Authorities finance statistics: long-term debt securities – Merchandise Eurostat Information

The final authorities monetary accounts cowl transactions in monetary belongings and liabilities in addition to the inventory of economic belongings and liabilities. Within the first quarter of 2022, the market worth of the excellent long-term debt securities within the euro space decreased by round €501 billion resulting from a lower in worth within the monetary markets. That is primarily the results of greater rates of interest noticed. This makes the debt securities issued prior to now, when rates of interest have been decrease, much less enticing to buyers, leading to a decline in worth. On the finish of the primary quarter of 2022, long-term debt securities made up round 71% of the entire liabilities of euro space governments.

This data comes from information on quarterly authorities finance revealed by Eurostat right now. The article presents a handful of findings from the extra detailed Statistics Defined article.

Bar chart:change in euro stock of long-term debt security liabilities due to transactions and other economic flows (billion €)

Supply dataset: gov_10q_ggfa 

The excellent quantity of liabilities adjustments both resulting from transactions (primarily resulting from internet issuance, but in addition resulting from accrued curiosity) or resulting from different financial flows (primarily worth adjustments also referred to as holding features or losses). As long-term debt securities are traded on the monetary markets, the worth of those devices adjustments always over time. On the finish of the primary quarter of 2022, the worth of debt securities issued by governments within the euro space declined (by €501 billion) sooner than the web issuance of recent long-term debt securities (round €231 billion). This resulted in a €270 billion decrease inventory excellent on the finish of the quarter as in comparison with the start of the quarter and a holding loss for collectors. 
For extra data: 

Methodological notes: 

  • Within the European System of Accounts (ESA 2010), most belongings and liabilities are valued at market worth. Which means that the inventory of economic belongings and liabilities fluctuates resulting from transactions, but in addition resulting from “different flows”, notably revaluations (nominal holdings features and losses). 
  • Lengthy-term debt securities are a part of the overall authorities gross debt as coated within the Maastricht debt definition stipulated within the Extreme Deficit Process. Thus, inventory information on long-term debt securities are additionally revealed at face worth, which doesn’t take into consideration most worth adjustments. The inventory at face worth can differ considerably from the inventory at market worth.

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