GOVERNMENT SECURITIES MARKET

Transcription

1 MONTHLY REPORT JANUARY 216 The net issuance was HUF 45.6 billion; out of which net HUF-denominated issuance was HUF billion and net foreign currency denominated issuance was HUF 8.7 billion in Change () January HUF denominated debt 16, , Loans Government bonds 11, , Retail securities 3, , 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 billion in 216. The increase in domestic debt was the result of net government bond redemption of HUF 84. billion, the amount of discount Treasury bills increased by HUF 32.7 billion and the total amount of retail government securities increased by HUF billion. The stock of non-marketable government bonds decreased by HUF 9. billion. The volume of HUF loans increased by HUF 4 billion in 216. The foreign currency debt of the central government decreased by HUF 8.7 billion in 216. The domestic P MAK and residence bond issuance was HUF 9.4 billion, while the redemptions of foreign currency debt worth HUF.7 billion decreased the debt. The exchange rate revaluations totalling HUF 17.4 billion decreased the Hungarian Forint value of the foreign currency debt in January. The total amount of other liabilities increased by HUF 47.4 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 to HUF 3,458.7 billion in January. Primary dealers, who account for the decisive part of all secondary government securities trading, made 79 of their secondary government securities deals with non-resident investors. The volume of non-residents holdings of Hungarian government securities decreased altogether by HUF 61.8 billion in January and amounted to HUF 3,834.3 billion at the end of the month. This volume represented 24.1 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 January. The credit rating of the long-term foreign currency debt of Hungary is as follows on the last working day of January: BB+(Standard & Poor s); Ba1 (Moody s); BB+ (Fitch). 1 Government securities market MONTHLY REPORT

2 CENTRAL GOVERNMENT GROSS DEBT HUF BILLION January 1. Forint denominated debt 1, , , , , , , , Loans Government securities 1, , , , , , , , Public issues 1,19.6 9, , , , , , , Bonds 7, , , , ,848. 1, ,43.4 1, , ,54.9 1,96.5 1,94.9 1, , , Retail securities , , , , , Private placements Foreign currency denominated debt* 8, ,17.4 8, ,94.9 8, , , , Loans 4, , ,31 2, , , , , Foreign loans 4, , ,229. 2,4.2 1, , , , Domestic loans 3, Government securities 4,55. 5, ,14.1 6, , , ,39. 6, Issued abroad 4,55. 5, , , , , , , Issued domestically , Total 19,821. 2, , , , , , ,376.9 Other liabilities Total central government debt 2,41. 2, , , , , , ,18.3 Marketable HUF debt ( ) 1,1.8 9, , , , , , ,26.1 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 Percent 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 Percent month 3-year 1-year 1-year Percent Maturity in years Government securities market MONTHLY REPORT

3 DISCOUNT TREASURY BILL AUCTION RESULTS Liuquidity 3-month 12-month Code of T-bills D16224 D16224 D16413 D1642 D16427 D1654 D D ISIN code HU5277 HU5277 HU52572 HU52861 HU52879 HU52887 HU52853 HU52853 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) 4,. 4,. 4,. 4,. 4,. 4,. 4,. 4,. Amount of bids submitted (HUF million) 143, ,78. 11, ,79. 93,79. 48,9. 1,4. 48,67. Amount of bids accepted (HUF million) 48, , , , , , , , Bid-to-cover ratio Bids submitted (pcs) Bids accepted (pcs) Market sales* (HUF million) 48, , , , , , , , Retained on ÁKK s own account (HUF mil ,2.3 14,4.8 13,8.7 1,5.2 5,.5 12,.3 Total amount issued (HUF million) 49,. 55,. 57,2. 62,4. 59,8. 45,5. 1,. 52,. * Without issuance onto ÁKK s own account month Discount Treasury Bill and Liquidity Discount Treasury Bill auctions month Discount Treasury Bill auctions Government securities market MONTHLY REPORT

4 GOVERNMENT BOND AUCTION RESULTS Government Bond 219/C 221/B 227/A 219/D 219/C 221/B 227/A 221/A ISIN code HU4392 HU431 HU43118 HU43126 HU4392 HU431 HU43118 HU42995 Maturity (in years) Coupon () Auction 1. auction 1. auction 1. auction 1. auction 2. auction 2. auction 2. auction 12.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,. 2,. 12,. 1,. 2,. 2,. 1,. 8,. Amount of bids submitted (HUF million) 37,65. 38,4. 24,67. 23,4. 75, , , ,7. Amount of bids accepted (HUF million) 19, ,. 12, , ,. 24, , , Bid-to-cover ratio Bids submitted (pcs) Bids accepted (pcs) Tail (average price - minimum price) , Market sales (HUF million) 19, ,. 12, , ,. 24, , , Non-competitive offer (HUF million) 2,.1 2,. 13,.1 1,.1 3,. 25,.3 1,.1 3,2.1 Total amount sales (HUF million) 4,. 4,. 26,. 2,. 6,. 5,. 2,. 11, year government bond auctions year government bond auctions year government bond 5 15-year government bond auctions 9, ,5 8, 7,5 7, 6,5 6, 5,5 5, 4,5 4, 3,5 3, Government securities market MONTHLY REPORT

5 INTEREST RATE RESETS OF FLOATING RATE GOVERNMENT BONDS IN JANUARY 216 Government bond Date of interest rate reset Interest period Date of interest payment Reset interest rate () Interest payable () 218/D /S /S /S Outstanding amount of retail securities during the last year OUTSTANDING AMOUNT OF RETAIL SECURITIES Retail securities Change HUF billion 1-year Interest Bearing 1,816. 1, month Interest Bearing Treasury Saving Bills PGB, BGB 1, , Babybond Total 3, , January 215 February March April May June July August September October January 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 points Non-residents' holdings (LHS) MAX Composite index (RHS) Government securities market MONTHLY REPORT

6 HUNGARIAN GOVERNMENT SECURITIES INDICES MAX index RMAX index MAX Composite index ZMAX index Value as at 29 January 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 January 216 Government bond Date of redemption Turnover () 218/B /B /C /A /A /A /B /A /A /A The outstanding volume of government bonds with benchmark status at the end of January 216 Government bond /C /B /A /A , Secondary market trading of Hungarian government securities (OTC) 7 Secondary market trading of Hungarian government securities (MTS Hungary trading) 5, 6 4, 5 3, 2, 1, January 215 February March April May June July August September October January 216 January 215 February March April May June July August September October January 216 Bonds Bonds Breakdown of primary dealers secondary market turnover in Government Bonds by investor groups in January 216 Credit institutions Households 5.8 Brokerage firms Primary dealers 5.4 Institutional investors 5.7 Companies 1.34 Public sector.4 Breakdown of primary dealers secondary market turnover in Discount Treasury Bills by investor groups in January 216 Foreign investors 5.1 Companies 6.9 Public sector.23 Households 6.2 Credit institutions 19.6 Foreign investors 79.4 Institutional investors 53.2 Brokerage firms 6.3 Primary dealers Government securities market MONTHLY REPORT