Académique Documents
Professionnel Documents
Culture Documents
Objective Strategy
1 • Bond market development • Primarily used to finance budget deficit
Benchmark • Create benchmark yield curve • Institution / insurance
Bonds • Increase liquidity in secondary market
2
• Maturity : 5, 10, 25 & 20 yrs
T-Bills • Short term instruments • Flexible tools for cash & debt
management
3 Saving • Alternative funding source • Broaden investor base
Bonds • Retail
30 5
• First launch of 30 yrs LB
FRB – Alternative maturity
Non-Benchmark Bond 2 – Meet demand from long term investors
– Market development : extend yield curve
3 13
8 10
12 8
14 15
Saving Bond 18
P/N >5 31
T-Bill
Bank Loans >5
TOTAL 273 4
Responsive government measures introduced to meet
immediate funding requirements
30 6
Short term Instruments (LB: 2 & 3 yrs +
FRB 22 T-Bills)
Non-Benchmark Bond 2 88 • Urgent need of funding to stimulate economy
3 50 • Interest rates on downward trend
8 • More demand for short term instruments because
of measure to lengthen credit guarantee
12 16
14 FRB
Saving Bonds 80 • Reduce interest rates Miss-match
P/N >5 80 • Meet demand from investors
T-Bill 134
Saving Bond
Bank Loans >5
• Increase amount to meet growing demand
TOTAL 677 5
Responsive government measures introduced to meet
immediate funding requirements