Highlights of FY2015 Government Debt Management
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1 Highlights of FY2015 Government Debt Management Issuance Size The total issuance of the JGB for FY2015 is to reduce significantly to trillion yen ( 11.5 trillion yen against FY 2014 initial JGB Issuance Plan) mainly because of the decrease in the volume of newly issued National Government Bonds (i.e., Construction Bonds and Special Deficit-Financing Bonds) and Refunding Bonds. The market-issuance (Calendar-Base issuance) is also to reduce to trillion yen. In order to maintain the liquidity of the JGB market, the amount of reduction is controlled ( 2.5 trillion yen against FY 2014 initial JGB Issuance Plan) by employing front-loading issuance of Refunding Bonds in FY2015. Main Policies in FY2015 Extending the Average Maturity In order to lower a refinance risk and medium- to long-term financing costs, the average maturity of the market-issuance is extended by 6 months, reaching to 9 years for FY2015. Reflecting market voice, the extension is achieved by a well-balanced mixture of maturity terms from short to super long. (The average maturity of the outstanding JGBs is estimated to increase by 5 months to 8 years and 5 months at the end of FY2015). Enhancing the Market Liquidity The amount of Auctions for Enhanced-Liquidity is to increase to 800 billion yen per month from 700 billion yen per month (+1.2 trillion yen per year) in order to maintain and enhance the liquidity of the JGB secondary market. In order to ensure stable issuance of JGBs, the maximum amount of bidding by each auction participant will be decreased to one-half of the planned issuance amount from the full amount while the responsibility to bid of Market Special Participants will be raised to 4% or more of the planned issuance amount from 3% or more of that. Encouraging the Inflation-Indexed Bonds Market In view of the changing market conditions after breakaway from deflation and in order to diversify the product-designs of JGBs, the issuance of Inflation-Indexed Bonds is to increase to 500 billion yen from 400 billion yen per auction(+0.4 trillion yen per year). The volume of the issuance will be made flexibly, in response to the needs of a variety of entities and market conditions. Sales of Inflation-Indexed Bonds for retail investors by New Over-The-Counter sales system is planned to be started from the second half of FY2016. Newly issued National Government Bonds (Construction Bonds and Special Deficit-Financing Bonds) Reconstruction Bonds FILP Bonds Refunding Bonds Total Subtotal Financed in the Market JGB Market Issuance (Calendar-Base issuance) Subtotal for Households BOJ Rollover Total Breakdown by Legal Grounds (Supplementary FY Breakdown by Financing Methods (Supplementary FY (trillion yen) (trillion yen)
2 JGB Issuance Plan for FY2015 <Breakdown by Legal Grounds> (Unit: billion yen) <Breakdown by Financing Methods> (Unit: billion yen) Newly issued National Government Bonds (Supplementary FY2015 (a) (b) (b)-(a) (c) (c)-(a) (c)-(b) (a) (b) (b)-(a) (c) (c)-(a) (c)-(b) 41, , , , ,629.9 (Supplementary FY2015 JGB Market Issuance (Calendar-Base issuance) 155, , , , ,900.0 Construction Bonds Special Deficit- Financing Bonds 6, , , , , , , , ,055.9 Non-Price Competitive Auction II 4, , , , ,499.3 Adjustment between fiscal years 8, , , , ,237.9 Reconstruction Bonds Subtotal Financed in the 2, , , , , , , , , , ,637.2 Market FILP Bonds 16, , , , ,000.0 Nonmarketable JGBs for Retail Investors 2, , , Refunding Bonds 122, , , , , ,772.8 OTC Sales for Households For matured Reconstruction Bonds 1, Subtotal for Households 2, , , Total 181, , , , , ,637.2 BOJ Rollover 11, , , Total 181, , , , , ,637.2 The total buy-back amount in the market is up to approximately 2 trillion yen in FY2015. Details of buy-back operations will be determined on a discussion with market participants taking market conditions into consideration. The maximum amount of Front-Loading Issuance of Refunding Bonds in FY2015 is 32 trillion yen. (Note1) Figures may not sum up to total because of rounding. (Note2) "JGB Market Issuance (Calendar Base)" refers to JGBs issued by scheduled auctions from April to next March. (Note3) Non-price competitive auction II is an auction carried out after the price-competitive auction. The price offered is equal to the weighted average accepted price in the price-competitive auction, etc. Only the JGB Market Special Participants are eligible to bid in this auction (The amount assignable to each Market Special Participant does not exceed 15% of the amount awarded to it in the price-competitive auction). Non-price competitive auction II is estimated to be 3.75% of the JGB Market Issuance (40-Year, 30-Year, 20-Year, 10-Year, 5-Year, 2-Year Bonds and Inflation-Indexed Bonds). (Note4) "Adjustment between fiscal years" refers to leveling-off of issuance amount between fiscal years through front-loading issuance and deferred issuance in the accounting adjustment term.
3 <Market Issuance Plan by JGB Types> (Unit: trillion yen) (Supplementary FY2015 (per time) (total; a) (per time) (total; b) (b)-(a) (per time) (total; c ) (c)-(a) (c)-(b) 40-Year times times times Year times times times times times Year times times times Year times times times Year times times times Year times times times time times times TBs (1-Year) times time times times 10-Year times times 1.6 Inflation-Indexed times times Auctions for Enhanced-Liquidity months months months Total (Note1) 40-Year Bonds will be issued in April, June, August, October and February. (Note2) While the issuance amount of Treasury Bills (TB) will be decreased, new 1-Year Financing Bills (FB) compensate the decrease, maintaining the total issuance of T-Bills (TB+FB) at 2.5 trillion yen per issue. (Note3) 10-Year Inflation-Indexed Bonds will be issued in May, July, November and January. The size of 10-Year Inflation-Indexed Bonds issuance will be made flexibly, based on market conditions and discussion with market participants. (Note4) Details of Auctions for Enhanced-Liquidity will be determined based on discussion with market participants as well as market conditions.
4 (trillion yen) FILP Bonds Refunding Bonds Reconstruction Bonds Special Bonds for covering Public Pension Funding Construction Bonds, Special Deficit-financing Bonds Historical Changes in JGB Issuance Plan (Note1) FY 1975 ~ FY2013 : Actual figures (Note2) Figures may not sum up to total because of rounding. (Supplementary (FY)
5 (trillion yen) Historical Changes in Market Issuance Plan by JGB Types Auctions for Enhanced-Liquidity Inflation-Indexed, Floating-Rate Super long-term (20, 30, 40-year) Long-term (10-year) Medium-term (2, 5-year) Short-term (Treasury-Bills) (Supplementary (Note1) FY2007 ~ FY2013: Actual figures (Note2) The short-term JGBs are discount bonds. The medium-, long,-, and super long-term bonds are the bonds with fixed-rate coupons. ( 注 1) 2011 年 度 までは 実 績 ( 注 2) 短 期 債 については 割 引 債 であり 中 期 債 長 期 債 及 び 超 長 期 債 については 固 定 利 付 債 である (FY)
6 The Average Maturity of JGB Market Issuance (FY) years and 0 month years and 4 months years and 3 months years and 7 months years and 9 months years and 10 months years and 11 months (Supplementary 2015 (Note) 2007 ~ 2013; Actual 8 years and 5 months 8 years and 6 months 9 years and 0 month (year)
7 Historical Changes in Outstanding Amount of JGBs (trillion yen) 1,000 FILP Bonds Special Bonds for covering Public Pension Funding 900 Reconstruction Bonds Special Deficit-Financing Bonds Construction Bonds General Bonds (Note1) Figures may not sum up to total because of rounding. (Note2) FY2007 ~ FY2013: Actual figures, ~ FY2015: Estimates (Note3) Special Deficit-financing Bonds include Refunding Bonds which were issued resulting from the takeover of debts transferred. (FY)
8 Breakdown by JGB Holders (September 2014,QE) Total 1,015.1 trillion yen (Unit: trillion yen) Note1 : "JGB" includes FILP Bonds and T-Bills. Note2 : "Banks, etc" includes Japan Post Bank, "Securities investment trust " and "Securities Companies." Note3 : "Life and Nonlife insurance" includes Japan Post Insurance. Source: Bank of Japan
9 Expanding sales of JGBi for retail investors Sales by Over The Counter Transaction (from January 2015) Sales by New Over The Counter sales system (planned from the second half of FY2016 Government Purchasing JGBi by auction, etc. Financial institution Financial institution Financial institution Over The Counter Transaction Customer Customer Customer Government Financial institution (using NOTC sales system on their own initiative) Entrustment of sales of JGBs including JGBi Issue of JGBs Sales and account management Customer Major securities companies that currently offer JGBi to corporate customers by an Over The Counter Transaction can start to sell to retail investors from January In such case, they are expected to prepare their sales system in a short period by adjusting their existing sales system. Their redemption date must come after January Financial institutions using the New Over The Counter sales system could start to sell JGBi through that system from the second half of FY2016. In such case, it takes time to develop a new sales and management system and to train staff as well as to adjust the existing financial and taxation system.
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