Thông tư 81/2020/TT-BTC sửa đổi Thông tư 110/2018/TT-BTC về hướng dẫn mua lại, hoán đổi công cụ nợ của Chính phủ, trái phiếu được Chính phủ bảo lãnh và trái phiếu chính quyền địa phương tại thị trường trong nước và Thông tư 342/2016/TT-BTC hướng dẫn Nghị định 163/2016/NĐ-CP hướng dẫn Luật Ngân sách nhà nước do Bộ trưởng Bộ Tài chính ban hành

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;

Pursuant to the Government’s Decree No. 163/2016/ND-CP dated December 21, 2016 providing guidelines for the Law on State Budget;

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:

Where:

G  =  The price of a T-bill (rounded off to the nearest Dong);

MG = Face value of T-bill;

L_t  =  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;

a = Total days, including the repurchase date, till the next interest payment date as assumed;

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;

L_t = 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;

E = Total days of an assumed interest payment period in which the debt instrument is repurchased;

L_t = 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);

MG = Face value of the debt instrument;

L_c = 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;

L_t = 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:

- With regard to a debt instrument on which interest is paid every 06 months:

+ 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;

­L_c = Nominal interest rate (%/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;

L_t = 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:

GG  =  The repurchase price of a debt instrument (rounded off to the nearest Dong);

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;

L_t = Repurchase interest rate (%/year);

L_c = 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.

- If the repurchase date falls after the record date for receiving debt instrument interest in the first interest payment period, the repurchase price of a debt instrument shall be determined according to Point a Clause 2 of this Article.

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:

G₁  =  The price of a T-bill (rounded off to the nearest Dong);

MG = Face value of T-bill;

L_t  =  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;

E₁ = Total days of an assumed interest payment period in which the issuer carries out the debt instrument swap;

t = Number of assumed interest payment periods between the swap date and the maturity date;

L_t1 = 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;

L_t1 = Discount rate of the debt instrument sold in a swap (%/year).

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);

L_c1 = 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;

E₁ = Actual days of an interest payment period in which the issuer carries out the debt instrument swap;

L_t1 = 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:

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);

MG₁ = Face value of a sold debt instrument;

L_c1 = 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;

t₁ = Number of actual interest payments between the swap date and the maturity date of the sold debt instrument;

L_t1 = 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:

GG₁  =  The price of a sold debt instrument (rounded off to the nearest Dong);

GL₁ = Interest on a debt instrument paid in the first interest payment period according to terms of the newly issued debt instrument;

L_c1 = 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;

L_t1 = 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.

+ 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:

“n) Expenditures on repayment of state budget’s loans (except payments of principals and interests, and fees for issuance, swap, repurchase and repayment of government bonds);”

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./.