台湾省政府功能业务与组织调整涉及国库业务部分简报

BySusanS.ChangDirectorGeneralDepartmentofNationalTreasuryMinistryofFinanceTaiwan,R.O.C2ContentsⅠ.IntroductionⅡ.ThePrimaryMarket:issuingandoutstandingamountsⅢ.TheStructureofPrimaryMarketⅣ.TheSecondaryMarketV.PoliciesandMeasuresⅥ.FutureOutlookⅦ.ConcludingRemarks3Ⅰ.IntroductionTheGovernmentbondsisaveryimportantinstrumenttoraisefundsforgovernmentprojectsandexpenditure.Thegovernmentbondmarketalsoplaysankeyroleinstrengtheningthefinancialsector.Inthisregard,manycountrieshavetryveryhardtodevelopasoundgovernmentbondmarket.ThesameistrueforROCgovernment.Inlasttenyears,theTaiwangovernmentbondmarketgrewveryfast,andmanypoliciesandmeasureshadbeentakentoimprovethemarket.4Ⅱ.Theprimarymarket1.HistoricaloverviewThefirstissuanceofthegovernmentbondscanbetracedto19494kindsofbondswereissuedPatriotbondShort-termBondAnnualBondConstructionBond5TreasuryBondsSoldbytheCentralGovernmentKindsItemsPatriotBondShort-termBondAnnualBondConstructionBondIssuingyear1949,1966-19681959to19621963to19751975topresentPurposesNationalneedsShort-termneedsAnnualBudgetneedsFundingInfrastructureconstructionSolicitationByassignmentQuotaQuota1.Quotasystem1975~19912.TenderingNov.1991~nowCouponrateStipulatedbylawStipulatedbylawStipulatedbylawBasedonmarketratesPriceParvalueParvalueParvalue1.Parvalue1975~19912.TenderingNov.1991~now6Before1975,aspeciallawshouldbepassedaccompanyingtheannualbudgetbilltolegalizethebondissuance.In1975,Apermanentlaw“TheStatuteforIssuingCentralGovernmentConstructionBonds”waspromulgatedinsubstitutionfortheannuallaw.72.ThestatusofgovernmentbondsIssuingamount050100150200250300350400450194919901991199219931994199519961997199819992000NT$100BillionYear8Outstanding(amount)0200400600800100012001400194919901991199219931994199519961997199819992000NT$100BillionYear9Outstanding(aspercentageofGDP)5.28%5.01%10.31%13.95%13.32%15.23%14.38%14.57%12.96%11.50%12.98%0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%16.00%194919901991199219931994199519961997199819992000NT$100BillionYear10Ⅲ.Thestructureofprimarymarket(June,2000)1.Maturity15years355bil19.90%10years440bil24.66%7years483bil27.07%5years220bil12.33%under5years220bil6.17%20years176bil9.87%112.Couponratesofissuing5.00%5.50%6.00%6.50%7.00%7.50%8.00%8.50%1992199319941995199619971998199920005years7years10years15years20yearsYear123.BidderofissuanceBiddingqualification:authorizedcentralgovernmentbondprimarydealersThepresentauthorizeddealersinclude:Banks19SecuritiesFirms38BillsFinancingCompanies13InvestmentTrustCompanies3134.HolderofgovernmentbondsAuthorizeddealers50~60%Banks35~45%Securitiesfirms10~20%BillsFinancingcompaniesInvestmenttrustcompaniesOthers40~50%14Ⅳ.TheSecondaryMarketBefore1990,withgoodfiscalsituation,issuanceofgovernmentbondshadbeenverysmall.Thetransactionvolumeofstocksismorethanthatofgovernmentbonds.After1990,inordertofundmanymajorinfrastructureprojects,theissuanceofbondsincreasedsharply.Thisledtothethrivingofthesecondarymarket.From1992,except1994,thetransactionvolumeofgovernmentbondssurpassesthatofstocks.15Bonds&Stocksmarkettradingvolume-100,000200,000300,000400,000500,000600,00019861987198819891990199119921993199419951996199719981999StockBondYearTradingVolume16However,themajorbondtransactionisontherepurchasebasis,outrightpurchasetransactionisfew.FY1998FY2000RepurchaseTransaction94%85%OutrightTransaction6%15%17Thetradingsystemofthesecondarymarket1.OrganizedexchangePlayers:securitiesdealers&brokersMatchingmethod:computerbiddingFee:0.1%~0.05%dependingontradingvolumeSettlement:T+2182.OTCPlayers:securitiesdealers,brokersandinvestorsTradingmethod:bargaindirectlywithdealers,orthrough“Equivalentyieldmatchingsystem”automaticallymatching.Fee:freeSettlement:T+3orT+219YieldCurve5.25.45.65.866.26.4Jul99Aug99Sep99Oct99Nov99Dec99Jan00Feb00Mar00Apr00May00Jun005yearbond7yearbond10yearbond15yearbond20yearbondMonthYieldAverage20BondTrading0500100015002000250030003500Jul99Aug99Sep99Oct99Nov99Dec99Jan00Feb00Mar00Apr00May00Jun005yearbond7yearbond10yearbond15yearbond20yearbondTradingVolumeMonth21V.PoliciesandMeasures1.ImprovementofissuingsystemFromallocationtocompetitivebiddingFrompriceoffertointerestrateoffer2.IncreaseofvarietyofbondsIssuinglonger-termbondsIssuedfirst10-yearbondinSep22,1993Issuedfirst15-yearbondinJun16,1995Issuedfirst20-yearbondinNov24,199822Issuingzero-couponbondUsingDutchbiddingschemetoissuetwotrenchesofzero-couponbondinOct20,1995.3.ProvidingpurchasingchanneltominorinvestorsFromApr.1993,2%oftheissuedamountisreservedforminorinvestors.DirectorateGeneralofPostsiscommissionedtoselltominorinvestors,through141postoffices.234.Changetobook-entrybondsInSep.1997firstbook-entrybondswasissuedsuccessfully,andasettlementbanksystemisused.UptoJune2000,NT$310billionbook-entrybondshavebeenissued.Thesettlementbanksalsoincreasedfrom7to14.SinceJan15,1999,Thetransformationofphysicalformbondstobook-entryoneshasbeenavailable.Thesettlementbanksplaytheroleaswindows.24Thepercentageofbook-entrytothetotaloutstandinggovernmentbonds0.00%9.24%21.69%57.19%77.