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Monthly Report November 2013 Monthly Report Republic of Serbia Ministry of Finance Public Debt Administration Belgrade 2013, # 20 www.publicdebt.gov.rs Bloomberg Page <RSMF> <GO> Monthly report – November 2013 2012 2012 Content INTRODUCTION ....................................................................................................................... 2 INTRODUTORY WORD ............................................................................................................ 2 OF THE DIRECTOR .................................................................................................................. 2 ORGANIZATION AND COMPETENCES ................................................................................. 4 STRATEGIC GUIDELINES ....................................................................................................... 5 LAW ON BUDGET, EXECUTION OF THE BUDGET ............................................................. 6 OF THE REPUBLIC OF SERBIA FOR THE YEAR 2013 ......................................................... 6 GOVERNMENT SECURITIES ON DOMESTIC MARKET – INTERNAL PUBLIC DEBT ...... 7 INTERNAL PUBLIC DEBT ANALYSIS ................................................................................... 12 EXTERNAL PUBLIC DEBT – ISSUED GOVERNMENT SECURITIES ................................. 15 EXTERNAL DEBT ANALYSIS ................................................................................................. 20 PUBLIC DEBT ANALYSIS ....................................................................................................... 25 LOCAL GOVERNMENT DEBT ANALYSIS ............................................................................. 27 CREDIT RAITING OF THE REPUBLIC OF SERBIA – Default SWAP ................................. 29 CONTACT ................................................................................................................................ 30 LINKS ....................................................................................................................................... 30 Republic of Serbia – Public Debt Administration | Belgrade, Pop Lukina Str. 7 - 9 1 Monthly report – November 2013 INTRODUCTION 2012 The monthly report of the Public Debt The Public Debt Administration Monthly Administration is the report presenting a Report is published aiming at the comprehensive analysis of 2012the status, improvement of the activites of the Republic structure and dynamics of the public debt of of Serbia in the field of public debt through the Republic of Serbia, as well as the risk its informative contents, in accordance with analysis related to the process of public debt internationally acknowledged standards and management, aimed at raising the level of good business practice, as well as enabling transparency and accurate and timely stakeholders to grasp public debt, being the awareness of investors, state institutions and field of the public finance, in an easy and other entities interested in the public debt of accurate manner, i.e. the activities and goals the Republic of Serbia. of the Public Debt Administration. INTRODUTORY WORD During the first five months PDA manage to OF THE DIRECTOR reduce borrowing costs on domestic capital market for both RSD as well as EUR denominated Government Securities. In the last week of February 2013, PDA realized the most successful Eurobond issuance, Serbia 2020, with issuance size of USD 1.5bn and coupon rate of 4,875%. Investor base significantly increased since the first Eurobond issuance in September 2011, which results with double size of orderbook as well as the lowest re-offer yield 5.15% during the issuance of Serbia 2020. In accordance with Fiscal Consolidation Program, the Parliament of the Republic of Issuance program throughout domestic and Serbia, adopted the Supplementary Budget international capital marker represents the Law for 2013, with higher level of gross main funding source in 2013. Structural funding needs mainly due to an increase of reforms of public finance as well as export expected level of budget deficit from 4.7% to oriented economy cannot provide budget 5.2%. Despite to higher level of gross stability on short-term run, which create high funding needs, PDA manages to create level of gross funding needs mainly for appropriate issuance program in order to financing of budget deficit. provide required liquidity. As of 30 September, PDA realized 80% of financing plan on domestic securities market. Despite Republic of Serbia – Public Debt Administration | Belgrade, Pop Lukina Str. 7 - 9 2 Monthly report – November 2013 pressure on primary market during Q3, PDA The PDA will try to keep up with 2012global maintained primary market accepted rates on market trends with aim to fulfil main appropriate-low level. In accordance with the strategic principles and reduce borrowing Supplementary Budget for 2013, Republic of costs with acceptable level of risk. 2012 Serbia will have to issue around USD 1.0bn on international market till the end of year. Director Although domestic securities market is not Branko Drcelic developed enough, especially secondary market, in the last few years mainly due to dedicated cooperation with global investors, we created sustainable investor base. Therefor issuance policy relies on global trends, especially FED policy. Republic of Serbia – Public Debt Administration | Belgrade, Pop Lukina Str. 7 - 9 3 Monthly report – November 2013 ORGANIZATION AND COMPETENCES execution. All of the above-mentioned 2012 data Owing to the increased indebtedness of the indicate the importance of the existence and most of the European countries, public debt efficient functioning of the Public Debt Administration, being the holder of public policy, presenting a branch of 2012 economic policy, is becoming increasingly important. debt policy. In accordance with the international practise The legal basis for the establishment and and proposals of the World Bank, Public functioning of the Public Debt Debt Administration was founded on 1 Administration is provided under the Public October 2009 presenting an administrative Debt Law, the Law on Budget of the authority within the Ministry of Finance of Republic of Serbia, the Budget System Law the Republic of Serbia. The primary and other regulations. objective of the Public Debt Administration is the minimizing of borrowing costs having In accordance with the Public Debt Law, the the acceptable level of risk, i.e. the Public Debt Administration on behalf of the establishment of their optimal relations. Republic of Serbia may borrow in country or abroad, i.e. on domestic or foreign market, in According to the regulations defining the domestic and foreign currency, to finance system of public finance, public debt budget deficit, to refinance the outstanding servicing presents an absolute and debt, to finance projects having general unconditional obligation having the priority importance, as well as to perform other over all the remaining budgetary obligations. obligations defined by the Law. It is especially important to emphasize that the obligation referring to the repayment of On the other hand, the Budget System Law due public debt does not cease even during defines general and specific fiscal rules the temporary suspension of the budget regulating fiscal discipline. Republic of Serbia – Public Debt Administration | Belgrade, Pop Lukina Str. 7 - 9 4 Monthly report – November 2013 STRATEGIC GUIDELINES 2012 The current medium term strategy has been developed in cooperation with the World Bank experts, using the MTDS model (Medium Term Debt Strategy), which was implemented in practice in numerous countries 2012all round the world. The document defines the following guidelines: 1) Ensuring the financing of fiscal deficit of the Republic of Serbia, within the meaning of short-term deficit (liquidity) and long-term deficit, being an integral part of the policy aimed at maintaing stability of the public finance system. 2) Defining an acceptable level of risk, in accordance with the targeted structure of public debt implying the structure of debt in terms of currency, structure of interest rates, structure of maturity and structure of debt with regard to the instruments. 3) Support to the development of the market of government securities issued on domestic and international market, with the aim of reducing medium-term and long-term borrowing expenses. 4) Raising the level of transparency and predictability of the process of borrowing. 5) The Public Debt Management Strategy ought to be supported and consistent with the general medium term framework of the Government. On 30 November 2013, the share of debt The objective of the Public Debt denominated in dinars amounted to 20.9%. Management Strategy is to execute the most The share of the debt denominated in dinars of the needs for the financing of the Republic is rather low, however it has been increasing of Serbia on domestic market, through the in the last four years. Through the issuance in dinars, which is in accordance introduction of securities denominated in with the dinarization strategy. dinars having longer maturity (five-year and seven-year maturity), the risk of refinancing, which is typical for securities denominated in dinars, is decreasing creating an adequate yield curve relating to domestic currency. Republic of Serbia – Public Debt Administration | Belgrade, Pop Lukina Str. 7 - 9 5 Monthly report – November 2013 LAW ON BUDGET, EXECUTION OF THE BUDGET 2012 OF THE REPUBLIC OF SERBIA FOR THE YEAR
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