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Chart Pack Review of the Commonwealth Government Securities market Discussion Paper, October 2002.

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Presentation on theme: "Chart Pack Review of the Commonwealth Government Securities market Discussion Paper, October 2002."— Presentation transcript:

1 Chart Pack Review of the Commonwealth Government Securities market Discussion Paper, October 2002

2 Chart 1: Commonwealth general government net debt Source: Commonwealth of Australia Budget Strategy and Outlook , Budget Paper No. 1; Commonwealth of Australia Final Budget Outcome ; and Australian Office of Financial Management, 2002.

3 Chart 2: Fixed coupon bonds outstanding by issuer type (June 2002) Source: Reserve Bank of Australia, 2002 (unpublished).

4 Chart 3: Benchmark Treasury Fixed Coupon Bonds outstanding (June 2002) Source: Australian Office of Financial Management, 2002.

5 Chart 4: Treasury Indexed Bonds outstanding (June 2002) Source: Australian Office of Financial Management, 2002.

6 Chart 5: Net short-term assets and Treasury Notes outstanding in 2001 Source: Australian Office of Financial Management, 2002 (unpublished).

7 Chart 6: State and Territory bonds outstanding (June 2002) Source: Salomon Smith Barney (2002) AusBIG Profile Report, August 2002, Australia.

8 Chart 7: Corporate bonds outstanding by issuer Source: Reserve Bank of Australia, 2002 (unpublished).

9 Chart 8: Maturity profile of corporate fixed coupon bonds outstanding (June 2002) Source: Salomon Smith Barney (2002) AusBIG Profile Report, August 2002, Australia.

10 Chart 9: History of outstanding bonds Note: The figures for the Commonwealth include indexed bonds and exclude the Commonwealth's own holdings. Corporate estimates include floating-rate bonds but exclude asset-back securities. Source: Reserve Bank of Australia, 2002.

11 Chart 10: Turnover in Australian fixed coupon debt markets Source: Australian Financial Markets Association (2001) Australian Financial Market Report, AFMA ‑ SIRCA, Australia.

12 Chart 11: Turnover of Treasury bonds and Treasury bond futures contracts Source: Australian Financial Markets Association (2001) Australian Financial Market Report, AFMA ‑ SIRCA, Australia.

13 Chart 12: Turnover of Treasury bonds and interest rate swaps Source: Australian Financial Markets Association (2001) Australian Financial Market Report, AFMA ‑ SIRCA, Australia.

14 Chart 13: Turnover in the repurchase market by instrument Source: Australian Financial Markets Association (2001) Australian Financial Market Report, AFMA ‑ SIRCA, Australia.

15 Chart 14: Commonwealth Government Securities yield curve (June 2002) Source: Bloomberg, 2002.

16 Chart 15: Outstandings and turnover in the Australian corporate debt market Note: Includes floating rate bonds but excludes asset-back securities. Source: Reserve Bank of Australia (2002) Bulletin Statistical Tables; Australian Financial Markets Association (2001) Australian Financial Market Report, AFMA ‑ SIRCA, Australia.

17 Chart 16: The interest rate swap curve (June 2002) Source: Bloomberg, 2002.

18 Chart 17: Spread of corporate bonds to Treasury bonds Note: Bonds with three years to maturity. Source: Reserve Bank of Australia (2002) Bulletin Statistical Tables.

19 Chart 18: US corporate-government bond spread and Dow Jones Index Note: Credit spread = ten-year BAA minus ten-year US Treasuries. Source: Datastream, 2002.

20 Chart 19: Australia’s current account balance Source: Australian Bureau Statistics (2002) Australian System of National Accounts, Cat. No. 5204, AusStats Time Series Spreadsheets, ABS, Canberra.

21 Chart 20: CGS outstanding if retired at maturity and no further issuance Note: Refers to Treasury bonds outstanding. Source: Australian Office of Financial Management and Treasury projections, 2002 (unpublished).

22 Chart 21: Growing the CGS market in line with nominal growth in GDP Note: Refers to Treasury bonds outstanding. Source: Australian Office of Financial Management and Treasury projections, 2002 (unpublished).

23 Chart 22: Growing the CGS market in line with growth in financial assets Note: Refers to Treasury bonds outstanding. Source: Australian Office of Financial Management and Treasury projections, 2002 (unpublished).

24 Chart 23: Australia’s financial asset market size (June 2002) Note: Investment grade bonds refer to debt securities with a credit rating of BBB or higher. Source: Salomon Smith Barney (2002) AusBIG Profile Report, August 2002, Australia; and Bloomberg, 2002.

25 Chart 24: Size of Government investment possible with investment limits Source: Salomon Smith Barney (2002) AusBIG Profile Report, August 2002, Australia; and Bloomberg, 2002.

26 Chart 36: Singapore Government securities on issue Source: CEIC Asia Database, 2002.

27 Chart 37: Hong Kong Government securities on issue Source: CEIC Asia Database, 2002.

28 Chart 38: US government, corporate and agency securities on issue Note: Government debt refers to government debt held by the public. Source: The Bond Market Association, 2002; OECD (2002) Economic Outlook, No. 71, OECD, Paris.

29 Chart 39: Korean government and corporate securities on issue Note: Total Government bonds comprise of Treasury Bonds, Foreign Exchange Stabilisation Bonds, National Housing Bonds and Grain Securities. Source: Korea National Statistics Office, 2002.

30 Chart 40: New Zealand Government asset portfolios: 2002 to 2006 Note: A number of other substantial asset portfolios are held by the Government, including assets held by the Reserve Bank of New Zealand, and the New Zealand Debt Management Office. Source: New Zealand Treasury, (2002) Budget Economic and Fiscal Update.

31 Chart 41: Accumulated assets in Norway’s Government Petroleum Fund Note: Data for 2002 and 2003 are projections. Source: Norges Bank (2001) The Government Petroleum Fund: Annual Report; Ministry of Finance estimates.

32 Chart 42: Canadian Pension Plan asset holdings Source: Canadian Pension Plan Annual Report, various years, Government of Canada; Canadian Pension Plan Investment Board, Annual Report, various years.

33 Chart 43: Accumulated assets in Ireland’s National Pension Reserve Fund Source: National Pension Reserve Fund Commission, 2001.

34 Table 1: Commonwealth Government Securities outstanding Note: Net of Commonwealth holdings and debt on issue for the States and Territories. Source: Australian Office of Financial Management, 2002.

35 Table 2: Correlation of changes in interest rate swap rate with other debt security yields Note: Correlation calculations based on monthly yield data fro three-year fixed coupon bonds over the period August 1997 to June Source: Treasury calculations based on data from Bloomberg, 2002.

36 Table 3: Holdings of CGS by sector Note: Amount outstanding at the end of the June quarter. Estimates for are for the end of the March quarter. Source: Australian Bureau of Statistics (2002) Financial Accounts, Cat. No. 5232, March quarter.


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