VII.2 – Variation of the Balance of the Federal Public Sector Debt During the Second Quarter 2001
The following table shows the increase in the net balance of the Federal Public Sector Debt, in comparison to March 2001.
(Million $)
|
NET BALANCE at 31/03/2001
|
120.376 |
|||||||||||||||||||||
|
Plus |
||||||||||||||||||||||
|
Financial Assets |
7.025 |
|||||||||||||||||||||
|
GROSS BALANCE at 31/03/2001
|
127.401 |
|||||||||||||||||||||
|
Plus: |
Total adjustments at beginning of period - Placement of securities for consolidation of |
719 |
||||||||||||||||||||
|
accrued debt of prior fiscal years (see a) |
139 |
|||||||||||||||||||||
|
- Debt incurred by the Treasury in process of certification (Dec. 799/01) |
||||||||||||||||||||||
|
547 |
||||||||||||||||||||||
|
- Other adjustments reported by the FFIR |
33 |
|||||||||||||||||||||
|
GROSS BALANCE adjusted at 31/03/2001 |
128.120 |
|||||||||||||||||||||
|
Variations for the period |
||||||||||||||||||||||
|
Plus |
Placements and Disbursements |
34.819 |
||||||||||||||||||||
|
-Placements of Securities (see b) |
33.408 |
|||||||||||||||||||||
|
-Miscellaneous Disbursements (see c) |
1.638 |
|||||||||||||||||||||
|
-Treasury Bills (Net) |
(227) |
|||||||||||||||||||||
|
Minus |
||||||||||||||||||||||
|
Amortizations |
3.366 |
|||||||||||||||||||||
|
- Government Securities |
2.272 |
|||||||||||||||||||||
|
- Multilaterals |
557 |
|||||||||||||||||||||
|
- Bilaterals |
230 |
|||||||||||||||||||||
|
- Other |
307 |
|||||||||||||||||||||
|
Buybacks, Exchanges and Redemptions (see e) |
26.522 |
|||||||||||||||||||||
|
Sub-total variations for operations |
4.931 |
|||||||||||||||||||||
|
Plus adjustments for the period |
||||||||||||||||||||||
|
Exchange rate differences for the period (see d) |
(950) |
|||||||||||||||||||||
|
Capitalization and accrual of interest on government securities |
42 |
|||||||||||||||||||||
|
Sub-total adjustments for the period |
(908) |
|||||||||||||||||||||
|
Variations for the period |
4.023 |
|||||||||||||||||||||
|
GROSS BALANCE at 30/06/2001 |
132.143 |
|||||||||||||||||||||
|
Minus |
||||||||||||||||||||||
|
Financial Assets |
6.841 |
|||||||||||||||||||||
|
NET BALANCE at 30/06/2001
|
125.302 |
|||||||||||||||||||||
a. Placement of securities for consolidation of debt accrued in prior fiscal years
Debt issued in the form of securities for the payment of pre-existing debt, and consolidated through different legal instruments, increased as is shown in the chart below:
Securities in Foreign Currency (*)
(Millions $)
|
S e c u r i t i e s
|
Amount |
|
Consolidation Bonds in USD 2nd Series |
47,95 |
|
Consolidation Bonds in USD 3rd Series |
29,49 |
|
Consolidation Bonds in USD 4th Series |
2,22 |
|
Consolidation Bonds in USD 5th Series |
10,76 |
|
Consolidation Bonds for Social Security Debt in USD 2nd Series |
1,65 |
|
Total |
92,07 |
Securities in Pesos (*)
(Millions $)
|
S e c u r i t i e s
|
Amount |
|
Consolidation Bonds in Pesos 2nd Series |
1,13 |
|
Consolidation Bonds in Pesos 3rd Series |
13,01 |
|
Consolidation Bonds in Pesos 4th Series |
1,80 |
|
Consolidation Bonds in Pesos 5th Series |
29,60 |
|
Consolidation Bonds for Social Security Debt in Pesos 2nd Series |
1,26 |
|
Total |
46,80 |
(*) Excludes capitalized interest.
b. Placement of Securities
(Millions $)
|
S e c u r i t i e s |
Amount |
|
Global Bond / USD / 2008 / 7,00 % - 15,50 % (1) |
10.841,95 |
|
Global Bond / USD / 2031 / 12,00 % / M (1) |
8.816,74 |
|
Global Bond / USD / 2018 / 12,25 % (1) |
6.367,36 |
|
Bond-Promissory Note / USD / 2006 / Capitalizable / Encuesta + 5,80 % |
2.060,31 |
|
Bono Gobierno Nacional / USD / 2002 / 9,00 % |
2.000,00 |
|
Global Bond / $ / 2008 / 10,00 % - 12,00 % |
930,80 |
|
Euroletra / USD / 2004 / Encuesta + 4,95% |
906,19 |
|
Bonte / USD / 2005 / 12,125 % / Extension |
430,79 |
|
Bond / USD / 2003 / Badlar + 4,05 % / Series I |
380,00 |
|
Bond / USD / 2003 / Badlar + 4,05 % / Series II |
380,00 |
|
Global Bond / USD / 2031 / 12,00 % / Extension |
200,00 |
|
Euroletra / USD / 2004 / Badlar + 2,98% |
93,82 |
|
Total |
33.407,96 |
(1) The Global Bonds placed were issued with a higher face value than stated. These bonds will be extended as the old bonds, which are included in the deferred exchange transaction with official banks, are withdrawn
c. Miscellaneous Disbursements
(Million $)
|
Creditor |
Amount |
|
International Monetary Fund |
1.228,49 |
|
Banco de España |
164,56 |
|
World Bank |
107,62 |
|
Inter American Development Bank |
90,90 |
|
Other |
46.30 |
|
Total |
1.637,87 |
d. Exchange Rates for the Period
The variations in exchange rates for the period are shown in the following chart:
(Million $)
|
Currency |
Difference |
|
Euro |
(929,46) |
|
SDR – Special Drawing Rights |
(56,54) |
|
Swiss Franc |
(12,78) |
|
Sterling Pound |
(2,95) |
|
Yen |
42,39 |
|
IDB – Unit Account |
7,07 |
|
Other Currencies (1) |
1,79 |
|
Total |
(950,48) |
(1) Includes: Danish Krone, Swedish Krone, Canadian Dollar and Kuwaiti Dinar.
e. Buybacks, Exchanges and Redemptions
|
I t e m |
Amount |
|
Global Bond/USD/2027/9,75% |
2.539,75 |
|
Global Bond/USD/2017/11,375% |
2.071,94 |
|
Bonte/USD/2006/11,75% |
1.744,06 |
|
Global Bond/USD/2015/11,75% |
1.499,75 |
|
Global Bond/USD/2019/12,125% |
1.257,04 |
|
Bond Promissory Note/USD/2002/Encuesta+5,80% |
1.193,00 |
|
Global Bond/USD/2031/12,00% |
1.159,77 |
|
Consolidation bonds in pesos 1st Series |
1.130,20 |
|
Global Bond/USD/2020/12,00%-12,5% |
1.091,92 |
|
Bond Promissory Note/USD/2001/Encuesta+5,21% |
1.085,82 |
|
Bonte/USD/2005/12,125% |
1.017,25 |
|
Global Bond/USD/2030/10,25% |
1.009,50 |
|
Bonte/USD/2027/9,9375% |
972,13 |
|
Bonte/USD/2004/11,25% |
916,72 |
|
Par Bond/USD/2023/Fixed Rate |
867,99 |
|
Floating Rate Bonds /USD/2005/Libor+0,8125 |
775,07 |
|
Global Bond/USD/2012/12,375% |
670,96 |
|
FRAN/USD/2005/Floating Rate |
544,48 |
|
Bonte/USD/2003/11,75% |
532,36 |
|
Bond Promissory Note/USD/2001/Encuesta+6,00% |
527,50 |
|
Bonte/USD/2003/Encuesta + 3,20% |
489,30 |
|
Discount Bond/USD/2023/Libor + 0,8125% |
400,18 |
|
Global Bond/USD/2009/11,75% |
336,57 |
|
Bond Promissory Note/USD/2002/Encuesta+4,00% |
330,25 |
|
Euroletra/$/2007/11,75% |
323,38 |
|
Bond Promissory Note/USD/2002/Encuesta+3,30% |
227,60 |
|
Consolidation Bonds in USD 1st Series |
191,08 |
|
Global Bond/USD/2003/8,375% |
181,13 |
|
Euroletra/$/2002/8,75% |
157,17 |
|
Bonte/USD/2002/8,75% |
146,93 |
|
Global Bond/USD/2010/11,375% |
139,93 |
|
Consolidation Bonds in USD 3rd Series |
125,88 |
|
Consolidation Bonds in pesos 3rd Series |
121,28 |
|
Consolidation Bonds in USD 2nd Series |
109,68 |
|
Decree 1023/95 |
103,03 |
|
Bond Promissory Note/USD/2004/Encuesta+4,35% |
101,50 |
|
Bonex 1992/USD/2002/Tasa Libo |
95,16 |
|
Global Bond/USD/2006/11,00% |
77,80 |
|
FRN/USD/2004/Libor + 5,75% |
69,10 |
|
Consolidation Bonds for social security debt in pesos 2nd Series |
51,76 |
|
Global Bond/USD/2005/11,00% |
46,39 |
|
Bonos Hidrocarburos/USD/2008/Tasa Libo |
27,10 |
|
Consolidation Bonds for social security debt USD 2nd Series |
22,95 |
|
SPAN/USD/2002/ Adjustable Spread |
18,37 |
|
Bond Promissory Note/USD/2001/Badlar+5,00% |
15,60 |
|
Bond Promissory Note/USD/2001/Badlar+4,10% |
4,20 |
|
Consolidation Bonds in pesos 2nd Series |
1,05 |
|
Total |
26.521,58 |
