Chapter 7. Identifying the Holders of Traded Debt Securities
- International Monetary Fund
- Published Date:
- December 2011
This chapter deals with the compilation of public sector debt statistics on traded debt securities, with particular emphasis on the identification of the type and residence of the counterparty to these instruments. It also deals with public sector traded debt securities in the context of the total debt securities market—the “from-whom-to-whom” framework, and provides selected country experiences in this regard.
7.1 Traded debt securities are those debt securities traded (or tradable) in organized and other financial markets—such as bills, bonds, debentures, negotiable certificates of deposits, asset-backed securities, etc.1 The existence of trading means that there is a secondary market in these instruments, which allows ownership to change hands, potentially many times during the life of the security. In contrast, other debt instruments usually have a relatively fixed relationship between the debtor and the creditor. While securities are always potentially tradable, some have highly liquid secondary markets and others have only infrequent or no secondary sales. The ability to sell the security provides the advantage of flexibility to creditors. For the compiler of debt statistics, this flexibility means that identification of the holder of traded debt securities can be more difficult than for other instruments. While various market institutions maintain records of trade and of current ownership, for instance, to ensure that trades are matched and interest is paid to the owner, these records are often not readily accessible to compilers of statistics.
B. Sources of Data on Holders of Public Sector Securities
7.2 Information on the nature of creditors is needed for the analysis of public sector debt. The impact of debt on the economy can differ according to the nature of the creditor. For example, for securities issued by the public sector in domestic currency, those held by the central bank typically represent credit creation; those held by other residents indicate how the public sector accesses some of the supply of domestic funds; those held by nonresidents2 have implications for currency markets and future drains on international reserves.
7.3 The following are possible sources of data on the holders of debt securities issued by the public sector:
From the issuers;
From the holders;
From financial market operators (such as custodians, issuing agencies, exchanges, clearing houses, dealers, and registrars); and
From other statistical sources—data already collected from selected holders, for example, data on holdings of banks, insurance companies, etc.
7.4 To evaluate the alternative sources of data, the compiler should have an understanding of the structure of the market for public sector debt securities. For example:
Who are the parties involved with the issue and trading of public sector debt securities?
Does the debt statistics compiler have the legal power or technical capacity to collect data from security holders or security market operators?
Is there extensive secondary market trading in securities? Is the initial purchaser in some cases a dealer or bank that on-sells securities to its customers?
Are security holders registered? If so, is the registration accurate at all times or only at the time of coupon payments or maturity?
What information is already collected on public sector debt?
7.5 The institutional arrangements for compiling public sector debt statistics are discussed in Chapter 6. While the debtor usually has good data on the total value of securities liabilities and its composition, the information on the current holders needs to be regularly maintained to avoid becoming incomplete or outdated because of secondary market trading. As a result, there may need to be cooperation to obtain data on holders from additional sources. See the annex to this chapter for selected country practices in the identification of the holders of traded debt securities.
1. Data from the issuers
7.6 The issuer usually has a unit that administers the debt securities (debt administrator), at issue, payment of coupons, and at redemption. These procedures usually require identification of the holder. The classifications should identify residents and nonresidents, and the residents should be classified by institutional sector (as defined in Chapter 3, paragraph 3.68).
7.7 The debt compiler will need to have appropriate legal authority and statistical capacity to collect data from the issuers. Central banks and statistical offices usually already have these capacities. Central government debt issuance is probably available from the debt management office or ministry of finance. More problems could arise with regard to data collection from a large number of state and local governments, or from public corporations.
7.8 Nonresident holders may be identified for tax or regulatory reasons. They may also already have been identified for the purposes of balance of payments, international investment position, or external debt statistics. The external component of public sector debt appears in both public sector and external debt statistics. The concepts for valuation and classification of these two sets of statistics are harmonized, and should be the same. It is important that statistical compilers work together to get consistent data.
7.9 The methods used to classify the holders could be included as a tick-box on the form used for registration of ownership. Alternatively, the classification could be obtained by using a link to a register that has this information, for taxation or statistical purposes. Another possibility is that the debt administrator may be able to classify the holder from the holders’ names.
7.10 Compilers of debt statistics need to understand the nature of the administrative processes and the workings of the securities market to understand the strengths and shortcomings of data on holders available from the issuers. For example, the compiler should know if there are extensive secondary markets, or there is very limited trading, or if trading may only occur shortly after issue, and is subsequently minor. (The situation may also vary for different government security issuers, or between money market instruments and long-term bonds.) This information is usually available from the debt office(s) or the securities exchange.
7.11 The situations where the issuer may not be in a position to identify the beneficial owner of their securities:
Unregistered secondary market transactions. For example, there may be good information on initial holders, or holders at time of coupons or redemption, because these are times of payments. However, at other times, secondary market transactions may not be registered with the issuer. In the case of a zero-coupon bond, the absence of payments before redemption may mean that registration of transactions is incomplete.
Information relates to the initial purchaser. If securities are often initially purchased by banks or other dealers, and then on-sold to their customers, information on the initial purchaser would give a misleading picture of actual holders and funding sources.
Custodians and nominee accounts. Another possible problem is that the registered holder may be a financial service provider acting on behalf of the actual holder. For example, securities may be registered as being held by a custodian that is acting on behalf of many customers. Nominee accounts run by banks or other financial market dealers may be another mechanism in which the actual holder is not identified.
Off-market transactions. Even where there is a central securities depository, transactions might not be recorded if the purchaser does not expect to hold the security to the next payment.
Securities under a repurchase agreement (repo). In some countries, high proportions of securities may be held “on repo” (i.e., under a repurchase agreement). In this case, the “legal owner” differs from the “economic owner for statistical purposes.” The registered information will indicate the legal owner, or it is possible that the custodian does not know whether a security is held outright or on repo.
7.12 Because of these shortcomings, data from holders or financial market operators may be used as a supplementary source of information.
2. Data from the holders
7.13 If issuers have incomplete information on holders, direct collection of data from security holders could be considered. A central bank or statistical office that is compiling public sector debt data may have the legal power to collect data from holders, but this is often not the case for debt management offices or ministries of finance. As well, debt management offices or ministries of finance usually do not have the infrastructure or expertise to conduct surveys.
7.14 The public sector debt statistician should try to make use of existing surveys or data collected for other statistical purposes, rather than developing a new statistical collection. As noted in paragraph 7.20, such data have in many cases already been collected for other purposes.
7.15 Information may be collected from large-scale resident holders, such as banks, insurance companies, pension funds, and other investment funds. Such data are usually already obtained from central banks and other deposit-taking corporations as part of monetary and financial statistics. Data may also be collected for other major security holders such as mutual funds, life insurance companies, and pension funds as part of financial statistics or for regulatory purposes. For the holders, public sector securities are likely to be just part of a portfolio of financial assets that may also include securities issued by private sector units and nonresidents.
7.16 Collection of data from nonresidents or households may be more difficult. Nonresident investors present difficulties in seeking information for legal and practical reasons. It may difficult to collect data from households, to the extent that there are relatively small holdings of securities dispersed among a large number of households.
7.17 However, to the extent that nonresident and household investors use domestic financial custodians to hold the public sector debt securities issued in the country for safekeeping, those institutions may be a source of information (see paragraph 7.19). Further, if the country uses a security-by-security reporting system for collecting data on security holdings, there is greater possibility to verify the information and provide high levels of detail by different subsectors or particular levels of government (see Box 7.1).
Box 7.1.Security-by-Security Database
A security-by-security (SBS) database is a micro database that stores statistics at an individual debt security level. The main attributes of statistics stored in SBS databases are the international securities identification number (ISIN), name of the issuer, residence of the issuer, sector and subsector, issue date, redemption date, type of security, currency of denomination, issue price, redemption price, outstanding amount or market capitalization, and the coupon payments and dates (see Diagram A3.1 of the Handbook on Securities Statistics, Part 1).
SBS databases can be linked to securities holdings statistics for resident holders grouped by sector and subsector, as well as for nonresident holders. For that purpose, information provided by respondents on holders is linked at the individual security level to the data stored in the SBS database. The link is often done by using ISIN.
In most cases, data on holders are collected from custodians, as well as centralized securities depositories, on an SBS basis. However, reporting direct from holders is another possibility. There may be a legal obligation in countries for residents to report their securities held in custody abroad. However, there is usually a limited coverage of data directly collected from specific sectors or subsectors like households and nonprofit institutions serving households.
Advantages of an SBS database include the ability to verify data and provide detailed breakdowns.
7.18 At least, any available data from security holders should be used as a check on data from the security issuer. Such checks could identify whether there are potential reporting problems and is good statistical practice for checking consistency between sources. For example, if monetary statistics identify that banks holdings are much less than identified by the issuers, it may give an indication of patterns of holding and reselling securities.
3. Data from financial market operators
7.19 Securities may be held or traded through specialized resident service providers (such as custodians, issuing agencies, exchanges, clearing houses, dealers, and registrars). If so, there may be good information on holders that can be obtained from these sources. However, securities may be held or traded through nonresident service providers (particularly those issued in foreign currency) or held directly. Custodians or dealers may also be unaware of the economic ownership in cases of securities under repo or held by nominees. For a discussion of reporting through custodians, see the Coordinated Portfolio Investment Survey (CPIS) Guide. Obtaining information from these sources would require legal authorization and data collection expertise of a kind usually found in statistical offices and central banks, but relatively rarely in debt management offices or ministries of finance.
4. Data from other statistical sources
7.20 Data on components of traded public sector debt securities are also usually available in other statistics. The possible sources include monetary and financial statistics, external debt statistics and the international investment position, and financial market data. In the case of monetary statistics, these data show holdings of securities by banks and other deposit-taking corporations. These data should be compatible because of the use of harmonized institutional sector classification between the different datasets. These data could be used to fill gaps or as an independent check on other data. If financial sector and nonresident holdings are identified, then holdings of general government, nonfinancial corporations, and households can be derived as a residual. In the case of external debt and international investment position statistics, debt held by nonresidents in the form of debt securities is an important component. Data may be collected as a result of exchange regulations, as part of an international transactions reporting system, or from another data collection.
7.21 The valuation basis used by each of these sources should be verified, for example, holdings of public sector securities are recorded in monetary and financial statistics at market values. The detail of classification should also be verified. For example, the standard MFSM 2000 balance sheet shows security holdings split by central bank, central government, state and local governments, and public nonfinancial issuers, but does not separately identify public financial corporations.
7.22 To make full use of the available data, there needs to be cooperation and communication between the agencies involved in compiling various economic and financial datasets. Otherwise potentially useful information may not be utilized, while at worst, respondents could end up reporting essentially the same information to two different statistical agencies. As well, there will be questions from users and/or lack of credibility in the data if public sector debt statistics differ from the equivalent values recorded in other statistics.
C. Statistics on Traded Securities in the Context of the Total Debt Securities Market
7.23 Statistics on holders of public sector securities allow analysis of public sector debt in its own right. A wider analysis would be to use the national accounting framework, which allows public sector borrowers to be put in the context of other borrowers and holdings of public sector securities in the context of holdings of all securities.
7.24 The remainder of this chapter summarizes the conceptual framework for compiling data on debt security holdings, as explained the 2008 SNA and in more detail in the Handbook on Securities Statistics, Part 2. The framework shows the “flow of funds” or “from-whom-to-whom.” This approach puts debt for each sector in the context of total debt, and thus shows the role of the public sector (and other sectors) in total financial flows and stocks. Public sector debt statistics compilers should be aware of the wider framework in undertaking their work to help ensure compatibility between the various datasets and provide guidance to users of the statistics.
1. A from-whom-to-whom framework for debt securities
7.25Table 7.1 is the stylized presentation of the from-whom-to-whom framework and shows the holdings of resident institutional units, by sector, and the holdings of nonresidents vis-à-vis resident issuers. The table reflects the relationships between resident sectors, as holders, as well as residents and nonresidents as issuers, and between nonresidents as holders and residents as issuers of debt.
|Holder by residence|
and resident sector
|Issuer by residence|
and resident sector
|Nonfinancial corporations1||Financial corporations1||General government||Households and nonprofit institutions serving households||Nonresidents|
|Residents||Nonfinancial corporations1||Residence of issuer|
|Households and nonprofit institutions serving households2|
|Residence of holder|
7.26 For a national economy, the from-whom-to-whom framework can be used to present stock positions, transactions, revaluations, and other changes in the volume of assets.3 These data are grouped into sectors (nonfinancial corporations, financial corporations, general government, and households and nonprofit institutions serving households) and nonresidents. For residents, intrasectoral stock positions are indicated by the diagonal shaded cells in Table 7.1.4 This table shows the main institutional sectors of the System of National Accounts, so public corporations would need to be identified separately within the financial and nonfinancial sectors to show the components of the public sector.
7.27 Holdings of debt securities by nonresidents (vis-à-vis resident sectors as issuers) are shown as positions in the rest of the world balance sheet (i.e., the international investment position), as financial transactions in the rest of the world financial account (part of the balance of payments), and as revaluations or other changes in the volume of assets in the other rest of the world accumulation accounts (cells shaded with vertical lines in Table 7.1).5 Holdings by nonresidents of debt securities issued by nonresidents are not covered (dark shaded cell in Table 7.1) because such holdings are not relevant from a national economy’s perspective.
7.28 A from-whom-to-whom framework for debt securities shows who is financing whom, what amount and by which type of debt security. Using this framework, the holdings of debt securities issued by public sector entities, by resident sectors, and by nonresidents can be viewed together.
7.29Table 7.2 is the same as Table 7.1, with the addition of data for a total of all residents, illustrating a presentation of stock positions in debt securities in a from whom-to-whom framework with a numerical example.6Table 7.2 shows, for instance, that:
|Holder by residence and resident sector (financial assets)||Residents|
|Issuer by residence and resident sector (liabilities)||Nonfinancial corporations1||Financial corporations1||General government||Households and nonprofit institutions serving households||All residents||Nonresidents||All holders|
|Households and nonprofit institutions serving households||—||—||—||—||—||—||—|
In the fourth column, households and nonprofit institutions serving households hold debt securities of 275, which is reflected in their claims on non-financial corporations (65), financial corporations (43), general government (124), and the rest of the world (43).
Nonfinancial corporations issued debt securities of 147, as reflected in the first row. Their liabilities in the form of debt securities to other nonfinancial corporations are 30, to financial corporations are 23, to general government are 5, to households and nonprofit institutions serving households are 65, and to the rest of the world are 24. Conversely, no debt securities were issued by households and nonprofit institutions serving households (fourth row).
In the nonresidents row, debt securities held by residents and issued by nonresidents are 108.
In the nonresidents column, debt securities held by nonresidents and issued by residents are 106.
Total debt securities held by residents (vis-à-vis resident and nonresident issuers) (531) and held by nonresidents (vis-à-vis resident issuers) (106) are equal to total debt securities issued by residents (vis-à-vis resident and nonresident holders) (529) and debt securities issued by nonresidents (vis-à-vis resident holders) (108).
7.30 Intrasectoral stock positions of resident sectors in debt securities are shown in the dark shaded cells. For instance, nonfinancial corporations issued debt securities of 30 that are being held by other institutional units in the same sector. As mentioned in footnote 4, these intrasectoral transactions are not covered when the statistics are presented on a consolidated basis.
This annex summarizes the practices of Brazil, Canada, South Africa, and Turkey in identifying the holders of traded debt securities.
a. Central government (domestic debt)
7.31 The data on the holders of traded debt securities are collected from the Special System for Settlement and Custody (Selic), the central depository of government securities, which is operated by Brazilian Central Bank (BCB) and stores 98 percent of the domestic federal debt and from CETIP-OTC Clearing House, which stores the remaining 2 percent. Selic’s structure of accounts was designed with the concern to identify the nature of the securities’ holders. The securities are registered in individual or omnibus accounts. For the central government domestic debt, there are omnibus accounts in Selic. The owner of omnibus accounts is a group of clients of a Selic participant. It is possible to classify these accounts by the type of holder (individuals, nonfinancial corporations, financial corporations, mutual funds, other funds), but it is not possible to identify the owners themselves. Only the Selic participant that holds the account knows who the clients in the omnibus account are. In very specific situations, the Central Bank can contact the participant to obtain more detailed information. Some special studies about counterparts and short positions are also sent to National Treasury in order to support the federal public sector debt management.
7.32 A report, with a broad series of data on federal public external and domestic debt, is released monthly by the National Treasury, including information on holders of government bonds. The report is available less than a month after the information closing date.
7.33 The public sector debt statistics compilers are aware of the wider framework to help ensure compatibility. In the Brazilian case, the National Treasury receives from the Central Bank monthly information “from-whom-to-whom” in a customized framework, which includes a breakdown by nonresidents, closed and open pension funds, and insurance companies, cross-classified by the main groups of bonds and their maturities, which guarantees a more efficient analysis for the debt manager.
b. State and local governments
7.34 As at 2010, there are no debt securities issued by state and local governments.
7.35 Canada’s data on asset holders of public sector debt securities are put together within an integrated framework, the Canadian System of National Accounts of Statistics Canada. Aggregate detail is compiled by sector in the quarterly National Balance Sheet Accounts (NBSA). The latter includes the quarterly International Investment Position (IIP) as the nonresident sector, for which securities databases are instrumental in assembling portfolio transactions and positions. The NBSA primarily relies on quarterly enterprise surveys of industries, quarterly surveys of pension funds and other investment schemes, as well as information provided by the various levels of government.
7.36 Raw survey balance sheet data by asset liability type (including government debt securities’ detail) are collected and assembled from a number of sources that correspond to the institutional sectors in the NBSA. The estimates are then analyzed in the balance sheet accounts supply (debt)/disposition (asset) matrix, for which security holdings can be organized by market7 (for example, federal government bonds). In addition, quarterly nonresident sector transactions data from balance of payments statistics (including secondary market trading) are confronted with the estimates of flow of funds asset-liability transactions in the institutional sectors of the economy. A similar process is followed for stocks, with the quarterly estimates of the IIP and NBSA.
7.37 A more comprehensive data confrontation process takes place on an annual basis. The survey-based asset data in the macroeconomic balance sheet account for the institutional sectors data are confronted annually with the Canadian (security-by-security) Coordinated Portfolio Investment Survey, which in the case of Canada covers both resident and nonresident holdings, for a large number of institutional investors.
b. Sources by type of holder
7.38 Corporations: The data on corporate holdings of securities are collected quarterly from business enterprise surveys for nonfinancial and financial corporations in substantial industry/institutional sector detail, including government enterprises. In addition, there is a separate survey on pension funds. Market value data are either collected or calculated. Other sources of data are referenced on an annual basis as part of the data confrontation process. One example of this is the Canadian (security-by-security) Coordinated Portfolio Investment Survey which covers both resident and nonresident holdings for a large number of institutional investors.
7.39 Government: Data on government holdings for public federal and provincial governments are taken from the annual Public Accounts as well as quarterly reports and surveys. In particular, these cover investment funds that are prevalent in some provinces as well as social security funds. For local levels of government there are two quarterly surveys covering municipalities and local school authorities.
7.40 Households: Data on persons and unincorporated businesses holdings, which are relatively quite small, are derived largely from a residual process in the quarterly accounts. However certain significant items, such as government savings bonds, are derived as government liability counterpart entries. In addition, there are periodic benchmark data available from household asset-debt surveys (last survey conducted in 2005).
7.41 Nonresidents: Data on nonresident holdings of Canadian securities are collected from monthly, quarterly, and annual surveys. For holdings of public debt securities (short- and long-term instruments) by nonresidents, an extensive and detailed system is used to process this information. Each Canadian issuer is identified by name, sector (for example, federal, provincial, and municipal governments and their business enterprises) and industrial classification; each security held abroad is listed with the dates of issue and of maturity, the currency of issue, the interest rate, the timing of payments of interest, and so on. Because the system is extensive in terms of the details processed, it is used to derive a number of variables such as positions and flows (new issues, trading in outstanding, and retirements) as well as interest. The system maintains four prices for Canadian bonds: issue price, maturity price, book value, and market price at period-end. Detailed information on new issues of public debt securities is captured, whether they are initially placed in the domestic or foreign markets. Thereafter, a monthly detailed survey of transactions between residents and nonresidents enables the generation of foreign holdings of public debt instruments on a monthly basis, by country of holder. Annual benchmark surveys are also used to confront year-end positions generated by the use of the monthly transactions survey. When a bond reaches maturity, the system automatically generates a transaction and foreign holdings would be adjusted accordingly. In addition, annual benchmark survey information also provides information on early retirements (bonds retired prior to the original maturity). The early redemption is captured in the detailed system and holdings are again adjusted to account for this type of transaction.
c. Special cases
7.42 Repos: Canadian government securities are heavily used as collateral in the repurchase agreement market. Repurchase agreements (repos), using bonds as collateral, are treated as loans (lending/borrowing) and not transactions in securities.
7.43 Beneficial owner: Statistics Canada’s institutional unit of interest in the case of holders of public debt securities is the beneficial owner of financial assets. Custodians frequently reply to the surveys on behalf of their clients and provide identification of the beneficial owners.
7.44 Nominee accounts: Statistics Canada is presently investigating the possibility of obtaining information from banks and other financial market intermediaries on holdings in their nominee accounts. This project is under development.
3. South Africa
a. Bond market
7.45 All transactions are traded and settled electronically and kept in safe custody at Strate (Share Transactions Totally Electronic Ltd—a company owned by the four largest commercial banks and the Johannesburg Stock Exchange).
7.46 The central government bond register is kept at the National Treasury and shows the beneficial ownership records of all central government bonds. The records include holdings registered in own name and in the name of Strate. About 99 percent of all central government bonds are registered in the name of Strate. Data on holders of debt instruments are available from Strate and provided to the issuers on request, in the case of the National Treasury monthly.
7.47 The ownership distribution of domestic marketable bonds is published in the quarterly bulletins of the South African Reserve Bank.
7.48 Reporting on beneficial ownership holders is categorized in different sectors such as pension funds, foreign investors, insurers, banks, individuals, unit trusts, etc. Initiatives are under way to provide electronic records on holdings in the bond market at beneficial ownership level.
b. Money market
7.49 In February 2010, the money market migrated to Strate’s Money Market Settlement System (MMSS) which is “dematerialized” (i.e., electronic). Since late February 2010, new Treasury bills issuances are issued, cleared, and settled electronically. Beneficial ownership is recorded and updated in Strate’s Securities Ownership Register (SOR). Ownership information is provided weekly to the National Treasury. All secondary trading in Treasury bills’ is done via the MMSS, recorded in the SOR. Strate can supply all the necessary details in this regard as they are obliged to record owners detail on all Treasury bills trades according to ISIN numbers issued. Negotiations between the National Treasury and Strate will determine the format in which to receive the beneficial ownership of Treasury bills.
a. Government domestic debt instruments
7.50 Sources that are considered to come up with the total amount of domestic debt instruments issued by the Undersecretariat of Treasury (UT) are:
Total amount of government securities in the Electronic Securities Transfer and Settlement System operating in the Central Bank of the Republic of Turkey which shows the security-by-security information recorded in each bank’s name (including the portfolio of their customers) without any breakdown of holders;
Istanbul Stock Exchange Settlement and Custody Bank Inc. accounts which show the amount of securities allocated to several mutual funds;
The amount of securities in the Central Bank’s portfolio; and
The amounts of securities which are owned by some government funds, Saving Deposit Insurance Fund, etc.
7.51 For the detailed statistics on government domestic debt instruments owned by the resident nonbank sector and nonresidents, the Central Bank collects weekly data from 40 commercial banks and 84 intermediary institutions. They report securities in their portfolio as well as in custody accounts of residents and nonresidents with further details of the holder such as a person, banks, and other legal entities. The data also includes nominal and market values. Resident nonbank sector and nonresidents data are disseminated according to the holders in the Central Bank Web site based on banks’ and intermediary institutions’ reports.
b. Government debt securities issued in foreign markets
7.52 Data on securities issued by the UT in foreign markets (called Eurobonds in Turkey) are also derived from the weekly reporting forms collected from banks and intermediary institutions as mentioned above. These institutions report the amount of securities held in their custody accounts for residents and nonresidents as well as in their portfolio. This amount is deducted from the total Eurobond stock to reach the residual amount reflecting nonresidents’ Eurobond holdings.
c. Banking sector holdings
7.53 All securities (issued domestically and abroad) held by the banking sector are also disseminated on the Central Bank’s website in the money and banking statistics framework without any breakdown by domestic debt or Eurobonds.
For a detailed discussion of traded debt securities held by non-residents, see External Debt Guide, Chapter 13.
Box 5.1 in the Handbook on Securities Statistics, Part 2, shows the detailed recording of debt securities following the debtor/creditor principle.
The Handbook on Securities Statistics recommends that these statistics be compiled on an unconsolidated basis, i.e., not eliminating these intrasectoral stock positions and flows. This Guide recommends eliminating intrasectoral stock positions and flows among public sector units for which statistics are compiled.
Additional breakdowns of nonresidents by country or institutional sector may be considered.
Similar tables can be compiled for transactions, revaluations, and other changes in the volume of assets. The content of these tables can also be presented in time series format rather than a matrix format.
This is essentially a to-whom-from-whom framework for debt securities, by type of security.