#1Data Dissemination & Investment Relations Dominican Republic Start-up Case Public Debt Office - Ministry of Finance Dominican Republic PATRIA DOB LIBERTAD REPUBLICA DOMINICAS gener#2The Beginning... Get the basics right first • Strengthen the team • Data dissemination • Investor Relationship (IR) Build local support Rating agencies relationship ⚫IR - Int'l Best Practices and develop your target audience/investor base • Measure and Improve PATRIA UBERTA 2 PUBLICA DOM#3The Basics • Invest in your Creditworthiness Legal Framework • Back-Office Operations • Continuous quality improvement loop • Debt Accounting, Registry and Statistics • Don't be an outlier • Explain changes IT and Technology Infrastructure ⚫ Middle Office capacity 3 PUBLICA DOM PATRIA UBERTA#4Strengthen the Team • Clearly state team objectives Develop internal talent ASAP • WB, UNCTAD, LAC-Debt Group • Advisors for in-house knowledge transfer • Search and recruit adequate talent for immediate deployment Pay grade delta ⚫ Invest in medium term talent base A continuous relationship will require repeated encounters 4 PUBLICA DOM UBERTA#5Data Dissemination Manage online presence www.creditopublico.gov.do Int'l Institutional Distribution World Bank - QEDS Dirección General de Crédito Público SEARCH About the Public Debt Office (PDO) History Mission and Vision Structure end Functions Organization Chart Español Statistic Aug-2010 16,000 Public Debt Total 7,558.3 11,226.2 External Debt Central Government Rest of NFPS Domestic Debt Central Government Rest of NFPS 6,508.9 46.8 1,002.6 803.7 198.9 7,225.7 7,218.0 13,260.9 8,221,5 8,215.6 7.8 6.0 13.970.6 12.000 9,031.4 9,025.5 6.0 $10,000 5,000 6,000 2,000 4,000.4 3,645.1 5,039.3 4,784.1 4,939.2 4,613.1 198.9 255.2 326.0 Ministerio de Hacienda República Dominicana Home Contacts | Links Date: 10/10/2010 | Time: 12:07 P.M. 28.22.1 0.20.0 2009 2008 2007 Previous Years Historical Stock Projections. Legal Framework Laws Decrees Regulations Resolutions Debt Council Borrowings. Query Bonds Issues External Domestic Publications Public Debt Strategy Quarterly Reports Publications Schedule Auctions Auction Invitation October 201 Auction Calendar for 2010 Public Auction Regulation Auction Presentation Know your Client Form Bid Forms Secundary Market Bond Calculator Auction Results Investors Relations Contact Us Register Presentations Reports IMF Arrangement Documents Preliminary figures in mitions (USD) as of August 31, 2010. "Source: Public Debt Office and Banco de Reservas. External Debt Domestic Debt Recap Domestic Debt Pubile Debt (GDP) Note: Figures revised according to new statistics presentation methodology. Announcements from the Public Debt Office QUARTERLY REPORT AVAILABLE JUNE 2010 News Auction October (Oct-05-2010). On Tuesday September 5th, 2010 the Ministry of Finance (MoF) of the Dominican Republic, through the Public Debt Office, conducted its ninth Monthly. Auction. In this occasion, Bonds of 3, 5, 7 and 10 years were offered. Auction September (Sept-07-2010). On Tuesday September 7th, 2010 the Ministry of Finance (MOF) of the Dominican Republic, through the Public Debt Office, conducted its eighth Monthly Auction. In this occasion, Bonds of 3, 5, 7 and 10 years were. offered. In this eighth auction, RD$6,200.0 million were auctioned in MCF Bonds: RD$350.0 million corresponded to 3-year bonds, RD$350.0 million. to 5-year bonds, RD$500.0 million to 7-year bonds, and RD$5,000.0 million to 10-year bonds. ⚫ Auction August (Aug-10-2010). On Tuesday August 10th, 2010 the Ministry of Finance (MOF) of the Dominican Republic, through the Public Debt Office, conducted its seventh Monthly Auction. In this auction, RD $13,500.0 million were auctioned in MoF Bonds: RD$500.0 million corresponded to 3-year bonds, RD$1,000.0 million to 5-year bonds, RD$1,000.0 million to 7-year bonds, and RD$11,000.0 million to 10-year bonds. 30 GLOBAL BONDS YIELDS Global Bonds Yields Updated as of 10-17-2010 DOMESTIC BONDS Yield Curve Mof Bonds in the Secondary Market O/14/2010 AUCTION RESULTS Auction Results 10/05/2010 RATE SEH2-2013 09/08/2013 RD$ 270,000,000 10.2500% SEH2-2015 07/08/2015 RDF 300,000,000 11.8667% SEH2-2017 04/08/2017 RDS 100,000,000 13.1000% MH1-2020 10/07/2020 RD $10,000,000 15.3220 % TRANSPARENCY Transparency DGCP Transparency Budget for Direction. 2010 Budget Low 2009 Budget Law 2009 Budget Reformulation Swarn Statement DR EMBIG Spread 55 25 10 The World Bank About Countries Data & Research Learning News Home • Site Map Index ⚫FAQs Contact Us Projects & Operations Topics Publications QEDS Search All ▼ GO Quarterly External Debt Statistics Home > Data > Quarterly External D... > GDDS/QEDS Data > Participating Countries > GDDS/QEDS Country Data SDDS/QEDS Data GDDS/QEDS Data Country Data Participating Countries Cross Country Tables Database Access ▶ Metadata GDDS/QEDS Country Data Email Print This release contains QEDS country tables for GDDS participants. Table 1 on Public and Publicly- Guaranteed External Debt position is available for all countries that have provided data for this release. Albania Information on Data Algeria Ethiopia Gabon Antigua and Barbuda Georgia Bahamas Bangladesh Pakistan Panama Availability Background Related Sites Site Tools Frequently Asked Questions Contact Information. Bolivia, P.S. Botswana Burkina Faso Ghana Guatemala Honduras Kenya Paraguay Qatar Rwanda Sierra Leone Sri Lanka Tajikistan Tanzania Tonga Uganda Yemen, Rep Lebanon Cambodia Cameroon Central African Republic Macedonia Madagascar Mauritius China, P.R. Mongolia Côte d'Ivoire Nepal Zambia Cominica Dominican Republic Nicaragua Nigeria LAC-Debt Group (IADB) Oracle Collaboration... SurveyMonkey - Resu in Sovereign Investor Re... Dirección General de www.iadb.org/lacdebtgroup/news_detail.cfm?id_news-123&language=EN Suggested Sites Web Slice Gallery Free Computational... The Zeitgeist Film S... LAC Debt Group Int... x DefaultRisk.com Th... More.. Office of Free Access to Information ← C A TENDERS See What's Hot Spreads (Basic) 400 ° Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Updated as of 10-17-2010. Global EMBI Spread Mar-10 Apr-10 May-10 Jun-10 Just-10 Aug-10 Sep-10 Oct-10 Date J.P.Morgan Daily Secondary Mkt Updates Monthly statistics and auctions Congress Quarterly Reports English and Spanish Schedules and Frequency matter Public Tenders LAC DEBT GROUP HOME ABOUT US MEMBERS ACTIVITIES PUBLICATIONS STATISTICS News Dominican Republic: Quarterly Public Debt Report At the end of the first quarter of 2010, the balance of the total non-financial public sector (NFPS) debt was US$13,2 billion, a value that represents 27.9% of the GDP estimated for 2010. The NFPS debt is compound of 61.9% external debt-whose balance is of US$8 1 billion-whereas internal debt corresponds to 38,1%, a total of US$5.06 billion. The amounts represent 17.3% and 10.6% of GDP, respectively. Source: Public Debt Office, Ministry of Finance of Dominican Republic Related link http://www.creditopublico.gov.do/publicaciones/Informe Deuda Publica102010.pdf BC COMMENTS Español Other bookmarks 1:12 AM 10/26/2010 5#6Data Dissemination Facilitate/Motivate Local Institutional Data Distribution Oracle Collaboration Suite x Dirección General de Cré... Cevaldom - Depósito Ce... x +- Chttps://www.cevaldom.com/app/do/estadisticas detalle.aspx?id=46 + 回 X Oracle Collaboration... 3 -> See What's Hot Suggested Sites Web Slice Gallery Free Computational... The Zeitgeist Film S... DefaultRisk.com Th... Other bookmarks CEVALDOM Depósito Centralizado de Valores ► Inicio Información Institucional $15,000M ►Servicios ►Accionistas ▸ Descargables ➤Lineamientos de Afiliación Tarifario Información Estadística Operativa Publicaciones Informativas EC Seguridad y transparencia en el manejo de sus valores Volumen en Custodia Emisiones Ministerio de Hacienda DOP Cevaldom Depósito... BOLSA DE VALORES... The page cannot be f... + Dirección General de... www.bolsard.com/app/do/emisiones.aspx See What's Hot Suggested Sites Web Slice Gallery Free Computational... The Zeitgeist Film S...DefaultRisk.com Th... Bolsa de Valores BVRD De la República Bolsa de Valores Dominicana DELAPORKADOMINICANALA Other bookmarks Inicio Aviso Legal | Glosario y FAQ | Mapa del Sitio | Enlaces | Contactos BONOS ADOPEM I: 8.23% | 22-12-2011 | 10/26/2010 1:24:13 AM 8-02-2017 | LETRAS HIPOTECARIAS BNV III: 7.45% | 31-07-2017 QUIENES SOMOS PUESTOS DE BOLSA NORMATIVAS EMPRESAS EMISORAS EMISIONES INSCRITAS ESTADISTICAS BURSATIL FIELDS ST RO 14. ELST 2112 a BIBLIOTECA DONALD COTT SALA DE PRENSA CREJS ⚫ADMINISTRADORAS DE FONDOS DE PENSIONES BANCOS COMERCIALES ASOCIACIONES DE AHORROS Y PRESTAMOS BANCOS DE AHORRO Y CREDITO BIENES RAICES COMERCIO PG 1:29 AM 10/26/2010 SISTEMA NEGOCIACION BURSATIL Accesos Rápidos #Indicadores Económicos Resumen Económico Bursátil BVRD Boletines Bonos Secretaría de Hacienda Últimas Noticias Emisiones en Negociación Notivalores Links (Páginas de otras Organizaciones) Emisiones Inscrita en la BV RD Sector Público • Letras Hipotecarías en Pesos (BNV) - Bonos Corporativos 1er. Tramo en Pesos (BNV) -Bonos Corporativos 2do. Tramo en Pesos (BNV) Sector Privado • Asoc. Popular de Ahorros y Préstamos (APAP) - BANCO LEON •Banco ADOPEM (ADOPEM) • Banco Popular Dominicano (BPD) • Cerveceria Nacional Dominicana (CND) • Industrias Nacionales C. por A. (INCA) • Bonos Corporativos en Dólares (INCA) 1:33 AM 10/26/2010 . • Encourage local Depository to develop stronger website presence. Active working relationship on data displays. Daily feed from Depository to generate secondary market statistics on own website Local Exchange website has link to Public Debt Office website for daily data 6#7Data Dissemination Get data to where the int'l players are... DRTD ...and steer local players to use that platform. <HELP> for explanation. Ministerio de Hacienda de la Republica Dominicana Av. Mexico #45 Santo Domingo Republica Dominicana Tel: 1 809 687 5131 www.creditopublico.gov.do www.hacienda.gov.do E-mail: [email protected] Corp DRTD SUMMARY RESULTS Tender SUBASTA MH OCT 2010 Tender Number 19 Security DRGB 12 08/07/15 Size 300000(M) P279 f Corp DRSL Closing Date 10/05/10. Closing Time 13:00 Settlement Date 10/07/10 Total Number of Successful Bids Highest Price Al Weighted Average Total Amount Allocated Total Number of Bids Received Total Amount of All Bids Received Lowest Price Allocated <HELP> for explanation. 300000 (M) 7 905000 (M) 2 100.3925 Lowest Price All 02 200<Go> to view in Launchpad 9:42 Total Description 1) Internal Debt Corp DRTD Number of Bids Best Bid SUMMARY RESULTS Tender SUBASTA MH OCT 2010 Tender Number 19 Security DRGB 16 07/10/20 Size 510000(M) Public Debt PAGE 1/1 Ticker Current Value Cha Time Worst Bid Weighted Average Percentage Parti Total Amount Allocated P279 f Corp DRSL Closing Date 10/05/10 Closing Time 13:00 Settlement Date 10/07/10 DRPDINTE 4939.170 2.53 08/31 2 External Debt DRPDEXTE 9031.430 -0.24 08/31 Bid to Cover Rat 3) Public Debt Multi DRPDMULT 2854.520 -0.42 08/31 4 Public Debt Bilat DRPDBILA 3971.810 -0.07 08/31 5) Public Debt Banks 6) Public Debt Suppl DRPDBANK DRPDSUPP 1698.900 0.28 08/31 Australia 61 2 9777 8600 Japan 81 3 3201 8900 7.4900 0.00 08/31 7) Total Debt DRPDTOTA 13970.60 0.73 08/31 Total Number of Bids Received Total Amount of All Bids Total Number of Successful Bids Lowest Price Allocated Highest Price Allocated Weighted Average Price Lowest Price Allocated in Full Number of Bids Allocated in Full Received 510000 (M) 19 1641000 (M) 5 102.7995 103.8176 103.2506 103.3067 4 Best Bid 103.8176 Worst Bid 95.4857 Weighted Average Bid 100.2705 DRPDTOTA Percentage Partial Allocation (Approximate ) 92 % Bid .00 Ask .00 DRPDTOTA INDEX Advanced Hide Range 12/31/08-08/31/10 Upper Bar Chart Period Monthly Lower None Last Price 13970.60 T High on 08/31/10 13970.601 Average 12433.83 Low on 12/31/08 11226.15 SMAVG Last Price (50) na SMAVG Last Price (100) na SMAVG Last Price (200) na Index GPO GPO Bar Chart Page 1/3 Mov. Avgs Mov. Avg 50 100 200 Currency USD 15 Events Mar Apr May Jun JUL Sep Oct Nov Dec Jan Feb Mar 2009 Jún Jul Aug 13500 ►13000 -12500 • 12000 -11500 • Bid to Cover Ratio 3.2 Australia 61 2 9777 8600 Brazil 5511 3048 4500 Europe 44 20 7330 7500 Germany 49 69 9204 1210 Hong Kong 852 2977 6000 Japan 81 3 3201 8900 Singapore 65 6212 1000 U.S. 1 212 318 2000 Copyright 2010 Bloomberg Finance L.P. H227-851-1 11-Oct-10 11:30:10 SN Manage learning curve of local players (test, teach, trials, before starting for real) Auction Program moved to Bloomberg Platform in 2010 Secondary market still in pipeline 7#850.0% 45.0% IR - Build Local Support 1,400.00 1,200.00 1,000.00 900.02 1,160.56 40.0% 35.0% 30.0% Millones de US$ 600.00 800.00 527.30 25.0% 20.0% 400.00 200.00 0.00 2009 Abr-10 Oct-10 15.0% 10.0% 5.0% 0.0% FONDOS DE ASOCIACIONES DE PENSIONES AHORROS Y PRESTAMOS BANCOS COMERCIALES Y DE AHORRO Y CREDITO PUESTOS DE BOLSA TITULARES FISICOS NACIONALES EXTRANJEROS • Since 2009 new auction program, new instruments, new team members at the Public Debt Office. Intensive start-up phase. Energy, predictability, clear goals to achieve credibility in financial system. Formal communication sessions, specially at start-up, and then regular dialogue. Clear distribution strategy for the start-up. 18 months later, the financial establishment recognizes the work and new institutional investors are more interested to participate directly. Dynamics of 'traditional' participants expanding their strategic horizon 8#9Ratings Agency Relationship Build Credibility Legal framework DMO deployment BB-/Ba3 B+ B1 (stable) B/B (stable/positive) Quarterly reports to Congress Incorporate financing plan to Annual Budget Law IMF/WB/IADB support Manage the Relationship Collaborative dialogue with the technical analysts Coordinate with government institutions to facilitate the analysts country-visits Host the country visits Prompt communication with the analysts Cater to their particular data requests Actively discuss and analyze their pre- releases. Road to Investment Grade Formulated with the US Treasury Advisory and IMF Short term steps to continue improvement Medium term horizon (5-7 yrs) EO-Xew BOY Jul-03 Oct-03 Jun-03 Jan -Moody's DEFAULT Apr-05 May-05 Jun-05 60- Dec-09 Mar-10 --10 Jun-10 Standard and Poor's -Fitch April 2010: Moody's from B2 to B1 "The creation of a domestic market for government bonds, while still in an early stage, is a relevant credit event as it will progressively provide the government access to longer-term local- currency financing" May 2010: S&P stable to positive. "The country has achieved the most progress in its domestic debt management. The Public Debt Office has been successful in reestablishing and deepening the government debt market, with maturity dates that extend up to 7 years." 9#10TR - Int'l Best Practices in Practice 2006-2008: • Bilateral meetings with investors, with the participation of senior policy makers. • Web-based communication with investors via e-mail box: infodeuda@credito publico.gov.do Reciprocal links to Central Bank, Ministry of Finance and to other government agencies websites. 2009: • Investors able to register for website subscription. Investors contact list. • Data updates and Public Debt Office news sent to investors contact list through [email protected] ⚫Institutionalized investor relations activities. One-on-one meetings at least one a month. • Archive of presentations to investors available on webpage. • Staff identifiable and reachable through website. 10#11TR - Int'l Best Practices in Practice 2010: Roadshow for Sovereign Bond Issue. Historical Price Price US$ $115.00 Currently $113.375 $110.00 Hictorio: High • More than 35 institutional investor visits • Hard money accounts · Demand almost 6 times the authorized issue • Process amidst the PIIGS situation $105.00 ⚫ International institutional investor visits on ad-hoc basis at the Ministry • Council of Debt approved. recommended list of international banks, in which to engage with for financing services • Out-of-crisis mode, better filtering process on 'potential investors' vis- à-vis 2009 Rendimientos (%) $100.00 $95.00 $90.00 9/4/2010 0 2 12 10 10 8 9 Oct-09 6/7/2010 7/11/2010 8/14/2010 9/17/2010 10/21/2010 -DomRep 2021 Rendimientos Bonos Globales Nov-09 Dic-09 Ene-10 Feb-10 Mar-10 Abr-10 May-10 RD 2027 Jun-10 Jul-10 Ago-10 -RD 2011 Actualizado al 24-Oct-2010. RD 2018 Sep-10 Oct-10 RD 2021 JP Morgan 11#12Quarterly meetings with local investors webpage launch Public Debt Office via email (infodeuda) Web based communication Measure, Benchmark and Improve External and Domestic Secondary Market data daily updated Launch of Formal Investor Relations Program IR: 2pts/ DT:13 pts IR: 16 pts / DT: 33 pts IR: 29 pts S/ / DT: 35 pts 2006 2007 2008 2009 2010 available in English "Public Debt" section section in MoF's webpage Statistics in "Public Debt" GDDS Subscription pts IR: 2pts / DT: 7p 2005 Bilateral meetings with investors CGO's and external debt data meet periodicity and timeliness standards Debt statistics updated in external webpages 12#13Visits 1 Public Debt Office Google Analytics 35,000 19,104 30,000 12.20% 25,000 20,000 16,898 15,000 13,698 10,000 5,000 Mar-May 09 Jun - Ago 09 Sept - Nov 09 19,964 visits came from 43 countries/territories Dic 09 Feb 10 14.00% 11.84% 12.00% 26,242 10.00% 19,964 8.00% 6.00% 4.00% 2.00% 0.00% Mar-May 10 Jun - Ago 10 Visits Page Viewers New Visits (%)#14Data Dissemination Online Survey Oracle Collaboration Suite Dominican Republic Publ... x SurveyMonkey - Resultad... x + www.surveymonkey.com/s/NJDD9BM See What's Hot Suggested Sites Web Slice Gallery Free Computational.. The Zeitgeist Film S... X DefaultRisk.com Th... Other bookmarks Salir de esta encuesta Dirección General de Crédito Público MH Ministerio de Hacienda Dominican Republic Public Debt Office Data Dissemination Survey 1. Questions Section 1. How often do you visit the Public Debt Office website? Never Rarely (Once per month or less) Frequently (Once or more per week) Very often (at least once a day) 2. How do you consider the data update frequency of tl Unsatisfactory Regular Satisfactory República Dominicana E ¿Cómo calificaría las informaciones contenidas en cada una de las secciones de la página web de la Dirección General de Crédito Público? Estadísticas (http://www.creditopublico.go- v.do/estadisticas/estadisti... Publicaciones (http://www.creditopublico.g- ov.do/informes_trimestrales... Empréstitos Consulta (http://www.creditopublico.gov.do/emprestitos/em... Subastas (http://www.creditopublico.gov. do/subastas/resultados_subast... Relaciones con Inversionistas (http://www.creditopublico.gov.do/inver... Novedades (htt Gráficos de Bonos (http://www.creditopublico.gov.do/detalle_EMBIG_ini... 0 0.5 1 1.5 2 2.5 3 3.5#15Disclaimer The information and estimates provided hereby are preliminary and are subject to change. This document is not a final certification of the figures or political strategies of the Dominican Government. Data from each of the institutions do not guarantee the accuracy or completeness of the information contained in this document. Finally, the information contained herein is not intended to predict actual results nor guarantees are provided on the projections of them. 16