FINANCING THE BUDGET AND THE CENTRAL GOVERNMENT DEBT IN György Barcza
|
|
- Blaze Lynch
- 7 years ago
- Views:
Transcription
1 FINANCING THE BUDGET AND THE CENTRAL GOVERNMENT DEBT IN 2016 György Barcza
2 MAIN TOPICS FINANCING OF THE CENTRAL GOVERNMENT IN 2015 MAIN CHARACTERISTICS OF THE FINANCING PLAN FOR 2016
3 FINANCING IN Ample demand for government bonds and retail securities, higher issuance 2. The main objectives of debt management has been met 3. Refinance the maturing FX debt mainly from the domestic market, also early repayments of FX debt: the share of FX debt decreases from 38 percent to 32 percent in Retail issuance exceeds the plan (the highest net retail issuance ever, more than HUF 900 billion by the end of November) 5. Intense bond buy-backs, switch auctions: increasing average time to maturity of HUF debt
4 GOVERNMENT BOND ISSUANCE EXCEEDS THE PLAN Total accepted amount Bid-cover ratio: 2.9 Non-competitive phase 406 Accepted amount Bids Offered amount HUF billion Source: ÁKK Zrt. (end-november) 104 percent of the original plan has been reached by the end of November
5 WHILE YIELDS HAVE BEEN DECREASING 3,5% 3,0% 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% Short term yields below the CB base rate Source: ÁKK Zrt., MNB (end-november) CB base rate 3-month yield 5-year yield Decreasing short term yields, stable long term yields
6 HUF billion Points WHILE NON-RESIDENT HOLDINGS OF HUF DEBT DECREASED Non-resident holdings Source: ÁKK Zrt., KELER (end-november) MAX Composit Index Decreasing non-resident holdings
7 HUF billion THE OUTSTANDING AMOUNT OF RETAIL HUF SECURITIES INCREASED SIGNIFICANTLY , ,689 2,411 Source: ÁKK Zrt. Retail bills Retail bonds More than HUF 900 billion net sale by the end of November
8 HUF billion REDUCING REFINANCING RISK FOR THE COMING YEARS, IMPROVING DEBT STRUCTURE November 2015 Buy-backs Switch auctions Source: ÁKK Zrt. Besides early repayment of FX loans and FX bond buy-backs took place in 2015
9 DECREASING SHARE OF FX DEBT, INCREASING DOMESTIC FINANCING Breakdown of government debt by investors 100% 80% 60% 55% 56% 57% 55% 53% 52% 52% 50% 49% 44% 40% 31% 34% 39% 45% 53% 40% 20% 0% 45% 44% 43% 45% 47% 48% 48% 50% 51% 56% 60% 69% 66% 61% 55% 47% Residents Non-residents Source: ÁKK Zrt., MNB, Keler Share of FX debt 60% 50% 40% 30% 20% 10% 0% 35% 30% 25% 24% 26% 28% 28% 29% 37% 45% 44% 49% 40% 40% 38% 32% Source: ÁKK Zrt.
10 FINANCING IN SUMMARY 1. Decreasing debt ratio 2. Increasing retail financing 3. Decreasing share of FX debt 4. Decreasing yields 5. Improving debt structure
11 MAIN CHARACTERISTICS OF THE FINANCING PLAN FOR 2016 MAIN CHARACTERISTICS OF THE FINANCING PLAN FOR 2016
12 THE OBJECTIVES OF DEBT MANAGEMENT IN 2016 To maintain low cost financing taking account of risks in the long run 3 main objectives of debt management: 1. Decreasing debt 2. Increasing domestic financing (retail) 3. Decreasing share of FX debt Principles applied in order to achieve the above objectives: increase the role of domestic financing increase the direct retail sales decrease the share of FX debt within the total debt refinancing FX redemptions mainly from the domestic market taking into account of domestic savings finance the maturing HUF debt and the deficit of the central government by domestic issuance the flexible auction system and issuance calendar continue to be used allowing adaptation to market needs
13 DEBT MANAGEMENT STRATEGY BENCHMARKS IN Currency mix of the total debt: the share of FX debt within the total debt must be below 35 percent (35% at end-september, 33% expected for end-2015) 2. Currency mix of FX debt: 100% ±5% in euro (99.6%) 3. Fix / floater composition: HUF debt: share of fix debt 61-83% (62.2% end-september) FX debt: share of fix debt 66% ±5% (64% end-september) 4. Duration: 3 years ±0.5 year (3.1 year at end-september) 5. Liquidity: safe level of cash funds in the Single Treasury Account
14 PLANNED VOLUME AND STRUCTURE OF GROSS FINANCING NEED HUF billion Net financing requirement 762 EUR billion Redemption of HUF government bonds 453 Planned bond buy-backs 270 Redemption of retail securities 2,252 Redemption of discount T-bill (OECD method) 889 Redemption of international FX bonds Redemption of domestic FX bonds (P MAK) Redemption of FX loans o/w loan from the European Commission Total redemption 5,380 Gross financing requirement 6,142 Low deficit and HUF bond redemption, higher FX redemption (due to EC loan)
15 HUF billion PLANNED VOLUME AND STRUCTURE OF GROSS ISSUANCE Total: 6, , Residency Bond and P MAK International FX bond HUF loans Discount T-bills Retail securities Government bond Source: ÁKK Zrt plan HUF bond- and retail issuances are the main source of funds. International FX issuance(s) is expected to amount EUR 1 billion.
16 HUF billion PLANNED VOLUME AND STRUCTURE OF NET ISSUANCE Total: 1, FX loans FX bond HUF loans Discount T-bills Source: ÁKK Zrt plan Retail securities Government bond Negative net FX issuance, positive net domestic issuance. Significant role of bond and retail issuance within the net HUF issuance
17 FINANCING PLAN FOR SUMMARY 1. Decreasing net financing need 2. Low redemption of HUF bonds due to the buy-backs and switch auctions in previous years 3. Significant (EUR 4.8 billion) FX redemption, including repayment of the last tranche of the loan lent by the European Commission (EUR 1.5 billion) 4. The role of HUF bonds and retail securities is the most important 5. Only small international FX issuance (e.g. renminbi) 6. Significant positive net HUF issuance, large negative net FX issuance 7. Increasing domestic financing, decreasing share of FX debt (27% expected by end-2016) 8. Maintaining liquidity reserves 9. Flexible changes in the issuance structure according to market conditions
18 THANK YOU FOR YOUR ATTENTION!
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 informationGeneral 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 informationFinancing 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 informationState 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 informationAnnex Hungary Effective as of 4 th January 2016. MTS Hungary is a Multilateral Trading Facility operated by EuroMTS Limited
Annex Hungary Effective as of 4 th January 2016 MTS Hungary is a Multilateral Trading Facility operated by EuroMTS Limited Contents MTS Hungary Annex 1.0 General Provisions 4 5.0 Clearing and settlement
More informationHighlights of FY2015 Government Debt Management
Highlights of FY2015 Government Debt Management Issuance Size The total issuance of the JGB for FY2015 is to reduce significantly to 170.0 trillion yen ( 11.5 trillion yen against FY 2014 initial JGB Issuance
More informationState 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 informationDebt 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 informationValuation of debt instruments
Valuation of debt instruments Csaba Ilyés 1 and László Lakatos 2 Last decade in Hungary the securities market developed very rapidly. During this period the amount of securities increased by more than
More informationMetsä Board Debt investor presentation Q2/2015. 6 August 2015
Metsä Board Debt investor presentation Q2/2015 Strong financing situation continues EUR million 1000 750 Net debt Gross debt EUR 671 million and net debt EUR 389 million at the end of Q2/2015 (EUR 319
More informationState 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 informationGuidelines for central government debt management 2015
12 March 2015 Guidelines for central government debt management 2015 The debt management is regulated by the Budget Act (2011:203), Ordinance (2007:1447) containing Instructions for the National Debt Office
More informationDANMARKS 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 informationBUDGET 1999. Debt Management Strategy. Building today for a better tomorrow 1999-2000. February 1999. Department of Finance Canada
BUDGET 1999 Building today for a better tomorrow Debt Management Strategy 1999-2000 February 1999 Department of Finance Canada Ministère des Finances Canada Her Majesty the Queen in Right of Canada (1999)
More informationANNUAL REPORT SYNGENTA FINANCE N.V. AMSTERDAM. on the financial statements 2012
ANNUAL REPORT SYNGENTA FINANCE N.V. AMSTERDAM on the financial statements 2012 TABLE OF CONTENTS Directors report 3 Financial statements Balance sheet 6 Profit and loss account 8 Cash flow statement 9
More informationRepublic of Italy Borrowing Strategy 30-yr Syndicated BTP. Public Debt Department Italian Treasury
Republic of Italy Borrowing Strategy 30-yr Syndicated BTP Public Debt Department Italian Treasury September 2003 2 Introduction Strengthened Public Finance Framework The Republic of Italy has focused on
More informationSTRATEGY Rīgā. Central Government Debt Management Strategy
Treasury of the Republic of Latvia Smilšu iela 1, Rīga, LV-1919, Latvia, phone +371 67094222, fax +371 67094220, e-mail kase@kase.gov.lv, www.kase.gov.lv STRATEGY Rīgā APPROVED BY Minister of Finance J.Reirs
More information4 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 informationIntroduction 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 informationDanish mortgage bonds provide attractive yields and low risk
JANUARY 2015 Danish mortgage bonds provide attractive yields and low risk New European Union legislation favours Danish mortgage bonds KEY CONCEPTS New legislation favours Danish mortgage bonds Attractive
More informationANNUAL REPORT SYNGENTA FINANCE N.V. AMSTERDAM. on the financial statements 31 December 2013
ANNUAL REPORT SYNGENTA FINANCE N.V. AMSTERDAM on the financial statements 31 December 2013 TABLE OF CONTENTS Directors report 3 Financial statements Balance sheet 6 Profit and loss account 8 Cash flow
More information1. The Debt Management Unit Structure and Functions
Part B 1. The Debt Management Unit Structure and Functions The Government Debt Management Unit is responsible for management of the domestic and external debts and for developing an overall model of debt
More informationDevelopment of the South African Local Currency Bond Market
Development of the South African Local Currency Bond Market G-24 Technical Group Meeting Washington DC 21 and 22 March 2013 Dr D. Bradlow Head, International Economics Relations and Policy Department South
More informationAGREEMENT. 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 informationMedium-term Debt Management Strategy 2014 2017
Medium-term Debt Management Strategy 2014 2017 The Ministry of Finance and Economic Affairs July 2014 Medium-term Debt Management Strategy 2014 2017 Medium-term Debt Management Strategy 2014-2017 ISSN
More informationTwenty-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 informationDANMARKS 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 informationState budget borrowing requirements financing plan and its background
Public Debt Department State budget borrowing requirements financing plan and its background 2nd quarter 2014 April 2014 THE MOST IMPORTANT INFORMATION Quarterly issuance calendar... 2 Monthly issuance
More informationDEBT MANAGEMENT OFFICE NIGERIA
DEBT MANAGEMENT OFFICE NIGERIA MANAGING NIGERIA S DEBT STOCK Presentation at the Investor/Issuer Education Outreach Programme Organised by Securities and Exchange Commission on July 27, 2011 By Patience
More informationDevelopments in the Danish Bond Market since 1970
35 Developments in the Danish Bond Market since 97 Ulrik Knudsen and Michael Sand, Market Operations INTRODUCTION AND SUMMARY The Danish bond market has changed radically since 97. At that time it almost
More informationGuidelines 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 informationAnnual 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 informationAppendix. Debt Position and Debt Management
Appendix Debt Position and Debt Management BUDGET '97 BUILDING ALBERTA TOGETHER Table of Contents Debt Position and Debt Management... 349 The Consolidated Balance Sheet and Net Debt... 350 Liabilities...
More informationIn the case of CIRS transactions, the MNB does not apply any FX-rate reset. Detailed terms and conditions
NOTICE ON THE TERMS AND CONDITIONS OF CROSS-CURRENCY INTEREST RATE SWAP TENDERS COMBINED WITH SPOT TRANSACTIONS RELATED TO THE MEASURES NECESSARY IN ORDER TO TERMINATE THE SHIFTING OF RISKS ARISING FROM
More informationCharts to the Press Release on the aggregated balance sheet of credit institutions, April 2013
Charts to the Press Release on the aggregated balance sheet of credit institutions, 213 Chart 1 Real growth of households outstanding borrowing 1, 2 1 1 - - -1-1 -1-1 -2-2 -2-2 -3-3 -3-3 211 January 212
More informationHow To Make A Student Loan Scheme Work
Key elements of the Hungarian Student Loan Scheme Budapest, 9 November 2010 Balázs Havelda Head of Treasury Department Student Loan Centre +36 1 224 9689 havelda.balazs@diakhitel.hu The Loan Scheme The
More informationEUROBOND TRANSACTIONS CONCLUDED IN APRIL AND MAY 2014: SEVENTH VOLUNTARY DEBT EXCHANGE OFFER & NEW CASH ISSUANCE AND PRIVATE PLACEMENT WITH AUDI BANK
EUROBOND TRANSACTIONS CONCLUDED IN APRIL AND MAY 2014: SEVENTH VOLUNTARY DEBT EXCHANGE OFFER & NEW CASH ISSUANCE AND PRIVATE PLACEMENT WITH AUDI BANK A Brief Note I. SEVENTH VOLUNTARY DEBT EXCHANGE OFFER
More informationInvestor Conference Call
Investor Conference Call Fiscal Year 2015 Third Quarter February 28, 2015 April 17, 2015 at 10:00 am ET 2 Forward-Looking Statements This presentation contains forward-looking statements, which are based
More informationMoney Market. The money market is the market for low-risk, short-term debt.
Money Market The money market is the market for low-risk, short-term debt. 1 Substitution Different money-market assets are close substitutes. Since an investor in the money market can choose which asset
More informationTREASURY 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 informationLEBANON'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 informationBond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development. Asian Development Bank
Bond Markets in Emerging Asia: Progress, Challenges, and ADB Work Plan to Support Bond Market Development Asian Development Bank November 2009 A. Noy Siackhachanh Advisor Office of Regional Economic Integration
More informationSUMMARY Belfius Financing Company (LU) NOK Step Up 2 due 7 April 2020
SUMMARY Belfius Financing Company (LU) NOK Step Up 2 due 7 April 2020 The following summary is established in accordance with Articles 24 and 28 of the Belgian Law of 16 June 2006 on the public offer of
More informationMonetary Policy Instruments
Monetary Policy Instruments Monetary Operations Strategy Team Financial Markets Operations Group February 2015 Under the inflation targeting framework, the Bank of Thailand (BOT) uses the 1-day bilateral
More information2 0 1 4 / 1 5 D E B T M A N A G E M E N T R E P O R T
2 2 0 1 4 / 1 5 D E B T M A N A G E M E N T R E P O R T CONTENTS OVERVIEW... 1 1. SOUTH AFRICAN DEBT CAPITAL MARKET... 3 Listing activity in the primary debt capital market... 3 Secondary market activity
More informationGE Capital. Long Term Debt Overview. Unsecured debt with maturities from 1-30 years
Long Term Debt Overview Unsecured debt with maturities from 1-30 years "This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking
More information7 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 information1. Issuer: FHB Mortgage Bank Co. Plc. (FHB Jelzálogbank Nyilvánosan Működő Részvénytársaság)
PUBLIC OFFERING The FHB Mortgage Bank Co. Plc s (registration number: 01-10-043028, date of registration: 4 December 2003, head office: 1132 Budapest, Váci út 20.) (hereafter: Issuer, FHB Nyrt. or Bank
More informationAgreement 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 informationOffice 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 informationThe Public Finance Sector DEBT MANAGEMENT STRATEGY. In the years 2006-2008
The Public Finance Sector DEBT MANAGEMENT STRATEGY In the years 2006-2008 Ministry of Finance Warsaw, September 2005 The Public Finance Sector DEBT MANAGEMENT STRATEGY in the years 2006-08 I. INTRODUCTION
More informationPRESS RELEASE. Hungary s balance of payments: 2007 Q3. Chart 1. Alternative measurements of net external financing capacity per GDP
29 December 27 PRESS RELEASE Hungary s balance of payments: 27 Consistent with its method of releasing and revising statistical data, the MNB is publishing 27 balance of payments data for the first time,
More information1. Issuer: FHB Mortgage Bank Co. Plc. (FHB Jelzálogbank Nyilvánosan Működő Részvénytársaság) 3. Aggregate Nominal Amount:
PUBLIC OFFERING The FHB Mortgage Bank Co. Plc s (registration number: 01-10-043638, date of registration: 18 March 1998, head office: 1082 Budapest, Üllői út 48.) (hereafter: Issuer, FHB Nyrt. or Bank
More information2013/14 DEBT MANAGEMENT REPORT. Department: National Treasury REPUBLIC OF SOUTH AFRICA
2013/14 DEBT MANAGEMENT REPORT Department: National Treasury REPUBLIC OF SOUTH AFRICA 2013/14 DEBT MANAGEMENT REPORT Department: National Treasury REPUBLIC OF SOUTH AFRICA CONTENTS Page OVERVIEW...1
More information2. Definitions of Terms
PUBLIC DEBT LAW I. GENERAL PROVISIONS 1. Subject of the Law Article 1 This Law regulates conditions, manner and procedure under which the Republic of Serbia (hereinafter referred to as: the Republic) may
More informationMedium-term Debt Management Strategy 2011-2014
Medium-term Debt Management Strategy 2011-2014 Ministry of Finance February 2011 Medium-term Debt Management Strategy 2011-2014 is published on the Ministry of Finance website (www.ministryoffinance.is)
More informationManaging Risk/Reward in Fixed Income
INSIGHTS Managing Risk/Reward in Fixed Income Using Global Currency-Hedged Indices as Benchmarks In the pursuit of alpha, is it better to use a global hedged or unhedged index as a benchmark for measuring
More informationJPMORGAN CHASE & CO. ( Issuer )
Pricing Supplement JPMORGAN CHASE & CO. ( Issuer ) A$65,000,000 4.50% Fixed Rate Medium Term Notes due 30 January 2026 A$10,000,000,000 (in respect of Notes issued by JPMorgan Chase & Co.) Debt Issuance
More informationDUTCH COMMISSION ON BONDS A Standing Committee of Dutch Society of Financial Analysts, VBA
DUTCH COMMISSION ON BONDS A Standing Committee of Dutch Society of Financial Analysts, VBA October 16th, 2003 London High Yield Bond Indices Introduction Objectives Features of High Yield Market Benchmark
More informationCORPORATE BUSINESS CONDITIONS
Raiffeisen Bank Zrt. Number of operating license: 22/1992 Date of operating license: 3 April 1992 Company registration number: 01-10-041042 Registered office: 1054 Budapest, Akadémia u. 6. Contact address:
More informationTHE 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 informationCountry 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 information1. Issuer: FHB Mortgage Bank Co. Plc. (FHB Jelzálogbank Nyilvánosan Működő Részvénytársaság)
PUBLIC OFFERING The FHB Mortgage Bank Co. Plc s (registration number: 01-10-043638, date of registration: 18 March 1998, head office: 1082 Budapest, Üllői út 48.) (hereafter: Issuer, FHB Nyrt. or Bank
More informationThe IRS market. the debt management view Richárd Farkas Judit Páles GDMA - Hungary
The IRS market the debt management view Richárd Farkas Judit Páles GDMA - Hungary IRS in the practice of debt management agencies The main task of the debt management agencies is threefold: to secure the
More informationMain 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 informationMain 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 informationProblems and Solutions
Problems and Solutions CHAPTER Problems. Problems on onds Exercise. On /04/0, consider a fixed-coupon bond whose features are the following: face value: $,000 coupon rate: 8% coupon frequency: semiannual
More informationECO 4368 Instructor: Saltuk Ozerturk. Bonds and Their Valuation
ECO 4368 Instructor: Saltuk Ozerturk Bonds and Their Valuation A bond is a long term contract under which a borrower (the issuer) agrees to make payments of interest and principal on speci c dates, to
More information1. Issuer: FHB Mortgage Bank Co. Plc. (FHB Jelzálogbank Nyilvánosan Működő Részvénytársaság)
FHB Mortgage Bank Co. Plc. PUBLIC OFFERING The FHB Mortgage Bank Co. Plc s (registration number: 01-10-043638, date of registration: 18 March 1998, head office: 1082 Budapest, Üllői út 48.) (hereafter:
More informationLiability Management. DRAFT Background Note March 2010
Liability Management DRAFT Background Note March 2010 LIABILITY MANAGEMENT BACKGROUND NOTE 1 This note on liability management is part of a series of background notes produced under the Gemloc Advisory
More informationDebt Management Strategy
Debt Management Strategy 2006 2007 Debt Management Strategy 2006 2007 Department of Finance Canada Ministère des Finances Canada Her Majesty the Queen in Right of Canada (2006) All rights reserved All
More informationReg. no 2014/1392 30 September 2014. Central government debt management
Reg. no 2014/1392 30 September 2014 Central government debt management Proposed guidelines 2015 2018 1 Summary 1 Proposed guidelines 2015 2018 2 The objective for the management of central government debt
More informationMain Points 8 5. About the Audit 8 25
Main Points 8 5 Introduction 8 7 Focus of the audit 8 7 Observations and Recommendations 8 8 Objectives of Debt Management 8 8 General Approach to Debt Management 8 8 Debt maturity structure 8 9 Indicators
More informationE.ON International Finance B.V. 2014 Annual Report. Rotterdam, The Netherlands
E.ON International Finance B.V. 2014 Annual Report Rotterdam, The Netherlands Content Company Board and Management Report from the Supervisory Board... 3 Adoption by the Annual General Meeting of Shareholders...
More informationFCC REFINANCING SIGNED
FCC REFINANCING SIGNED Madrid, 1 st April 2014. In compliance with the disclosure requirements under article 82 of Act 24/1998, of 28 July, on the Securities Market, FOMENTO DE CONSTRUCCIONES Y CONTRATAS,
More informationFinancing and capital structure
Financing and capital structure Hannu Linnoinen Executive Vice President, CFO 1 3 Dec. 2013 Capital Markets Day Project type s effect on return, risk and financing Project margin % ~ 20% ~ 15% ~ 10% Construction
More informationResidential Mortgage Finance. Early American Mortgages. Early Mortgage Lenders
Residential Mortgage Finance Early American Mortgages Mortgages before the Great Depression Generally were interest only (non- amortizing) loans Had Loan to Value Ratios under 50 % Were short term loans
More informationCharts to the Press Release on the aggregated balance sheet of credit institutions, March 2011
29 January 21 January 211 29 January 21 January 211 Charts to the Press Release on the aggregated balance sheet of credit institutions, 211 Chart 1 Real growth of households outstanding borrowing 1 2 2
More informationMain 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 informationJune 4, 2014. Honorable Elizabeth Warren United States Senate Washington, DC 20510. Dear Senator:
CONGRESSIONAL BUDGET OFFICE U.S. Congress Washington, DC 20515 Douglas W. Elmendorf, Director June 4, 2014 Honorable Elizabeth Warren United States Senate Washington, DC 20510 Dear Senator: As you requested,
More informationDCF and WACC calculation: Theory meets practice
www.pwc.com DCF and WACC calculation: Theory meets practice Table of contents Section 1. Fair value and company valuation page 3 Section 2. The DCF model: Basic assumptions and the expected cash flows
More informationNote 24 Financial Risk Management
Note Financial Risk Management Risk management principles and process Stora Enso is exposed to several financial market risks that the Group is responsible for managing under policies approved by the Board
More informationRules and Regulations Governing the Activities of the Treasury Securities Dealer as of 27 August 2009. I. General provisions
Rules and Regulations Governing the Activities of the Treasury Securities Dealer as of 27 August 2009 I. General provisions 1. These Rules and Regulations determine the principles governing the activities
More informationTHREE MONTH REPORT, JANUARY 1 MARCH 31, 2014
THREE MONTH REPORT, JANUARY 1 MARCH 31, 2014-1 - First Quarter, January March 2014 Net sales amounted to 0 Euro (0) Operating profit/loss amounted to -42 007 Euro (-12 094) Net profit/loss for the period
More informationBorrowing and Related Financing Activities
Borrowing and Related Financing Activities Borrowing and Related Financing Activities DPI-7 Borrowing Planning DPI-8 Borrowings DPI-9 Loan Guarantees, On-Lending, and Derivatives Policies and procedures
More informationWords from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet
Words from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet 7 Events after the balance sheet date 8 Income statement
More informationResearch. What Impact Will Ballooning Government Debt Levels Have on Government Bond Yields?
Research What Impact Will Ballooning Government Debt Levels Have on Government Bond Yields? The global economy appears to be on the road to recovery and the risk of a double dip recession is receding.
More informationMihály Hoffmann, Zsuzsa Kékesi and Péter Koroknai: Changes in central bank profit/ loss and their determinants*, 1
Mihály Hoffmann, Zsuzsa Kékesi and Péter Koroknai: Changes in central bank profit/ loss and their determinants*, 1 In its monetary policy decision-making, the central bank of Hungary primarily focuses
More informationAn overview of the Australian corporate bond market
An overview of the Australian corporate bond market Ric Battellino and Mark Chambers 1 Reserve Bank of Australia I. Introduction It was only relatively recently that a well-functioning corporate bond market
More informationMEDIUM TERM DEBT STRATEGY
REPUBLIC OF RWANDA MEDIUM TERM DEBT STRATEGY MINISTRY OF FINANCE AND ECONOMIC PLANNING June 2015 Clement NCUTI [Type the company name] 12/21/2011 1 P a g e CONTENTS 1 CONTENTS 2 ABBREVIATIONS 3 INTRODUCTION
More informationSubcommittee on Proposed Resolutions under Section 29 of the Public Finance Ordinance (Cap. 2) and Section 3 of the Loans Ordinance (Cap.
CB(1)1662/08-09(02) Subcommittee on Proposed Resolutions under Section 29 of the Public Finance Ordinance (Cap. 2) and Section 3 of the Loans Ordinance (Cap. 61) Supplementary Information Purpose This
More informationEconomic Commentaries
n Economic Commentaries In its Financial Stability Report 214:1, the Riksbank recommended that a requirement for the Liquidity Coverage Ratio (LCR) in Swedish kronor be introduced. The background to this
More informationDeutsche Wohnen AG.» Investor Presentation. September 2010
Deutsche Wohnen AG» Investor Presentation September 21 1 » Agenda 1 2 3 4 Introduction to Deutsche Wohnen Portfolio Overview and Operations Financial Highlights Guidance and Strategic Objectives 2 » 1
More informationTreasury 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 informationFOTEGAL, 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 informationThe impact of public debt on foreign exchange reserves and central bank profitability: the case of Hungary
The impact of public debt on foreign exchange reserves and central bank profitability: the case of Hungary Gergely Baksay, Ferenc Karvalits and Zsolt Kuti 1 Abstract This paper focuses on the interactions
More informationBuyers Guide to RMB Bonds. Main author: Bryan Collins
Buyers Guide to RMB Bonds Main author: Bryan Collins RMB bond investors need to do their homework first The RMB bond market is a relatively new and exciting investment opportunity, with RMB bond having
More informationGeneral government deficit and debt 2015
Government Finance 206 General deficit and debt 205 General deficit 2.7 per cent and debt 63. per cent relative to GDP in 205 According to the preliminary data reported by Statistics Finland to Eurostat,
More informationInvestments 2: Creating a Personal Investment Plan. Assignments
Financial Plan Assignments Assignments Open your copy of Learning Tool 5A: Investment Plan Example. Make sure you understand the terminology related to investment plans. I will discuss many aspects of
More information