1

Federal Public Debt

Monthly Report

June / 2014




Braslia
Relatrio Mensal da Dvida Pblica Federal



2

MINISTR !F FIN"N#
Guido Mantega

N"TI!N"$ TR"S%R& S#RT"R&
Arno Hugo Augustin Filho

N"TI!N"$ TR"S%R& S%'S#RT"RIS
Cleber Ubiratan de Oliveira
Eduardo Coutinho Guerra
Gilvan da Silva Dantas
s!io F"bio de Brasil Ca#argo
Mar!us $ereira Au!%lio
$aulo Fontoura &alle

T#(NI#"$ T"M

Public Debt Sub)ecretary
$aulo Fontoura &alle
#oordinator* Public Debt !peration)
Fernando Euri!o de $aiva Garrido
#oordinator* Public Debt Strate+ic Plannin+
Otavio adeira de Medeiros
#oordinator* Public Debt #ontrol
Ant'nio de $"dua Ferreira $assos

In,or-ation(
Ger)n!ia de *ela!iona#ento +nstitu!ional , GE*+-
.el( /011 2312,21445 Fa6( /011 2312,1707

Secretaria do Te)ouro Nacional .National Trea)ury Secretariat/
Edi8!io Sede do Minist%rio da Fa9enda: Es;lanada dos Minist%rios: Blo!o $: 2< andar
=>>34,?>> , Braslia @ DF

#orreio letr0nico( stndividaA8a9endaBgovBbr
(o-e Pa+e( htt;(CCDDDBtesouroB8a9endaBgovBbr
.he Federal $ubli! Debt MonthlE *e;ort is ;ublished bE the -ational .reasurE Se!retariatB .otal or ;artial re;rodu!tion is ;er#itted: #entioned its sour!eB






2

#ontent)

1 Pri-ary Mar1et Tran)action) 2


131 FPD I))uance) and Rede-ption) 2
132 Do-e)tic Federal Public Debt 4DFPD 5
DF$D +ssuan!es and *ede#;tions 0
.reasurE Dire!t $rogra# 4
Dire!t +ssuan!es and Can!ellations ?
136 7ternal Federal Public Debt 4FPD 10
134 FPD 'uybac1 Pro+ra- 11

2 !ut)tandin+ Federal Public Debt 4 FPD 12


231 8olution 12
232 9ariation Factor) 16
236 Pro,ile 14
+nde6es 13
Holders 17

6 Federal Public Debt : FPD Maturity Pro,ile 15


631 Maturitie) 15
632 "8era+e Maturity 1;
636 "8era+e $i,e 1<

4 Federal Public Debt 4 FPD "8era+e #o)t 1=


431 !ut)tandin+ "8era+e #o)t 1=
432 "8era+e #o)t o, DFPD I))uance) : Public !,,erin+) 20

2 Secondary Mar1et o, Federal Public Securitie) 21


231 Secondary Mar1et Turno8er 21
232 Public Securitie) &ield 26




3

T"'$S

.able 1B1 , F$D +ssuan!es and *ede#;tions Held bE the $ubli! 7
.able 1B2 , F$D +ssuan!es and *ede#;tions Held bE the $ubli!: bE inde6 7
.able 1B2 , +ssuan!es and *ede#;tions o8 DF$D $ubli! Se!urities 0
.able 1B3 , .reasurE Dire!t $rogra# 4
.able 1B7 @ *egistered +nvestors $ro8ile 4
.able 1B0 , DF$D -on,!o#;etitive +ssuan!es ?
.able 1B= , EF$D +ssuan!es and *ede#;tions 1>
.able 1B4 , EF$D BuEba!F $rogra# , MaE,Gune 2>13 ;eriod 11
.able 2B1 , Outstanding F$D Held bE the $ubli! 12
.able 2B2 , F$D &ariation Fa!tors Held bE the $ubli! 12
.able 2B2 , F$D $ro8ile Held bE the $ubli! 13
.able 2B3 , DF$D $ubli! Se!urities Holders 17
.able 2B1 , F$D Maturities Held bE the $ubli! 10
.able 2B2 @ Federal $ubli! Debt Held bE the $ubli! Due in 12 Months: bE inde6 10
.able 2B2 , F$D Average MaturitE 1=
.able 2B3 , Average MaturitE o8 DF$D +ssuan!es , $ubli! O88erings: bE inde6 1=
.able 2B7 , F$D Average i8e Held bE the $ubli! 14
.able 3B1 , F$D Average Cost 1?
.able 3B2 , Average Cost o8 DF$D +ssuan!es , $ubli! O88erings 2>
.able 7B1 , Se!ondarE MarFet .urnover: bE Se!uritE 21
.able 7B2 , .o; 7 Maturities .urnover in the Se!ondarE MarFet: bE inde6 22

>R"P(S

Gra;h 1B1 , DF$D +ssuan!es and *ede#;tions =
Gra;h 1B2 , EF$D +ssuan!es and *ede#;tions 1>
Gra;h 1B2 , EF$D BuEba!F $rogra# , *edu!tion in +nterest $aE#ents 11
Gra;h 2B1 , F$D $ro8ile: bE inde6 13
Gra;h 2B2 @ $ort8olio $ro8ile: bE holder 17
Gra;h 2B2 @ Average MaturitE $ro8ile: bE holder 17
Gra;h 2B1 , Average MaturitE o8 DF$D +ssuan!es on $ubli! O88erings &s Outstanding Average MaturitE 1=
Gra;h 3B1 , F$D: DF$D and EF$D Average Cost and Seli! *ate @ over the ;ast 12 #onths 1?
Gra;h 3B2 @ Outstanding Average Cost and Average Cost o8 DF$D +ssuan!es 2>
Gra;h 3B2 @ Average Cost o8 DF$D +ssuan!es: bE Se!uritE 2>
Gra;h 7B1 , Se!ondarE MarFet o8 $ubli! Se!urities @ DailE .urnover as $er!entage o8 *es;e!tive Outstanding &olu#e 21
Gra;h 7B2 @ $ubli! Se!urities Hield 22
Gra;h 7B2 @ $ubli! Se!urities Hield Evolution @ Overall +MA 22




7

13 Pri-ary Mar1et Tran)action)

1313 FPD I))uance) and Rede-ption)

+n the #onth o8 Gune: Federal $ubli! Debt , F$D
1
issuan!es
!a#e to *I 00B=2 billion: Dhile rede#;tions totaled *I 2B34
billion: generating net issuan!es o8 *I 03B27 billion: Dith *I
07B>0 billion in net issuan!es o8 Do#esti! Federal $ubli! Debt
, DF$D and *I >B41 billion in net rede#;tions o8 E6ternal
Federal $ubli! Debt , EF$DB


1
All data in this re;ort re8er to F$D held bE the ;ubli!B




0


1323 Do-e)tic Federal Public Debt 4 DFPD

DFPD I))uance) and Rede-ption)

DF$D se!uritE issuan!es totaled *I 00B0? billion( *I 34B>4 billion
/=2B1>J1 in 8i6ed,rate se!urities5 *I 12B>4 billion /14B11J1 in in8lation,
linFed se!urities and *I 0B3? billion /?B=2J1 in 8loating,rate se!uritiesB
AnalEsis o8 total issuan!es reveals that *I 27B>3 billion Dere issued in
traditional au!tions and *I >B?4 billion in e6!hange au!tions: !ou;led
Dith *I >B21 billion in sales through the .reasurE Dire!t $rogra# /;B41
and *I 2>B2= billion in dire!t issuan!es /;B?1B

+n .- au!tions: total issuan!es added u; to *I 22B13 billion in
se!urities #aturing betDeen O!tober 2>13 and GanuarE 2>14: Dith !ash
;aE#entsB

+n -.-,B au!tions /+$CA,linFed se!urities1: total issuan!es added u; to
*I 2B74 billion: in se!urities #aturing betDeen MaE 2>1? and August
2>7>: in!luding *I 2B0> billion in !ash ;aE#ents and *I >B?= billion in
e6!hanges 8or shorter,ter# se!uritiesB As regards -.-,F au!tions:
issuan!es !a#e to a total o8 *I 2B4= billion: #aturing betDeen GanuarE
2>21 and GanuarE 2>27: Dith !ash ;aE#entsB +n the !ase o8 F.
au!tions: issuan!es totaled *I 0B32 billion: in se!urities #aturing at
Mar!h 2>2>: also Dith ;aE#ent in !ashB












=
.otal DF$D rede#;tions rea!hed to *I 1B02 billion: highlighting
in8lation,linFed se!urities totaling *I 1B2= billion /43B>1J1B

Maturities in the ;eriod totaled *I >B23 billionB



>R"P( 131 DFPD ISS%"N#S "ND RDMPTI!NS 4 J%N 2014





4


Trea)ury Direct Pro+ra-

+ssuan!es through the .reasurE Dire!t $rogra#
2
in the #onth o8 Gune totaled *I
2>4B11 #illion: Dhile rede#;tions totaled *I ?2B7= #illion: generating net issuan!es
o8 *I 217B73 #illionB .he se!urities in greatest de#and Dere in8lation,linFed bonds:
Dith 77B2>J o8 the total soldB

.reasurE Dire!t sto!F rea!hed to *I 12:32=B22 #illion: re;resenting a 2B37J in!rease
!o#;ared to the ;revious #onthB Highest share o8 the se!urities belongs to -.-,B
$rin!i;al: Dith 32B>?J o8 the sto!FB

As regards total ;arti!i;ants in .reasurE Dire!t o;erations: 3:372 neD investors
registered Dith the $rogra# in the #onth o8 GuneB As a result: total investors
registered sin!e the ;rogra# 8irst began o;erating !a#e to 3>0:342: re;resenting a
13B42J in!rease in the last 12 #onthsB















2
$rogra# involving ;ubli! se!uritE sales over the +nternet to individual buEersB






?

Direct I))uance) and #ancellation)

Dire!t issuan!es o8 DF$D se!urities totaled *I 2>B2= billion: Dhile !an!ellations rea!hed a level o8 *I >B=2 #illion: generating net issuan!es o8 *I 2>B2= billionB






















1>


1363 7ternal Federal Public Debt 4FPD

+n the #onth o8 Gune: EF$D issuan!es totaled *I 3>B24 #illion: due
to !ontra!ts Dith #ultilateral organis#sB

EF$D rede#;tions: in its turn: totaled *I 47>B1= #illion: in!luding
*I 7=2B?? #illion in ;aE#ents o8 ;rin!i;al and *I 2==B14 #illion in
;aE#ents o8 interest: ;re#iu#s and !hargesB



























>R"P( 132 FPD ISS%"N#S "ND RDMPTI!NS 4 J%N 2014







11

1343 FPD 'uybac1 Pro+ra-

BuEba!F o;erations in the #onths o8 MaE and Gune 2>13 !a#e to an overall 8a!e value
o8 *I 110B?2 #illion /USI 72B03 #illion1 in EF$D bondsB .otal 8inan!ial outlaEs in that
;eriod !a#e to *I 17?B>2 #illion /USI =1B7= #illion1B

.he gra;h beloD shoDs the redu!tion in the 8loD o8 interest ;aE#ents on the E6ternal
Federal $ubli! Se!urities Debt through 2>31: as a result o8 2>13 buEba!F o;erationsB
.he overall redu!tion in interest during that ;eriod !losed at *I 1B01 billion at !urrent
values /USI >B=2 billion1B



>R"P( 136 FPD '%&'"#? PR!>R"M 4
RD%#TI!N IN INTRST P"&MNTS




12

23 !ut)tandin+ Federal Public Debt 4 FPD

231 8olution

Outstanding F$D registered a 2B==J no#inal in!rease: shi8ting 8ro# *I
2:122B?2 billion in MaE to *I 2:2>2B?= billion in GuneB

Outstanding DF$D in!reased 3B>2J: shi8ting 8ro# *I 2:>2?B=> billion to
*I 2:111B27 billion: due to net issuan!es in the a#ount o8 *I 07B>0 billion
and to ;ositive a;;ro;riation o8 interest in the a#ount o8 *I 10B3?
billionB

As regards outstanding EF$D: the sto!F de!reased 1B01J !o#;ared to the
#onth o8 MaE: !losing Gune at *I ?1B=2 billion /USI 31B03 billion1: Dith
*I 42B=3 billion /USI 2=B7= billion1 re8erring to se!urities debt and *I
4B?4 billion /USI 3B>4 billion1 to !ontra!tual debtB





















12

232 9ariation Factor)

.he Federal $ubli! Debt , F$D registered a 2B==J no#inal
in!rease: #oving 8ro# *I 2:122B?2 billion in MaE to a level o8
*I 2:2>2B?= billion in GuneB .his variation Das generated bE net
issuan!es in the a#ount o8 *I 03B27 billion and to ;ositive
a;;ro;riation o8 interest in the a#ount o8 *I 17B4> billionB




























13
236 Pro,ile

Inde7e)

+n ter#s o8 the F$D ;ro8ile: DF$D share in!reased 8ro# ?7B01J in
MaE to ?7B43J in GuneB +n !ontrast: EF$D share de!reased 8ro#
3B2?J to 3B10JB

.he share o8 8i6ed,rate F$D se!urities shi8ted 8ro# 2?B04J in MaE
to 3>B=2J in GuneB Share o8 in8lation,linFed se!urities de!reased
8ro# 20B0=J in MaE to 20B12J in GuneB At the sa#e ti#e: the
share o8 8loating,rate se!urities de!reased 8ro# 1?B2?J in MaE to
1?B12J in GuneB





















>R"P( 231 FPD PR!FI$@ '& INDA 4 J%N 2014








17
(older)

.he !ategorE o8 Finan!ial +nstitutions ;osted an in!rease: in
absolute share: 8ro# *I 741B13 billion to a level o8 *I 027B=3
billion betDeen MaE 2>13 and Gune 2>13B *elative share
e6;anded 8ro# 24B02J to 2?B03JB +nvest#ent Funds in!reased
their sto!F 8ro# *I 327B41 billion to *I 324B>1 billionB *elative
share de!reased 8ro# 2>B?4J to 2>B=7JB

$ensions grou;ing shoDed ;ositive variation in its sto!F level:
#oving 8ro# *I 271B0> billion to *I 20>B0? billionB .he share o8
-onresidents in DF$D de!reased 8ro# 14B22J to 14B1=J: Dhile
their sto!F in!reased *I 12B== billionB .he !ategorE o8
Govern#ent de!reased in ter#s o8 relative share: !losing at
0B2?JB .he sto!F o8 +nsurers shoDed ;ositive variation: shi8ting to
*I 42B77 billion in GuneB

One should note that 4>B4J o8 the ;ort8olio o8 -onresidents Das
!on!entrated in 8i6ed,rate se!urities: Dhile =2B2J o8 the $ensions
;ort8olio is !o#;osed o8 in8lation,linFed se!uritiesB















>R"P( 232 P!RTF!$I! PR!FI$@ '& (!$DR 4 J%N 2014


>R"P( 236 "9R"> M"T%RIT& PR!FI$@ '& (!$DR 4 J%N 2014




10
63 Federal Public Debt : FPD Maturity Pro,ile

631 Maturitie)

F$D #aturities in the ne6t 12 #onths ;osted a de!rease: shi8ting
8ro# 24B>=J in MaE to 24B>>J in GuneB

.he volu#e o8 DF$D se!urities #aturing in u; to 12 #onths shi8ted
8ro# 24B=3J in MaE to 24B02J in GuneB Fi6ed,rate se!urities
a!!ounted 8or 70B>0J o8 this total: 8olloDed bE in8lation,linFed
se!urities Dith share o8 22B02J o8 the totalB

Kith res;e!t to EF$D: the ;er!entage #aturing in 12 #onths shi8ted
8ro# 12B32J in MaE to 12B72J in Gune: Dith those deno#inated in
A#eri!an Dollar a!!ounting 8or 02B43J o8 this totalB +t is i#;ortant
to e#;hasi9e #aturities over 8ive Eears a!!ount 8or 71B=2J o8
outstanding EF$DB

























1=
632 "8era+e Maturity

F$D average #aturitE de!reased 8ro# 3B32 Eears in MaE to 3B22 Eears
in GuneB

DF$D average #aturitE di#inished 8ro# 3B22 Eears in MaE to 3B22 Eears
in GuneB

$arallel to this: EF$D average #aturitE shi8ted 8ro# 0B72 Eears in MaE
to 0B3? Eears in GuneB





.















>R"P( 631 "9R"> M"T%RIT& !F DFPD ISS%"N#S !N P%'$I# !FFRIN>S
9S !%TST"NDIN> "9R"> M"T%RIT&








14
636 "8era+e $i,e

Sin!e MaE 2>13: the -ational .reasurE releases the data o8 average li8e
using neD #ethodologE !alled Average .er# to MaturitE @ A.M: Dhi!h
is #ost !o##onlE 8ound in the international literature and there8ore
alloDs greater !o#;arabilitE betDeen Bra9il and other !ountries as
re8ers to the #aturitE o8 govern#ent debtB

.he neD #ethodologE 8or the average li8e is !al!ulated bE averaging
Deighted re#aining ti#e to #aturitE o8 ea!h se!uritE that
#aFe u; the F$D: !onsidering ;rin!i;al onlEB .he Deighting o!!urs bE
value o8 ea!h se!uritE: using their 8a!e valueB

F$D average li8e: in this neD #ethodologE: shi8ted 8ro# 0B0> Eears in
MaE to 0B3= Eears in GuneB




















1?
43 Federal Public Debt 4 FPD "8era+e #o)t

431 !ut)tandin+ "8era+e #o)t

F$D !u#ulative 12,#onth average !ost de!reased >B23 ;er!entage ;oints:
#oving 8ro# 11B2?J ;er Eear in MaE to 11B>7J ;er Eear in GuneB

At the sa#e ti#e: DF$D !u#ulative 12,#onth average !ost shi8ted 8ro# 11B14J
;er Eear in MaE to 11B1=J ;er Eear in GuneB

Kith res;e!t to EF$D: this indi!ator registered a de!rease 8ro# 12B03J ;er Eear
in MaE to 4B32J ;er Eear in Gune: #ostlE as a result o8 1B02J devaluation o8 the
A#eri!an Dollar against the Bra9ilian *eal in Gune 2>13: !o#;ared to 2B?2J
valuation in Gune 2>12B



















>R"P( 431 FPD@ DFPD "ND FPD "9R"> #!ST "ND S$I#
R"T 4 !9R T( P"ST 12 M!NT(S





2>

432 "8era+e #o)t o, DFPD I))uance) : Public !,,erin+)

.he average !ost o8 DF$D issuan!es in ;ubli! o88erings is an indi!ator that
re8le!ts the internal rate o8 return , +** o8 .reasurE se!urities in do#esti!
#arFet: ;lus the variations o8 their inde6es: !onsidering onlE the ;la!e#ent o8
se!urities in a ;ubli! o88ering /au!tions1 in the last 12 #onthsB

+n the #onth o8 Gune: the average !ost o8 DF$D issuan!es in ;ubli! o88erings
in!reased >B20 ;er!entage ;oints: #oving 8ro# 1>B02J ;er Eear in MaE to
1>B??J ;er Eear in GuneB Co#;ared to De!e#ber 2>12: this indi!ator in!reased
1B00 ;er!entage ;ointsB






















>R"P( 432 !%TST"NDIN> "9R"> #!ST "ND "9R"> #!ST !F DFPD ISS%"N#S


>R"P( 436 "9R"> #!ST !F DFPD ISS%"N#S@ '& S#%RIT&




21

23 Secondary Mar1et o, Federal Public Securitie)

231 Secondary Mar1et Turno8er

.he average dailE 8inan!ial volu#e o8 se!urities negotiated
on the se!ondarE #arFet shi8ted 8ro# *I 10B47 billion in
MaE to *I 17B43 billion in GuneB .he share o8 8i6ed,rate
se!urities in!reased to 74B12J in Gune: against 3?B21J in
MaEB .he share o8 in8lation,linFed se!urities de!reased to
a level o8 23B72J in Gune: !o#;ared to 22B34J in MaEB
Se!urities tied to the SE+C rate de!reased 8ro# 14B21J in
MaE to 1=B22J in GuneB






>R"P( 231 S#!ND"R& M"R?T !F P%'$I# S#%RITIS 4
D"I$& T%RN!9R "S PR#NT"> !F
RSP#TI9 !%TST"NDIN> 9!$%M






22

.- #aturing in GanuarE 2>1=: Dhi!h had not even a;;eared a#ong the to; 8ive se!urities in the ;revious #onth: se!ured 8irst ;la!e as the 8i6ed,rate se!uritE
Dith the largest 8inan!ial volu#eB Se!ond ;la!e Das o!!u;ied bE .- #aturing in GulE 2>13: Dith a gain o8 tDo ;ositionsB .hird ;la!e Das o!!u;ied bE .-
#aturing in O!tober 2>13: Dith a loss o8 one ;ositionB

As regards -.-,F: #aturities in GanuarE 2>1= se!ured 8irst ;la!e: Dith a gain o8 three ;ositionsB Se!ond ;la!e Das o!!u;ied bE those #aturing in GanuarE 2>21:
Dith a loss o8 one ;ositionB .hird ;la!e Das o!!u;ied again bE those #aturing in GanuarE 2>22B

A#ong F.: se!urities #aturing in Mar!h 2>2> re#ained at 8irst ;la!eB Se!ond ;la!e Das o!!u;ied again bE those #aturing in Mar!h 2>17B .hird ;la!e Das
o!!u;ied again bE those #aturing in Se;te#ber 2>13B

FinallE: -.-,B #aturing in August 2>10 re#ained at 8irst ;la!eB Se!ond ;la!e Das o!!u;ied again bE those #aturing in August 2>22B .hird ;la!e Das o!!u;ied
again bE those #aturing in August 2>7>B










22

232 Public Securitie) &ield

.he Anbi#a MarFet inde6 , +MA
2
: !reated bE A-B+MA
3
in a ;artnershi; Dith the -ational .reasurE: veri8ies the ;ro8itabilitE o8 a theoreti!al ;ort8olio !o#;osed o8
;ubli! se!urities in !ir!ulation on the #arFetB +t is !onsidered an e88i!ient ;ara#eter 8or ;ur;oses o8 evaluating the evolution o8 ;ubli! se!uritE ;ro8itabilitE: and
has introdu!ed greater dEna#i!s into the ;ri#arE and se!ondarE 8ederal ;ubli! debt #arFetsB

Data 8or the #onth o8 Gune indi!ate a slight in!rease o8 >B1= ;er!entage ;oints in the +MA,S inde6: re8erring to SE+C,linFed se!urities: and an in!rease o8 2B2=
;er!entage ;oints in the General +nde6B At the sa#e ti#e: an in!rease o8 2B=2 ;er!entage ;oints Das registered in the Eield o8 8i6ed,rate se!urities: re;resented
bE the +*F,MB .here Das an in!rease o8 =B2> ;er!entage ;oints in +G$,M,linFed se!urities: re;resented bE the +MA,CB .here Das an in!rease o8 7B>4 ;er!entage
;oints under +$CA,linFed se!urities: re;resented bE the +MA,BB



2
+MA @ Fi6ed,rate inde6es !al!ulated on the basis o8 the evolution o8 the #arFet value o8 ;ort8olios !o#;osed o8 ;ubli! se!uritiesB .he overall +MA is the result o8 Deighting o8 the variations o8 ea!h
inde65 the +*F,M is !o#;osed o8 8i6ed,rate se!urities /.- and -.-,F15 the +MA,C: o8 se!urities tied to the +G$,M /-.-,C15 the +MA,B: !o#;osed o8 se!urities tied to the +$CA /-.-,B15 and the +MA,S: o8
se!urities tied to the SE+C rate /F.1B For greater in8or#ation on the +MA indi!es: a!!ess( htt;(CCDDDBandi#aB!o#BbrC;ubli!a!oesCarLsCedes;Mi#aMt;8B;d8
3
Bra9ilian Asso!iation o8 Finan!ial and Ca;ital MarFet EntitiesB

>R"P( 236 P%'$I# S#%RITIS &I$D 9!$%TI!N 4
!9R"$$ IM" .#%M%$"TI9 12:M!NT( B/


>R"P( 232 P%'$I# S#%RITIS &I$D 4 J%N 2014
.#%M%$"TI9 12:M!NT( B/