First Time International Bond Issuance New Opportunities And Emerging Risks
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First Time International Bond Issuance New Opportunities And Emerging Risks
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Author : Ms.Anastasia Guscina
language : en
Publisher: International Monetary Fund
Release Date : 2014-07-18
First Time International Bond Issuance New Opportunities And Emerging Risks written by Ms.Anastasia Guscina and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-18 with Business & Economics categories.
International bond issuance by debut issuers has risen in recent years. The uptick was a result of both demand and supply factors. The search for yield and demand for portfolio diversification have resulted in demand-driven easy financing conditions. At the same time, rising financing needs for many debut issuers, coupled with reduced access to concessional financing, relatively undeveloped domestic markets, and a favorable interest rate environment have made international bonds an attractive financing alternative for many countries. As bonds issued in the international markets are typically denominated in hard currencies, have large volumes and a bullet structure, exposure to exchange rate and refinancing risk has increased. Therefore, risk-mitigating policy actions are needed to prepare for redemption, support debt sustainability, and secure adequate debt management capacity.
Issuing International Sovereign Bonds
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Author : Mr.Mauro Mecagni
language : en
Publisher: International Monetary Fund
Release Date : 2014-06-04
Issuing International Sovereign Bonds written by Mr.Mauro Mecagni and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-06-04 with Business & Economics categories.
This African Department Paper examines the rise in international sovereign bonds issued by African frontier economies and recommends policies for potential first-time issuers.
International Sovereign Bonds By Emerging Markets And Developing Economies
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Author : Andrea Presbitero
language : en
Publisher: International Monetary Fund
Release Date : 2015-12-24
International Sovereign Bonds By Emerging Markets And Developing Economies written by Andrea Presbitero and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-12-24 with Business & Economics categories.
What determines the ability of low-income developing countries to issue bonds in international capital and what explains the spreads on these bonds? This paper examines these questions using a dataset that includes emerging markets and developing economies (EMDEs) that issued sovereign bonds at least once during the period 1995-2013 as well as those that did not. We find that an EMDE is more likely to issue a bond when, in comparison with non-issuing peers, it is larger in economic size, has higher per capita GDP, and has stronger macroeconomic fundamentals and government. Spreads on sovereign bonds are lower for countries with strong external and fiscal positions, as well as robust economic growth and government effectiveness. With regard to global factors, the results show that sovereign bond spreads are reduced in periods of lower market volatility.
Global Financial Stablity Report October 2013
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Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2013-10-09
Global Financial Stablity Report October 2013 written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-09 with Business & Economics categories.
The October 2013 Global Financial Stability Report examines current risks facing the global financial system at it undergoes a series of transitions along the path toward greater financial stability. The United States may soon move to less accommodative monetary policies and higher long-term interest rates as its recovery gains ground. Emerging markets face a transition to more volatile external conditions and higher risk premiums. Japan is moving toward the new “Abenomics” policy regime, and the euro area is moving toward a more robust and safer financial sector. Finally, the global banking system is phasing in stronger regulatory standards. Chapter 1 examines the challenges and risks of each of these transitions. Chapter 2 looks at efforts by policymakers to revive weak credit growth, which has been seen by many as a primary reason behind the slow economic recovery. The chapter argues that policies are most effective if they target the constraints that underlie the weakness in credit. But it cautions policymakers to be aware of the fiscal costs and implications for financial stability of credit-supporting policies. Chapter 3 examines how banking funding structures matter for financial stability and the potential impact of various regulatory reforms. It concludes that careful implementation of reform efforts are important to ensure that financial stability benefits are realized.
Benin
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Author : International Monetary Fund. African Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-02
Benin written by International Monetary Fund. African Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-02 with Business & Economics categories.
The economy continues to grow at a fast pace, driven by port activity and cotton production. The execution of the 2019 budget is on track to bring the fiscal deficit within the WAEMU convergence criterion of 3 percent of GDP this year. Program implementation remains very satisfactory with all end-December 2018 quantitative performance criteria (QPCs) and structural benchmarks (SBs) met.
Managing Domestic And International Challenges And Opportunities In Post Conflict Development
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Author : Dushni Weerakoon
language : en
Publisher: Springer
Release Date : 2019-05-31
Managing Domestic And International Challenges And Opportunities In Post Conflict Development written by Dushni Weerakoon and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-31 with Business & Economics categories.
This book draws lessons from the story of Sri Lanka’s post-conflict development in the context of a struggle for socio-political reconciliation, a turbulent world economy, and difficult internal and external political challenges. Heightened volatility in the global economy and intensifying geopolitical rivalries pose complex policy challenges for small countries embarking on post-conflict daunting challenges. To sustain peace, development needed to be broad based and inclusive. It needed to rapidly reconstruct war-devastated regions, restore macroeconomic stability, while delivering a ‘peace dividend’. The book contains contributions that highlight Sri Lanka’s endeavours of coping with adverse shocks, while exploiting new opportunities. It showcases how the island country had to attract capital and assistance, and support of the international community, including that of the rising Asian giants – China and India. Addressing the post-conflict challenges of sourcing development finance in a new global financial and political landscape, the book would be of interest to researchers working on post-conflict development in the context of a volatile global economy and changing aid architecture, and would also act as an important resource for policy makers.
Detailed Guidance For Issuing Green Bonds In Developing Countries
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Author : Asian Development Bank
language : en
Publisher: Asian Development Bank
Release Date : 2021-12-01
Detailed Guidance For Issuing Green Bonds In Developing Countries written by Asian Development Bank and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-01 with Business & Economics categories.
This guidance note aims to help bond issuers and their advisors to understand the process and key considerations for a successful green bond issuance. Demand for green bonds and other sustainable finance products is increasing rapidly, and issuers are seeing an opportunity to be part of the green bond market. This publication covers all the steps required to follow best practices in labeling bonds as green. It includes examples, links to further details, and key resources for green bond issuers and their deal teams.
Financial Deepening And Post Crisis Development In Emerging Markets
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Author : Aleksandr V. Gevorkyan
language : en
Publisher: Springer
Release Date : 2016-06-14
Financial Deepening And Post Crisis Development In Emerging Markets written by Aleksandr V. Gevorkyan and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-14 with Business & Economics categories.
This collection empirically and conceptually advances our understanding of the intricacies of emerging markets’ financial and macroeconomic development in the post-2008 crisis context. Covering a vast geography and a broad range of economic viewpoints, this study serves as an informed guide in the unchartered waters of fundamental uncertainty as it has been redefined in the post-crisis period. Contributors to the collection go beyond risks-opportunities analyses, looking deeper into the nuanced interpretations of data and economic categories as interplay of developing world characteristics in the context of redefined fundamental uncertainty. Those concerns relate to the issues of small country finance, the industrialization of the developing world, the role of commodity cycles in the global economy, sovereign debt, speculative financial flows and currency pressures, and connections between financial markets and real markets. Compact and comprehensive, this collection offers unique perspectives into contemporary issues of financial deepening and real macroeconomic development in small developing economies that rarely surface in the larger policy and development debates.
Cabo Verde
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Author : International Monetary Fund. African Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2016-11-29
Cabo Verde written by International Monetary Fund. African Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-11-29 with Business & Economics categories.
This Selected Issues paper examines whether the recent slowdown in private sector credit growth in Cabo Verde is demand or supply driven. Although in the late 2000s, demand factors have been the main drivers in Cabo Verde’s credit market, supply dynamics’ role has increased in recent years. For Cabo Verde to promote private sector-led growth and sustainable economic development, reforms aiming at strengthening both credit demand and supply will be essential. These include improving the business environment for the private sector as well as strengthening the financial sector by ensuring prudent banking supervision and an effective resolution of the nonperforming loan overhang.
Do Financial Markets Value Quality Of Fiscal Governance
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Author : Kady Keita
language : en
Publisher: International Monetary Fund
Release Date : 2019-10-11
Do Financial Markets Value Quality Of Fiscal Governance written by Kady Keita and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-10-11 with Business & Economics categories.
We examine the link between the quality of fiscal governance and access to market-based external finance. Stronger fiscal governance is associated with improvements in several indicators of market access, including a higher likelihood of issuing sovereign bonds and having a sovereign credit rating, receiving stronger ratings, and obtaining lower spreads. Using the more granular information on quality of fiscal governance from Public Expenditure and Financial Accountability (PEFA) assessments for 89 emerging and developing economies, we find that similar indicators of market access are correlated with sound public financial management practices, especially those that improve budget transparency and reporting, debt management, and fiscal strategy.