台湾省政府功能业务及组织调整涉及国库业务部分简报

❖Fee: free ❖Settlement: T+3 or T+2
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Yield Curve
Yie ld 6.4 Ave rag e
6.2
6
5.8
5.6
5 year bond
7 year bond
10 year bond
5.4
15 year bond
20 year bond
5.2 Jul 99 Aug 99 Sep 99 Oct 99 Nov 99 Dec 99 Jan 00 Feb 00 Mar 00 Apr 00 May 00 Jun 00
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Ⅲ. The structure of primary market
(June, 2000)
1.Maturity
15 years 355bil 19.90%
20 years 176bil 9.87%
under 5 years 220bil 6.17%
5 years 220bil 12.33%
10 years 440bil 24.66%
Issuing longer-term bonds
❖Issued first 10-year bond in Sep 22, 1993 ❖Issued first 15-year bond in Jun 16, 1995 ❖Issued first 20-year bond in Nov 24, 1998
outstanding amounts Ⅲ . The Structure of Primary Market Ⅳ . The Secondary Market
V Outlook Ⅶ.Concluding Remarks
2
Ⅰ . Introduction
Bills Financing companies
Investment trust companies
Others
40~50%
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Ⅳ . The Secondary Market
Before 1990, with good fiscal situation, issuance of government bonds had been very small. The transaction volume of stocks is more than that of government bonds.
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2. The status of government bonds
Issuing amount
NT$100 450 Bi l l i on
400 350 300 250 200 150 100 50
0 1949
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Yea r
By Susan S. Chang
Director General Department of National Treasury
Ministry of Finance Taiwan, R.O.C
Contents
Ⅰ . Introduction Ⅱ . The Primary Market: issuing and
1975 ~ 1991
2. Tendering
Nov. 1991 ~ now
Coupon
Stipulated by Stipulated by Stipulated by Based on market rates
rate
law
law
law
Price
Par value
Par value
Par value
N T$ 1 0 0 Billion 16.00%
14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00%
1949
15.23%
13.95%
14.38% 14.57%
13.32%
12.96%
12.98%
10.31%
11.50%
5.28% 5.01%
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 Ye ar
M onth
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Bond Trading
3500 Tra d i n g Volum e
3000
2500
2000
5 year bond 7 year bond 10 year bond 15 year bond 20 year bond
1500
1000
500
0 Jul 99 Aug 99 Sep 99 Oct 99 Nov 99 Dec 99 Jan 00 Feb 00 Mar 00 Apr 00 May 00 Jun 00 Month
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Bonds & Stocks market trading volume
600,000
Tra d in g
Volum e
Stock
500,000
Bond
400,000
300,000
200,000
100,000
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 Ye ar
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Issuing zero-coupon bond ❖ Using Dutch bidding scheme to issue two
The Government bonds is a very important instrument to raise funds for government projects and expenditure. The government bond market also plays an key role in strengthening the financial sector. In this regard, many countries have try very hard to develop a sound government bond market. The same is true for ROC government. In last ten years, the Taiwan government bond market grew very fast, and many policies and measures had been taken to improve the market.
6%
15%
Transaction
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The trading system of the secondary market anized exchange
❖Players: securities dealers & brokers ❖Matching method: computer bidding ❖Fee: 0.1%~0.05% depending on trading
After 1990, in order to fund many major infrastructure projects, the issuance of bonds increased sharply. This led to the thriving of the secondary market. From 1992, except 1994, the transaction volume of government bonds surpasses that of stocks.
volume ❖Settlement: T+2
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2.OTC
❖Players: securities dealers ,brokers and investors
❖Trading method: bargain directly with dealers, or through “Equivalent yield matching system” automatically matching.
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However, the major bond transaction is on the repurchase basis, outright purchase transaction is few.
FY 1998
FY 2000
Repurchase
94%
85%
Transaction
Outright
year
1966-1968
Purposes
National needs Short-term
Annual
Funding Infrastructure
needs
Budget
construction
needs
Solicitation By assignment Quota
Quota
1. Quota system
4
Treasury Bonds Sold by the Central Government
Kinds Patriot Bond
Short-term Annual Bond
Construction Bond
Items
Bond
Issuing
1949,
1959 to 1962 1963 to 1975 1975 to present
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Ⅱ . The primary market
1. Historical overview
The first issuance of the government bonds can be traced to 1949 4 kinds of bonds were issued