Government Securities Market

Transcription

1 Government Securities Market BULGARIAN NATIONAL BANK services June 22 Primary Market of Government Securities ISSUES IN JULY Auction date Treasury Treasury Treasury Government securities type bills bonds bonds 3-month 5-year 7-year Payment date AUCTIONS OF TREASURY BILLS IN JUNE 3-month 12-month date Maturity Auction date Bids (BGNí) Minimum price per BGN nominal value Average price per BGN nominal value Average annual yield AUCTIONS OF TREASURY BONDS IN JUNE 3-year* 1-year* Interest coupon date Maturity Auction date Payment date Bids (BGNí) Bids (BGNí) Minimum price per BGN nominal value** Average price per BGN nominal value** Interest accrued Average annual yield * Tap issue. ** Minimum and average prices per BGN nominal value for tap issues do not include interest accrued as of payment date. Auctions for Sale of Five-year Treasury Bonds Auctions for Sale of Three-month Treasury Bills VII VIII IX X XI XII I II IV V Bids Bids Average annual yield (right scale) VII VIII IX X XI XII I II III IV VI Bids Bids Average annual yield (right scale) Investment in Target Government Securities Earmarked for Sale to Physical Persons XII VI XII VI XII VI XII VI XII I II III IV V VI VII VIII IX X XI XII I II III IV Total Sold by the BNB V VI Debt structure Debt on government securities issued for budget deficit financing total including target bonds earmarked for physical persons Government Securities Debt d in Domestic Market * Debt on government securities issued for structural reform (nominal value in BGNí) Debt amount June * Lev equivalent of government securities denominated in foreign currency is based on BNB central exchange rate valid for the last working day of corresponding period.

2 Secondary Market of Government Securities Government Securities Traded in Domestic Market, Circulating as of 3 June 22 Interest Pending Government securities Currency Total volume rate interest held by number maturity of the issue payment foreign investors BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BIR BG BGN BIR BG BGN BIR BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BIR BG BGN BIR BG BGN BIR BG BGN BIR BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BG BGN BIR BG BGN BG BGN BIR BG BGN BIR BG BGN BIR BG USD LIBOR lev equivalent BG EUR EURIBOR lev equivalent in BGN, total: Tap issue. Total volume was not entirely sold. 2 Lev equivalent of government securities denominated in foreign currency is based on BNB central exchange rate of foreign currencies against the Bulgarian lev valid for 3 June 22. Government Securities in Foreign Markets as of 3 June 22 Government Interest Maturity Next Number of Nominal value of the debt securities rate date interest interest payments equivalent in million payment in the year EUR BGN USD Number of the issue XS euro bonds (EUR 25 million) Number of the issue XS global bonds in EUR (EUR million) Number of the issue XS global bonds in USD (USD million) TOTAL Note: USD and BGN equivalent is based on BNB central exchange rates of foreign currencies against the Bulgarian lev valid for 28 June Volume and Structure of Frozen Government Securities XII I II III IV V VI VII VIII IX X XI XII I II III IV Frozen government securities on registered pledges Frozen government securities as security on budget funds Note: Lev equivalent of government securities denominated in foreign currency is based on BNB central exchange rate valid for the last working day of corresponding period. V VI 2 6/22 ï Government Securities Market

3 Secondary Market of Government Securities Volume of Transactions in Tradeable Government Securities I II III IV V VI VII VIII IX X XI XII I II III IV V VI Repo agreements Outright sales Transactions on behalf of clients Notes:1. Including for participation in government securities auctions on behalf of nonprimary dealers, companies and individuals. 2. Repo agreements include reverse repo agreements and those concluded during the current day. 3. Transactions in government securities denominated in foreign currency are in BGN at BNB exchange rate of the respective currency on the day of transaction. Term Structure of Transactions in Government Securities Interbank Market month 12-month 2-year up to 7 years up to 25 years June 21 June 22 Note: Transactions in government securities denominated in foreign currency are in BGN at BNB exchange rate of the respective currency on the day of transaction. Volume of Transactions in Government Securities d for Budget Deficit Financing in June Holders of Government Securities d for Budget Deficit Financing as of 3 June 22 Transactions between government securities primary dealers and their clients BGN million (46.56%) Local nonbank financial institutions, companies and individuals BGN million (14.8%) Insurance companies and pension funds BGN 89.5 million (6.97%) Foreign investors BGN.1 million (.%) Transactions between government securities primary dealers BGN million (53.44%) Government banks BGN million (24.45%) Notes: 1. Including frozen government securities. 2. Including target issues earmarked for individuals. 3. Preliminary data. Private banks BGN million (54.51%) Volume of Transactions in Government Securities Denominated in Foreign Currency d for Structural Reform in June Holders of Government Securities Denominated in Foreign Currency d for Structural Reform as of 3 June 22 Transactions between government securities primary dealers and their clients BGN million (4.13%) Local nonbank financial institutions, companies and individuals BGN million (12.44%) Foreign investors BGN million (13.31%) Private banks BGN million (4.86%) Transactions between government securities primary dealers BGN million (59.87%) Insurance companies and pension funds BGN million (18.7%) Government banks BGN million (15.32%) Note: Transactions in government securities denominated in foreign currency are in BGN at BNB exchange rate of the respective currency on the day of transaction. Notes: 1. Including frozen government securities. 2. The lev equivalent is based on BNB exchange rate valid for 3 June Preliminary data. 3 6/22 ï Government Securities Market

4 Secondary Market of Government Securities Volume and Yield on Deposits in the Interbank Market and Repo Agreements in Government Securities Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements Deposits Repo agreements - Monthly, total Deposits Repo agreements (thousand BGN) 1 day from 2 to 3 days from 4 to 7 days from 8 to 3 days over 3 days Total Volume Yield Volume Yield Volume Yield Volume Yield Volume Yield Volume Notes: 1. Reverse repo agreements excluded from repo agreements volume. 2. Yield is calculated on an annual basis. 3. Transactions in government securities denominated in foreign currency are in BGN at BNB exchange rate on the day of transaction. Yield on Repo Agreements in Government Securities and Interest Rate on Interbank Deposits on a Monthly Basis (June) day up to 3 days up to 7 days up to 1 month Yield on repo agreements Yield on interbank deposits Monthly average-weighted base interest rate /22 ï Government Securities Market

5 Secondary Market of Government Securities Investments of Nonbank Financial Institutions, Companies and Individuals in Government Securities d for Budget Deficit Financing and for Structural Reform XII 3.VI 31.XII 3.VI 31.XII 3.VI 31.XII 3.VI 31.XII 31.I 28.II 31.III 3.IV 31.V 3.VI 31.VII 31.VIII 3.IX 31.X 3.XI 31.XII 31.I 28.II 31.III 3.IV 31.V Government securities issued for budget deficit financing Government securities issued for structural reform 3.VI Note: Government securities denominated in foreign currency are recalculated at BNB central exchange rate valid for the last working day of corresponding period. Government Securities in Foreign Investor Portfolio XII 3.VI 31.XII 3.VI 31.XII 3.VI 31.XII 3.VI 31.XII 3.VI 31.XII 31.I 28.II 31.III 3.IV 31.V Government securities issued for budget deficit financing (including target issues) Note: Government securities denominated in foreign currency are recalculated at BNB central exchange rate valid for the last working day of corresponding period. 3.VI Government securities issued for structural reform Bid Quotations of Bulgarian Brady Bonds and USD-denominated Government Securities d under ZUNK (USD) June 22 ZUNK DISC FLIRB IAB Source: Reuters. Bid and Offer Quotations of Bulgarian Five-year Eurobonds (EUR) 13 Offer Quotations of Bulgarian Brady Bonds and USD-denominated Government Securities d under ZUNK (USD) June 22 bid offer June 22 ZUNK DISC FLIRB IAB Source: Reuters. Yield on Five-year Euro bonds Turkey Romania Bulgaria Lithuania Greece XI.21 Source: Reuters. Spain XII.21 I.22 II.22 III.22 IV.22 V.22 VI Source: Reuters Bulgaria Poland Hungary 5 Germany Source: Reuters. Romania Lithuania Yield on Ten-year Euro bonds 4 III.22 IV.22 V.22 VI /22 ï Government Securities Market

6 Government Securities Primary Dealers L I S T of Financial Institutions Approved by the Minister of Finance and the Governor of the Bulgarian National Bank to Act as Government Securities Primary Dealers for the Period 1 July 31 December 22 RÂuters page containing Financial institution government securities quotations Website 1. BIOCHIM COMMERCIAL BANK CBBB BNP PARIBAS (BULGARIA) BSBD BULBANK BGTB BULGARIA-INVEST COMMERCIAL BANK BGIN BULGARIAN POST BANK BPBB CENTRAL COOPERATIVE BANK SCCB CITIBANK N. A. Sofia Branch CSOF CORPORATE COMMERCIAL BANK BGIB DEMIRBANK ( BULGARIA) DBBG DSK BANK SSBG ECONOMIC AND INVESTMENT BANK RIBB EVROBANK EBSF FIRST EAST INTERNATIONAL BANK EIBG FIRST INVESTMENT BANK BFIB HEBROS COMMERCIAL BANK Plovdiv AGBG HVB BANK, BULGARIA HVSO ING BANK N. V. Sofia Branch INBS MUNICIPAL BANK SMBK NEFTINVESTBANK OBBG RAIFFEISENBANK (BULGARIA) RBBS ROSEXIMBANK REBS SG EXPRESSBANK Varna EBVB UNIONBANK UNBS UNITED BULGARIAN BANK UBBB BULBROKERS BULB ELANA ELAN EUROFINANCE EUFI SII INVEST SIIB 1 NONPRIMARY DEALERS OF GOVERNMENT SECURITIES WITH REGISTERS AT THE BNB UNDER ß 6 OF THE ADDITIONAL PROVISIONS OF REGULATION No. 5 OF THE MF AND BNB ENCOURAGEMENT BANK SUMMARIZED QUOTATION PAGES BGTSY= BGZYNK= BGTSYM= BNB pages containing information on interbank government securities market BGBNB 5 BGBNB 6 BGBNB 9 BNB pages containing information on average-weighted prices of traded government securities issues BGBNB 1 BGBNB 11 BGBNB 12 BGBNB 13 Bulgarian National Bank, 22, Fiscal Services Department 1 Alexander Battenberg Square, Sofia This issue includes materials and data up to 4 July 22. Telephone: ; Fax: , The contents of the Government Securities Market Bulletin may Computer Typeset: Publications Division of the BNB be quoted or reproduced without further permission. Due Printed by BNB Printing Center acknowledgment is requested. 6 6/22 ï Government Securities Market

7 Primary Market of Government Securities TREASURY BILLS number date maturity Number of days amount offered by the MF GOVERNMENT SECURITIES SOLD AT THE AUCTIONS, CIRCULATING AS OF 3 JUNE 22 Nominal value Price per BGN nominal value Average yield to maturity Amount Discount Average Minimum Maximum Average actually transferred price of price of price of price of Average annual yield Average effective annual yield BG BG BG Three-month issues, total BG BG BG BG One-year issues, total Base interest rate as of issue date (payment date) Short-term government securities, total Note: Yield on government securities is calculated according to the methodology applied by the MF and yield conventions adopted as of 1 January 21: /36 for treasury bills and / for treasury bonds. 1 6/22 ï Government Securities Market

8 TREASURY BONDS number date maturity Number of days amount offered by the MF Primary Market of Government Securities Nominal value Amount actually transferred * Tap issue. Notes: 1. Yield on government securities is calculated according to the methodology applied by the MF and yield conventions adopted as of 1 January 21: /36 for treasury bills and / for treasury bonds. 2. Accrued interest as of payment date is not included in Price per BGN nominal value column for all tap issues. Discount Premium Average price of Price per BGN nominal value Minimum price of Maximum price of Average price of Interest accrued per BGN nominal value Annual interest rate Average annual yield *BG First openinig Second openinig Third openinig *BG First openinig Second openinig Third openinig *BG First openinig Second openinig *BG First openinig Second openinig *BG First openinig Second openinig *BG First openinig Second openinig Two-years issues, total Base interest rate as of issue date 2 6/22 ï Government Securities Market

9 Primary Market of Government Securities TREASURY BONDS number date maturity Number of days amount offered by the MF Nominal value Amount actually transferred * Tap issue. Notes: 1. Yield on government securities is calculated according to the methodology applied by the MF and yield conventions adopted as of 1 January 21: /36 for treasury bills and / for treasury bonds. 2. Accrued interest as of payment date is not included in Price per BGN nominal value column for all tap issues. Discount Premium Average price of Price per BGN nominal value Minimum price of Maximum price of Average price of Interest accrued per BGN nominal value Annual interest rate Average annual yield *BG First openinig Second openinig Third openinig Fourth opening *BG First openinig Second openinig Third openinig *BG First openinig Second openinig Third openinig *BG First openinig Second openinig Third openinig *BG First openinig Second openinig Three-year issues, total Base interest rate as of issue date 3 6/22 ï Government Securities Market

10 TREASURY BONDS number date maturity Number of days amount offered by the MF Primary Market of Government Securities Nominal value Amount actually transferred * Tap issue. Notes: 1. Yield on government securities is calculated according to the methodology applied by the MF and yield conventions adopted as of 1 January 21: /36 for treasury bills and / for treasury bonds. 2. Accrued interest as of payment date is not included in Price per BGN nominal value column for all tap issues. Discount Premium Average price of Price per BGN nominal value Minimum price of Maximum price of Average price of Interest accrued per BGN nominal value Annual interest rate Average annual yield BG BG BG BG BG *BG First openinig Second openinig Third openinig *BG First openinig Second openinig Third openinig *BG First openinig Second openinig Third openinig *BG First openinig Second openinig Third openinig *BG First openinig Second openinig Third openinig *BG First openinig Second openinig Third openinig Fourth openinig Five-year issues, total Medium-term government securities, total Base interest rate as of issue date 4 6/22 ï Government Securities Market

11 Primary Market of Government Securities TREASURY BONDS number date maturity Number of days amount offered by the MF Nominal value Amount actually transferred * Tap issue. ** Tap issue. Total volume was not entirely sold. Notes: 1. Yield on government securities is calculated according to the methodology applied by the MF and yield conventions adopted as of 1 January 21: /36 for treasury bills and / for treasury bonds. 2. Accrued interest as of payment date is not included in Price per BGN nominal value column for all tap issues. Discount Premium Average price of Price per BGN nominal value Minimum price of Maximum price of Average price of Interest accrued per BGN nominal value Annual interest rate Average annual yield *BG First openinig Second openinig *BG First openinig Second openinig Seven-year issues, total *BG First openinig Second openinig Third openinig Seven-year and three months issues, total **BG First openinig Second opening Third openinig Ten-year issues, total Long-term government securities, total Government securities sold at auctions, total Base interest rate as of issue date 5 6/22 ï Government Securities Market

12 Secondary Market of Government Securities Volume of Government Securities Transactions in the Secondary Market and Securities Transactions in the Bulgarian Stock Exchange and Over-the-counter Market Date Transactions between primary dealers Transactions between primary dealers and their clients Transactions Privatization Transactions in securities in government June Repo agreements Outright sales Article 14 Article 15 Article 2 Article 21 transactions Bulgarian Stock Over-the-counter securities, total Exchange market Total Total Average volume of government securities transactions* * Volume calculated on the basis of 24 operating primary dealers. Notes: 1. The amount of competitive and noncompetitive on behalf of companies and individuals of BGN 5,632,891 is included. 2. The amount of for participation in government securities auctions on behalf of nonprimary dealers of BGN 1,3, is included. 3. The volume of repo agreements includes reverse repo agreements and repo agreements concluded during the current day. 4. Transfer transactions of government securities to the MF account used as legal tender in privatization are considered to be privatization transactions. 5. Transactions in USD-denominated government securities are in levs at the exchange rate quoted by the BNB for the respective currency on the day of transaction. 6. Banking Department data on the volume of transactions (at market value) in the Bulgarian Stock Exchange and Over-the-counter market. 6/22 ï Government Securities Market

13 Information on subscription results for the exchange of long-term USD-denominated government bonds of issue No. BG (issued under Article 5 of the Law on Settlement of Nonperforming Credits Negotiated prior to 31 December 199) for long-term euro-denominated government securities of issue No. BG : 1. Subscription begins on 3 June Deadline of the subscription 12 June 22, 17: 3. Date of the exchange 18 June Minimal amount per participant USD 1, face value 5. Divisibility of the face value Divisible by USD 1, 6. Conversion exchange rate Face value of the for issue No. BG USD 19,85,. 8. Face value of the by the MF for issue No. BG USD 19,85,. 9. Face value of government securities from issue No. BG EUR 21,93, Amount of interest accrued on issue No. BG USD 257, Amount of interest accrued on issue No. BG EUR 367, Note: Payment on interest accrued is based on exchange rates (USD/BGN, EUR/BGN) valid for the day of exchange. 6/22 ï Government Securities Market