Chapter

Section 7: Detailed Presentation Tables

Author(s):
International Monetary Fund
Published Date:
November 2009
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7.1 Stylised presentation Table 1.1 shows the link between the “residence of issuer” approach and “location of issue” approach.

7.2 The residence of issuer approach is one of the basic principles of international statistical standards, such as the 2008 SNA and the BPM6. It implies that the institutional unit issuing debt securities is allocated to an economic sector and that the debt securities (as with all other liabilities) of this institutional unit are allocated to the respective sector. The debt securities outstanding are part of the balance sheet of this sector, whereas transactions in debt securities are part of the economic sector’s financial account. The residence of issuer approach presents statistics on debt securities issues as an integral part of the national accounts and the portfolio investment in the balance of payments and international investment position.

7.3 The location of issue approach, as an extension to the residence of issuer approach, may provide supplementary information to the residence of issuer approach, as it classifies – by economic sector – the debt securities issued in the domestic market. This approach can support analysis of the relative importance of financial centres. Such data can also indicate the motivation of debtors and creditors, such as the attractiveness of the domestic debt securities market to foreign investors, and possible liquidity risk.

Detailed presentation tables for statistics on debt securities issues

7.4 Section 7 outlines five possible classifications to present statistics on debt securities issues: issuer, currency, maturity, interest rate and market. Table 7.1, which is based on stylised Table 1.1, reflects these categories for debt securities issues. In addition to the five possible classifications, it shows the memorandum item “securitisation debt securities”.

Table 7.1Debt securities issues classified by issuer, market, currency, maturity and interest rate
ResidentsNon-residentsAll issuers
IssuerNon-financial corporationsFinancial corporationsGeneral governmentHouseholds and NPISH
Market, currency, maturity, and interest rate
1. Domestic market1.1 CurrencyLocation of issue
1.2 Maturity
1.3 Interest rate
1.4 Memo item: securitisation debt securities
2. International markets2.1 Currency
2.2 Maturity
2.3 Interest rate
2.4 Memo item: securitisation debt securities
3. All markets3.1 Currency
3.2 Maturity
3.3 Interest rate
3.4 Memo item: securitisation debt securities
Residence of issuer

7.5 Table 7.1 can also be used to cross-classify statistics on debt securities issues following the residence of issue approach and location of issue approach. The residence of issuer approach allows the presentation of statistics on debt securities issued by residents across all markets. The location of issue approach allows the presentation of statistics on debt securities issued by residents and non-residents in the domestic market.34

7.7 The Handbook recommends presenting statistics on positions and transactions in Tables 7.2 to 7.5 expressed in market value. In addition, it is recommended that positions are expressed in nominal value.

Table 7.2Debt securities issues classified by issuer and market
IssuerResidentsNon-residentsAll issuers
Non-financial corps.Financial corporationsGeneral governmentHouseholds and NPISHMemo item: public sector
MarketCentral bankOther money–issuing corps.Securitisation corps.Other financial corps.Central governmentOther general government
1. Domestic market
2. International markets
3. All markets
Table 7.3Debt securities issues classified by issuer and currency
IssuerResidentsNon-residentsAll issuers
Non-financial corps.Financial corporationsGeneral governmentHouseholds and NPISHMemo item: public sector
CurrencyCentral bankOther money–issuing corps.Securitisation corps.Other financial corps.Central governmentOther general government
1. Domestic currency
2. Foreign currencies
3. All currencies
Table 7.4Debt securities issues classified by issuers and maturity
IssuerResidentsNon-residentsAll issuers
Non-financial corps.Financial corporationsGeneral governmentHouseholds and NPISHMemo item: public sector
MaturityCentral bankOther money–issuing corps.Securitisation corps.Other financial corps.Central governmentOther general government
1. Short term at original maturity
2. Long term at original maturity
2.1 More than one year and up to and including two years
2.2 More than two years and up to and including five years
2.3 More than five years and up to and including ten years
2.4 More than ten years
3. All maturities
4. Memo item: long term at original maturity, with a remaining maturity up to and including one year
Table 7.5Debt securities issues classified by issuer and interest rate
IssuerResidentsNon-residentsAll issuers
Non-financial corps.Financial corporationsGeneral governmentHouseholds and NPISHMemo item: public sector
Interest rateCentral bankOther money–issuing corps.Securitisation corps.Other financial corps.Central governmentOther general government
1. Fixed interest rate
2. Variable interest rate
2.1 Inflation-linked
2.2 Interest rate-linked
2.3 Asset price-linked
3. All interest rates

Debt securities issues classified by issuer and market

7.8 Table 7.2 combines classifications by issuer and market. It shows debt securities issues broken down by issuer and market, with a split between:

  • issuer into resident sectors and sub-sectors, and

  • market into domestic market and international markets.

7.9 The third row for debt securities issues in all markets represents debt securities issued by all issuers in all markets. Supplementary statistics may also be shown for debt securities issued by non-residents and all issuers in the domestic market.

7.10 Tables 7.3 to 7.6 follow the residence of issuer approach as the recommended international statistical standard. The resident institutional sectors and sub-sectors are specified according to section 6. The public sector may also be included as a memorandum item.

Table 7.6Debt securities issues classified by issuer: positions and flows
IssuerResidentsNon-residentsAll issuers
Non-financial corps.Financial corporationsGeneral governmentHouseholds and NPISHMemo item: public sector
Positions and flowsCentral bankOther money–issuing corps.Securitisation corps.Other financial corps.Central governmentOther general government
1. Position at end of previous period
2. Issues during current period
2.1 Net issues (gross issues net of redemptions)
2.2 Gross issues
2.3 Redemptions
3. Revaluations during current period
4. Other changes in volume during current period
5. Position at end of current period

7.11 Tables 7.3 to 7.6 may also be used to present statistics on debt securities issues following the location of issue approach. Entries would show issues in the domestic market by residents and non-residents. For this purpose, two columns are included to present debt securities issued by non-residents and all issuers in the domestic market (as indicated by the dotted lines).

Debt securities issues classified by issuer and currency

7.12 Table 7.3 combines classifications by issuer and currency. It shows debt securities issues broken down by issuer and currency of denomination, with a split into domestic currency and foreign currencies. A third row for debt securities issues denominated in all currencies represents debt securities issued by issuer in all currencies.

Debt securities issues classified by issuer and maturity

7.13 Table 7.4 combines classifications by issuer and maturity. It shows debt securities issues broken down by issuer and maturity, with a split into short term and long term at original maturity, and long term broken down further into four sub-categories. Debt securities issues in all maturities represent debt securities issued by issuers in all maturities. A memorandum item shows debt securities issues with long term at original maturity, with a remaining maturity up to and including one year.

Debt securities issues classified by issuer and interest rate

7.14 Table 7.5 combines classifications by issuer and interest rate. It shows debt securities issues broken down by issuer and interest rate, with a split into fixed interest rate and variable interest rate, and variable interest rate further broken down into three sub-categories. Debt securities issues in all interest rates represent debt securities issued by issuers in all interest rates.

Debt securities issues classified by issuer: positions and flows

7.15 Another important aspect concerning debt securities statistics is that they can be used to present positions and flows in some detail, in line with Section 5. Table 7.6 shows the position and flow relationship for debt securities issues. Expressed in market value, these statistics cover positions at the end of the previous period, flows during the current period and positions at the end of the current period. Transactions are further split into gross (gross issues and redemptions) and net (gross issues net of redemptions).

Reconciliation

7.16 To ensure consistency and accuracy, statistics on debt securities issues should be reconcilable according to the five classifications developed in this Handbook – issuer, market, currency, maturity and interest rate – as well as the relationship between positions and flows.

7.17 For debt securities statistics classified by issuer, the following reconciliations should hold:

  • All issuers = resident sectors + non-residents

  • Resident sectors = Non-financial corporations + Financial corporations + General government + Households and NPISH

  • Financial corporations = Central bank + Other money-issuing corporations + Securitisation corporations + Other financial corporations

  • General government = Central government + Other general government

7.18 For debt securities statistics classified by market, the following reconciliation should hold:

  • All markets = Domestic market + International markets

7.19 For debt securities statistics classified by currency, the following reconciliation should hold:

  • All currencies = Domestic currency + Foreign currencies

7.20 For debt securities statistics classified by maturity, the following reconciliations should hold:

  • All maturities = Short term at original maturity + Long term at original maturity

  • Long term at original maturity = More than one year and up to and including two years + More than two years and up to and including five years + More than five years and up to and including ten years + More than ten years

  • Short term at remaining maturity = Short term at original maturity + Long term at original maturity with a remaining maturity up to and including one year

7.21 For debt securities statistics classified by interest rate, the following reconciliations should hold:

  • All interest rates = Fixed interest rate + Variable interest rate

  • Variable interest rate = Inflation-linked + Interest rate-linked + Asset price-linked

7.22 For position and flow debt securities statistics expressed in market value, the following reconciliations should hold:

  • Net issues during current period = Gross issues during current period - Redemptions during current period

  • Position at end of current period = Position at end of previous period + Transactions during current period + Revaluations during current period + Other changes in volume during current period

Challenges

7.23 These tables facilitate comparability and consistency with international statistical standards and contain information that countries may eventually wish to include in their national presentation of statistics on debt securities issues. As indicated above, the publication of this Handbook may be followed up with compilation guidelines. One challenge will be to ensure consistency between the various presentation tables and document the statistics with metadata (see Section 8). Of particular interest to compilers are the advantages and disadvantages of developing SBS databases to facilitate the preparation of data along the lines indicated in the detailed presentation in this section. The arguments are briefly reviewed in Annex 4.

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