THE GOVERNMENT SECURITIES MARKET AND FINANCING IN 2006 AWARDS FOR THE MOST ACTIVE PRIMARY DEALERS IN 2006
|
|
- Hugh Patterson
- 5 years ago
- Views:
Transcription
1 THE GOVERNMENT SECURITIES MARKET AND FINANCING IN 2006 AWARDS FOR THE MOST ACTIVE PRIMARY DEALERS IN 2006
2 Patron: Dr. János Veres Finance Minister Host: Ferenc Szarvas CEO of ÁKK Zrt. Contents: The government securities market and financing in 2006 Presented by: dr. András Réz Head of Planning, Research and Risk Management, Awards for the most active primary dealers in 2006 Presented by: Zsolt Bangó Head of Treasury Department
3 THE GOVERNMENT SECURITIES MARKET AND FINANCING IN 2006
4 THE GOVERNMENT SECURITIES MARKET AND FINANCING IN Borrowing requirement and financing 2. Main characteristics of government debt at the end of The secondary market and the role of nonresident investors
5 1st PART Borrowing requirement and financing
6 BORROWING REQUIREMENT * Deficit of the central government (excluding privatisation revenues) 733,6 890,0 544,7 1959,2 Of which: debt assumptions 31,6 180,3 415,9 Financing requirement of the Social Security Funds 345,1 422,9 469,8 124,7 Financing requirement of the extrabudgetary funds -18,8-27,9-30,4-50,1 Net borrowing requirement 1059,9 1316,7 984,1 2033,8 Capital transfers to the NBH 82,9 0,0 1,1 14,8 Privatisation revenues -42,0-166,5 0,0-268,7 Net pre-financing of direct European Union subsides 12,8 169,0 35,8 Total net borrowing requirement 1100,8 1162,9 1154,2 1815,7 Redemptions 5492,4 5530,9 6150,7 6907,4 Gross borrowing requirement 6593,2 6693,8 7304,9 8723,2 *Preliminary Significantly higher net borrowing requirement in 2006, debt assumptions and privatisation revenues decrease the market borrowing requirement
7 MAIN CHARACTERISTICS OF GROSS FINANCING HUF 8,881 billion worth of gross issuance. Breakdown: 91% in Hungarian forint, 9% in foreign currency. Composition of gross issuance: 61% with term-to-maturity of one year or less, 39% with term-to-maturity of more than a year. Financing in conformity with benchmarks.
8 GROSS ISSUANCE AND REDEMPTION IN 2006 FX loans 0% FX bonds 3% HUF loans 1% HUF bonds 22% FX loans 1,3% FX bonds 7,6% HUF loans* 4,7% HUF bonds 25,8% HUF Treasury bills 74% HUF Treasury bills 60,7% - The role of discount treasury bills is significant. - Because of HUF-debt assumptions the role of HUF loans is more significant than usually.
9 BOND SERIES SOLD IN 2006 EUR bn 2,5 2 1,5 1 1,8 2,1 HUF bonds 77% 1,6 0,8 1,7 0,6 1,3 1,0 1,0 FX bonds 23% 0, HUF bn 0,5 0, /E 2009/F 2011/B 2012/B 2016/C 2017/B 2020/A 125EUR 126EUR 127JPY 128GBP 7 HUF bond series and 4 foreign currency bond series.
10 MAIN CHARACTERISTICS OF NET FINANCING HUF 1974 billion of net issuance. Breakdown: 72% HUF, 28% foreign currency. Composition of the net issued securities: 84% with a term-to-maturity of more than a year, 16% with less than a year term-to-maturity. Net issuance outpaced the HUF 1816 billion net borrowing requirement resulting the increase of the balance of the Single Treasury Account (STA).
11 NET BORROWING REQUIREMENT AND FINANCING IN 2006 Net repos Change in STA balance Privatisation revenues Net HUF issuance Net FX Capital transfers to the NBH Central government deficit Loan assumptions EAGGF Milliárd forint Net FX loans Net HUF loans Net HUF bonds Net HUF T-Bills Net FX bonds Milliárd forint HUF loans: HUF 356 billion, HUF bonds: HUF 751 billion, HUF T-Bills: HUF 311 billion, FX loans: HUF 86 billion, FX bonds: HUF 470 billion.
12 2nd PART Main characteristics of government debt at the end of 2006
13 GOVERNMENT DEBT AT THE END OF 2006 Gross debt of central government: HUF 14,706 billion. Debt/GDP ratio: 62.4% (is not equal to Maastricht debt!) Increase in 2006: HUF 1,940 billion (15%). Out of which: Net issuance HUF 1974 billion. Net repo balance HUF 21 billion. Results of exchange rate movements and other effects HUF -13 billion.
14 MONTHLY DEVELOPMENT OF THE PUBLIC DEBT IN HUF bn jan febr márc ápr máj jún júl aug szept okt nov dec. In the first half of the year debt dynamically increased after that a relatively stable stock each month
15 CHARACTERISTICS OF THE DEBT AT THE END OF 2006 Average term-to-maturity: 3.6 years (HUF-debt), 6.7 years (FX-debt). Duration: 2.6 years (HUF-debt), 4.2 years (FX-debt). Small increase (~0.1 years) in the duration of HUF-debt, small decrease by FX-debt. Currency structure: foreign currency debt 28%, HUFdebt 72%, no changes from last year (the EUR/HUF exchange rate at the end of 2006 is just slightly lower than at the end of 2005). In conformity with Composition of FX portfolio: 100% euro. the benchmarks set by the debt Interest rate composition: management HUF: 69% fixed, 31% floating-rate, strategy FX: 66% fixed, 34% floating-rate.
16 AVERAGE COUPON OF THE HUF-DEBT 15% 14% 13% Decreasing trend NBH reference money market rate 12% 11% 10% 9% 8% 7% 6% Average coupon of the HUF-debt 5% dec.99 márc.00 jún.00 szept.00 dec.00 márc.01 jún.01 szept.01 dec.01 márc.02 jún.02 szept.02 dec.02 márc.03 jún.03 szept.03 dec.03 márc.04 jún.04 szept.04 dec.04 márc.05 jún.05 szept.05 dec.05 márc.06 jún.06 szept.06 dec.06 Balanced maturity composition average coupon of debt slowly follows the increase of yields
17 3rd PART The secondary market and the role of non-resident investors
18 SECONDARY MARKET TURNOVER - OTC AND STOCK EXCHANGE (NOT DUPLICATED DATA) I.quarter II.quarter III.quarter IV.quarter HUF bn Dynamic increase in turnover at secondary market in 2006, high outstanding stock by some bond series.
19 YIELDS OF GOVERNMENT SECURITIES IN 2006 % month 12-month 3-year 10-year Stagnating yields in the first half of the year then significant yield-increase in the second half
20 NON-RESIDENT HOLDINGS OF HUF-DENOMINATED GOVERNMENT SECURITIES IN Non-resident holdings MAX Composite index HUF bn Point
21 BREAKDOWN OF THE DEBT BY INVESTORS 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 55% 53% 52% 52% 24% 25% 28% 28% 21% 22% 20% 20% Resident holdings of HUFdenominated debt Non-resident holdings of foreign currency denominated debt Non-resident holdings of HUF-denominated debt In the last two years importance of non-resident investors has not changed stable and strong resident investor basis.
22 MARKET OF GOVERNMENT SECURITIES AND FINANCING IN SUMMARY Total net borrowing requirement was HUF 1,816 billion which was covered with HUF 1,974 billion of net issuance increasing liquid reserves. Gross debt of central government: HUF 14,706 billion. Objectives in debt management strategy accomplished. Continuous development of secondary market of government securities. The first HUF-denominated treasury bond with nominal value of more than HUF 500 billion (EUR 2 billion).
23 AWARDS FOR THE MOST ACTIVE PRIMARY DEALERS IN 2006
24 METHODOLGY OF RANKING Instead of voting, the awards are given on the basis of market share. Appreciation of the most successful primary dealers, further incentive. Only primary dealers are awarded, except in the case of the prize for repo activity. Judged by activity in the whole calendar year.
25 AWARD CATEGORIES Primary dealers taking one of the first three places in each category In alphabetic order.
26 Ist CATEGORY The primary dealer having the highest market share in Treasury Bond auctions: ING Bank MKB Bank OTP Bank
27 Ist CATEGORY The primary dealer having the highest market share in Treasury Bond auctions: OTP Bank
28 2nd CATEGORY The primary dealer having the highest market share in Discount Treasury Bill auctions: ING Bank OTP Bank UniCredit Bank
29 2nd CATEGORY The primary dealer having the highest market share in Discount Treasury Bill auctions: ING Bank
30 3rd CATEGORY The primary dealer having the highest secondary market share: CIB Bank ING Bank MKB Bank
31 3rd CATEGORY The primary dealer having the highest secondary market share: ING Bank
32 4th CATEGORY The repo partner of ÁKK with the highest repo turnover: BNP Paribas ERSTE Bank ING Bank
33 4th CATEGORY The repo partner of ÁKK with the highest repo turnover: ING Bank
34 5th CATEGORY The primary dealer increasing its market share most dynamically at the primary market: Citibank ERSTE Befektetési Unicredit Bank
35 5th CATEGORY The primary dealer increasing its market share most dynamically at the primary market: UniCredit Bank
36 THE MAIN PRIZE The determination of THE PRIMARY DEALER OF THE YEAR prize Market share in Treasury Bond auctions 25% Market share in Discount T-Bill auctions 25% Market share at secondary market 25% Market share in bond buy-backs 12,5% Repo turnover 12,5%
37 6th CATEGORY THE MAIN PRIZE The Primary Dealer of the Year: ING Bank OTP Bank UniCredit Bank
38 6th CATEGORY THE MAIN PRIZE THE PRIMARY DEALER OF THE YEAR: ING Bank
39 CONGRATULATIONS TO THE AWARDEES! THANK YOU FOR YOUR ATTENTION!
GOVERNMENT SECURITIES MARKET QUARTERLY REPORT Q1 2017
MARKET QUARTERLY REPORT Q1 17 The deficit of the central government amounted to HUF 198.1 billion (about EUR.6 billion) in Q1 17. The net financing need were decreased by HUF 8. billion of the net balance
More informationGOVERNMENT SECURITIES MARKET QUARTERLY REPORT Q3 2017
MARKET QUARTERLY REPORT Q3 17 The deficit of the central government amounted to HUF 1,36.3 billion (about EUR. billion) in Q3 17. The net financing need were decreased by HUF 16.5 billion of the net balance
More informationGOVERNMENT SECURITIES MARKET QUARTERLY REPORT Q2 2018
MARKET QUARTERLY REPORT Q2 218 The deficit of the central government amounted to HUF 1,42. billion (about EUR 4.3 billion) in 218. The net financing need was decreased by HUF 483.8 billion of the net balance
More informationAnnual Report On Debt Management
Annual Report On Debt Management 2004 ÁLLAMi garanciával Foreword The most important political and economic event for Hungary in 2004 was its accession to the European Union on the 1st of May. This move
More informationGOVERNMENT SECURITIES MARKET
MONTHLY REPORT MARCH 216 The net issuance was HUF 871.2 billion; out of which net HUF-denominated issuance was HUF 1,78.1 billion and net foreign currency denominated redemption was HUF 27. billion in
More informationGOVERNMENT SECURITIES MARKET
MONTHLY REPORT JANUARY 216 The net issuance was HUF 45.6 billion; out of which net HUF-denominated issuance was HUF 441.9 billion and net foreign currency denominated issuance was HUF 8.7 billion in 216.
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. January 2019
7 March 2019 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors January 2019 According to securities statistics, the amount outstanding of equity securities and debt
More informationGOVERNMENT SECURITIES MARKET
MONTHLY REPORT SEPTEMBER 218 The net issuance was HUF 1,453. billion; out of which net HUF-denominated issuance was HUF 2,54.5 billion and net foreign currency denominated redemption was HUF 61.6 billion
More informationAnnual Report On Debt Management
Annual Report On Debt Management 2005 ÁLLAMi garanciával Foreword This is the 2nd year that the Hungarian Debt Management Agency Ltd (ÁKK) publishes its yearly Debt Management Report in a much detailed
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2018
PRESS RELEASE 10 December 2018 Securities issued by Hungarian residents and breakdown by holding sectors October 2018 According to securities statistics, the amount outstanding of equity securities and
More informationLiquidity Management in Hungary. Laszlo Buzas - Deputy CEO ÁKK Zrt.
Liquidity Management in Hungary Laszlo Buzas - Deputy CEO ÁKK Zrt. 1 Institutional Setup of Liquidity Management Government Debt Management Agency (AKK) As an institution responsible for the liquidity
More informationGOVERNMENT DEBT MANAGEMENT REPORT
GOVERNMENT DEBT MANAGEMENT REPORT 2016 2 Foreword The objective of this Government Debt Management Report 2016 of the Government Debt Management Agency Pte. Ltd. (ÁKK) is to inform investors and other
More informationFINANCING THE BUDGET AND THE CENTRAL GOVERNMENT DEBT IN
FINANCING THE BUDGET AND THE CENTRAL GOVERNMENT DEBT IN 2018 19.12.2017 MAIN TOPICS 1. FINANCING OF THE CENTRAL GOVERNMENT IN 2017 2. MAIN CHARACTERISTICS OF THE FINANCING PLAN FOR 2018 FINANCING IN 2017
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. April 2016
10 June 2016 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors April 2016 According to securities statistics data, the amount outstanding of equity securities and
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. October 2017
11 December 2017 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors October 2017 According to securities statistics, the amount outstanding of equity securities and
More informationHungary Mastering the Challenges by Krisztina Horváth CFO/CRO Hungary
Hungary Mastering the Challenges by Krisztina Horváth CFO/CRO Hungary Capital Markets Day, September 2008 Slide 1 Challenging Macro Environment in Hungary 1 1 Real GDP Development 4. 3. 4. 3.9% 1.3% Currency
More informationChart-pack on recent economic and financial market developments
The central bank of Hungary Chart-pack on recent economic and financial market developments 11 As of the th of June, the Magyar Nemzeti Bank (the central bank of Hungary) publishes a comprehensive chart-pack
More informationThe new liquidity measurement model developed by the Hungarian Central Bank during the financial crisis
The new liquidity measurement model developed by the Júlia Király Deputy Governor 29 November 212 Content Liquidity and measurement prior to the crisis New measures and new data collection during the crisis
More informationCharts to the press release on the aggregated balance sheet of credit institutions June 2010
28 January 29 January 21 28 January 29 January 21 Charts to the press release on the aggregated balance sheet of credit institutions 21 Chart 1 Real growth of households outstanding borrowing 1 2 6 6 4
More informationCharts to the press release on the aggregated balance sheet of credit institutions July 2010
Charts to the press release on the aggregated balance sheet of credit institutions Chart 1 Real growth of households outstanding borrowing 1 2 - - - - HUF loans FX loans Total loans Chart 2 Seasonally
More informationROMANIA March Gemloc Conference
ROMANIA 12-14 March 2014 Gemloc Conference Stefan Nanu General Director Treasury and Public Debt Department Ministry of Public Finance Diana Popescu Deputy General Director Treasury and Public Debt Department
More informationEuro Area Securities Issues Statistics: February 2017
PRESS RELEASE 1 April 17 Euro Area Securities Issues Statistics: February 17 The annual growth rate of the outstanding amount of debt securities issued by euro area residents increased from.7% in January
More informationFLASH REPORT FISCAL ANALYSIS
FLASH REPORT 18 Aug 2014 As we expected, Hungary s consolidated gross government debt increased by 0.7pp to 85.1% we forecast lower than 80% gross public debt at the end of the year In line with our expectations,
More informationGerman Federal Government debt issuance outlook 2018 Fixed income capital market instruments
Press Release Number 06 on 19 December 2017 Page 1 of 8 ADDRESS Lurgiallee 5 60439 Frankfurt/M. TEL +49 69 25616-1365 FAX +49 69 25616-1476 presse@deutsche-finanzagentur.de www.deutsche-finanzagentur.de
More informationPublic Debt Strategy in Mexico
Public Debt Strategy in Mexico 3rd OECD-China Forum on Public Debt Management and Government Securities Markets September 2006, Beijing, China www.hacienda.gob.mx/ucp 2 Index 1. Debt Management Strategy
More informationThe Magyar Nemzeti Bank s self-financing programme. April 2014 March 2015
The Magyar Nemzeti Bank s self-financing programme April 2014 March 2015 The Magyar Nemzeti Bank s self-financing programme April 2014 March 2015 This analysis was prepared by the staff of the Directorate
More informationMACROECONOMIC AND FINANCIAL MARKET DEVELOPMENTS BACKGROUND MATERIAL TO THE ABRIDGED MINUTES OF THE MONETARY COUNCIL MEETING OF 19 DECEMBER 2017
MACROECONOMIC AND FINANCIAL MARKET DEVELOPMENTS BACKGROUND MATERIAL TO THE ABRIDGED MINUTES OF THE MONETARY COUNCIL MEETING OF 19 DECEMBER 17 17 D E C E M B E R Time of publication: p.m. on 1 January 18
More informationLezione tenuta dal Dott. Fabrizio Tesseri (Dirigente Uffici II e VI, Direzione II Debito Pubblico, Ministero dell Economia e delle Finanze)
ANNO ACCADEMICO 2018-2019 SCIENZA DELLE FINANZE c.a. PROF. GIUSEPPE EUSEPI Lezione n. 32 10/12/2018 Lezione tenuta dal Dott. Fabrizio Tesseri (Dirigente Uffici II e VI, Direzione II Debito Pubblico, Ministero
More information6 th Capital Markets Day 12 December 2008, Vienna
ERSTE GROUP, Vienna Solid performance in a Edit Papp, CEO, Erste Bank Hungary Doing business in Hungary Attractive economy evidenced by high capital investments/eu funds and World Bank recognition Since
More informationChart-pack on recent economic and financial market developments
The central bank of Hungary Chart-pack on recent economic and financial market developments September 1 As of the 3th of June, the Magyar Nemzeti Bank (the central bank of Hungary) publishes a comprehensive
More informationGovernment Securities Management
Directorate of Government Debt Securities Directorate General of Debt Management Ministry of Finance of The Republic of Indonesia Government Securities Management December 8, 2014 OUTLINE 1. Government
More informationGOVERNMENT SECURITIES MANAGEMENT
GOVERNMENT SECURITIES MANAGEMENT MAY 17, 2017 DIRECTORATE OF GOVERNMENT DEBT SECURITIES DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA DEBT
More informationChart-pack on recent economic and financial market developments
The central bank of Hungary Chart-pack on recent economic and financial market developments February As of the th of June, the Magyar Nemzeti Bank (the central bank of Hungary) publishes a comprehensive
More informationChart-pack on recent economic and financial market developments
Chart-pack on recent economic and financial market developments December As of the th of June, the Magyar Nemzeti Bank (the central bank of Hungary) publishes a comprehensive chart-pack about the latest
More informationChart-pack on recent economic and financial market developments
The central bank of Hungary Chart-pack on recent economic and financial market developments January 1 As of the th of June, the Magyar Nemzeti Bank (the central bank of Hungary) publishes a comprehensive
More informationChart-pack on recent economic and financial market developments
The central bank of Hungary Chart-pack on recent economic and financial market developments February 1 As of the th of June, the Magyar Nemzeti Bank (the central bank of Hungary) publishes a comprehensive
More informationDomestic Debt Market Development in Poland Marek Szczerbak Republic of Poland Ministry of Finance Public Debt Department
Domestic Debt Market Development in Poland Marek Szczerbak Republic of Poland Ministry of Finance Public Debt Department DMF Stakeholders Forum 2011 Berne, 8-9 June 2011 1 I. Historical perspective 2 Developing
More information2003 Audited Performance Based on HAR
OTP Bank 2 Audited Performance Based on HAR Presented by: Dr. Zoltán Spéder CFO April 24 TP Bank 2 audited results 2 Forward looking statements This presentation contains certain forward-looking statements
More informationElectronic trading Country case: Hungary
Electronic trading Country case: Hungary Zsolt Bangó Head of Treasury Department World Bank Government Bond Market Conference 12-14 March, 2014 Bucharest, Romania 1 Former set-up Marketing making obligation
More informationCBK Weekly Statistical Bulletin of Key Monetary and Financial Indicators
JANUARY 13, 2017 Highlights The money market was relatively tight during the week ending January 11, 2017. The average interbank rate was stable at 7.54 percent in the week ending January 11, 2017 compared
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 informationPress Release. German Federal Government debt issuance outlook Number 08 on 18 December 2018 Page 1 of 8
Press Release Page 1 of 8 ADDRESS Olof-Palme-Straße 35 60439 Frankfurt/M. TEL +49 69 25616-1365 FAX +49 69 25616-1429 presse@deutsche-finanzagentur.de www.deutsche-finanzagentur.de German Federal Government
More informationDebt Portfolio Management Quarterly Review. September 2013
Ministry of Finance Debt and Financial Assets Management Department Debt Portfolio Management Quarterly Review September 2013 10 October 2013 Ministry of Finance Debt Portfolio Management Quarterly Review
More informationChart-pack on recent economic and financial market developments
The central bank of Hungary Chart-pack on recent economic and financial market developments 1 April 11 As of the th of June, the Magyar Nemzeti Bank (the central bank of Hungary) publishes a comprehensive
More informationPRESS RELEASE NOVEMBER 2009
PRESS RELEASE 13 January 21 EURO AREA SECURITIES ISSUES STATISTICS: NOVEMBER 29 The annual growth rate of the outstanding amount of debt securities issued by euro area residents decreased from 11.% in
More informationGovernment Debt Securities Management
Government Debt Securities Management March 12, 2014 Directorate of Gov Debt Securities, DG of Debt Management Ministry of Finance Republic of Indonesia Outline 1. Government Securities Management and
More informationReport on financial stability
Report on financial stability Márton Nagy MNB Club 26 April 212 Key risks Deteriorating lending capacity stemming particularly from liquidity side raises the risk of a credit crunch, mainly in the corporate
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 informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationGovernment Bond Market Development in Myanmar
Government Bond Market Development in Myanmar Daw Si Si Pyone Deputy Director General Treasury Department 11-8-2017 Ministry of Planning and Finance 1 Outlines I. Key Milestones in Development of Treasury
More informationEuro GC Pooling. Continues Dynamic Growth. Frankfurt, February 29, 2008
Continues Dynamic Growth Frankfurt, February 29, 2008 Agenda Introduction Eurex Repo: Latest Development Euro GC Pooling: Overview and latest Development Outlook Page 2 Eurex Repo Development of Outstanding
More informationChart-pack on recent economic and financial market developments *
Chart-pack on recent economic and financial market developments * June As of the th of June, the Magyar Nemzeti Bank (the central bank of Hungary) publishes a comprehensive chart-pack about the latest
More informationCBK Weekly Statistical Bulletin of Key Monetary and Financial Indicators
JANUARY 22, 2016 Highlights The money market was relatively liquid during the week ending January 20, 2016 supported by government payments, redemption of government securities and OMO maturities. The
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 information6.1 Government of Pakistan Treasury Bills
6.1 Government of Pakistan Treasury Bills PERIODS (Million Rupees) 3 Months Treasury Bills 6 Months Treasury Bills Discount Discount Outstanding Discount Issue Allowed Discharged Paid Balance Issue Allowed
More informationGeneral debt-related data. page 3
MonthlyBulletin n 3 3 6 M a y 2 1 8 Publication manager: Anthony Requin Editor: Agence France Trésor Available in Arabic, Chinese, English, French, Japanese, Russian and Spanish http://www.aft.gouv.fr
More informationBorrowing Requirements & Funding Plan
Borrowing Requirements & Funding Plan 2018 1. 2018 GROSS BORROWING REQUIREMENTS AND FUNDING PLAN 2. THE 2018 DEBT MANAGEMENT STRATEGY 3. THE FUNDING STRATEGY IN 2018 ANNEXES : 1. 2018 BORROWING REQUIREMENTS
More informationCBK Weekly Statistical Bulletin of Key Monetary and Financial Indicators
MARCH 17, 2017 Highlights The money market was relatively liquid during the week ending March 15, 2017, largely supported by net redemption of government securities. The average interbank rate declined
More informationCompany Shares and Fund Raising
IV. Company Shares and Fund Raising A. Company capital and shares (1) Capital and Shares Type Registered Common Shares Issued Outstanding Shares (Listed Stock) Authorized Capital Non-issued Shares 4/24/2017;
More informationThe Greek Bond Market in 2007
The Greek Bond Market in 2007 15 YEAR BENCHMARK ISSUE MAY 2007 MARKET ANALYSIS +30 210 326 2070, marketanalysis@alpha.gr Financial Markets Group Planning Department Please refer to important Disclaimer
More informationTheviewsexpresedinthesepapersandpresentationsarethoseoftheauthor(s)only,and
Theviewsexpresedinthesepapersandpresentationsarethoseoftheauthor(s)only,and thepresenceofthem,oroflinkstothem,ontheimfwebsitedoesnotimplythattheimf,its ExecutiveBoard,oritsmanagementendorsesorsharestheviewsexpresedinthepapersor
More informationCredit Suisse Swiss Pension Fund Index Q2 2017
Credit Suisse Swiss Pension Fund Index Q2 217 YTD 217: 3.94% Q2 217: 1.15% Positive second quarter, with slowdown in June Significant positive contribution from Swiss equities in reporting quarter Sharp
More informationDebt Portfolio Management Quarterly Report
Ministry of Finance Debt and Financial Assets Management Department Debt Portfolio Management Quarterly Report 1 st Half of 2017 21 July 2017 Ministry of Finance Debt Portfolio Management Quarterly Report
More informationCharts to the Press Release on the aggregated balance sheet of credit institutions, June 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 1
More informationAmount raised from Primary Market. Turnover in Secondary Market
ISMR Debt Market 64 5. Debt Market Introduction The debt market in India consists of mainly two categories the government securities or the g-sec markets comprising central government and state government
More informationGeneral debt-related data. page 3
18 19 1 3 4 5 6 7 8 9 3 31 3 33 34 35 36 37 38 39 4 41 4 43 44 45 46 47 MonthlyBulletin n 3 3 4 M a r c h 1 8 Publication manager: Anthony Requin Editor: Agence France Trésor Available in Arabic, Chinese,
More informationAmount raised from Primary Market. Turnover in Secondary Market
ISMR Debt Market 70 5. Debt Market Introduction 1 The debt market in India consists of mainly two categories the government securities or the g-sec markets comprising central government and state government
More informationFBIL. Newsletter FROM CHAIRPERSON S DESK: Section 1: New Developments. Section 2: MARKET WATCH ISSUE:1 MARCH 2019
ISSUE:1 MARCH 2019 FROM CHAIRPERSON S DESK: FBIL is recognized by the Reserve Bank of India as a benchmark administrator for money foreign exchange and government securities markets. In the four years
More informationSecondary Market of Government Securities
Secondary Market of Government Securities Contents Government Securities Interbank Market 5 Outstanding Government Securities Discount Treasury Bills 16 Treasury Bonds 21 Government Securities Issued
More informationPost - Graduate Diploma in Security Analysis & Trading (2 nd Semester Examination)
Post - Graduate Diploma in Security Analysis & Trading (2 nd Semester Examination) Paper 206 FIMMDA Debt Market (Basic) Maximum Marks: 100 Time Allowed: 3 hours Roll No. Name. INSTRUCTIONS: 1. This Question
More informationMacroeconomic and financial market developments. August 2017
Macroeconomic and financial market developments August Background material to the abridged minutes of the Monetary Council meeting of August MAGYAR NEMZETI BANK Time of publication: p.m. on September The
More informationCredit Suisse Swiss Pension Fund Index Q1 2016
Credit Suisse Swiss Pension Fund Index Q1 216 Q1 216:.49% Disappointing start to the year with a glimmer of light in March Swiss equity quota at a new low real estate continues at a new high Significant
More information> Higher interbank money market volumes at unchanged interest rate levels. > The еuro with a three-month high against the dollar in June
JUNE 213 No 7 / 213 > Higher interbank money market volumes at unchanged interest rate levels > The еuro with a three-month high against the dollar in June > Growth of the main index SOFIX by more than
More informationGOVERNMENT SECURITIES MANAGEMENT
GOVERNMENT SECURITIES MANAGEMENT March 23, 2016 Directorate General of Budget Financing and Risk Management Ministry of Finance of The Republic of Indonesia OUTLINE 1. Financing Strategy 2016 2. Government
More informationCredit Suisse Swiss Pension Fund Index Q1 2017
Credit Suisse Swiss Pension Fund Index Q1 217 YTD 217: 2.76% Q1 217: 2.76% Credit Suisse Pension Fund Index starts year at all-time high Allocation to foreign equities at all-time high; allocation to Swiss
More informationOTP Bank First Half 2003 Performance Presented by: Dr. Zoltán Spéder CFO September 2003
OTP Bank First Half 2 Performance Presented by: Dr. Zoltán Spéder CFO September 2 Forward looking statements This presentation contains certain forward-looking statements with respect to the financial
More informationWeekly Statistical Bulletin Key Monetary and Financial Indicators
1 / CBK Statistical Bulletin Weekly Statistical Bulletin Key Monetary and Financial Indicators Central Bank of Kenya July 14, 2017 The money market was fairy tight during the week ending July 12, 2017,
More informationVIETNAM BOND MARKET REPORT
VIETNAM BOND MARKET ASSOCIATION On the 26th of, The State Treasury issued the Letter No. 701/KBNN- QLNQ on the Plan for bond issuance for 2018. According to the announcement, the total expected issuance
More informationLiquidity Challenges and Solutions
Global Banking Symposium 2006 Liquidity Challenges and Solutions Margaret Yao TSS Liquidity & Investment Product Solutions June 7, 2006 Treasury & Securities Services A powerful global franchise: Transaction,
More informationForecasting liquidity and conducting credit operations
Irene Katsalirou Money Market and Liquidity Division Directorate General Market Operations Forecasting liquidity and conducting credit operations ECB Central Banking Seminar Frankfurt am Main, 12 July
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 informationChart-pack on recent economic and financial market developments
The central bank of Hungary Chart-pack on recent economic and financial market developments 7 September 1 As of the 3th of June, the Magyar Nemzeti Bank (the central bank of Hungary) publishes a comprehensive
More informationDebt Management and Sustainability: Strengthening Liability Management
Debt Management and Sustainability: Strengthening Liability Management Sri Lankan Perspective 27 February 2018 Colombo, Sri Lanka C J P Siriwardana Deputy Governor 2 Overview 1. Evolution of Public Debt
More informationFOREIGN EXCHANGE RESERVES
FOREIGN Management of Norges Bank s foreign exchange reserves 4 16 FEBRUARY 17 REPORT FOR FOURTH QUARTER 16 Contents Management of the foreign exchange reserves... 3 The foreign exchange reserves... 4
More informationRecent developments in the Mexican Peso market. March 2009
Recent developments in the Mexican Peso market March 2009 1 Index 1. The FX market before the financial turmoil 2. What we got right what we missed 3. Structural change in the FX market 4. Final remarks
More informationDebt Management Report
2018 Debt Management Report The Government Debt Management and the State of Public Debts Contents Preface 1 About Debt Management Report 2 2 What is Debt Management Policy? 3 (1) Overview 3 (2) Framework
More informationMACROECONOMIC AND FINANCIAL MARKET DEVELOPMENTS BACKGROUND MATERIAL TO THE ABRIDGED MINUTES OF THE MONETARY COUNCIL MEETING OF 18 SEPTEMBER 2018
MACROECONOMIC AND FINANCIAL MARKET DEVELOPMENTS BACKGROUND MATERIAL TO THE ABRIDGED MINUTES OF THE MONETARY COUNCIL MEETING OF 18 SEPTEMBER 18 s e p t e m b e r 18 MAGYAR NEMZETI BANK Time of publication:
More information> The domestic money market showed an increase in the deposit lending activity and volumes in October; interest rates slightly decreased.
OCTOBER 214 No 12 / 214 > The domestic money market showed an increase in the deposit lending activity and volumes in October; interest rates slightly decreased. > Volatile trade euro-dollar in October.
More information14:45 16:00 - STREAM 1- Marly. Are Euro Debt Capital Markets a Sustainable Option to Fulfill Funding Requirements in the Current Financial Crisis?
14:45 16:00 - STREAM 1- Marly 1 Are Euro Debt Capital Markets a Sustainable Option to Fulfill Funding Requirements in the Current Financial Crisis? 2 Are Euro Debt Capital Markets a Sustainable Option
More informationIcelandic FX Market. March Hagsjá
Hagsjá Icelandic FX Market March 217 22 March 217 The euro depreciated in February and dipped to ISK 112. in early March. It has picked up since and stood at ISK 118.1 on 2 March, as compared with ISK
More informationHousehold and non-financial corporate sector forint interest rates, interbank lending rates: February
2 05 PRESS RELEASE Household and non-financial corporate sector forint interest rates, interbank lending rates: 05 1 In 05, average interest rates on overdraft facilities, consumer credit and other loans
More informationSKAGEN Tellus Statusrapport maj 2017
SKAGEN Tellus Statusrapport maj 2017 Key numbers as of 31 May 2017 SEK, net of fees May QTD YTD 1 years 3 years 5 years Since inception* SKAGEN Tellus 0,37 % -1,9% 0,61 % 7,46 % 5,66 % 5,71 % 5,54 % JPM
More informationChart-pack on recent economic and financial market developments
The central bank of Hungary Chart-pack on recent economic and financial market developments January 11 As of the th of June, the Magyar Nemzeti Bank (the central bank of Hungary) publishes a comprehensive
More informationTable of Contents: I. Letter to Customers, Business Partners, Shareholders...3. II. The Economic Environment in
Annual report 2003 Table of Contents: I. Letter to Customers, Business Partners, Shareholders...3 II. The Economic Environment in 2003...6 III. Evaluation for the Business Year of 2003... 10 Business Activities
More informationFigure 5.1: 6-month Yields Auction cut-off Repo rate percent Sep-03
5 Money Market Third Quarterly Report for FY4 After the reversal of the December 23 upsurge in short-term rates, the market entered a period of relative stability. While it continued to expect a modest
More informationDebt Management Report
2017 Debt Management Report The Government Debt Management and the State of Public Debts Contents Preface 1 About Debt Management Report 2 2 What is Debt Management Policy? 3 (1) Overview 3 (2) Framework
More informationPRESS RELEASE. Household and non-financial corporate sector forint interest rates, interbank lending rates: January
25 05 PRESS RELEASE Household and non-financial corporate sector forint interest rates, interbank lending rates: 1 In, average interest rates on loans to the household sector rose. By contrast, average
More informationCHART-PACK ON RECENT ECONOMIC AND FINANCIAL MARKET DEVELOPMENTS DIRECTORATE MONETARY POLICY AND FINANCIAL MARKET ANALYSIS
DIRECTORATE MONETARY POLICY AND FINANCIAL MARKET ANALYSIS FINANCIAL MARKET ANALYSIS DEPARTMENT CHART-PACK ON RECENT ECONOMIC AND FINANCIAL MARKET DEVELOPMENTS 9 MARCH Chart-pack on recent economic and
More informationThe Diverging Experience of the UK & US YieldCos and why it is Important. By James Armstrong Managing Partner, Bluefield Partners LLP
The Diverging Experience of the UK & US YieldCos and why it is Important By James Armstrong Managing Partner, Bluefield Partners LLP July 2013, Public listing of the Bluefield Solar Income Fund Of the
More informationMINISTRY OF FINANCE. FLASH REPORT on the main features of economic and financial processes according to data on January to May 2004
MINISTRY OF FINANCE FLASH REPORT on the main features of economic and financial processes according to data on January to May 2004 Budapest, 15 June 2004 TABLE OF CONTENTS 1. International conditions...
More information