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Issuing International Bonds : A Guidance Note (Inglês)

Financial conditions in recent years have provided developing countries with unprecedentedopportunities to tap international bond markets, increasing access to commercial debtfinancing. On that background, developing countries are broadening the range of debtinstruments employed in implementing debt management strategies, and this has changed therisk profile of their public debt portfolios. The target audience of this Discussion Paper is thesovereign debt manager, with a special focus on first time/infrequent issuer in Low IncomeDeveloping Countries. The Guidance Note does not discuss whether countries should issueinternational bonds or not, but, rather, focus on the process of issuing such instruments, giventhe lack of objective and independent guidance available for issuers. The note outlines a stepby-step process and provides practical advice.

Detalhes

  • Autor

    van der Wansem, Patrick B. G., Jessen,Lars, Rivetti,Diego

  • Data do documento

    2019/04/01

  • TIpo de documento

    Documento de Trabalho (Série Numerada)

  • No. do relatório

    135950

  • Nº do volume

    1

  • Total Volume(s)

    1

  • País

    Mundo,

  • Região

    Regiões Mundiais,

  • Data de divulgação

    2019/04/09

  • Disclosure Status

    Disclosed

  • Nome do documento

    Issuing International Bonds : A Guidance Note

  • Palavras-chave

    bond; Eurobond; international bond; legal counsel; term debt management strategy; access to international market; league table; international capital market; international bond market; source of financing; criteria for selection; interest rate movement; global interest rates; domestic bond market; bond issuance process; debt service payment; risk of conflict; market access conditions; lack of transparency; international debt capital; emerging market bond; competition among bank; income developing country; Governance and Accountability; public finance situation; yield to maturity; foreign direct investment; long investment horizon; revenue from fee; floating interest rate; risk management committee; balance of payment; private sector borrowing; international rating agency; secondary market price; domestic commercial bank; domestic government bond; principle of transparency; international financial market; sovereign issuer; upfront fee; bond issue; refinancing risk; legal expense; public debt; concessional financing; sovereign debt; financing need; fiscal framework; commercial financing; risk profile; domestic bank; commercial debt; internal capacity; debt instrument; objective criterion; market circumstances; currency denomination; market information; monetary policy; alternative financing; debt sustainability; sovereign rating; primary dealer; distribution capacity; life insurance; execution risk; dollar market; transaction cost; selection criterion; investment culture; short-term liquidity; insurance companies; institutional investor; Investment strategies; individual investment; investment grade; risk taking; potential conflicts; fiscal agent; direct investor; foreign trade; monetary impact; policy question; operational responsibility; investor demand; important policy; formal procedures; legal structure; foreign investor; reference point; security risk; investment objective; investor confidence; investment planning; international reserve; good cooperation; bond pricing; credit spread; common law; risk perception; borrowing plan; currency risk; Market Risk; bond offering; Exit Strategy; legal expert; international security; market perspective; legal text; management capacity; global investor; counterparty risk; mutual fund; hedge fund; debt portfolio; domestic capacity; administrative support; internal debt; Financial Sector; financing plan; Financing plans; operational process; fiscal flexibility; sovereign borrowing; secondary legislation; dedicated research; higher fee; internal process; financial system; market segment; secondary trading; peer group; country rating; principal payment; market intelligence; default risk; market index; distribution capabilities; guarantee bond; project finance; environmental condition; internal procedure; fee structure; mature market; marketing approach; debt composition; emerging country; market activity; conference call; price methodology; portfolio diversification; transparent selection; public official; financial crisis; internal rule; data provider; legal framework; marketing tool; financial strength; interest cost; governance framework; general assessment; long-term commitment; future market; information exchange; domestic rate; borrowing cost; information flow; internal evaluation; downward spiral; dollar deposit; private borrower; crowding out; clearing system; legal opinion; absorption capacity; market development; Clearing houses; global bond; additional expense; international loan; liquidity management; market condition; bond proceeds

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