|
MINISTRY
OF FINANCE
-------
|
SOCIALIST
REPUBLIC OF VIET NAM
Independence-Freedom-Happiness
-----------------
|
|
No.: 81/2020/TT-BTC
|
Hanoi,
September 15, 2020
|
CIRCULAR
AMENDING CIRCULAR NO. 110/2018/TT-BTC DATED NOVEMBER 15, 2018
OF THE MINISTRY OF FINANCE PROVIDING GUIDANCE ON REPURCHASE AND SWAP OF
GOVERNMENT DEBT INSTRUMENTS, GOVERNMENT-GUARANTEED BONDS AND MUNICIPAL BONDS IN
DOMESTIC MARKET AND CIRCULAR NO. 342/2016/TT-BTC DATED DECEMBER 30, 2016 OF
MINISTRY OF FINANCE ELABORATING THE GOVERNMENT'S DECREE NO. 163/2016/ND-CP
DATED DECEMBER 21, 2016 PROVIDING GUIDELINES FOR THE LAW ON STATE BUDGET
Pursuant to the Law on
Public Debt Management dated November 23, 2017;
Pursuant to the Law on State
Budget dated June 25, 2015;
Pursuant to the Government’s
Decree No. 95/2018/ND-CP dated June 30, 2018 providing for issuance,
registration, listing and trading of government debt instruments in securities
market;
Pursuant to the Government’s
Decree No. 91/2018/ND-CP dated June 26, 2018 on government guarantee issuance
and management;
Pursuant to the Government’s
Decree No. 93/2018/ND-CP dated June 30, 2018 providing for
provincial-government debt management;
Pursuant to the Government’s
Decree No. 94/2018/ND-CP dated June 30, 2018 on public debt management
operations;
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Pursuant to the Government’s
Decree No. 87/2017/ND-CP dated July 26, 2017 defining functions, tasks, powers
and organizational structure of the Ministry of Finance;
At the request of the
Director of the Department of Banking and Financial Institutions;
The Minister of Finance
promulgates a Circular amending the Circular No. 110/2018/TT-BTC dated November
15, 2018 of the Ministry of Finance providing guidance on repurchase and swap
of government debt instruments, government-guaranteed bonds and municipal bonds
in domestic market and the Circular No. 342/2016/TT-BTC dated December 30, 2016
of the Ministry of Finance elaborating the Government's Decree No. 163/2016/ND-CP
dated December 21, 2016 providing guidelines for the Law on State Budget.
Article
1. Amendments to Circular No. 110/2018/TT-BTC dated November 15, 2018 of the
Ministry of Finance providing guidance on repurchase and swap of government
debt instruments, government-guaranteed bonds and municipal bonds in domestic
market
1. Article
13 is amended as follows:
“Article 13. Repurchase
price of a debt instrument
1. The
repurchase price of a debt instrument for which no periodic interest payments
are made:
a) T-bills:
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
G = The price of a T-bill
(rounded off to the nearest Dong);
MG = Face value of T-bill;
Lt
= Discount rate of T-bill to be repurchased (%/365 days);
n = Actual days between the
repurchase date and the maturity date of T-bill.
b) Other debt instrument for
which no periodic interest payments are made and which has a term, determined
at the date of issue, of at least 01 year and the term to maturity, determined
at the repurchase date, of longer than 01 year:
Where:
GG = The repurchase price
of a debt instrument (rounded off to the nearest Dong);
MG = Face value of the debt
instrument;
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
E = Total days of an assumed
interest payment period in which the debt instrument is repurchased;
t = Number of assumed
interest payment periods between the repurchase date and the maturity date;
Lt = Repurchase
interest rate (%/year).
c) Other debt instrument for
which no periodic interest payments are made and which has a term, determined
at the date of issue, of at least 01 year and the term to maturity, determined
at the repurchase date, of 01 year or shorter:
Where:
GG = The repurchase price
of a debt instrument (rounded off to the nearest Dong);
MG = Face value of the debt
instrument;
a = Total days between the
repurchase date and the maturity date;
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Lt = Repurchase
interest rate (%/year).
2. The
repurchase price of a debt instrument which has a fixed nominal interest rate
and interest payments made periodically at equal intervals:
a) The repurchased debt
instrument which has a term to maturity, determined at the repurchase date, of longer
than 01 year:
- If
the repurchase date falls on or before the record date of the next interest
payment period, the repurchase price of the debt instrument is calculated by
adopting the following formula:
- If
the repurchase date falls after the record date of the next interest payment
period, the repurchase price of the debt instrument is calculated by adopting
the following formula:
Where:
GG = The repurchase price
of a debt instrument (rounded off to the nearest Dong);
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Lc = Nominal
interest rate (%/year);
k = Number of periodic
interest payments during a year;
d = Actual days between the
repurchase date and the next interest payment date;
E = Actual days of an
interest payment period in which the debt instrument is repurchased;
t = Number of interest
payments between the repurchase date and the maturity date of the debt
instrument;
Lt = Repurchase
interest rate (%/year).
b) The repurchased debt
instrument which has a term to maturity, determined at the repurchase date, of
01 year or shorter:
- With
regard to a debt instrument on which interest is paid every 12 months, the
repurchase price is calculated by adopting the following formula:
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
+ If the repurchase date
falls on or before the record date of the next interest payment period, the
repurchase price of the debt instrument is calculated by adopting the following
formula:
+ If the repurchase date
falls after the record date of the next interest payment period, the repurchase
price of the debt instrument is calculated by adopting the following formula:
Where:
GG = The repurchase price
of a debt instrument (rounded off to the nearest Dong);
MG = Face value of the debt
instrument;
Lc
= Nominal interest rate (%/year);
d = Actual days between the
repurchase date and the next interest payment date;
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
t = Number of interest
payments between the repurchase date and the maturity date of the debt
instrument;
Lt = Repurchase
interest rate (%/year).
3. The
repurchase price of a debt instrument which has a fixed nominal interest rate
and interest payments made periodically but the first interest payment period
is shorter or longer than the next ones:
a) With regard to the
repurchased debt instrument which has a term to maturity, determined at the
repurchase date, of longer than 01 year:
- If
the repurchase date falls before or on the record date for receiving debt
instrument interest in the first interest payment period:
+ If the sum of actual days
between the repurchase date and the interest payment date of the first interest
payment period is shorter than an ordinary interest payment period, the
repurchase price of a debt instrument is calculated by adopting the following
formula:
+ If the sum of actual days
between the repurchase date and the interest payment date of the first interest
payment period is longer than or equal to an ordinary interest payment period,
the repurchase price of a debt instrument is calculated by adopting the
following formula:
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
GL1 = Interest on
a debt instrument paid in the first interest payment period according to terms
of the newly issued debt instrument;
MG = Face value of the debt
instrument;
Lt = Repurchase
interest rate (%/year);
Lc = Nominal
interest rate (%/year);
k = Number of periodic interest
payments during a year;
a1 = Actual days between the
repurchase date and the first interest payment date according to terms of a
newly issued debt instrument;
a2 = Actual days between the
repurchase date and the ordinary interest payment date as assumed;
E = Total days of an
ordinary interest payment period according to terms of a newly issued debt
instrument;
t = Number of interest
payments between the repurchase date and the maturity date of the debt
instrument.
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
b) With regard to the
repurchased debt instrument which has a term to maturity, determined at the
repurchase date, of 01 year or shorter, the repurchase price of a debt
instrument shall be determined according to Point b Clause 2 of this Article.
4. If
the nominal interest rate of a debt instrument is floating interest rate, the
Ministry of Finance shall provide guidance on the method of determining
interest rate and repurchase price for each repurchase operation.”
2. Clause
1 of Article 21 shall be amended as follows:
“Article 21. Determination
of price and quality of debt instruments purchased and sold in a swap
1. The
price of a debt instrument sold in a swap is determined as follows:
a) Price of a debt
instrument for which no periodic interest payments are made:
- T-bills:
Where:
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
MG = Face value of T-bill;
Lt = Discount
rate of the T-bill sold out in a swap (%/365 days);
n = Actual days between the
swap date and the maturity date of T-bill.
- Other
debt instrument for which no periodic interest payments are made and which has
a term, determined at the date of issue, of at least 01 year and the term to
maturity, determined at the swap date, of longer than 01 year:
Where:
GG1 = The price of a debt
instrument (rounded off to the nearest Dong);
MG1 = Face value
of the debt instrument;
a1 = Actual days
between the swap date and the next interest payment date as assumed;
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
t = Number of assumed
interest payment periods between the swap date and the maturity date;
Lt1 = Discount
rate of the debt instrument sold in a swap (%/year).
- Other
debt instrument for which no periodic interest payments are made and which has
a term, determined at the date of issue, of at least 01 year and the term to
maturity, determined at the swap date, of 01 year or shorter:
Where:
GG1 = The price of a debt
instrument (rounded off to the nearest Dong);
MG1 = Face value
of the debt instrument;
A1 = Actual days
between the swap date and the maturity date;
E1 = Total days
of an assumed interest payment period in which the issuer carries out the debt
instrument swap;
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
b) The price of a sold debt
instrument which has a fixed nominal interest rate and interest payments made
periodically at equal intervals:
- The
sold debt instrument which has a term to maturity, determined at the swap date,
of longer than 01 year:
+ If the swap date falls on
or before the record date of the next interest payment period, the price of a
sold debt instrument is calculated by adopting the following formula:
+ If the swap date falls
after the record date of the next interest payment period, the price of a sold
debt instrument is calculated by adopting the following formula:
Where:
GG1 = The price of a sold
debt instrument (rounded off to the nearest Dong);
Lc1 = Nominal
interest rate of the sold debt instrument (%/year);
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
d1 = Actual days
between the swap date and the next interest payment date of the sold debt
instrument;
E1 = Actual days
of an interest payment period in which the issuer carries out the debt instrument
swap;
Lt1 = Discount
rate of the sold debt instrument in a swap (%/year);
MG1 = Face value
of a sold debt instrument;
t1 = Number of
actual interest payments between the swap date and the maturity date of the
sold debt instrument.
- The
sold debt instrument which has a term to maturity, determined at the swap date,
of 01 year or shorter:
+ With regard to a debt
instrument on which interest is paid every 12 months, the price of the sold
debt instrument is calculated by adopting the following formula:
+ With regard to a debt
instrument on which interest is paid every 06 months:
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
If the swap date falls after
the record date of the next interest payment period, the price of a sold debt
instrument is calculated by adopting the following formula:
Where:
GG1 = The price
of a sold debt instrument (rounded off to the nearest Dong);
MG1 = Face value
of a sold debt instrument;
Lc1 = Nominal
interest rate of the sold debt instrument (%/year);
d1 = Actual days
between the swap date and the next interest payment date of the sold debt
instrument;
E1 = Actual days
of an interest payment period in which the issuer carries out the debt
instrument swap;
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
Lt1 = Discount
rate of the debt instrument sold in a swap (%/year).
c) The price of a sold debt
instrument which has a fixed nominal interest rate and interest payments made
periodically but the first interest payment period is shorter or longer than an
ordinary interest payment period:
- The
sold debt instrument which has a term to maturity, determined at the swap date,
of longer than 01 year:
+ If the swap date falls
before or on the record date of the first interest payment period:
If the sum of actual days
between the swap date and the interest payment date of the first interest
payment period is shorter than an ordinary interest payment period, the price
of a debt instrument sold out in a swap is calculated by adopting the following
formula:
If the sum of actual days
between the swap date and the interest payment date of the first interest
payment period is longer than or equal to an ordinary interest payment period,
the price of a debt instrument sold out in a swap is calculated by adopting the
following formula:
Where:
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
GL1 = Interest on
a debt instrument paid in the first interest payment period according to terms
of the newly issued debt instrument;
Lc1 = Nominal
interest rate of the sold debt instrument (%/year);
k1 = Number of
interest payments of the sold debt instrument during a year;
d1 = Actual days
between the swap date and the next interest payment date of the sold debt
instrument;
a1 = Actual days
between the swap date and the first interest payment date according to terms of
a newly issued debt instrument;
a2 = Actual days
between the swap date and the ordinary interest payment date as assumed;
E1 = Actual days
of an interest payment period in which the issuer carries out the debt
instrument swap;
Lt1 = Discount
rate of the sold debt instrument in a swap (%/year);
MG1 = Face value
of a sold debt instrument;
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
+ If the swap date falls
after the record date of the first interest payment period, the price of a sold
debt instrument shall be calculated by adopting the same formula for
calculating the price of a sold debt instrument whose term to maturity is
longer than 01 year in case the swap date falls after the record date of the
next interest payment period prescribed in Point b of this Clause.
- The
price of a sold debt instrument which has a term to maturity, determined at the
swap date, of 01 year or shorter, shall be determined by adopting the formula
prescribed in Point b of this Clause.
d) The discount rate
employed to calculate the price of a sold debt instrument as prescribed in
Point a, Point b and Point c of this Clause is the interest rate agreed upon between
the issuer and the debt instrument holder or decided by the issuer in case of
bidding for debt instrument swap.”
3. Clause
4 is added to Article 24 as follows:
“4. If a market maker does
not have sufficient debt instruments repurchased/swapped due to objective
reasons, the issuer shall decide to grant exemption from responsibility to the market
maker.”
Article
2. Amendments to Circular No. 342/2016/TT-BTC dated December 30, 2016 of the
Ministry of Finance elaborating the Government's Decree No. 163/2016/ND-CP
dated December 21, 2016 providing guidelines for the Law on State Budget
1. Clause
3 Article 16 is amended as follows:
“3. Funds raised from
issuance of bonds shall be recorded at par value. Difference
between the bond selling price and par value and any discounts, difference
between the par value of the sold bond and that of the purchased bond, and
difference between the par value of repurchased bond and the repurchase price
must be separately monitored. At the end of each year, based on the balance on
that separate account, the positive difference shall be recorded as state
budget revenue and the negative difference shall be recorded as state budget
expenditure.”
2. Point
n Clause 1 Article 19 is amended as follows:
...
...
...
Bạn phải
đăng nhập hoặc
đăng ký Thành Viên
TVPL Pro để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.
Mọi chi tiết xin liên hệ:
ĐT: (028) 3930 3279 DĐ: 0906 22 99 66
3. Point
a Clause 2 of Article 21 is amended as follows:
“a) Repayment of government
bonds: Based on the cost estimate and obligation to repay debts due,
the State Treasury shall use funding derived from the central government budget
to make such repayments, and record the principal debt repayment as a decreased
in loan debts and record payments of debt interests, fees and charges arising
from the issuance, swap, repurchase and repayment of government bonds as the
central government budget expenditures as prescribed;"
Article
3. Implementation
1. This
Circular comes into force from November 01, 2020.
2. Any
difficulties that arise during the implementation of this Circular must be
promptly reported to the Ministry of Finance for consideration./.
PP. THE
MINISTER
DEPUTY MINISTER
Huynh Quang Hai