LEADER 03695nam 2200673 450 001 9910464248903321 005 20170821160708.0 010 $a1-4623-8101-4 010 $a1-4527-0467-8 010 $a9786612842122 010 $a1-4518-7119-8 010 $a1-282-84212-9 035 $a(CKB)3170000000055155 035 $a(EBL)1608091 035 $a(SSID)ssj0000943258 035 $a(PQKBManifestationID)11550392 035 $a(PQKBTitleCode)TC0000943258 035 $a(PQKBWorkID)10975486 035 $a(PQKB)11486177 035 $a(OCoLC)762647149 035 $a(MiAaPQ)EBC1608091 035 $a(EXLCZ)993170000000055155 100 $a20140227h20082008 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aStrategic considerations for first-time sovereign bond issuers /$fUdaibir S. Das, Michael G. Papaioannou, and Magdalena Polan 210 1$a[Washington, District of Columbia] :$cInternational Monetary Fund,$d2008. 210 4$dİ2008 215 $a1 online resource (29 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/08/261 300 $aDescription based upon print version of record. 311 $a1-4519-1572-1 320 $aIncludes bibliographical references. 327 $aContents; 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 327 $aIV. 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 330 $aThe recent round of debt relief has restored debt sustainability in many low-income countries (LICs). This, along with a continued search for yield and desire for portfolio diversification by investors, has increased the range of viable financing options, including international bonds, for many emerging market (EM) economies and LICs. This paper presents some of the advantages and disadvantages of international debut bonds, within a debt sustainability framework. It outlines key preconditions and discusses strategic considerations that countries need to take into account when contemplating bon 410 0$aIMF Working Papers 606 $aBonds$zDeveloping countries 606 $aRisk management$zDeveloping countries 606 $aDebts, Public$zDeveloping countries 608 $aElectronic books. 615 0$aBonds 615 0$aRisk management 615 0$aDebts, Public 676 $a332.6323 700 $aDas$b Udaibir S$0860107 701 $aPapaioannou$b Michael G$0933501 701 $aPolan$b Magdalena$0933502 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910464248903321 996 $aStrategic considerations for first-time sovereign bond issuers$92101444 997 $aUNINA