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Author Das, Udaibir S., author.

Title Strategic considerations for first-time sovereign bond issuers / prepared by Udaibir S. Das, Michael Papaioannou, and Magdalena Polan
Published Washington, D.C. : International Monetary Fund, ©2008

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Description 1 online resource (27 pages) : illustrations
Series IMF working paper ; WP/08/261.
Contents I. Introduction; II. Recent Trends in EM and LIC Sovereign Bond Issuance; Tables; 1. Selected Debut Issues by EM Countries; Figures; 1. Characteristics of Selected Debut EM and LIC Issues; Boxes; 1. Fund Policy on Non-Concessional External Debt Financing for Program and Post-Debt Relief Countries; 2. Trends in Concessional and Non-Concessional Financing in Sub-Saharan Countries; 3. Recent Debut Issues and Risk Appetite; III. International Issuance: Advantages and Risks; A. Advantages of International Issuance; B. Risks of International Issuance
IV. Strategic Considerations for Sovereign Debut IssuersA. Debt-Sustainability Aspects of Issuance; 2. Credit Ratings and EMBI Global Spreads for Selected EM Countries; B. Practical and Operational Aspects of Issuance; 2. Considerations for a Successful Issuance of a Sovereign Debut International Bond; V. Pitfalls of First Time Sovereign Issuance; 4. Composite Credit Ratings of Debut Sovereign Issuers and Spreads at Issue; 5. Relative Cost of Recent Debut Issues; VI. Concluding Remarks; References
Summary The recent round of debt relief has restored debt sustainability in many low-income countries (LICs). This, along with a continued search for yield and desire for portfolio diversification by investors, has increased the range of viable financing options, including international bonds, for many emerging market (EM) economies and LICs. This paper presents some of the advantages and disadvantages of international debut bonds, within a debt sustainability framework. It outlines key preconditions and discusses strategic considerations that countries need to take into account when contemplating bond issuance in international markets for the first time. In this context, the paper also discusses some typical pitfalls in accessing international capital markets, including excessive issue size relative to the intended use of bond proceeds, issuance of bullet bonds, and inadequate preparation for accessing the markets
Notes At head of title: Monetary and Capital Markets Department
"November 2008."
Bibliography Includes bibliographical references (pages 26-27)
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL
Print version record
digitized 2011 HathiTrust Digital Library committed to preserve pda MiAaHDL
Subject Bonds -- Developing countries
Risk management -- Developing countries
Debts, Public -- Developing countries
Bonds
Debts, Public
Risk management
Auslandsverschuldung.
Öffentliche Schulden.
Aufstrebende Märkte.
Low-Income Countries.
Developing countries
Form Electronic book
Author Papaioannou, Michael G., author.
Polan, Magdalena, author.
International Monetary Fund. Monetary and Capital Markets Department.