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Emerging Markets : Assessment of Hard-Currency Bond Market - An Analysis of Emerging-Market Hard-Currency Bonds Issued by Financial Institutions (Inglês)

There is a lack of information on emerging-market (EM) financial institutions (FIs) that are issuing hard-currency bonds because this market segment is often folded into the broader EM corporate bond category. However, EM FIs play a critical role in EMs’ financial systems as both a main financing source for the real economy and key participants in capital markets. Regulated FIs – in particular, systemic banks, are dominant suppliers of debt finance to the economy and therefore wield significant influence in shaping the growth of the economy and the development of local capital markets. IFC undertook this study of hard-currency bonds to better understand the market potential of green bonds in emerging markets. IFC believes that conventional hard-currency bonds are sources of future growth for green bonds because such bonds often serve as a proxy in assessing an EM FI’s readiness to issue green bonds. This study was used to project growth potential by building a bridge between EM FI hard-currency bonds and green bonds. In addition, this report aims to disseminate information and increase market awareness of investment opportunities offered by hard-currency bonds issued by EM FIs. This study’s unique set of data is centered on mapping EM FIs that have a consistent history of issuing hard-currency bonds. The study is meant to be a unique research piece guiding multiple interested stakeholders and hence contributing to an increase of investment flows into EM countries through capital market solutions.

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