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									OVERVIEW OF DEBT & ASSETS MANAGED BY THE AOFM
Face Value (a)

Contribution by instrument (i)                                     30 June 2005             30 June 2006             30 June 2007      30 September 2007         31 December 2007             31 March 2008
                                                                    ($ millions)             ($ millions)             ($ millions)             ($ millions)            ($ millions)             ($ millions)

Debt and Swaps
 - Treasury Bonds                                                        -48,383                 -48,003                  -47,199                  -49,400                  -47,995                 -48,694
 - Treasury Indexed Bonds                                                 -6,552                  -6,020                   -6,020                   -6,020                   -6,020                  -6,020
 - Treasury Notes                                                              -                       -                        -                        -                        -                       -
 - Other miscellaneous domestic debt                                         -49                     -20                      -20                       -4                       -4                      -4
 - Foreign loans                                                             -23                      -7                       -6                       -6                       -6                      -6
Debt portfolio                                                           -55,007                 -54,050                  -53,246                  -55,430                  -54,025                 -54,724

Interest rate swaps
  - Swaps to receive fixed interest rates                                   n.a.                     n.a.                     n.a.                     n.a.                     n.a.                    n.a
     - Fixed legs                                                         30,518                  25,260                   25,960                   24,660                   23,650                  23,050
     - Floating legs                                                     -30,518                 -25,260                  -25,960                  -24,660                  -23,650                 -23,050

 - Swaps to pay fixed interest rates                                        n.a.                     n.a.                     n.a.                     n.a.                     n.a.                    n.a
    - Fixed legs                                                          -5,300                   -3,300                  -3,300                   -2,300                   -1,800                  -1,500
    - Floating legs                                                        5,300                    3,300                   3,300                    2,300                    1,800                   1,500

All interest rate swaps                                                     n.a.                     n.a.                     n.a.                     n.a.                     n.a.                    n.a

Debt portfolio (after swaps)                                             -55,007                 -54,050                  -53,246                  -55,430                  -54,025                 -54,724

Assets
 - Term deposits with the RBA                                            25,450                   18,150                   20,350                   12,850                   11,500                  14,050
 - Housing and other Loans (ii)                                            3,513                   3,428                    3,342                    3,342                    3,342                   3,342
 - Communications Fund (iii)                                                n.a.                   2,085                    2,217                    2,273                    2,313                   2,356
Total assets managed                                                     28,963                   23,663                   25,909                   18,464                   17,155                  19,748



(a) The face value measures the par value of debt liabilities and asset holdings. For interest rate swaps the table shows the notional amount on which the interest coupons are calculated.

(i) This is not the same as Commonwealth general government gross debt, as published in the Budget Papers, which includes other liabilities including those not managed by the AOFM. Debt includes
all Commonwealth Government Securities on issue. Debt excludes overdues and debt taken over from the States and Territories by the Commonwealth under the Financial Agreement 1927 or held by
the Commonwealth.
(ii) Loans by the Commonwealth to State and Territory Governments.
(iii) The Communications Fund is not part of the AOFM Financial Statements, but is managed by the AOFM for the Department of Broadband, Communications, and the Digital Economy. The AOFM
commenced management of the investments in the Fund on 26 September 2005.
n.a. Not applicable.
OVERVIEW OF DEBT & ASSETS MANAGED BY THE AOFM (continued)
Market Value (b)

Contribution by instrument (i)                                  30 June 2005            30 June 2006            30 June 2007      30 September 2007       31 December 2007           31 March 2008
                                                                  ($ millions)           ($ millions)            ($ millions)            ($ millions)            ($ millions)           ($ millions)

Debt and Swaps
 - Treasury Bonds                                                     -52,093                -49,721                 -47,419                 -49,586                 -47,690                 -48,991
 - Treasury Indexed Bonds                                             -10,046                 -9,157                  -9,091                  -9,197                  -9,196                  -9,433
 - Treasury Notes                                                           -                      -                       -                       -                       -                       -
 - Other miscellaneous domestic debt                                      -51                    -22                     -21                      -4                      -4                      -4
 - Foreign loans                                                          -27                     -9                      -8                      -8                      -8                      -8
Debt portfolio                                                        -62,218                -58,908                 -56,539                 -58,794                 -56,898                 -58,436

Interest rate swaps
  - Swaps to receive fixed interest rates                                 685                    -10                    -611                    -600                    -930                    -804
     - Fixed legs                                                      31,594                 25,577                  25,751                  24,439                  23,100                  22,628
     - Floating legs                                                  -30,908                -25,587                 -26,362                 -25,038                 -24,030                 -23,431

 - Swaps to pay fixed interest rates                                       -8                      26                     30                      25                      24                      21
    - Fixed legs                                                       -5,352                  -3,309                 -3,312                  -2,303                  -1,806                  -1,502
    - Floating legs                                                     5,343                   3,336                  3,342                   2,328                   1,830                   1,522

All interest rate swaps                                                   677                     16                    -581                    -575                    -906                   -783

Debt portfolio (after swaps)                                          -61,542                -58,892                 -57,120                 -59,369                 -57,804                 -59,219

Assets
 - Term deposits with the RBA                                          25,630                 18,157                  20,379                  12,877                  11,522                 14,075
 - Housing and other Loans (ii)                                           n.a.                   n.a.                    n.a.                    n.a.                    n.a.                    n.a
 - Communications Fund (iii)                                              n.a.                 2,086                   2,047                   2,254                   2,294                  2,336



(b) The market value measures the value of the liabilities and assets based on current market yields. The valuations are based on market close of business mid-market rates. Commonwealth
Government Securities denominated in Australian dollars and term deposits with the RBA are valued off a zero coupon curve based on liquid Treasury Bond yields while interest rate swaps are valued
off the AUD swap curve. The foreign loans are valued using the USD swap curve and the end of day exchange rate. Valuations are based on the sum of the discounted present value of cash flows except
for Treasury Indexed Bonds where the valuation uses the RBA secondary market pricing formula and market yields to maturity. A positive (negative) number represents an asset (liability) position.

(i) This is not the same as Commonwealth general government gross debt, as published in the Budget Papers, which includes other liabilities including those not managed by the AOFM. Debt includes
all Commonwealth Government Securities on issue. Debt excludes overdues and debt taken over from the States and Territories by the Commonwealth under the Financial Agreement 1927 or held by
the Commonwealth.
(ii) Loans by the Commonwealth to State and Territory Governments.
(iii) The Communications Fund is not part of the AOFM Financial Statements, but is managed by the AOFM for the Department of Broadband, Communications, and the Digital Economy. The AOFM
commenced management of the investments in the Fund on 26 September 2005.
n.a. Not applicable.
OVERVIEW OF DEBT & ASSETS MANAGED BY THE AOFM (continued)
Market Value Sensitivity (c)

Contribution by instrument (i)                                    30 June 2005            30 June 2006             30 June 2007      30 September 2007        31 December 2007            31 March 2008
                                                                   ($ millions)             ($ millions)            ($ millions)            ($ millions)             ($ millions)            ($ millions)

Debt and Swaps
 - Treasury Bonds                                                        19.96                    20.04                   19.12                    19.88                   19.76                   19.77
 - Treasury Indexed Bonds                                                 7.83                     7.48                    6.74                     6.67                    6.50                    6.53
 - Treasury Notes                                                            -                        -                       -                        -                       -                       -
 - Other miscellaneous domestic debt                                      0.01                     0.00                    0.00                     0.00                    0.00                    0.00
 - Foreign loans                                                          0.01                     0.01                    0.01                     0.01                    0.01                    0.01
Debt portfolio                                                           27.81                    27.52                   25.86                    26.55                   26.27                   26.31

Interest rate swaps
  - Swaps to receive fixed interest rates                                -10.75                    -8.42                   -7.46                   -6.99                    -6.49                   -6.11
     - Fixed legs                                                        -11.39                    -8.98                   -8.04                   -7.54                    -7.02                   -6.63
     - Floating legs                                                       0.64                     0.56                    0.58                    0.55                     0.52                    0.53

 - Swaps to pay fixed interest rates                                       0.52                     0.48                    0.17                    0.11                     0.08                    0.04
    - Fixed legs                                                           0.60                     0.54                    0.23                    0.16                     0.11                    0.07
    - Floating legs                                                       -0.08                    -0.06                   -0.06                   -0.05                    -0.03                   -0.03

All interest rate swaps                                                  -10.23                    -7.94                   -7.29                   -6.88                    -6.41                   -6.07

Debt portfolio (after swaps)                                             17.58                    19.58                   18.57                    19.67                   19.85                   20.24

Assets
 - Term deposits with the RBA                                             -0.24                    -0.08                   -0.08                   -0.02                    -0.02                   -0.03
 - Housing and other Loans (ii)                                            n.a.                     n.a.                    n.a.                    n.a.                     n.a.                     n.a
 - Communications Fund (iii)                                               n.a.                    0.00                    0.00                     0.00                    -0.03                   -0.03



(c) The sensitivity is measured as the change in market value that would result from a one basis point (0.01 percentage point) increase in all market yields. A positive number denotes a decrease in the
market value of debt or an increase in the market value of assets, whereas a negative number denotes an increase in the market value value of debt or a decrease in the value of assets.

(i) This is not the same as Commonwealth general government gross debt, as published in the Budget Papers, which includes other liabilities including those not managed by the AOFM. Debt includes
all Commonwealth Government Securities on issue. Debt excludes overdues and debt taken over from the States and Territories by the Commonwealth under the Financial Agreement 1927 or held by
the Commonwealth.
(ii) Loans by the Commonwealth to State and Territory Governments.
(iii) The Communications Fund is not part of the AOFM Financial Statements, but is managed by the AOFM for the Department of Broadband, Communications, and the Digital Economy. The AOFM
commenced management of the investments in the Fund on 26 September 2005.
n.a. Not applicable.
OVERVIEW OF DEBT & ASSETS MANAGED BY THE AOFM (continued)
Modified Duration (d)

Contribution by instrument (i)                                  30 June 2005            30 June 2006           30 June 2007      30 September 2007       31 December 2007           31 March 2008


Debt and Swaps
 - Treasury Bonds                                                       3.83                    4.03                    4.03                   4.01                    4.14                    4.04
 - Treasury Indexed Bonds                                               7.80                    8.17                    7.41                   7.25                    7.07                    6.93
 - Treasury Notes                                                          -                       -                       -                      -                       -                       -
 - Other miscellaneous domestic debt                                    1.11                    1.11                    0.21                   0.75                    0.51                    0.28
 - Foreign loans                                                        3.17                    7.16                    6.71                   6.81                    6.67                    6.77
Debt portfolio                                                          4.47                    4.67                    4.57                   4.52                    4.62                    4.50

Interest rate swaps
  - Swaps to receive fixed interest rates                                n.a.                    n.a.                   n.a.                    n.a.                    n.a.                    n.a
     - Fixed legs                                                       3.61                    3.51                    3.12                   3.09                    3.04                    2.93
     - Floating legs                                                    0.21                    0.22                    0.22                   0.22                    0.22                    0.22

 - Swaps to pay fixed interest rates                                     n.a.                    n.a.                   n.a.                    n.a.                    n.a.                    n.a
    - Fixed legs                                                        1.11                    1.63                    0.71                   0.71                    0.63                    0.48
    - Floating legs                                                     0.15                    0.18                    0.18                   0.22                    0.18                    0.23

All interest rate swaps                                                  n.a.                    n.a.                   n.a.                    n.a.                    n.a.                    n.a

Debt portfolio (after swaps)                                            2.86                    3.33                    3.25                   3.31                    3.43                    3.42

Assets
 - Term deposits with the RBA                                           0.09                    0.05                    0.04                   0.02                    0.01                    0.02
 - Housing and other Loans (ii)                                          n.a.                    n.a.                   n.a.                    n.a.                    n.a.                    n.a
 - Communications Fund (iii)                                             n.a.                   0.01                    0.01                   0.00                    0.11                    0.11


(d) Modified duration represents the percentage change in market value that would arise for a 100 basis point (1 percentage point) increase in yields. It is assumed that the rise in yields is not
accommpanied by any change in inflation expectations.
(i) This is not the same as Commonwealth general government gross debt, as published in the Budget Papers, which includes other liabilities including those not managed by the AOFM. Debt includes
all Commonwealth Government Securities on issue. Debt excludes overdues and debt taken over from the States and Territories by the Commonwealth under the Financial Agreement 1927 or held by
the Commonwealth.
(ii) Loans by the Commonwealth to State and Territory Governments.
(iii) The Communications Fund is not part of the AOFM Financial Statements, but is managed by the AOFM for the Department of Broadband, Communications, and the Digital Economy. The AOFM
commenced management of the investments in the Fund on 26 September 2005.
n.a. Not applicable.
OVERVIEW OF DEBT & ASSETS MANAGED BY THE AOFM (continued)
Average Term to Repricing (e)

Contribution by instrument (i)                                      30 June 2005             30 June 2006             30 June 2007       30 September 2007         31 December 2007             31 March 2008
                                                                          (years)                  (years)                  (years)                  (years)                  (years)                  (years)

Debt and Swaps
 - Treasury Bonds                                                            4.75                     5.16                     5.20                     5.19                     5.38                     5.19
 - Treasury Indexed Bonds                                                   10.11                     9.99                     8.99                     8.74                     8.48                     8.24
 - Treasury Notes                                                               -                        -                        -                        -                        -                        -
 - Other miscellaneous domestic debt                                         1.18                     1.23                     0.23                     0.79                     0.54                     0.29
 - Foreign loans                                                             3.89                    10.71                     9.71                     9.46                     9.20                     8.96
Debt portfolio                                                               5.39                     5.70                     5.63                     5.57                     5.73                     5.52

Interest rate swaps
  - Swaps to receive fixed interest rates                                    n.a.                      n.a.                     n.a.                     n.a.                     n.a.                      n.a
     - Fixed legs                                                            4.41                     4.30                     3.86                     3.80                     3.76                     3.61
     - Floating legs                                                         0.21                     0.23                     0.23                     0.23                     0.22                     0.23

 - Swaps to pay fixed interest rates                                         n.a.                      n.a.                     n.a.                     n.a.                     n.a.                      n.a
    - Fixed legs                                                             1.19                     1.74                     0.74                     0.74                     0.66                     0.50
    - Floating legs                                                          0.15                     0.19                     0.19                     0.23                     0.19                     0.23

All interest rate swaps                                                      n.a.                      n.a.                     n.a.                     n.a.                     n.a.                      n.a

Debt portfolio (after swaps)                                                 3.16                     3.89                     3.89                     4.00                     4.19                     4.11

Assets
 - Term deposits with the RBA                                                0.10                     0.05                     0.04                     0.02                     0.02                     0.02
 - Housing and other Loans (ii)                                             28.24                    27.39                    26.55                    26.30                    26.05                    25.80
 - Communications Fund (iii)                                                 n.a.                     0.01                     0.02                     0.12                     0.12                     0.12


(e) Measures the average period to when the interest rate on assets and liabilities is repriced. For fixed interest rate securities this is the maturity date when debt is refinanced and for floating interest
rate securities this is the next interest rate reset date. The weighted average period to the repricing across portfolios is based on face value / notional value weightings.
(i) This is not the same as Commonwealth general government gross debt, as published in the Budget Papers, which includes other liabilities including those not managed by the AOFM. Debt includes
all Commonwealth Government Securities on issue. Debt excludes overdues and debt taken over from the States and Territories by the Commonwealth under the Financial Agreement 1927 or held by
the Commonwealth.
(ii) Loans by the Commonwealth to State and Territory Governments.
(iii) The Communications Fund is not part of the AOFM Financial Statements, but is managed by the AOFM for the Department of Broadband, Communications, and the Digital Economy. The AOFM
commenced management of the investments in the Fund on 26 September 2005.
n.a. Not applicable.
OVERVIEW OF DEBT & ASSETS MANAGED BY THE AOFM (continued)
Average Term to Maturity (f)

Contribution by instrument (i)                                    30 June 2005             30 June 2006        30 June 2007      30 September 2007       31 December 2007           31 March 2008
                                                                        (years)                 (years)             (years)                 (years)                (years)                 (years)

Debt and Swaps
 - Treasury Bonds                                                          4.75                    5.16                5.20                    5.19                   5.38                    5.19
 - Treasury Indexed Bonds                                                 10.11                    9.99                8.99                    8.74                   8.48                    8.24
 - Treasury Notes                                                             -                       -                   -                       -                      -                       -
 - Other miscellaneous domestic debt                                       1.18                    1.22                0.22                    0.78                   0.53                    0.28
 - Foreign loans                                                           3.89                   10.71                9.71                    9.46                   9.20                    8.96
Debt portfolio                                                             5.39                    5.70                5.63                    5.57                   5.73                    5.52

Interest rate swaps
  - Swaps to receive fixed interest rates                                  n.a.                     n.a.                n.a.                   n.a.                    n.a.                    n.a
     - Fixed legs                                                          4.40                    4.30                3.86                    3.80                   3.76                    3.61
     - Floating legs                                                       4.40                    4.30                3.86                    3.80                   3.76                    3.61

 - Swaps to pay fixed interest rates                                       n.a.                     n.a.                n.a.                   n.a.                    n.a.                    n.a
    - Fixed legs                                                           1.19                    1.74                0.74                    0.74                   0.66                    0.50
    - Floating legs                                                        1.19                    1.74                0.74                    0.74                   0.66                    0.50

All interest rate swaps                                                    n.a.                     n.a.                n.a.                   n.a.                    n.a.                    n.a

Debt portfolio (after swaps)                                               5.39                    5.70                5.63                    5.57                   5.73                    5.52

Assets
 - Term deposits with the RBA                                              0.10                    0.05                0.04                    0.02                   0.02                    0.02
 - Housing and other Loans (ii)                                           28.24                   27.39               26.55                  26.30                   26.05                   25.80
 - Communications Fund (iii)                                               n.a.                    0.01                0.02                   0.12                    0.12                    0.12


(f) Measures the average contractual term remaining on the debt, asset or interest rate swap instrument.
(i) This is not the same as Commonwealth general government gross debt, as published in the Budget Papers, which includes other liabilities including those not managed by the AOFM. Debt includes
all Commonwealth Government Securities on issue. Debt excludes overdues and debt taken over from the States and Territories by the Commonwealth under the Financial Agreement 1927 or held by
the Commonwealth.
(ii) Loans by the Commonwealth to State and Territory Governments.
(iii) The Communications Fund is not part of the AOFM Financial Statements, but is managed by the AOFM for the Department of Broadband, Communications, and the Digital Economy. The AOFM
commenced management of the investments in the Fund on 26 September 2005.
n.a. Not applicable.

								
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