Marketable HUF debt ( ) 9, , , , , , ,498. Gross debt/gdp *Foreign exchange debt is recorded at the mid exchange rate of the NBH at the end of the year/month. 1-year Hungarian and eurozone benchmark yields The exchange rate of the Hungarian Forint 4, , , 295 Percent 1, ,5 28, 275 -, year Hungarian sovereign benchmark yield 1-year euro benchmark yield 1-year Hungarian sovereign yield spread HUF/EUR exchange rate HUF/USD exchange rate Benchmark yields Benchmark yield curves 4, 4, 3, 3, Percent 2, 3-month 3-year 1-year 1-year Percent 2, 1, 1,,5,5, , Maturity in years Government securities market MONTHLY REPORT

3 DISCOUNT TREASURY BILL AUCTION RESULTS 3-month 12-month Code of T-bills D17316 D17322 D17329 D1745 D17125 D17125 D17122 ISIN code HU52945 HU HU HU HU HU HU Maturity in days Date of auction Date of financial settlement Redemption date Maximum yield () - ISMA Minimum yield () - ISMA Average yield () - ISMA Maximum yield () - EHM Minimum yield () - EHM Average yield () - EHM Average selling price () Amount offered for sale (HUF million) 2,. 2,. 2,. 4,. 2,. 2,. 4,. Amount of bids submitted (HUF million) 69,35. 63,95. 44, ,85. 82,9. 52,9. 71,45. Amount of bids accepted (HUF million) 19, , , ,. 19, , , Bid-to-cover ratio Bids submitted (pcs) Bids accepted (pcs) Market sales* (HUF million) 19, , , ,. 19, , , Retained on ÁKK s own account (HUF million) 1,.5 1,.3 1,.4 11,1. 2,.3 2,.3 4,.2 Total amount issued (HUF million) 3,. 3,. 3,. 48,1. 4,. 4,. 8,. * Without issuance onto ÁKK s own account month Discount Treasury Bill and Liquidity Discount Treasury Bill auctions 1,,9,8, ,6,5,4,3,2,1, month Discount Treasury Bill auctions 13 1,4 12 1, ,2 1,1 1,,9,8,7,6,5,4 1,3, Government securities market MONTHLY REPORT

4 GOVERNMENT BOND AUCTION RESULTS Government Bond 219/C 221/B 227/A 219/D ISIN code HU4392 HU431 HU43118 HU43126 Maturity (in years) Coupon Auction 25th auction 25th auction 2th auction 14th auction Date of auction Date of financial settlement Redemption date Maximum annual yield () - ISMA Minimum annual yield () - ISMA Average annual yield () - ISMA Maximum annual yield () - EHM Minimum annual yield () - EHM Average annual yield () - EHM Maximum price () Minimum price () Average price () Amount offered for sale (HUF million) 2,. 15,. 1,. 1,. Amount of bids submitted (HUF million) 85,. 83,3. 66,7. 48,65. Amount of bids accepted (HUF million) 19, ,. 9, Bid-to-cover ratio Bids submitted (pcs) Bids accepted (pcs) Tail () (average price - minimum price) Market sales (HUF million) 19, ,. 9, Non-competitive offer (HUF million)... 4,46. Total amount sales (HUF million) 19, ,. 9, ,96. 3-year government bond auctions 5-year government bond auctions 14 3, 1 3, , 6 4 2, 2 1, 2,5 1-year government bond 15-year government bond auctions 8 4, 5 9, ,5 8, 7, , 3 2 7, 6,5 6, 5,5 5, ,5 4, 3, Government securities market MONTHLY REPORT

5 GOVERNMENT SECURITIES BUY-BACK AUCTION RESULTS Government bond 218/B 218/C 218/B 218/C 218/B 218/C ISIN code HU4273 HU42979 HU4273 HU42979 HU4273 HU42979 Coupon () Date of reverse auction Date of financial settlement Redemption date Minimum annual yield () Average annual yield- ISMA () Average annual yield - EHM () Amount of bids submitted (HUF million) 11, , , , ,15. 3, Amount of bids accepted (HUF million) 8, , , , INTEREST RATE RESETS OF FLOATING RATE GOVERNMENT BONDS IN DECEMBER 216 Government bond Date of interest rate reset Interest period Date of interest payment Reset interest rate Interest payable 217/C /A Outstanding amount of retail securities during the last year OUTSTANDING AMOUNT OF RETAIL SECURITIES Retail securities Change HUF billion 1-year Interest Bearing T-Bill 1,816. 2, month Interest Bearing T-Bill Treasury Saving Bills PGB, BGB 1, Babybond Total , January 216 February March April May June July August September 1-year Interest Bearing Treasury Bill Treasury Saving Bills Babybond 6-month Interest Bearing Treasury Bill PGB, BGB Non-residents holdings of Hungarian government securities during the last year and the MAX index Non-residents' holdings (LHS) MAX Composite index (RHS) points 5 Government securities market MONTHLY REPORT

6 HUNGARIAN GOVERNMENT SECURITIES INDICES MAX index RMAX index MAX Composite index ZMAX index Value as at Changes compared to the end of the month before Annual yield earned on the index portfolio Government bonds with the highest secondary market turnover in 216 Government bond Date of redemption Turnover () 225/B /A /B /A /B /B /A /A /A /C The outstanding volume of government bonds with benchmark status at the end of 216 Government bond /C /B /A /A Secondary market trading of Hungarian government securities (OTC) 25 Secondary market trading of Hungarian government securities (MTS Hungary trading) January 216 February March April May June July August September January 216 February March April May June July August September Bonds Bonds Breakdown of primary dealers secondary market turnover in Government Bonds by investor groups in 216 Foreign 68.3 Households.4 Credit institutions 15.4 Brokerage firms 1.3 Primary dealers 7.4 Institutional 6.7 Companies.5 Public sector.1 Breakdown of primary dealers secondary market turnover in Discount Treasury Bills by investor groups in 216 Companies 6.9 Institutional 42.7 Public sector 13.6 Foreign 1.7 Households 7.3 Credit institutions 17.9 Brokerage firms 4.6 Primary dealers Government securities market MONTHLY REPORT