05523oam 22011534 450 991097075180332120250426110741.0978661284212297814623810121462381014978145270467814527046789781451871197145187119897812828421201282842129(CKB)3170000000055155(EBL)1608091(SSID)ssj0000943258(PQKBManifestationID)11550392(PQKBTitleCode)TC0000943258(PQKBWorkID)10975486(PQKB)11486177(OCoLC)762647149(IMF)WPIEE2008261(MiAaPQ)EBC1608091(IMF)WPIEA2008261WPIEA2008261(EXLCZ)99317000000005515520020129d2008 uf 0engur|n|---|||||txtccrStrategic Considerations for First-Time Sovereign Bond Issuers /Magdalena Polan, Udaibir Das, Michael Papaioannou1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (29 p.)IMF Working PapersIMF working paper ;WP/08/261Description based upon print version of record.9781451915723 1451915721 Includes bibliographical references.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 IssuanceIV. 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; ReferencesThe 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.IMF Working Papers; Working Paper ;No. 2008/261BondsDeveloping countriesRisk managementDeveloping countriesDebts, PublicDeveloping countriesBondsimfCapital marketimfDebt ManagementimfDebtimfDebts, PublicimfFinanceimfFinance: GeneralimfGeneral Financial Markets: General (includes Measurement and Data)imfGovernment debt managementimfInternational bondsimfInternational capital marketsimfInvestment & securitiesimfInvestments: BondsimfPublic finance & taxationimfPublic FinanceimfSovereign bondsimfSovereign DebtimfEgypt, Arab Republic ofimfBondsRisk managementDebts, PublicBondsCapital marketDebt ManagementDebtDebts, PublicFinanceFinance: GeneralGeneral Financial Markets: General (includes Measurement and Data)Government debt managementInternational bondsInternational capital marketsInvestment & securitiesInvestments: BondsPublic finance & taxationPublic FinanceSovereign bondsSovereign Debt332.6323Polan Magdalena1816334Das Udaibir1804488Papaioannou Michael1814293DcWaIMFBOOK9910970751803321Strategic Considerations for First-Time Sovereign Bond Issuers4372343UNINA