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THE MINISTRY OF FINANCE
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No.
12/2023/TT-BTC
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Hanoi, February 10, 2023
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CIRCULAR
ON AMENDMENTS TO CIRCULAR NO. 107/2020/TT-BTC DATED DECEMBER
21, 2020 OF THE MINISTER OF FINANCE ON GUIDELINES FOR TERM REPURCHASE OF
GOVERNMENT BONDS USING TEMPORARILY IDLE STATE FUNDS OF STATE TREASURY
Pursuant to Law on State
Budget dated June 25, 2015;
Pursuant to the Law on
Securities dated November 26, 2019;
Pursuant to Decree No. 24/2016/ND-CP
dated April 5, 2016 of the Government on management of state funding;
Pursuant to Decree No.
95/2018/ND-CP dated June 30, 2018 of the Government on issuance, registration,
depositing, listing and trading of Government debt instrument on securities
market;
Pursuant to Decree No.
87/2017/ND-CP dated July 26, 2017 of the Government on functions, tasks,
powers, and organizational structure of the Ministry of Finance;
At request of General
Director of State Treasury;
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Article 1. Amendments
to Circular No. 107/2020/TT-BTC dated December 21, 2020 of the Minister of
Finance on guidelines for term repurchase of government bonds using temporarily
idle state funds of State Treasury as follows:
1. Clause 5 Article 3 is amended as follows:
“5.
remaining term of government bonds: refers to remaining time (by day) from the
payment date of the first trade (T day + 2) to maturity date of government
bonds.”.
2. Clause 1 Article 5 is amended as follows:
“1. The government bonds are issued by the
State Treasury and posted publicly at the Stock Exchange.".
3. Article 9 is amended as follows:
a) Point a clause 4 is amended as follows:
“a) Information on government bonds under
term repurchase: code of government bonds, remaining term of government bonds,
haircuts, discount interest rate (%/year).”.
b) Point c clause 4 is amended as follows:
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c) Clause 5 is amended as follows:
“5. Framework contracts and contract annexes
shall be prepared in paper documents (bearing all seals, signatures of
competent representatives of parties to the contracts) or electronic documents
(digitally signed by the authorized person and digitally signed by agencies and
organizations as prescribed by law), in accordance with regulations on
electronic transactions in professional practices of the State Treasury.”.
4. Certain clauses of Article 10 is amended
as follows:
a) Clause 2 is amended as follows:
“2. From 9 a.m. to 10 a.m. of T day,
financial institutions shall submit price quotes as per trading regulations of
the Stock Exchange while ensuring that total price quote for all repurchase
terms of government bonds do not exceed remaining outstanding debt quota of the
financial institutions (price quotes submitted after 10:30 a.m. are invalid),
to be specific:
a) For each repurchase term of government
bonds, each financial institution may send up to 5 price quotes while ensuring
that total price quotes do not exceed total price quotes requested by the State
Treasury for the repurchase term.
b) Each price quote must include interest for
term repurchase (rounded to the nearest tenths); one or multiple codes of
government bonds are used as security in term repurchase of government bonds;
price quotes are calculated based on value of government bonds corresponding to
each code of government bonds and other relevant details.
c) Offered quantity calculated based on value
of government bonds of each price quote must not be lower than the minimum
quantity as per notice of the State Treasury from time to time.”.
b) Clause 3 is amended as follows:
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5. Certain clauses of Article 12 is amended
as follows:
a) Clause 1 is amended as follows:
“1. Value of the first trade of the State
Treasury corresponding to each price quotes is determined using following
formula:
V1=
ƩVi
In which, Vi refers to value of the first
trade corresponding to each code of government bonds of selected price quotes
and is calculated as follows:
Vi= GG x (1 - H) x KL
In which:
Vi: Value of the first
trade corresponding to code of government bonds i of the selected price quotes
(rounded down to VND).
GG: Price including nominal interest of a
government bond of code of government bonds i, calculated according to Article
13 hereof.
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KL: Quantity of government bonds
corresponding to code of government bonds i (= quantity for term repurchase of
the code of governments calculated based on value/bond value).”.
b) Clause 3 is amended as follows:
“3. Value of the second trade of the State
Treasury corresponding to each price quotes is determined using following
formula:
V2 = V1
+ L
In which, V2 is value of the
second trade.”.
6. Article 13 is amended as follows:
“Article 13. Price including nominal
interest, included nominal interest, and posted price of government bonds
1. Price including nominal interest:
a) Identify price of a government bond
without periodic settlement of interest
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In which:
GG = Price of a government bond (rounded down
to VND).
MG = Face value of government bonds.
a = Number of days from the date on which
payment for the first trade is made and the subsequent date of interest
settlement.
E = Number of days during the presumed period
of interest settlement where government bonds are eligible for term repurchase.
t = Number of times the interest of
government bonds is settled from the payment date of the first trade to the
maturity date of government bonds.
Lt = Interest rate of government
bonds (%/year), refers to interest until maturity (YTM) publicized by the Stock
Exchange on the date on which term repurchase of government bonds is performed
for code of government bonds used in trade on website of the Stock Exchange
(section of the curve yield).
a.2) For government bond without periodic
settlement of interest with the remaining term of less than 1 year:
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In which:
GG = Price of a government bond (rounded down
to VND).
MG = Face value of government bonds.
a = Number of days from the payment date of
the first trade to the maturity date of government bonds.
E = Number of days during the presumed period
of interest settlement where government bonds are eligible for term repurchase.
Lt = Interest rate of government bonds
(%/year), refers to interest until maturity (YTM) publicized by the Stock
Exchange on the date on which term repurchase of government bonds is performed
for code of government bonds used in trade on website of the Stock Exchange
(section of the curve yield).
b) Identify price of a government bond with
fixed nominal interest, periodic settlement of interest, and equal
interest payment periods:
b.1) For government bond with the remaining
term of at least 1 year:
- In
case payment date of the first trade occurs before or on the final registration
date of the subsequent interest payment period, price of a government bond is
determined as follows:
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-
In case payment date of the first trade
occurs after the final registration date of the subsequent interest payment
period, price of a government bond is determined as follows:
In which:
GG = Price of a government bond (rounded down
to VND).
MG = Face value of government bonds.
Lc = Nominal interest of government bonds
(%/year).
k = Number of periodic interest payments in a
year.
d = Number of days from the date on which
payment for the first trade is made and the subsequent date of interest
settlement.
E = Number of days during the period of
interest settlement where government bonds are eligible for term repurchase.
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Lt = Interest rate of government bonds
(%/year), refers to interest until maturity (YTM) publicized by the Stock
Exchange on the date on which term repurchase of government bonds is performed
for code of government bonds used in trade on website of the Stock Exchange
(section of the curve yield).
b.2) For government bond with the remaining
term of less than 1 year:
- For
governments whose interest is settled once every 12 months, price of a
government bond is determined as follows:
- For
government bonds whose interest is settled once every 6 months:
+ In case payment date of the first trade
occurs before or on the final registration date of the subsequent interest
payment period, price of a government bond is determined as follows:
+ In case payment date of the first trade
occurs after the final registration date of the subsequent interest payment
period, price of a government bond is determined as follows:
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GG: Price of a government bond (rounded down
to VND).
MG: Face value of government bonds.
Lc: Nominal interest of government
bonds (%/year).
d: Number of days from the date on which
payment for the first trade is made and the subsequent date of interest
settlement.
E: Number of days during the period of
interest settlement where government bonds are eligible for term repurchase.
t: Number of times the interest of government
bonds is settled from the payment date of the first trade and the maturity date
of government bonds.
Lt: Interest rate of government bonds
(%/year), refers to interest until maturity (YTM) publicized by the Stock
Exchange on the date on which term repurchase of government bonds is performed
for code of government bonds used in trade on website of the Stock Exchange
(section of the curve yield).
b) Identify price of a government bond with
fixed nominal interest, periodic settlement of interest, and the first interest
payment period shorter or longer than the subsequent interest payment periods:
c.1) For government bond with the remaining
term of at least 1 year:
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+ In case the actual number of days from the
payment date of the first trade to the interest payment date of the first
interest payment period that is shorter than one (01) normal interest payment
period, the price of one (01) government bond is determined as follows:
+ In case the actual number of days from the
payment date of the first trade to the interest payment date of the first
interest payment period that is longer than or equal to one (01) normal
interest payment period, the price of one (01) government bond is determined as
follows:
In
which:
GG = Price of a government bond (rounded down
to VND).
GL1 = The interest payment amount of one (01)
government bond for the first interest payment period according to the terms of
the government bond upon initial issuance.
MG = Face value of government bonds.
Lt = Interest rate of government bonds
(%/year), refers to interest until maturity (YTM) publicized by the Stock
Exchange on the date on which term repurchase of government bonds is performed
for code of government bonds used in trade on website of the Stock Exchange
(section of the curve yield).
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k = Number of periodic interest payments in a
year.
a1 = The actual number of days between the
payment date of the first trade and the first government bond interest payment
date according to the terms of the government bond upon initial issuance.
a2 = Actual number of days from the payment
date of the first trade to the assumed normal interest payment date.
E = Actual number of days in the normal
interest payment period under the terms of government bonds when first issued.
t = Number of times the interest of
government bonds is settled from the payment date of the first trade and the
maturity date of government bonds.
- In case the payment date of the first trade
is after the last registration date to receive interest on government bonds of
the first interest payment period, the price of one (01) government bond is
determined according to the Item b.1 point b of this clause.
c.2) For government bonds with the remaining
term of one (01) year or less, the price of one (01) government bond is
determined according to Item b.2 point b of this Clause.
d) Ministry of Finance shall publicize
methods of determining price including nominal interest in case nominal
interest of government bonds is floating interest rate when it occurs.
2. Included nominal interest:
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a.1) For a government bond with fixed nominal
interest, periodic settlement of interest, and equal interest payment periods:
In which:
Cc: Nominal interest on the date of trade
eligible for right transfer.
MG: Face value of government bonds.
Rc = Lc/k, in which Lc: nominal interest of
bonds (%/year); k: number of times the interest is settled in the year.
Dn: Number of days from the date on which
payment for the first trade is made until the nearest subsequent date on which
nominal interest is paid or from the date on which payment for the first trade
is made until the maturity date of bonds.
E: Actual number of days of the current
government bond interest payment period.
a.2) Identify price of a government bond with
fixed nominal interest, periodic settlement of interest, and the first interest
payment period shorter than the subsequent interest payment periods:
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In which:
Cc: Nominal interest on the date of trade
eligible for right transfer.
MG: Face value of government bonds.
Rc = Lc/k, in which Lc: nominal interest of
bonds (%/year); k: number of times the interest is settled in the year.
D1: Number of days from the date of initial
issuance of government bonds to the nearest next nominal interest payment date.
Dn: Number of days from the date on which
payment for the first trade is made until the nearest subsequent date on which
nominal interest is paid or from the date on which payment for the first trade
is made until the maturity date of bonds.
E2: Actual number of days from the normal
government bond interest payment period under the assumption that the 1st transaction
settlement date takes place.
- Determine the accumulated nominal interest
on the date of the subsequent interest payment periods according to the formula
at Item a.1 of this point.
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- In case the 1st transaction settlement date
occurs before or coincides with the assumed nominal interest payment date of
the first interest payment period, the accumulated nominal interest of the
first interest payment period is determined as follows:
In which:
Cc: Nominal interest on the date of trade
eligible for right transfer.
MG: Face value of government bonds.
Rc = Lc/k, in which Lc: nominal interest of
bonds (%/year); k: number of times the interest is settled in the year.
D2: Number of days from the date of initial
issuance of government bonds to the date of payment of assumed nominal
interest.
Dn: Number of days from the payment date of
the first trade to the next payment date of assumed nominal interest.
E1: Actual number of days from the normal
government bond interest payment period under the assumption that the 1st
transaction settlement date takes place.
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In which:
Cc: Nominal interest on the date of trade
eligible for right transfer.
MG: Face value of government bonds.
Rc = Lc/k, in which Lc: nominal interest of
bonds (%/year); k: number of times the interest is settled in the year.
D2:
Number of days from the date of initial issuance of government bonds to the
date of payment of assumed nominal interest.
E1: Actual number of days from the normal
government bond interest payment period under the assumption that the 1st
transaction settlement date takes place.
Dn: Number of days from the date on which
payment for the first trade is made until the nearest subsequent date on which
nominal interest is paid or from the date on which payment for the first trade
is made until the maturity date of bonds.
E2: Actual number of days from the normal
government bond interest payment period under the assumption that the 1st
transaction settlement date takes place.
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b) Identify included nominal interest on the
date of trade ineligible for right transfer:
b.1) For a government bond with fixed nominal
interest, periodic settlement of interest, and equal interest payment periods:
In which:
Cx: Nominal interest on the date of trade
ineligible for right transfer.
MG: Face value of government bonds.
Rc = Lc/k, in which Lc: nominal interest of
bonds (%/year); k: number of times the interest is settled in the year.
Dn: Number of days from the date on which
payment for the first trade is made until the nearest subsequent date on which
nominal interest is paid or from the date on which payment for the first trade
is made until the maturity date of bonds.
E: Actual number of days of the current
government bond interest payment period.
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- Identify included nominal interest on the
date of trade eligible for the first interest payment period as follows:
In which:
Cx: Nominal interest on the date of trade
ineligible for right transfer.
MG: Face value of government bonds.
Rc = Lc/k, in which Lc: nominal interest of
bonds (%/year); k: number of times the interest is settled in the year.
Dn: Number of days from the date on which
payment for the first trade is made until the nearest subsequent date on which
nominal interest is paid or from the date on which payment for the first trade
is made until the maturity date of bonds.
E2: Actual number of days from the normal
government bond interest payment period under the assumption that the 1st
transaction settlement date takes place.
- Determine
the accumulated nominal interest on the date of the subsequent interest payment
periods according to the formula at Item b.1 of this point.
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3. Posted price of government bond
a) Determine posted price on the date of
trade eligible for right transfer:
G
= GG - Cc
In which:
G: Posted price (rounded down to VND).
GG: Price included nominal price of a
government bond.
Cc: Nominal interest on the date of trade
eligible for right transfer.
b) Determine posted price on the date of
trade ineligible for right transfer:
G
= GG + Cx
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G: Posted price (rounded down to VND).
GG: Price included nominal price of a
government bond.
Cx: Nominal interest on the date of trade
ineligible for right transfer.
c) Determine posted price in case payment
date of the first trade overlaps with payment date of nominal interest:
G
= GG
In which:
G: Posted price.
GG: Price included nominal price of a
government bond.
d) For government bonds whose interest is not
settled on a periodic basis:
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In which:
G: Posted price.
GG: Price included nominal price of a
government bond.”.
7. Clause 2 Article 15 is amended as follows:
“2. In case the State Treasury and the
financial institution cannot agree on the adjustment of the payment time or once
the payment deadline under Clause 1 of this Article is reached and financial
institutions have not paid the State Treasury, the State Treasury shall retain
government bonds until maturity and receive both principal and interest of
government bonds to deduce all payment liabilities (payment for the second
payment and late payment penalty by the end of the day preceding the maturity
date) of the financial institutions; the remaining amount (if any) shall be
returned to the financial institutions by the State Treasury within five (05)
working days from the date of maturity of government bonds.”.
8. Article 15a shall be added to Article 15
as follows:
“Article
15a. Nominal interest on government bonds
1. In case the State Treasury receives
nominal interest on government bonds during the period of term repurchase of
government bonds, the State Treasury is responsible for returning the nominal
interest on government bonds received to financial institutions according to
the government bond code for which the State Treasury received the nominal
interest. The repayment of
nominal interest on government bonds is done outside the debt instrument
trading system of the Stock Exchange; the time of repayment of nominal interest
shall be mutually agreed upon by the two parties, but must not be later than
five (05) working days from the date of actual payment of bond interest.
2. In case of late transfer of nominal
interest, the State Treasury is responsible for paying the late payment fine to
financial institutions for the number of days of late payment at the late
payment penalty interest rate specified in Clause 2, Article 14 of this
Circular.".
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“Article 17. Information disclosure
1. At the latest on the last working day of
the week immediately preceding the week of trading, the State Treasury shall
publish information on the website of the State Treasury about the expected
schedule of term repurchase of government bonds of the next trading week; and
also provide information to the Stock Exchange for posting on the Website of
the Stock Exchange.
2. No later than the 10th of each month, the
State Treasury shall publicize results of term repurchase of government bonds
in the preceding month (weighted average of quantity, interest of term
repurchase of government bonds on website of the State Treasury for each type
of term); and also provide information to the Stock Exchange for posting on the
website of the Stock Exchange.”.
10. Certain clauses of Article 18 is amended
as follows:
a) Point c Clause 1 Article 18 is amended as
follows:
“c) Provide information about the expected
schedule of term repurchase of government bonds of the next trading week and
the results of term repurchase of government bonds in the preceding month to
the Stock Exchange according to prescribed in Article 17 of this Circular.”.
b) Points c and d Clause 2 Article 18 is
amended as follows:
“c) Provide information about the expected
schedule of term repurchase of government bonds of the next trading week and
the results of term repurchase of government bonds in the preceding month
according to Article 17 of this Circular.
d) On a monthly basis, provide information on
the term repurchase of government bonds on the market (including: repurchase
term of government bonds, interest rate for term repurchase of government
bonds, code of government bonds, list price of government bonds, actual price
of government bonds, the government bond discount rate, the 1st trade value,
the 2nd trade value) for the State Treasury to serve the assessment of the
market situation.”.
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Term repurchase of government bonds with the
payment date of the first trade before the effective date of this Circular and
the payment date of the second trade after the effective date of this Circular
shall continue to be applied according to regulations of Circular No.
107/2020/TT-BTC dated December 21, 2020 of the Minister of Finance on guidelines
for the term repurchase of government bonds using temporarily idle state funds
of State Treasury.
Article 3. Entry in
force and implementation
1. This Circular comes into force from May 4,
2023
2. The State Treasury, relevant agencies,
units, organizations and individuals shall implement this Circular./.
PP. MINISTER
DEPUTY MINISTER
Cao Anh Tuan
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