Circular 150/2009/tt-Btc: Guide To Swap Government Bonds

Original Language Title: Thông tư 150/2011/TT-BTC: Hướng dẫn hoán đổi trái phiếu Chính phủ

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3. "first issued bonds" is the kind of new bonds are issued to swap for other types of bonds in circulation.

4. "supplementary release bonds" is the type of bond to be released added, with the same nominal interest rate and maturity date with that kind of bonds in circulation.

5. "be bond swap" is the kind of bonds are circulating of choice to swap with that kind of bonds first issued or additional release bond.

6. "be bond swap" was first issued bonds or bond release supplement of choice to swap for other types of bonds in circulation.

7. "nominal interest" of the bond is the percentage (%) of annual interest rate calculated on the face value of the bonds that are issued subject to payment to bond holders on the States to pay interest under these conditions, the terms of the bonds are specified at the time of release.

8. "rest period" of the bond is the actual time from the date the bond swap to that bond maturity date.

9. "the bond swap Tranche" is about the time the State Treasury held the bond swap.

10. "the bond swap Day" is the day of release of bonds was swap to swap for other types of bonds in circulation.

11. "the interest discount" is the percentage (%) of annual interest rate, which is used as a basis for determining the price of the bonds being swapped, bond prices are swap and swap ratio between bonds and bond swaps are being exchanged.

12. "swap rate" is the rate determined between the price of one (01) bonds were swapped and the price of one (1) bonds to be swapped.

Chapter II article 4 BOND SWAPS. Bond swaps rules 1. The bond swaps to ensure compliance with the following principles: a) follow the bond swap plan was approved by the authority.

b) ensure the horizontal principles of value under market price, public, transparent in the swap.

c) in compliance with the provisions of the law and the specific provisions of this circular.

2. In the time swap bonds (from the moment of registration the bond swap until the end of the bond swap), the bonds are circulating registered swap will be Vietnam securities depository Center blockade on the custody account of bond owners.

Article 5. The method to swap the bonds 1. The bond swap is done according to one of the two following methods: a) the State Treasury issued new bonds type condition, terms due to the State Treasury decided to swap the bonds are circulating.

b) State Treasury released an additional volume of certain bonds under the conditions, terms of a kind of bonds are circulating to swap for a kind of bonds in circulation.

2. The Ministry of finance to decide the method of bond swaps.

Article 6. Conditions, the terms of the bond swap 1. For the bonds being swapped must ensure the conditions, the following terms: a) is the type of bonds are listed on the Hanoi securities trading center and the rest of the term from one (1) year or more.

b) is not bound in the relations of transactions guaranteed at the time the swap.

2. for the bonds to be exchanged: a) where additional release bond must guarantee conditions is the type of bonds are listed on the Hanoi securities trading center terms and conditions, the terms of the bonds as conditions, terms of bonds in circulation.

b) where release bond must ensure term bonds issued from one (1) year or more. Conditions, the terms of the bonds by the Treasury regulations on the basis of the agreement with the owners of the bonds.

Article 7. The interest rate discount bond 1. The Ministry of Finance decided to frame the discount interest rate to determine the price of the bonds being convertible and bond prices are fixed in each batch of the bond swap.

2. The State Treasury negotiations and United with the bond holders on the interest rate discount but must ensure is in the frame of the interest because of the Ministry of Finance decided in paragraph 1 of this article.

Article 8. The bond swap process 1. Before the bond swaps organized a minimum of 10 working days, the State Treasury announced information about the wave of bond swaps on the website of the Ministry of finance and the Hanoi securities trading center. Message content includes: a) conditions, the terms of the bond expected to be swapped, including: listing code; release date; the due date; nominal interest rate; bond interest payment.

b) conditions, the terms of the bonds are expected to swap the bonds case:-released supplement, conditions, terms, including: listing code; release date; the due date; nominal interest rate; bond interest payment.

-Case of the bonds first issued, conditions, terms, include: the expected listing code; the projected release date; the expected term; principles determine the nominal interest rate; bond interest payment.

c) time the Organization made the bond swap.

d) on registration the final swap.

2. Based on the announcement on exacerbations swap bonds, bond owners were swap bond swaps demand sent Treasury bond swap application form in Appendix 1 of this circular. The bond swap application after registering the final swap is not valid.

3. Based on the application of the owner of the bonds being swapped, the State Treasury informed Vietnam securities depository Center to blockade of registered bonds swap on custody accounts of owners of bonds under the provisions of this circular.

4. Based on the application of the owner of the bonds being swapped, condition, terms of the type of bond swap, the State Treasury deals with bond owners about content swap bonds under the provisions of this circular, namely: a) determines the discount interest rate as defined in article 7 of this circular;

b) determine the date the bond swap; the remaining term of the bond swap type;

c) determined the price of the bonds being convertible; bond prices are fixed; rate and swap the bonds prescribed in article 9 of this circular.

5. The case was with the owner about the bond swap bonds, State Treasury and bond owners signed an agreement to swap. Based on the agreement signed, the State Treasury bonds and swaps undertaken detailed results swap the bonds for the Hanoi securities trading center, Vietnam securities depository Center according to the model in annex 2 to this circular to perform the registration, listing and depository for the relevant bonds.

6. in case of inconsistency with the owner of the bond swap bonds, State Treasury informed Vietnam securities depository Center to stop the blockade of the bonds being swapped have registered on the account owner's depository bond.

7. The swap bonds, State Treasury hosted, in cooperation with the Hanoi securities trading center and the Vietnam securities depository Center announced the results swap bonds on the electronic pages of the Ministry of finance, the Hanoi securities trading center and the Vietnam securities depository Center.

Article 9. Determine price and bond swaps rate 1. Based on a nominal interest rate, interest discount and remaining term applicable to the bonds were swapped was agreed between the State Treasury and the owner of the bonds, State Treasury determines the price of one (01) bonds were exchanged in each case as follows : a) on the bond swap case is day trading right: b) on case swap bonds day trading is not entitled: where: GG1 = the price of one (1) bonds were swapped Lc1 = nominal interest rate bonds being swapped (%/year) k1 = number of times the interest rate payment in 1 year of bonds being swapped d1 = actual number of days between the date the interest rate the bonds being the human centipede the most recent previous change on bond swaps and E1 = actual number of days in the period to pay the interest that the issuer make swap bonds Lt1 = interest rate discount applied for the bonds being swapped (%/year) MG1 = face value of one (1) bonds suffer swap interest payment count = t1 left reality between bonds and swaps maturity date of bonds were swap the 2. Based on a nominal interest rate of the bonds to be swapped (in case additional release bonds), interest discount and remaining term applicable to the bonds be swap was agreed between the State Treasury and bond holders as stipulated in article 7 of this circular State Treasury, determine the price of one (1) bonds are exchanged in each case as follows: a) on the bond swap case is day trading right b) on case swap bonds day trading is not entitled to the right Of it: GG2 = the price of one (1) bonds are swap Lc2 = nominal interest rate the bonds to be exchanged (%/year). The case is bond swap is first issued bonds, nominal interest rates are determined by the interest rate discount applied for the bonds to be exchanged (Lt2) k2 = the number of times the interest rate payment in 1 year of bonds are swap d2 = actual number of days between the date the interest rate the bonds are the most recent and previous swap on swap bond E2 = actual number of days in the period charged interest rates that issuers make swap Lt2 bonds = interest rate discount applied for the bonds to be exchanged (%/year) MG2 = face value of one (1) bonds to be swapped t2 = number of times interest payments remaining between actual swap bonds and bond maturity date is swap


3. Based on the price of a bond being swapped and the price of a bond is swap, the State Treasury determines the rate of the bond swap is.

4. Based on the amount of bonds being swapped are swap rate and swap the bonds, State Treasury bonds was defined swap return for owners of bonds being swapped as follows: where: N2 = number of bonds are swap return for bond owners were swap N1 = number of bonds being swapped from owners owner bond suffers swap GG1 = the price of one (1) bonds were swapped GG2 = the price of one (1) bonds are swap 5. The number of bonds are defined in clause 4 swaps this is rounded up and are multiples of a hundred (100).

Article 10. Regulations on registration, custody and listed 1. Based on the results of the bond swap by the Treasury announcement, the Hanoi securities trading center and the Vietnam securities depository Center made cancellation of listing, registration, and save up for the bonds being swapped according to the prescribed regimes with regard to the amount of the bond swap.

2. Based on the results of the bond swap by the Treasury announcement, the Hanoi securities trading center and the Vietnam securities depository Center perform the registration, listing and depository for the bonds to be exchanged according to the prescribed regimes with regard to the amount of the bond swap.

Article 11. Report the results swap bond within 5 working days from when the swap of State Treasury bonds the Finance Ministry reporting the results of specific bonds swap include: 1. the registered volume swap for each item being bond swap in swap bonds of each bond owner.

2. The volume of real bond swap for each item being bond swap.

3. The interest rate discount applicable to each of the owners of the bonds being swapped for each item being bond swap.

4. Code bonds are exchanged and the volume of swap fact for each code.

5. Interest rate discount applicable to each of the owners of the bonds the bonds are code-by swap.

Chapter III the COST of BOND SWAPS, and BOND ACCOUNTING article 12. The whole bond swap fee costs held swap bonds guaranteed by the central budget and pay for the State Treasury according to the maximum rate not exceeding 0.01% (one thousand) the face value of the bonds being swapped have been successful swaps.

Article 13. Accounting 1. The State Treasury made accounting for the bonds being bonds and swaps are exchanged under the provisions of the law on the State budget, accounting Laws and the relevant guidance documents.

2. for owners of bonds, the accounting was bonds and bond swaps swaps are made according to the provisions of the current law.

Chapter IV IMPLEMENTATION article 14. The responsibility of the relevant agencies 1. The State Treasury a) organizations make swap bonds as bond swap plan had been approved by the authority and specified in this circular.

b) the bond swap, sum, reviews of the implementation of the report, the Ministry of finance to continue to improve the policy applicable to the next bond swaps.

2. The Hanoi securities trading center a) in coordination with the State Treasury, published information about the results of the bond swap.

b) pursuant to the notice of the State Treasury, in coordination with the Vietnam securities depository Center to cancel the listing of the bonds being swapped and additional listing or listing the bonds to be exchanged for a corresponding swap volume according to the current provisions of the law.

3. Vietnam securities depository pursuant to the notice of the State Treasury, in cooperation with the Hanoi securities trading center to perform the Cancel subscription, save up the bonds were swapped, perform the registration, the registration or depository, the depository complements bond are exchanged for a corresponding swap volume according to the current provisions of the law.

Article 15. Effective enforcement of this circular in force enforced 45 days from the date of signing and for the bond swap since the year 2011 as the bond swap plan had been approved by the authority.

Article 16. Implementation 1. Chief, financial Director of the banking and financial institutions, the Director General of the State Treasury and the Organization, the individual concerned is responsible for the implementation of this circular.

2. In the process of implementation, if any difficulties and obstacles, the State Treasury, and the Organization, individuals are related to timely report to the Ministry of finance to consider and have specific instructions./.