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Irish issued debt securities dips in Oct

Wednesday, December 11 15:05:54

The outstanding amount of debt securities issued by Irish financial and non-financial firms and by the Government sector was E875.7 billion at end-October 2013, a decrease of 5pc year-on-year, latest Central Bank figures show.

The outstanding amount of debt securities issued by euro area residents decreased by 1pc.

The outstanding amount of long-term Government debt securities remained broadly unchanged at approximately E115 billion, an increase of 30pc year-on-year.

Market-based debt financing for the banking sector stood at E67.2 billion in October 2013, a decrease of 24pc year-on-year. Equity shares had an outstanding value of almost E244.6 billion at end-October. This includes quoted shares (E244.3 billion) which saw a year-on-year net increase of 26pc. The value of the stock of quoted shares issued by euro area residents increased by 25pc.

Long-term Government debt securities stood at almost E115 billion in September 2013[1], which represents a year-on-year increase of approximately 30pc when compared with October 2012 (E88.4 billion).

Approximately E20.7 billion (or 18pc) of the euro-denominated long-term debt will fall due over the next 3 years (see Table 1). Around E11.9 billion (or 56pc) of this latter figure is payable to non-resident investors, the Central Bank figures show.

At end-October 2013, Irish resident investors held 46pc of long-term Irish Government bonds compared with 27pc in October 2012.

The Irish banking sector, including the Central Bank of Ireland, was primarily responsible for this increase. This sector accounted for 44pc of all holdings at end-October 2013 (or E50.6 billion), compared with 24pc at end-October 2012. This primarily reflects the re-structuring of the Promissory Notes earlier this year.

Approximately 26pc of all resident holdings will mature within the next 5 years. Furthermore, 32pc (or E19.8 billion) of those long-term bonds held by non-resident investors will mature between 2020 and 2023.

Market-based debt financing for the banking sector increased by almost E280 million in October 2013, compared to net redemptions of E705 million in the preceding month. This small increase primarily reflected net issuance of short-term debt securities.

Approximately E23.6 billion (or 35pc) of the total debt securities issued by the banking sector will fall due within the next 12 months.

The outstanding amount of debt securities for this sector saw a year-on-year fall of 24pc to E67.2 billion with long-term debt contracting by 23pc. Over the past 12 months, the total outstanding amount of debt securities for this sector across the euro area decreased by approximately 9pc.

The outstanding amount of the banking sector's equity securities has increased by approximately 8pc (to E20.1 billion) since September 2013. This represents a year-on-year increase of approximately 34pc (Chart 3), primarily as a result of valuation changes.

The outstanding amount of debt securities issued by non-financial corporations (NFC) increased to approximately E9.1 billion in the month to end-October 2013.

The year-on-year increase in the outstanding debt securities for NFCs resident in the euro area was almost 8pc.

Approximately E600 million (or 7pc) of the total debt securities issued by NFCs will fall due within the next 12 months.

In October 2013, the value of the quoted shares outstanding for the NFC sector increased by 5pc (to approximately E208.2 billion). This represented a year-on-year increase of 26pc. The annual percentage change in market capitalisation for NFCs in the euro area was approximately 23pc.