Debt Management and Debt Profile
Main Objective of Debt Management
Minimizing long-term cost within manageable and tolerable risks
Portfolio and Risk Management Prioritizing cost recovery project; Prioritizing national development s financing program including MDG; Increasing proportion of fixed rate debt; Conducting hedging to minimize market risk Reducing proportion of commercial loan, including export credit Project Readiness Enhancing coordination within involved parties which are responsible/involved in project planning, implementation, monitoring, and evaluation. Portfolio and Risk Management Moving toward to achieve maximum net additional debt within 1% of GDP; Prioritizing long term IDR fixed rate bond s issuances in domestic market; Increasing portfolio duration by restructuring maturity profile; Issuing international bonds for the purpose of refinancing foreign exchange liabilities, strengthening/increasing foreign reserve, creating benchmark bonds, and avoiding crowding out in domestic bond market. Development of Domestic Government Debt Securities Conducting regular IDR bond issuances (regular calendar of issuance); Issuing diversified products such as: retail bond, Islamic structure securities/Syariah bonds (sukuk), SPN (T-Bills); Strengthening primary-dealership system, to support market making; Increasing market transparency, to support price discovery; Developing/enhancing REPO market and derivative market.
External Loan Management
Government Securities Management
2 Source: Ministry of Finance
Deficit financing
[ trillion rupiah ] 100 90 80 70 60 50 40 1.2 30 20 10.2 10 5.9 0 -10 -20 -30 -40 2000 91.6 2.4 1.7 1.3 10.3 30.2 6.6 19.0 (1.9) 6.9 1.1 0.537.7 (3.1) (28.1) 2001 2002 2003 2004 2005 42.0 (1.2) (10.3) (26.6) 2006* (23.9) 2007** 22.6 0.5 36.0 0.9 20.0 12.3 57.1 [ % GDP ] 5.0 4.5 4.0 3.5 3.0 2.5 1.7 2.0 1.5 1.0 0.5 0.0 (1.6) -0.5 -1.0 (16.7) -1.5 -2.0 2008***
1.3
-
Govt Securities - net, (LHS) Others/Non-Debt - net, (LHS)
2.5% 2.0%
External Loan - net, (LHS) Budget Deficit, % to PDB (RHS)
Deficit financing from govt securities
2.1%
% of GDP
1.5% 1.0% 0.5%
0. 5%
1.5%
1. 7%
1.1% 0.8%
0. 9% 1. 3%
Since 2005 government securities has been the major source of financing for the budget deficit, debt refinancing and infrastructure support
0.0% 2005
Budget Deficit, % of GDP
2006 *
2007 **
2008
***
Government Securities - Net, % of GDP
Notes: * = Preliminary ** = Very Preliminary, based on State Budget 2007 Preliminary Realization *** = Projection based on State Budget 2008 Others/Non-Debt include privatization and other sources
3 Source: Ministry of Finance
Debt To GDP
[%]
88
77 67 61 56 46 42 37 40 36 31 32 29 28 28 24 24 18 21 16 19 15 19 47 39 35 35
2000 Total Debt to GDP External Debt to GDP Domestic Debt to GDP 88 42 46
2001 77 37 40
2002 67 31 36
2003 61 29 32
2004 56 28 28
2005 47 24 24
2006* 39 18 21
2007** 35 16 19
2008*** 35 15 19
Notes: * = Preliminary ** = Very Preliminary, based on State Budget 2007 Preliminary Realization *** = Projection based on Proposed State Budget 2008
4 Source: Ministry of Finance
Outstanding of Total Central Government Debt ( incl. Domestic Debt)
2000 2007
Notes: + Preliminary numbers ++ Very preliminary numbers, as of December 2007 * Some of them are semi commercial ** Most of them are semi concessional *** All of them are commercial
5
Source: Ministry of Finance
Outstanding Public External Debt (incl. Bank Indonesia)
CENTRAL GOVERNMENT DEBT AND CENTRAL BANK EXTERNAL DEBT BY CREDITOR TYPE AND COUNTRY Thousand of USD rate at end of period
ITEMS
2000
2001
2002
2003
2004
2005
2006
2007
1. Outstanding External Debt of Central Government a. Bilateral - Japan - France - United States - Germany, Fed.Rep. Of - Other b. Multilateral - International Organization - IMF - International Organization - I.B.R.D. - International Organization - A.D.B. - Other c. Export Credit Facilities d. Leasing e. Commercial f. Bond g. Total ( a + b + c + d + e + f ) 2. Outstanding External Debt of Bank Indonesia a. Bilateral - Japan - France - United States - Germany, Fed.Rep. Of - Other b. Multilateral - International Organization - IMF - International Organization - I.B.R.D. - International Organization - A.D.B. - Other c. Syndicated Credit d. Bond e. Total ( a + b + c + d )
24,638,224 18,144,085 1,227,209 1,546,305 861,180 2,859,445 20,524,383 11,773,717 7,543,701 1,206,965 15,740,675 601,543 77,952 167,196 61,749,973
22,712,737 16,269,301 1,142,311 1,547,201 911,167 2,842,757 19,924,626 11,577,025 7,179,379 1,168,222 14,887,888 439,235 95,880 167,196 58,227,562
26,067,339 18,901,835 1,377,045 1,583,891 1,083,451 3,121,117 20,282,873 10,802,360 8,309,718 1,170,795 16,605,092 368,740 98,525 167,196 63,589,765
29,876,838 21,646,164 1,656,530 1,603,714 1,384,151 3,586,279 19,738,670 9,776,102 8,582,146 1,380,422 18,397,278 301,906 102,528 167,196 68,584,416
30,333,174 22,060,685 1,697,788 1,521,462 1,425,003 3,628,236 19,250,788 8,942,985 8,868,914 1,438,889 18,022,489 224,873 85,482 1,087,196 69,004,002
66,109,494 20,954,829 1,494,557 1,573,227 1,350,004 40,736,877 18,779,410 8,106,523 9,157,712 1,515,175 15,327,146 135,216 79,178 3,182,196 103,612,640
28,101,458 20,347,552 1,557,988 1,470,145 1,433,441 3,292,332 18,836,735 7,420,807 9,409,209 2,006,719 14,938,846 69,521 74,702 4,945,000 66,966,262
28,603,434 20,833,056 1,585,814 1,345,441 1,493,315 3,345,808 19,054,556 6,821,789 10,177,028 2,055,739 14,512,572 15,754 66,199 6,370,000 68,622,515
6,477
6,477
6,706
6,117
5,757
5,397
5,037
4,678
6,477 10,982,544 10,982,544
6,477 9,105,256 9,105,256
6,706 8,829,290 8,829,290
6,117 10,238,606 10,238,606
5,757 9,653,885 9,653,885
5,397 7,806,028 7,806,028
5,037 -
4,678 -
1,918,926 232,804 13,140,751
1,831,446 232,804 11,175,983
1,838,497 232,804 10,907,297
1,847,839 232,804 12,325,366
1,837,368 232,804 11,729,814
1,280,001 232,804 9,324,230
750,477 755,514
712,814 717,492
Note :
*) Preliminary
Source: Bank Indonesia
6
Debt Management Agenda in 2008
Government Securities Management
Optimizing domestic issuance of government securities and issue in international market for complementary purpose; Creating regular calendar of issuance for a full year; Conducting measurable debt switching (government securities) to manage refinancing risk and promote market liquidity; Strengthening the development of primary dealership system; Maintaining benchmark series to enhance market liquidity; Developing and widening institutional investor (Pension Funds, Insurance company and Mutual fund) and retail investors. Diversifying products to widen investor base: Islamic structure securities/Syariah bonds (sukuk); Enhancing market infrastructure, including development of integrated trading, clearing, and settlement system.
Loan Management
Prioritizing bilateral and multilateral loans with concessional terms & conditions and lower interest cost. Project loans will mainly come from multilateral and bilateral institutions (World Bank, ADB, IDB, JBIC, KfW) to finance certain project/activities (infrastructure s rehabilitation and development) carried out by line ministries, and to on-lend them to state own enterprises and regional governments. Program loans from World Bank, ADB, and JBIC to support the improvement of quality of policy reform Gradually reduce loans which have high borrowing cost Improving the quality of execution of the loan Conducting loan portfolio management, e.g.: conversion of currency pool loan (CPL) and single currency pool debt (SCPD) into LIBOR based/fixed rate loan, while considering the market condition; Focusing on fixed spread loan/FSL (for the World bank loan) with an option conversion into IDR loan; Conducting debt restructuring debt swap; Conducting continuous discussion between GoI and lenders through lenders forum; Revising Government Regulation No. 2 year 2006 to improve loan management
7 Source: Ministry of Finance
State Budget Financing 2008
2008-Budget Total Revenue of which Tax Revenue Oil & Gas Revenue Expenditure of which Interest payment
Domestic Foreign
781.4 592.0 117.9 854.7 91.4
62.7 28.6
18.1% 13.7% 2.7% 19.8% 2.1%
1.5% 0.7%
To meet this target the government plans to issue diversified product, including : T-Bond Zero coupon bond Global bond T-Bills Retail Bond Islamic structure securities (Sukuk)
Capital Primary Balance Overall Balance Financing Non Debt Debt Govt Securities (Net) Official Borrowing Disbursement Repayment Assumptions:
GDP (trillion) Growth (%) Inflation (%) 3-mo SBI (% avg) Rp / USD (avg) Oil Price (USD/barrel) Oil Lifting (MBCD)
101.5 18.1 (73.3) 75.0 0.1 74.9 91.6 (16.7) 43.0 (59.7)
2.4% 0.4% -1.7% 1.7% -0.7% 1.7% 2.1% -0.4% 1.0% -1.4%
4,306.6 6.8 6.0 7.5 9,100.0 60.0 1,034.0
Notes : 8
Figures are in trillion IDR
Source: Ministry of Finance
Government Securities Auction Development
2002 2003 2004 2005 2006 2007 2008
Domestic Market
Fixed Coupon Tenor Auction Method Bookbuilding Open Auction Issuance Method New Issuance Reopening Frequency Primary Market Weighted Average Yield (WAY) [% ] Retail Bonds(ORI) Treasury Bills (SPN) Zero Coupon (ZC) Sukuk (SBSN) 8 years 7 - 9 years 7 - 10 years 2 - 15 years 2 - 20 years 3 - 30 years 2 - 30 years *)
-
-
-
-
-
-
1 tim e/year 4 tim es /year 9 tim es /year 10 tim es /year 10 tim es /year 17 tim es 4 tim es *)
14.67 -
12.42 -
11.24 -
11.14 -
11.45 -
9.73
9.18
-
**)
International Market
Tenor Auction Method Bookbuilding Open Auction
10 years 10 & 30 years 10 & 30 years 30 years 10&30 years
-
-
Issuance Method New Issuance Reopening *) up to Feb 2008 **) After Sukuk Law has been enacted
-
-
-
-
9 Source: Ministry of Finance
Profile of Government Debt Securities
GOVERNMENT DEBT SECURITIES 1. Zero Coupon a. Government Treasury Bills b. Zero Coupon Bond Sub Total 2. Government Domestic Bonds a. Fixed Rate *) +) b. Variable Rate *) Sub Total Sub Total Tradable Govt Securities 3. Promissory Notes to Bank Indonesia **) Total Government Domestic Bonds Total Government International Bonds *) TOTAL GOV'T DEBT SECURITIES
Notes:
- Nominal in billion rupiah (domestic bonds) and million USD (international bonds) - *) Tradable - **) Non-Tradable - +) Since 2006 FR Includes Retail Bond : IDR 3, 283 T (2006); IDR 18,883 T (2007); - Exchange Rate Assumption (IDR/USD1)
Dec '05 IDR IDR IDR IDR 189,156 IDR 210,683 IDR 399,839
Dec'06 IDR IDR IDR IDR 238,565 IDR 180,187 IDR 418,751 IDR 418,751
Dec '07 IDR 4,169 IDR 10,500 IDR 14,669 IDR 294,453 IDR 168,625 IDR 463,078 IDR 477,747 IDR 259,404 IDR 737,151 USD 7,000 IDR 803,084
3 Mar '08 IDR 4,169 IDR 20,050 IDR 24,219 IDR 297,803 IDR 160,927 IDR 458,729 IDR 482,948 IDR 258,817 IDR 741,766 USD 9,000 IDR 823,729
IDR 220,899 IDR 620,738 USD 3,500 IDR 655,143
IDR 274,367 IDR 693,118 USD 5,500 IDR 742,728
IDR 9,830
IDR 9,020
IDR 9,419
IDR 9,107
Since October 2006, Government and Central Bank committed to replace interest payment of Promissory Notes to Bank Indonesia (SU-002 & SU-004) with new bond (SU-007) and omitted indexation of SU-002 & SU-004
10 Source: Ministry of Finance
Domestic Issuance
Until end of February 2008 the Government has conducted 4 times auctions in domestic market. This year total government debt securities has been issued is reaching to IDR 12,9 trillion. At this moment the government is conducting book building for the fourth retail bond. The demand so far has exceeded the amount issued in September 2007. Last year retail bond contributed to 18% of total domestic debt issuance. Therefore, the government sees this as potential source of financing
Auction Date Total 2002 Total 2003 Total 2004 Total 2005 Total 2006 Total 2007 22-Jan-08 FR0046 (Reopening) FR0050 29-Jan-08 ZC0004 ZC0005 12-Feb-08 FR0048 (Reopening1) FR0049 19-Feb-08 ZC0004 (Reopening) ZC0005 (Reopening) Total 2008 24-Jan-08 24-Jan-08 31-Jan-08 31-Jan-08 14-Feb-08 14-Feb-08 21-Feb-08 21-Feb-08 15-Jul-23 9.50% 10.55% 5,000,000 15-Jul-38 10.50% 20-Feb-10 20-Feb-13 15-Sep-18 15-Sep-13 20-Feb-10 20-Feb-13 9.00% 9.00% 10.81% 8.25% 3,000,000 9.41% 10.10% 3,000,000 9.25% 8.57% 3,000,000 9.56% 14,000,000 2,705,000 24,865,000 2,200,000 12,900,000 1.23 1.93 4,742,000 3,825,000 750,000 3,650,000 6.32 1.05 2,671,000 1,175,000 950,000 300,000 2.81 3.92 1,448,000 6,081,000 1,200,000 2,750,000 1.21 2.21 Series Settlement Date Maturity Coupon WAY Target 2,000,000 12,700,000 22,200,000 20,000,000 26,875,000 47,000,000 Total Bids 7,017,400 24,599,500 53,980,500 48,726,800 98,850,550 205,057,495 2,218,000 Total Accepted 2,000,000 11,712,500 23,574,000 22,540,000 42,578,650 86,379,695 1,100,000 Bids to Accepted 3.51 2.10 2.29 2.16 2.32 2.37 2.02
11
Source: Ministry of Finance
International Issuance
Beginning of this year the government tapped international market and successfully issued USD 2 billion in volatile market conditions. This amount delivered substantial contribution to the Republic s funding requirement for 2008.
INDO-37 1 Rating (S&P | Moody's | Fitch) 2 Size 3 Coupon 4 Pricing date 5 Settlement Date 6 Maturity date 7 Coupon payment dates 8 Issue Format 9 Yield when issued 10 Price when issued 11 Spread over US Treasury 12 US Treasury yield 13 Fed Fund rate 14 Listing BB- | B1 | BBUSD 1,500,000,000 6.625% s.a. 07 February 2007 14 February 2007 17 February 2037 17 February & 17 August Rule 144A / Reg S 6.750% 98.400% 189.3 bps 4.857% 5.250% Singapore Stock Exchange Citigroup, Deutsche Bank, UBS Investment Bank INDO-18 INDO-38
BB- | Ba3 | BBUSD 1,000,000,000 6.875% s.a. 10 January 2008 17 January 2008 17 January 2018 17 January & 17 July
BB- | Ba3 | BBUSD 1,000,000,000 7.75% s.a.
17 January 2038 17 January & 17 July
Rule 144A / Reg S 6.950% 99.466% 306 bps 3.890% 4.250% Singapore Stock Exchange Barclays, HSBC, & Lehman Brothers 7.750% 100.000% 329 bps 4.460%
15 Joint Lead Managers
Source: Bloomberg, modified
12
Maturity Profile of Tradable Government securities as of end of Feb., 2008
40
35
30
25 trillion rupiah
20
15
10
5
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 12.91 2.45 14.43 7.85 -
2035 2036 2037 2038 14.57 14.57 20.06 10.31 564.9 6.40 1.20 20.05 4.17 81.96 18.88 160.9 278.9
Total 29.32 30.57 37.81 36.65 29.61 37.56 31.90 35.65 31.85 36.03 36.19 26.43 36.79 10.38 19.25 10.78 5.59 6.00 3.00 6.40 1.50 3.15 ZC SPN IB ORI VR FR 4.17 1.10 3.28 6.23 9.37 3.46 0.52 9.11 9.11 8.20 5.33 9.11 9.11 3.71 -
13.66 9.11
18.05 8.96
11.41 17.45 18.32 16.82 17.92 22.72 25.32 10.10 9.16
15.32 25.18 23.82 27.59 34.41 11.38 9.10
11.47 10.38 19.25 10.78 5.59
12.91 2.45
14.43 7.85
13 Source: Ministry of Finance
Debt Switching 2007
In 2006 GOI has successfully switched Rp31.2 trillion of bonds consist of Rp9.9 trillion which matured in 2007, Rp11.4 trillion matured in 2008, Rp6.1 trillion matured in 2009, Rp1.5 trillion matured in 2010 and Rp2.3 trillion matured in 2011 In 2007 GOI has successfully switched Rp 15,78 trillion of bonds maturing between 2007-2012 into long dated bonds maturing in 2018-2027
Source Bonds
Auction Date Settlement Date Series Total Total 2006 Total 2007 05-Feb-08 11-Feb-08 14 Series Maturity Date 2006 - 2009 13 Auction 9 Auctions 2008 - 2012 Offer Received Offer Awarded
1) 1)
Destination Bonds
Series Maturity Date WAY 2)
08-Dec-05
13-Dec-05
7,721 54,177 30,681 1,355
5,673 FR0031 31,179 15,782 146 FR0046
15-Nov-20 14.46523%
15-Jul-23 10.59525%
14 Source: Ministry of Finance
Daily Transaction & Diversified bondholders
Investor base is getting more diversified with the increased ownership by foreign investors. This depicts investor confidence on Indonesia.
Ever-increasing daily transaction
9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 2002 2003 2004 2005 2006 Jan-07 Feb-07 Mar-07 Apr-07 May-07 Jun-07 Jul-07 Aug-07 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08
Diversified bondholders
360 330 300 270
%
100 90 80 70
240 210 180 150 120 90 60 30 -
60 50 40 30 20 10 0 Dec-04 Dec-05 Des'06 Dec-07 Feb-08
Banks
Non Banks
Offshore
Volume (billion rupiah) - LHS
15 Source: Ministry of Finance
Frequency - RHS
Note: 1. Offshore include banks, financial institutions, etc.
Ownership of Foreign Holder
No sudden reversal of foreign ownership in domestic government securities Long term bonds preferred Gradual increase after reaching the lowest position in August 2007
[Rp miliar]
90,000 80,000 70,000 60,000 50,000
37,0%
35,4%
24,0%
40,000 30,000 20,000
25,5%
24,7%
10,000
26,4%
12,8%
0 May-07 May-07 Total >10 5-10 2-5 0-2 83,479 41,624 20,613 17,514 3,728 Jun-07 Jun-07 81,782 40,666 19,495 14,862 6,760 Jul-07 80,972 36,969 23,767 14,251 5,985 Jul-07 Aug-07 72,067 31,273 21,831 11,950 7,013 Aug-07 Sep-07 79,593 34,729 21,721 13,044 10,099 Sep-07 Oct-07 80,892 33,693 22,806 14,202 10,190 Nov-07 76,683 32,117 21,132 14,144 9,290 Oct-07 Dec-07 78,156 32,451 19,843 17,243 8,619 Nov-07 Jan-08 79,074 31,039 20,424 19,623 7,989 Dec-07 02/08/08 80,572 30,580 21,132 19,269 9,591 Jan-08 02/15/08 79,066 30,357 20,478 18,590 9,641 02/21/08 81,573 30,215 20,819 20,122 10,418
14,2%
Feb-08 02/29/08 83,382 29,528 19,996 22,045 11,814
16 Source: Ministry of Finance
Bid-A Y S sk ield pread B enchm S (10 Y ark eries )
[ bps ] 12.00 11.00 10.00 9.00 8.00 7.00 6.00 5.00 4.00 3.00 2.00 1.00 Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 10y Jun-06 Sep-06 Poly. (10y) Dec-06 Mar-07 Jun-07 Sep-07 Dec-07
Yield spreads are relatively stable, and significant decrease since the implementation of PD System on March 2007.
Source: IDMA, Bloomberg
17
IDR Government Bonds : Yield Curve (IDMA)
14.50% 14.00% 13.50% 13.00% 12.50% 12.00% 11.50% 11.00% 10.50% 10.00% 9.50% 9.00% 8.50% 8.00% 7.50% 7.00% 6.50% 6.00% 5.50% 5.00% 6m 1y 2y 3y 4y 5y 6y 7y 8y 9y 10 y 11 y 12 y 13 y 14 y 15 y 16 y 17 y 18 y 19 y 20 y
11.13% 10.89% 10.31% 9.66% 9.47% 9.18% 8.95% 8.59%8.69% 8.05%
Dec '05 Dec '06 May '07 31 Dec '07 3 Mar '08
11.01%
Source: IDMA, Bloomberg
18
Stock of Private Debt
(dalam jutaan USD / in Million USD )
Swasta / Private & Others Total 1. Lembaga Keuangan / Financial Institution Bank - Bank Pemerintah / State owned bank - B. swasta nasional / Domestic prvt. bank - B. swasta campuran / Joint venture bank - B. swasta asing / Foreign bank Non Bank / Non Bank Financial Institution 2. Bukan Lembaga Keuangan / Non Financial Institution Lain-lain / Others Srt berharga dmstk yg dimiliki bkn penduduk / Domestic securities owned by non-resident Pemerintah / Government Bank Bukan Lembaga Keuangan / Non-bank Financial Inst.
2000 64,606 8,867 7,718 4,150 2,326 944 298 1,150 55,738 2,197 2,197 26 2 2,169
2001 60,058 7,713 6,649 3,695 2,268 656 30 1,064 52,345 3,624 3,624 1,972 1,651
2002 55,212 7,642 4,870 2,767 1,537 534 31 2,772 47,570 1,634 1,634 164 1,470
2003 51,942 7,537 4,316 2,874 779 630 32 3,221 44,405 2,550 2,550 756 1 1,793
2004 52,929 8,211 3,906 2,356 810 702 38 4,306 44,718 3,361 3,361 1,991 4 1,367
2005 48,601 6,371 4,042 1,665 491 1,419 467 2,329 42,229 6,646 6,646 4,666 15 1,965
2006 50,983 6,560 4,544 1,859 904 1,226 554 2,017 44,423 10,031 10,031 8,087 30 1,914
2007 53,909 7,465 5,351 479 2,369 1,380 1,123 2,114 46,444 13,391 13,391 11,269 50 2,073
Catatan / Notes : 1 Tahun 2000 dalam valuta DEM, tahun 2001 s.d sekarang valuta (DEM,ATS,FRF,NLG,ESP,ITL,FNM) dikonversikan dalam valuta EUR. / Year 2000 in DEM, year 2001 onward original currencies (DEM,ATS,FRF,NLG,ESP,ITL,FNM) had been converted into EUR. 2 Termasuk Pinjaman IMF / Including loan from IMF 3 Terdiri dari SBI USD2970.82 juta dan Obligasi Pemerintah sebesar USD8297.73 juta / Consist of SBIs USD2970.82 milion and Government Bonds USD8297.73 million *) Angka sementara / Preliminary Figures
Source: Bank Indonesia
19
Debt Service Schedule of Government of Indonesia Debt
in million of USD 2008 Description Principal Interest Government Debt - Multilateral - Bilateral - Export Credit - Leasing - Commercial - Bond Bank Indonesia Debt - Bilateral Taiwan - Syndication Total 6,288.9 2,805.0 2,044.4 941.3 2,294.0 666.1 1,923.6 681.6 14.2 0.4 12.8 4.1 511.6 69.4 0.4 69.0 39.5 0.2 39.3 Total 9,094.0 2,985.7 2,960.1 2,605.2 14.6 16.9 511.6 108.9 0.5 108.4 9,202.9 Principal 6,442.8 2,064.7 2,419.1 1,941.9 1.6 15.6 65.2 0.4 64.8 6,507.9 Interest 2,598.4 873.2 613.4 597.0 0.0 3.2 511.6 35.2 0.2 35.0 2,633.6 Total 9,041.2 2,937.9 3,032.4 2,538.8 1.6 18.9 511.6 100.3 0.5 99.8 9,141.6 Principal 5,206.8 1,875.1 1,880.8 1,443.1 7.8 45.5 0.4 45.2 5,252.3 Interest 2,369.6 777.5 568.5 509.5 2.5 511.6 32.5 0.1 32.4 Total Principal Interest Total Principal Interest Total Principal Interest 7,576.4 2,652.6 2,449.3 1,952.6 10.4 511.6 78.0 0.5 77.5 4,637.3 2,187.0 6,824.3 1,741.5 694.7 2,436.2 1,656.9 529.6 2,186.5 1,230.9 448.9 1,679.9 7.9 2.1 10.1 511.6 511.6 85.5 0.4 85.1 29.5 0.1 29.4 115.0 0.5 114.6 Total 2009 2010 2011 2012 2013
4,513.2 2,021.2 6,534.4 4,572.6 1,845.3 6,418.0 1,593.8 611.6 2,205.4 1,500.1 535.6 2,035.8 1,684.4 502.7 2,187.1 1,787.6 459.9 2,247.6 1,231.1 393.5 1,624.5 1,281.3 336.5 1,617.8 3.9 1.9 5.7 3.6 1.6 5.2 511.6 511.6 511.6 511.6 115.2 0.4 114.9 24.3 0.1 24.2 139.5 0.5 139.0 93.8 0.4 93.5 17.8 0.1 17.7 111.6 0.5 111.2
6,358.3 2,844.5
2,402.2 7,654.5
4,722.8 2,216.5 6,939.3
4,628.4 2,045.5 6,673.9 4,666.5 1,863.1 6,529.6
20