台湾省政府功能业务与组织调整涉及国库业务部分简报.pptxVIP

By Susan S. Chang;Contents;Ⅰ . Introduction;Ⅱ . The primary market;? ;Before 1975, a special law should be passed accompanying the annual budget bill to legalize the bond issuance. In 1975, A permanent law “The Statute for Issuing Central Government Construction Bonds” was promulgated in substitution for the annual law.;2. The status of government bonds Issuing amount; Outstanding (amount);Outstanding (as percentage of GDP);Ⅲ. The structure of primary market(June, 2000);2. Coupon rates of issuing;3. Bidder of issuance Bidding qualification: authorized central government bond primary dealers The present authorized dealers include: Banks 19 Securities Firms 38 Bills Financing Companies 13 Investment Trust Companies 3;4. Holder of government bonds Authorized dealers 50~60% Banks 35~45% Securities firms 10~20% Bills Financing companies  Investment trust companies Others 40~50%;Ⅳ . The Secondary Market;Bonds Stocks market trading volume;However, the major bond transaction is on the repurchase basis, outright purchase transaction is few. ;The trading system of the secondary market 1.Organized exchange Players: securities dealers brokers Matching method: computer bidding Fee: 0.1%~0.05% depending on trading volume Settlement: T+2 ;2.OTC Players: securities dealers ,brokers and investors Trading method: bargain directly with dealers, or through “Equivalent yield matching system” automatically matching. Fee: free Settlement: T+3 or T+2 ;Yield Curve;Bond Trading;V. Policies and Measures;Issuing zero-coupon bond Using Dutch bidding scheme to issue two trenches of zero-coupon bond in Oct 20, 1995. 3. Providing purchasing channel to minor investors From Apr.1993, 2% of the issued amount is reserved for minor investors. Directorate General of Posts is commissioned to sell to minor investors, through 141 post offices.;4. Change to book-entry bonds In Sep. 1997 first book-entry bonds was issued successfully, and a se