GOVERNMENT SECURITIES MANAGEMENT
|
|
- Dale Nathan Morton
- 5 years ago
- Views:
Transcription
1 GOVERNMENT SECURITIES MANAGEMENT MEI 9, 2018 DIRECTORATE OF GOVERNMENT DEBT SECURITIES DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
2 DEBT FINANCING STRATEGY Directorate of Government Debt Securities Directorate General of Budget Financing and Risk Management Ministry of Finance of The Republic of Indonesia
3 FINANCING NEED Fulfilled from Government Securities IDR737.4 tn (93%) and Loan IDR55.8 tn (7%) Matured Debt IDR394.0 tn Domestic GS IDR592.2 tn GS (SBN) Gross Budget Deficit IDR325.9 tn Other Financing (IDR0.2 tn) Loan IDR6.7 tn Investment Financing IDR65.7 tn Guarantee IDR1.1 tn Financing Need IDR793.2 tn Domestic Debt IDR596.6 tn (75%) Foreign Denominated Debt IDR196.6 tn (25%) Domestic Loan IDR4.5 tn Foreign Denominated Bonds (JPY, EUR, USD) IDR145.3 tn Foreign Loan (Program & Project) IDR51.3 tn IDR592.2 tn (Domestic) IDR145.3 tn (Foreign) IDR119.0 tn (Matured) IDR856.5tn Loan Gross IDR4.5tn (Domestic) IDR51.3tn (Foreign) IDR55.8tn
4 4 GOVERNMENT SECURITIES INDICATIVE FINANCING PLAN FOR 2018 Instruments Indicative Target IDR Tn USD Bn* Budget Deficit (2.19%) Government Securities (Net) Government Securities (Gross) Composition (% of gross issuance) Domestic 83% Auction 79% Non-Auction 4% International Bond 17% Government Securities target issuance for semester I is 60% from gross target; Rupiah Government Securities target issuance for semester I is 43% from gross target. *exchange rate assumption in 2018 budget: IDR13,400/USD Domestic Issuance Weekly Auction: Conventional Securities: 25x Islamic Securities: 24x Non-Auction: Retail bonds (ORI, Retail Sukuk, Online Retail Bonds) Private Placements: Based on request International Bonds Issuance (USD, EUR, JPY-denominated) Issuance of International Bonds as complement to avoid crowding out in domestic market consists of USD, YEN or EURO global bonds; International bond issuance can be maximized up to 20% from gross target, depends on financing need. Issuance targets for GDS, Sukuk and ATM target Government Debt Securities (SUN): %; Sukuk : 25-30% ATM for Government Securities (SBN): 7-8 years. GDS Benchmark Series in 2018 Series Coupon Maturity FR % May 15, 2023 FR % May 15, 2028 FR % May 15, 2033 FR % May 15, 2038
5 2018 GOVERNMENT SECURITIES FINANCING REALIZATION (In Million IDR) Budget 2018 Budget Realization (as of May. 9, 2018) % Realization to Budget 2018 Government Securities Net 414,520, ,418, % Issuance Need for ,475, ,850, % Government Debt Securities (GDS) 269,837,815 IDR Denominated GDS 184,800,000 -Coupon GDS 107,100,000 -Conventional T-Bills 77,700,000 -Private Placement - -Retail Bonds - Foreign Denominated Bonds 85,037,815 -SEC USD REG SA + REG SHELF* 68,068,000 -Samurai Bonds - -SEC EURO REG SHELF** 16,969,815 -USD Onshore Bonds - Sovereign Sharia Securities (Sukuk) 122,012,284 Domestic Sovereign Sharia Securities 80,633,284 - IFR/PBS/T-Bills Sukuk (Islamic Fixed Rated Bond/Project Based Sukuk) 72,196,714 - Retail Sukuk 8,436,570 - Indonesia Hajj Fund Sukuk (SDHI) - Global Sukuk 41,379,000 * Consist of Global Bonds issuance (prefunding) using SEC format amounted USD4 bn and SEC REG SHELF USD1 bn ** SEC EURO REG SHELF EUR1 bn 5
6 GOVERNMENT SECURITIES PERFORMANCE Directorate of Government Debt Securities Directorate General of Budget Financing and Risk Management Ministry of Finance of The Republic of Indonesia
7 GDS* PRIMARY MARKET PERFORMANCE THROUGH AUCTION (AS OF APR. 24, 2018) [In Trillion IDR ] 250 Incoming Bids Awarded Bids % Bid to Cover Ratio (RHS) Average Incoming Bid 2017 = IDR39.72T/ auction Average Awarded Bid 2017 = IDR17.61T/ auction Average incoming bid for GDS in 2018 = IDR48.98 tn/auction while average awarded bid for GDS in 2018 = IDR21.29 tn/auction The first auction in 2018 recorded highest incoming bid ever, amounted IDR86.2 tn or equiv. USD6.39 bn (JISDOR a.o. Jan. 3, 2018 = IDR13,498/USD) *) Surat Utang Negara (SUN) 7
8 GS* PRIMARY MARKET PERFORMANCE THROUGH AUCTION (AS OF APR. 24, 2018) [In Trillion IDR ] 300 Incoming Bids Awarded Bids % Bid to Cover Ratio (RHS) Average Incoming Bid 2017 = IDR27.99T/ auction Average Awarded Bid 2017 = IDR11.74T/ auction Average incoming bid for GS in 2018 = IDR33.98 tn/auction while Average awarded bid for GS in 2018 = IDR15.23 tn/auction *) Surat Berharga Negara (SBN) 8
9 SEC-REGISTERED SHELF EUR1bn 7-YEAR and USD1bn 10-YEAR ISSUANCE P P P Republic of Indonesia s inaugural SEC Shelf takedown At MS+115bps (1.750%), the EUR tranche represents the lowest-ever EUR cost of funding for the Republic The transaction achieved the sovereign s funding objectives with limited New Issue Concessions 5bps on the EUR and 10bps USD tranches Pricing Date: 17 April 2018 Issuer: Republic of Indonesia Issue Rating: Baa2 (Moody s) / BBB- (S&P) / BBB (Fitch) Issue: Senior Unsecured, Fixed Rate Notes Format: SEC-registered Settlement Date: 24 April 2018 Currency: EUR USD Tenor: 7-year 10-year Maturity Date: 24 April April 2028 Tranche Size: EUR1bn USD1bn Benchmark Yield: 0.630% (MS) 2.816% (UST) Spread to Benchmark: MS+115bps UST+131.4bps Re-offer Yield: 1.780% 4.130% Coupon: 1.750% 4.100% Listing: SGX-ST, Frankfurt Stock Exchange Terms: USD200k/1k denoms, New York law Joint Bookrunners: CA-CIB / Deutsche Bank / GS / HSBC / Mandiri Billing & Delivery: Deutsche Bank Transaction Highlights Capitalizing on the positive tone following Moody s upgrade of the sovereign rating to Baa2 from Baa3 on 13 April 2018, the Republic launched the USD tranche on 16 April 2018 Asia morning and the EUR tranche on Europe open Started at 4.40% area Initial Price Guidance, the USD1bn 10-year tranche was eventually priced at 4.13%, representing a 27bps compression from start to finish Similarly, the EUR1bn 7-year tranche was launched at MS+137.5bps area and compressed 22.5bps to price at MS+115bps Total orderbook was 2.9x oversubscribed at Final Price Guidance, with EUR3.0bn orders on the EUR tranche and USD2.7bn orders on the USD tranche Diversification of investor base 179 total accounts on the EUR tranche and 136 accounts on the USD tranche Breakdown of Distribution by Geography Breakdown of Distribution by Investor Type EUR 7-year USD 10-year EUR 7-year USD 10-year Rest of Europe 11% Switzerland 4% Italy 13% France 5% US 7% Germany 17% Indonesia 12% Asia ex- Indonesia 15% UK 16% Indonesia 7% Europe 19% Asia ex- Indonesia 24% US 50% Insurance / Pension 11% Banks 23% Central Banks / SWFs 4% Private Banks 1% Asset Managers 61% Insurance / Pension 16% Banks 15% Central Banks / SWFs 18% Private Banks 1% Asset Managers 50% 8
10 Sukuk Global Issuance USD3 bn Trust Certificates due 2023 and 2028 On February 22, 2018, the Republic of Indonesia successfully priced an international sukuk offering totaling USD3 bn, including its debut offering in green format. Summary Terms of Offering Transaction Highlights Obligor Issuer Issuer Rating Exp. Issue Rating Instrument Format. Status Aggregate Size The Government of the Republic of Indonesia, represented by the Ministry of Finance Perusahaan Penerbit SBSN Indonesia III Baa3 Moody s (Positive) / BBB- S&P (Stable) / BBB Fitch (Stable) Baa3 Moody s / BBB- S&P / BBB- Fitch USD Wakala Trust Certificates ( Sukuk ), issued under a USD25 bn Trust Certificate Programme 144A / RegS registered, senior unsecured 5-year USD3,000 mm 10-year Maturity Mar 1, 2023 Mar 1, 2028 Tranche Size USD1,250 mm USD1,750 mm Profit Rate 3.750% p.a. (30/360) 4.400% p.a. (30/360) Reoffer Price / Yield / 3.750% / 4.400% UST Benchmark (Price / Yield) 2.375% 01/31/23 (98-22¾ / 2.655%) 2.750% 02/15/28 ( / 2.923%) Reoffer Spread bp bp Use of Proceeds General financing requirements in line with the Green Bond and Green Sukuk Framework General financing requirements External Reviewer CICERO second party opinion ㄧ Other Terms USD200k/1k denominations, English and Indonesia law, Singapore and NASDAQ Dubai listing First-ever green sukuk offering by any sovereign globally First USD sovereign green offering, in either sukuk or conventional formats Accessed a window of relative stability without any competing supply for aggregate size of USD3 bn, which remains to be the largest sukuk offering by a non-gcc issuer to-date Maximized green structure and full investment grade ratings to set all-time low spreads to U.S. Treasury for any sukuk offering by the Republic of Indonesia Set the flattest curve between any 5- and 10-year sukuk offering by the Republic, at 65 bp Over USD7 bn of demand at pricing, featuring sponsorship from investors of the highest quality, green focused funds and sovereign-related entities inclusive Demand and Allocation Statistics 5-year Green Sukuk 10-year Sukuk Indications / Book Cover USD3,000 mm / 2.4x USD4,200 mm / 2.4x Allocations USD1,250 mm USD1,750 mm Number of Accounts Allocations by Geography Allocation by Type 1% 20% 10% 10% 32% 10% 24% 18% 22% 15% 25% 32% Islamic Asia EU US Indonesia 29% 40% 71% 29% 7% 1% 6% 39% 12% 47% Asset Manager / Fund Manager Bank Pension Fund / Insurance SWF / Central Bank Private Bank Green Non Green 10
11 USD GLOBAL BONDS ISSUANCE (PREFUNDING) Investor Breakdown by Region RI % 25% 21% 40% 10% 20% 1% RI % 22% 65% RI % 22% Issuer Republic of Indonesia Series RI0123 RI0128 RI0148 Issuer Rating Baa3 (Moody s) / BBB- (S&P) / BBB- (Fitch) Issue Rating Baa3 (Moody s) / BBB- (S&P) / BBB- (Fitch) Pricing Date December 4, 2017 Settlement Date December 11, 2017 Maturity January 11, 2023 January 11, 2028 January 11, 2048 Size USD$1.00bn USD$1.25bn USD$1.75bn Tenor 5yr 10yr 30yr Coupon (p.a.) 2.950% 3.500% 4.350% Re-offer Yield 3.000% 3.550% 4.400% Re-offer Spread 85.6 bps bps bps Investor Breakdown by Investor Type 10% 26% 0% 2% RI % 32% 47% 2% 8% RI % 54% 0% 4% RI % 59% Europe USA Asia (ex-indonesia) Indonesia Format Listing SEC-Registered Standalone Singapore Stock Exchange and Frankfurt Stock Exchange Asset / Fund Manager Banks Insurance /Pension Funds Private Banks Sovereign Wealth Funds Some achievements of Indonesia s International Bonds issuance with SEC-Registered format: 1. Lowest re-offer spread for 5yr, 10yr, and 30yr tenors, with the final order book of issuance totaling USD9.93 billion of 715 bookings; 2. Lowest yield for 5yr and 30yr tenors; 3. New issue concession negative with total transaction USD4 billion, including the largest for the issuance of Government bonds in the Asian region; 4. Flattest curve ever between 5yr, 10yr, and 30yr tenors. 11
12 SECONDARY MARKET PERFORMANCE (%) As of May. 8, 2018 Yields of Benchmark Series 5Y 10Y 15Y 20Y 6.77 (5Y), 7.22 (10Y), 7.44 (15Y), 7.76 (20Y) Average Daily Trading OUTRIGHT REPO BANK REPO BI As of May. 8, May'11 Aug'11 Nov'11 Feb'12 May'12 Aug'12 Nov'12 Feb'13 May'13 Aug'13 Nov'13 Feb'14 May'14 Aug'14 Nov'14 Feb'15 May'15 Aug'15 Nov'15 Feb'16 May'16 Aug'16 Nov'16 Feb'17 May'17 Aug'17 Nov'17 Feb'18 Source: IBPA May' Jan-18 Feb-18 Mar-18 Apr-18 s.d 8 Mei 2018 Peers 10y Govt Bonds Yield Foreign Ownership V. 10Y Yield Movement LCY 10 Year Government Bonds (as of Mei. 9, 2018) Latest Yield YTD Change (BP) MTD Change (BP) CN HK ID JP KR MY PH SG TH US VN Source: Market Watch Asian Bond Online
13 OWNERSHIP OF TRADABLE DOMESTIC GOVERNMENT SECURITIES (in trillion IDR) Description Dec-14 Dec-15 Dec-16 Jan-17 Dec-17 8-May-18 Banks* % % % % % % Govt Institutions (Bank Indonesia**) Bank Indonesia (gross) GS used for Monetary Operation % % % % % % % % % % % % % % Non-Banks % % 1, % 1, % 1, % 1, % Mutual Funds % % % % % % Insurance Company and Pension Fund % % % % % % Foreign Holders % % % % % % Foreign Govt's & Central Banks % % % % % 146, % Individual % % % % % % Others % % % % % % Total 1, % 1, % 1, % 1, % 2, % 2, % 1) Non Resident consists of Private Bank, Fund/Asset Manager, Securities Company, Insurance Company, and Pension Fund. 2) Others such as Securities Company, Corporation, and Foundation. *) Including the Government Securities used in monetary operation with Bank Indonesia. **) net, excluding Government Securities used in monetary operation with Banks. 13
14 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 FOREIGN INVESTOR ACTIVITY FOREIGN INVESTORS ARE MOSTLY DOMINATED BY HIGH QUALITY LONG TERM INVESTORS Foreign Ownership - Proportion by Tenor Monthly Net Buyer (Seller) - Non Resident 100% As of May. 8, 2018 [In Trillion IDR ] As of May. 8, Net Inflows [LHS] Net Inflows Over Total Foreign Holdings [RHS] % 60% 40% 20% 0% 36.0% 37.0% 38.98% 44.5% 42.8% 44.7% 38.1% 38.2% 39.8% 37.5% 38.3% 32.5% 37.4% 35.6% 32.0% 33.6% 36.69% 39.0% 12.9% 17.8% 17.3% 15.2% 16.30% 11.8% 5.4% 3.7% 5.1% 5.3% 1.45% 1.3% 5.2% 4.6% 3.2% 3.5% 5.0% 6.59% Dec 13 Dec 14 Dec-15 Dec-16 Dec-17 May (10.00) (20.00) (30.00) (3.90) (7.96) (2.30) (4.21) (9.35) 9.75 (19.58) (21.55) (23.17) (13.45) (3.26)
15 SOUND GOVERNMENT DEBT PORTFOLIO MANAGEMENT Stable debt to GDP ratio with diversified funding profile 100% 80% 60% 40% 20% 0% 28.3% 27.4% 29% 29.8%* 23.0% 24.9% 24.7% 68.8% 70.0% 74.1% 76.2% 79.1% 81.1% 81.2% 31.2% 30.0% 25.9% 23.8% 20.9% 18.9% 18.8% % 25.0% 15.0% 5.0% -5.0% Financing needs mostly fulfilled from Gov t Securities Issuance Loans (LHS) Securities (LHS) Govt Debt / GDP (%) (RHS) *GDP figure based on Statistics Indonesia release on 5 Feb % 3% 2% 2% 1% 3% 1% 3% 4% 4% 14% 3% 12% 3% 9% 8% 7% 6% 24% 29% 29% 32% 31% 29% 56% 53% 57% 55% 58% 60% Well Diversified Across Different Currencies IDR USD JPY EUR Other 15
16 SOLID POLICY COORDINATION IN MANAGING FINANCIAL MARKETS VOLATILITY CMP The enactment of Law No. 9/2016 regarding Prevention and Mitigation of Financial System Crises as a legal foundation for the government to serves at the time of financial crisis in the form of Financial System Stability Committee (KSSK) Specific policies in place to address crises enacted in 2018 Budget Law (Law No. 15/2017, article 25): Govt (with legislative approval) could utilize Accummulated Cash Surplus (SAL) for stabilizing market Legislative approval should be received within 24 hr after Govt proposed Swap facility arrangements based on international cooperation Enhancing coordination between government institutions and continuous dialogue with market participants Implementing Crisis Management Protocol (CMP) Gov t Securities Crisis Management Protocol (CMP) Indicators: - Yield of benchmark series; - Exchange rate; - Jakarta Composite Index; - Foreign ownership in government securities Policies to address the crisis at every level : - Repurchase the government securities at secondary market - Postpone or stop the issuance State s Budget State Owned Enterprises (BUMN) s Budget Social Security Organizing Agency (BPJS) s Budget State s Budget Bond Stabilization Framework First Line of Defense Buyback fund at DG of Budget Financing and Risk Management Investment fund at Public Service Agency (BLU) (min. level Aware) Related SOEs (min. level Aware) BPJS (min. level Aware) Second Line of Defense State General Treasury Account (Rekening KUN) (min. level Alert) Accumulated cash surplus (SAL) (min. Level Crisis) State Owned Enterprises (BUMN) s Budget Related BUMNs (min. level Alert) BSF Implementing Bond Stabilization Framework (BSF) Social Security Organizing Agency (BPJS) s Budget BPJS (min. level Alert) 16
17 Directorate of Government Debt Securities Directorate General of Budget Financing and Risk Management Ministry of Finance of The Republic of Indonesia Frans Seda building, 4th Floor Jl. Wahidin Raya No. 1, Jakarta Pusat Postal Code: Phone: Fax. : Website: surat.utang.negara@kemenkeu.go.id END OF PRESENTATION
GOVERNMENT SECURITIES MANAGEMENT
GOVERNMENT SECURITIES MANAGEMENT NOVEMBER 14, 2018 DIRECTORATE OF GOVERNMENT DEBT SECURITIES DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
More informationGOVERNMENT SECURITIES MANAGEMENT
GOVERNMENT SECURITIES MANAGEMENT OCTOBER 31, 2018 DIRECTORATE OF GOVERNMENT DEBT SECURITIES DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
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 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 informationGovernment Securities Management October 13, 2015
Government Securities Management October 13, 2015 Directorate of Government Debt Securities Directorate General of Budget Financing and Risk Management Ministry of Finance of The Republic of Indonesia
More informationForeign Government Securities Issuances: Indonesia Case
Foreign Government Securities Issuances: Indonesia Case Herman Sary Tua 2018 Asian Regional Public Debt Management Forum Outline 2 FX Bond Statistics Debt Strategy & The Objectives of International Bonds
More informationGovernment Securities Management December 28, 2015
Government Securities Management December 28, 2015 Directorate of Government Debt Securities Directorate General of Budget Financing and Risk Management Ministry of Finance of The Republic of Indonesia
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 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 informationGovernment Debt Securities Management August 11 th, 2017
Government Debt Securities Management August 11 th, 2017 Directorate of Government Debt Securities Directorate General of Budget Financing and Risk Management Ministry of Finance of The Republic of Indonesia
More informationIndonesia Sovereign Sukuk: Policy and Strategy
Indonesia Sovereign Sukuk: Policy and Strategy Directorate of Islamic Financing Directorate General of Debt Management Ministry of Finance Republic of Indonesia IFN Indonesia Roadshow Jakarta, 22 nd March
More informationDevelopment of Sukuk Negara (Success Story of Indonesia Sovereign Sukuk)
Development of Sukuk Negara (Success Story of Indonesia Sovereign Sukuk) Directorate of Islamic Financing Directorate General of Budget Financing and Risk Management Ministry of Finance The 10 th Meeting
More informationAsia Bond Monitor November 2018
January 9 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets L ast week, the Philippines raised USD. billion from the sale of -year global bonds priced at basis points above benchmark
More informationAsia Bond Monitor March 2015
June 1 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Consumer price inflation in Malaysia accelerated to.1% year-on-year (y-o-y) in May from 1.8% y-o-y in April, mainly due
More information4th - Asian Fixed Income Summit Investing in Asia s Fixed Income Market
4th - Asian Fixed Income Summit Investing in Asia s Fixed Income Market September 217 Derek Armstrong Credit Suisse Head of Debt Capital Markets, Asia Pacific These materials may not be used or relied
More informationAsia Bond Monitor November 2015
1 February 16 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Bangko Sentral ng Pilipinas (BSP) decided on 11 February to keep unchanged the overnight borrowing rate at.% and
More informationAsia Bond Monitor November 2018
January 9 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Japan s November industrial production was revised upward to.% year-on-year (y-o-y) from the preliminary estimate of.%
More informationAsianBondsOnline WEEKLY DEBT HIGHLIGHTS
AsianBondsOnline WEEKLY 9 January 7 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Consumer price inflation in Indonesia eased to.% year-on-year (y-o-y) in December from.6% y-o-y
More informationIndonesia Update. Yield Movements. Size and Composition
Indonesia Update Yield Movements Indonesia s government bond yield curve shifted downward for all maturities between end- December 2009 and end-june 2010 (Figure 1). The government bond yield curve flattened
More informationIndonesia Update. Yield Movements. Size and Composition
Asia Bond Monitor Indonesia Update Yield Movements The government bond yield curve for Indonesia shifted downward as yields fell for all maturities between end-december 2009 and end-october 2010 (Figure
More informationYTD yield changes (bps) 27-Jan Dec Jan Dec Jan-17
Bond Market Update 23-27 Debt January Research 2017 23-27 January 2017 Handy Yunianto handy.yunianto@mandirisek.co.id (6221) 5296 9568 Yudistira Yudadisastra yudistira@mandirisek.co.id (6221) 5296 9696
More informationAccelerating Momentum January 2008
The Republic of Indonesia Accelerating Momentum January 28 Disclaimer The presentation is being made to you on the basis that you have confirmed your representation to each of Barclays Capital, HSBC and
More informationIndonesia Update. Yield Movements
Indonesia Update Yield Movements Between end-september and end-december, the government bond yield curve in Indonesia shifted downward as yields fell across all tenors (Figure 1). The entire curve shifted
More informationIndonesia. Yield Movements. Size and Composition
Indonesia 53 Indonesia Yield Movements Between end-june and end-december, local currency (LCY) government bond yields in Indonesia rose dramatically, with the entire curve shifting upward (Figure 1). The
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 informationAsianBondsOnline WEEKLY DEBT HIGHLIGHTS
AsianBondsOnline WEEKLY October 6 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets T he People s Republic of China s (PRC) gross domestic product (GDP) grew 6.7% year-on-year (y-o-y)
More informationAsia Bond Monitor November 2018
7 December 8 Key Developments in Asian Local Currency Markets T he monetary board of the Bangko Sentral ng Pilipinas decided to keep its key policy rates steady during its final meeting for the year on
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 informationGovernment Bond Markets in ASEAN+3: Achievements in the Past Decade and Challenges for Further Development
Government Bond Markets in ASEAN+3: Achievements in the Past Decade and Challenges for Further Development 14 November 2011 Singapore Noritaka Akamatsu Asian Development Bank Before and shortly after 97
More informationThe Republic of Indonesia Recent Economic Developments
The Republic of Indonesia Recent Economic Developments March 2013 About Investor Relations Unit (IRU) ABOUT THE REPUBLIC OF INDONESIA INVESTOR RELATIONS UNIT The Republic of Indonesia Investor Relations
More informationAsia Bond Monitor June 2018
September 8 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Japan s industrial production fell.% on a month-on-month (m-o-m) basis but rose.% on a year-on-year (y-o-y) basis in
More informationIndonesia. Yield Movements. 60 Asia Bond Monitor
60 Asia Bond Monitor Indonesia Yield Movements Between 1 ch and 15 May, local currency (LCY) government bond yields in Indonesia fell for all tenors, resulting in the downward shift of the yield curve
More informationIndonesia. Yield Movements. 54 Asia Bond Monitor
54 Asia Bond Monitor Indonesia Yield Movements Between 1 June and 15 August, local currency (LCY) government bond yields in Indonesia increased, resulting in the entire yield curve shifting upward (Figure
More informationOvercoming Obstacles to Building Public Debt Management Capacity
Overcoming Obstacles to Building Public Debt Management Capacity World Bank Debt Management Forum, Washington, October 29, 2012 Ministry of Finance of the Republic of Indonesia Direcrorate General of Debt
More informationQatar Faculty of Islamic Studies Center For Islamic Economics and Finance. Sukuk from Economic, Legal, Practical and Shariah Prespectives
Qatar Faculty of Islamic Studies Center For Islamic Economics and Finance Sukuk from Economic, Legal, Practical and Shariah Prespectives Sukuk: Why & How to Issue? Presentation by Hussain Abdulla, Senior
More informationThe Republic of Indonesia Recent Economic Developments
The Republic of Indonesia Recent Economic Developments June 2013 About Investor Relations Unit (IRU) ABOUT THE REPUBLIC OF INDONESIA INVESTOR RELATIONS UNIT The Republic of Indonesia Investor Relations
More informationAsian fixed income. Rare value in an uncertain world. February For professional clients only. Not for further distribution.
Asian fixed income Rare value in an uncertain world February 216 Content Asian fixed income returns in context Macro situation in Asia Market overview Key considerations in Asian fixed income 2 Asian fixed
More informationAPPENDIX: A SNAPSHOT OF INDONESIAN ECONOMIC INDICATORS
APPENDIX: A SNAPSHOT OF INDONESIAN ECONOMIC INDICATORS Appendix Figure : Quarterly and annual GDP growth (percent growth) Appendix Figure : Contributions to GDP expenditures (quarter-on-quarter, seasonally
More informationRegional Financial Integration and Financial Regulatory Cooperation The Importance of Asia s Bond Markets Lotte Schou-Zibell, ADB
Regional Financial Integration and Financial Regulatory Cooperation The Importance of Asia s Bond Markets Lotte Schou-Zibell, ADB Workshop: The Global Financial Crisis and the Reform of the Financial Regulatory
More informationINDONESIA S GREEN BOND & GREEN SUKUK INITIATIVE
CLIMATE CHANGE INDONESIA S GREEN BOND & GREEN SUKUK INITIATIVE MINISTRY OF FINANCE REPUBLIC OF INDONESIA 1 CONTENTS OVERVIEW CLIMATE CHANGE [1] Indonesia s Climate Change Vulnerability Map [2] Climate
More informationThe Eurosystem s asset purchase programme
Katja Hettler Lia Cruz Monika Znidar Euro Area Bond Markets Section DG-Market Operations The Eurosystem s asset purchase programme ECB Central Banking Seminar Frankfurt, 13 July 2018 Rubric The Eurosystem
More informationSovereign Debt Managers Forum
Sovereign Debt Managers Forum Breakout Session 1: Market Dynamics in International Capital Markets for Sovereign Debt By C J P Siriwardena Assistant Governor Central Bank of Sri Lanka 04 December 2014
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 informationIndonesia. Yield Movements. Size and Composition
Indonesia 51 Indonesia Yield Movements Between 1 June and 14 August, the local currency (LCY) government bond yield curve in Indonesia rose for all tenors except those at the very short-end (Figure 1).
More informationAsian Bond Market Initiative to support Infrastructure Development in the Region
Asian Bond Market Initiative to support Infrastructure Development in the Region Irfa Ampri Vice Chairman Fiscal Policy Agency for Climate Change Finance and Multilateral Policy Indonesia s Minister of
More informationRecent Economic Developments
REPUBLIC OF INDONESIA Recent Economic Developments January, 2010 Published by Investors Relations Unit Republic of Indonesia Address Bank Indonesia International Directorate Investor Relations Unit Sjafruddin
More informationA Series of Studies on Sukuk Issuances from different Jurisdictions IIFM 1. Series1: A study on Sukuk Issuances in Indonesia 2
A Series of Studies on Sukuk Issuances from different Jurisdictions IIFM 1 Series1: A study on Sukuk Issuances in Indonesia 2 August 2010 1 International Islamic Financial Market is the global standardization
More informationYTD yield changes (bps) 23-May May May May May-14
Bond ket Update 19 Debt 23 Research 2014 19 23 2014 Handy Yunianto handy.yunianto@mandirisek.co.id (6221) 5296 9568 Bond prices fell on higher bond supply expectation Country 10 year bond yields Weekly
More informationKfW Press Briefing Capital Markets 2017/2018. Frankfurt, 11 December 2017
KfW Press Briefing Capital Markets 2017/2018 Frankfurt, 11 December 2017 Key financial figures for KfW Group (IFRS) Business activities (in EUR bn) for the period 2015 2016 Q3 2017 Promotional business
More informationTokyo Metropolitan Government
Tokyo Metropolitan Government Bureau of Finance, November 06 Highlights Tokyo is one of the largest cities in the world in terms of GDP. Tokyo at a Glance Tokyo (A) Japan (B) A/B(%) Population 3.5mn 7.mn
More informationThe way to financial independence Susanne Weitz Head of Finance. 21 November 2017 innogy Credit Day
The way to financial independence Susanne Weitz Head of Finance 21 November 2017 innogy Credit Day The way to financial independence From IPO to Green Bond IPO Oct 16 Consent solicitation: Guarantor &
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 informationCapital Market Press Conference 2013 / Frankfurt, 5 December 2013
Capital Market Press Conference 2013 / 2014 Frankfurt, 5 December 2013 Key financial figures of KfW Group (IFRS) 2013: Solid business performance, decreasing profit, very sound capital basis 2011 2012
More informationGreen Bond Issuance. Yousuf Syed Head, International DCM and Investor Relations Axis Bank. 19 th January 2017
Green Bond Issuance Yousuf Syed Head, International DCM and Investor Relations Axis Bank 19 th January 2017 INDEX Preparatory Activities Executing Green Bond Issue Axis Bank Green Bond Framework Axis Bank
More informationThailand Update. Yield Movements. Size and Composition. Thailand s government bond yield curve flattened between end-december 2010 and end-july
Asia Bond Monitor Thailand Update Yield Movements Thailand s government bond yield curve flattened between end-december 2010 and end-july (Figure 1). Yields at the short-end of the curve increased as much
More informationIndonesia. Yield Movements
Market Summaries Indonesia Yield Movements Local currency (LCY) government bond yields in Indonesia fell for all tenors between end- September and end-december, resulting in the entire curve shifting downward
More informationCagamas Berhad National Mortgage Corporation of Malaysia Corporate Bond Market in Malaysia : Issuer Perspective
Cagamas Berhad National Mortgage Corporation of Malaysia Corporate Bond Market in Malaysia : Issuer Perspective HIGHLY RESTRICTED 1 Overview Section 1: Local Currency Bond Market Overview Section 2: Challenges
More informationMember Reports. Indonesian
Member Reports Indonesian 2010 Asia Securities Forum September 2829, 2010 Beijing, China 1 I. Economic Performance, Trends and Projections 1. Overview Indonesia economy in 2010 is projected to grow at
More informationIndonesia. Yield Movements. Size and Composition. 100 Asia Bond Monitor
100 Asia Bond Monitor Indonesia Yield Movements Local currency (LCY) government bond yields in Indonesia climbed for all tenors between 31 August and 15 October, shifting the curve upward (Figure 1). Yields
More informationOutline. Recent Fiscal Development. Fiscal Policy on Shariah Business. Conclusion. Indonesia s Fiscal Policies
Outline Recent Fiscal Development Indonesia s Fiscal Policies Fiscal Policy on Shariah Business Taxation on Shariah business Government Support Strategic Plan Conclusion Conclusion 2 Indonesia s Fiscal
More informationRepublic of Indonesia
Republic of Indonesia 2018 Investor Update Stability at the Forefront with Unwavering Reforms Commitment June 2018 Disclaimer This presentation has been prepared by the Republic of Indonesia (the Republic
More informationNorth American Development Bank. Financial Report. Héctor Camacho Chief Financial Officer. Board of Directors Meeting May 14, 2015
North American Development Bank Financial Report Héctor Camacho Chief Financial Officer Board of Directors Meeting May 14, 2015 Simplified Balance Sheet As of March 31, 2015 $1,800 Assets US$1,612 Million
More informationIndonesia. Yield Movements
Yield Movements Local currency government (LCY) bond yields in rose dramatically and shifted the entire curve upward between end-may and end-july (Figure 1). Yields gained more at the shorter-end of the
More information5-yr Investment Grade Corporate CDS Markit (bps) 500
Treasury Yield Curve (percent) 2-yr/1-yr Treasury Spread (bps) % 7. 35 6. 3 25 5. 2 4. 15 3. 2. 1. Treasury Curve 'A' Composite 1 5-5. 1-yr 5-yr 1-yr 3-yr The Treasury yield curve is derived from available
More informationSAVINGS BOND RITEL SBR003 Debut to Digitized Bond Market
SAVINGS BOND RITEL SBR003 Debut to Digitized Bond Market Herman Sary Tua 2018 Asian Regional Public Debt Management Forum Directorate of Government Debt Securities Directorate General of Budget Financing
More informationThailand Update. Yield Movements. Size and Composition
Market Summaries Thailand Thailand Update Yield Movements Yields on Thai government bonds shifted downward in 2010 along most of the government bond curve, except at the very short-end. Between end-december
More informationIndonesia. Yield Movements. Size and Composition
Indonesia 79 Indonesia Yield Movements Local currency (LCY) government bond yields in Indonesia rose for all tenors between 31 October and 18 November, leading the entire yield curve to shift upward (Figure
More informationPT Bank Rakyat Indonesia (Persero) Tbk.
PT Bank Rakyat Indonesia (Persero) Tbk. Q2-2014 Financial Update Presentation Maintaining profitability in a challenging environment Jakarta, 22 July 2014 Outline Macro Economy Q2 2014 - a maintained performance
More informationABGSC Swedish Banks Treasury lunches
ABGSC Swedish Banks Treasury lunches Nov 11, 211 Anders Kvist Head of Group Treasury Balance Sheet, Liquidity & Funding A strong balance sheet structure Sep 21 Balance sheet structure Liquid assets Cash
More informationThe Republic of Indonesia Recent Economic Developments
The Republic of Indonesia Recent Economic Developments February 2013 About Investor Relations Unit (IRU) ABOUT THE REPUBLIC OF INDONESIA INVESTOR RELATIONS UNIT The Republic of Indonesia Investor Relations
More informationThe Korean Economy: Resilience amid Turbulence
The Korean Economy: Resilience amid Turbulence Dr. Il SaKong Special Economic Advisor Adviser to the President Republic of Korea November 17, 17, 2008 November 17, 2008 1. Recent Macroeconomic Developments
More informationReform on the move, stability intact
INDONESIA MACROECONOMIC OUTLOOK & FISCAL POLICY DEVELOPMENT Reform on the move, stability intact SRI MULYANI INDRAWATI Minister of Finance Republic Indonesia Investor Presentation June 2018 EXECUTIVE SUMMARY
More informationThe Scream - Edvard Munch 1893 Current Market Update and Recent Developments
2011 ANNUAL MEETING AND EDUCATION CONFERENCE American College of Investment Counsel New York, NY The Scream - Edvard Munch 1893 Current Market Update and Recent Developments Thursday, October 20, 2011
More informationAsset Liability Management Report 4 Q 2018
Asset Liability Management Report 4 Q 2018 Performance Indicators and Key Measures Cash, Investment and Debt Balances Book Value ($M) Restricted Cash and Investments 529.8 Unrestricted Cash and Investments
More informationAsian Investment Grade Credit Class A
Schroder Asian Investment Grade Credit Class A Capture yields from Asia s premium bonds *Distributions at a variable percentage per annum of the net asset value per unit of the Schroder Asian Investment
More informationSovereign Green Bonds in Poland.
Sovereign Green Bonds in Poland. October 2018 4 pillars of the Green Bond Framework Republic of Poland s Green Bond Framework and subsequent Green Bonds align with the ICMA Green Bond Principles issued
More informationWhat yield curves are telling us
ECB-PUBLIC Benoît Cœuré Member of the Executive Board European Central Bank What yield curves are telling us Dublin, 31 January 2018 US Rubric Treasury curve flattest in ten years Bund and US Treasury
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 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 informationGOVERNMENT 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 informationOUTLOOK FOR THE NEW ZEALAND GOVERNMENT DEBT MARKET. 1 The Treasury
OUTLOOK FOR THE NEW ZEALAND GOVERNMENT DEBT MARKET 1 The Treasury TODAY Economic outlook New Zealand Government: risk/reward Fiscal priorities NZDMO s strategy What to watch for 2 1. ECONOMIC OUTLOOK 3
More informationMalaysia Update. Yield Movements. Size and Composition
Malaysia Update Yield Movements The Malaysian government has been pursuing an expansive fiscal policy since the beginning of the year. On 10 March it announced an MYR60 billion stimulus package, generating
More informationLaunching of Thailand s First Inflation Linked Bond
Project Funding For Infrastructure Development in Bangkok Launching of Thailand s First Inflation Linked Bond 20 th 25 th June 2011 London UK, SG, HK Last Updated: July 4 th, 2011 1 Disclaimer The information
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 informationEmerging Market Sovereign Bonds: Does It Cost More To Issue Under English Law?
Consultation Draft April 10, 2014 Emerging Market Sovereign Bonds: Does It Cost More To Issue Under English Law? Sergio Kurlat and Dilip Ratha Development Prospects Group The World Bank 1 Introduction
More informationIndonesia Update. Yield Movements
Market Summaries Indonesia Indonesia Update Yield Movements Between end-december 2009 and end-december 2010, the government bond yield curve for Indonesia shifted downward across all maturities (Figure
More informationSchroder Asian Income Monthly Fund Update
Schroder Asian Income Monthly Fund Update Fund Performance As at 30 September 2014, SGD 1 month Year to date Since launch* Schroder Asian Income Fund (Bid-Bid) (%) -1.7 8.4 35.2 Schroder Asian Income Fund
More informationSingapore Update. Yield Movements. Size and Composition
Singapore Update Yield Movements Singapore government bond yields fell throughout the length of the curve between end-december 29 and end-october 21 (Figure 1). The yield on the 2-year tenor declined 1
More informationUBS Investor Day 2004 Fixed Income, Rates & Currencies. Michael Hutchins, Global Head of FIRC
UBS Investor Day 24 Fixed Income, Rates & Currencies Michael Hutchins, Global Head of FIRC Diversified group of businesses Fixed Income, Rates & Currencies Fixed Income Rates FX, Cash & Collateral Trading
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 informationChina: Beyond the headlines. Bill Maldonado HSBC Global Asset Management
China: Beyond the headlines Bill Maldonado HSBC Global Asset Management Are you a China Bull or a Bear? Source: Various news publications 2 Bear myth #1: Hard landing? GDP: Growth is slowing, but it s
More informationDebt Management Strategy Consultations
2019-20 Debt Management Strategy Consultations Overview The Department of Finance and the Bank of Canada are seeking the views of government securities distributors, institutional investors, and other
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 informationCapital Flows in the Euro Area: Some lessons from the last boom-bust cycle. Angel Gavilan, Martin Hillebrand December 2017
Capital Flows in the Euro Area: Some lessons from the last boom-bust cycle Angel Gavilan, Martin Hillebrand December 217 The last boom in capital flows was largely a global phenomenon Sum of current account
More informationLatin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns
Latin America Sovereign Ratings in a Weakening Global Economy Shelly Shetty, Head of Latin America Sovereigns October 11, 211 Agenda Latin America Sovereigns: Ratings Trajectory In A Weakening Global Environment
More informationPUBLIC DEBT MANAGEMENT QUARTERLY REPORT JANUARY-MARCH 2018
PUBLIC DEBT MANAGEMENT QUARTERLY REPORT JANUARY-MARCH 2018 GOVERNMENT OF INDIA MINISTRY OF FINANCE BUDGET DIVISION DEPARTMENT OF ECONOMIC AFFAIRS JUNE 2018 www.dea.gov.in ii CONTENTS Section Page No. Introduction
More informationANALYST MEETING. PT Bank Tabungan Negara (Persero) Tbk. Business & Financial Performances as of 30 Sept Jakarta, Oktober 2011
ANALYST MEETING PT Bank Tabungan Negara (Persero) Tbk. Business & Financial Performances as of 30 Sept 2011 Jakarta, Oktober 2011 Disclaimer IMPORTANT: The following forms part of, and should be read in
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 informationRAKBANK Investor Relations Presentation Q The National Bank of Ras Al-Khaimah (P.S.C)
Investor Relations Presentation Q1 2014 The National Bank of Ras Al-Khaimah (P.S.C) Snapshot of Ras Al Khaimah Situated less than one hour from Dubai, Ras Al Khaimah is the fourth largest of the seven
More information