LEADER 05358oam 22010814 450 001 9910827081003321 005 20200520144314.0 010 $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(IMF)WPIEE2008261 035 $a(MiAaPQ)EBC1608091 035 $a(IMF)WPIEA2008261 035 $a(EXLCZ)993170000000055155 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aStrategic Considerations for First-Time Sovereign Bond Issuers /$fMagdalena Polan, Udaibir Das, Michael Papaioannou 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 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 3 $aThe recent round of debt relief has restored debt sustainability in many low-income countries (LICs). This, along with a continued search for yield and desire for portfolio diversification by investors, has increased the range of viable financing options, including international bonds, for many emerging market (EM) economies and LICs. This paper presents some of the advantages and disadvantages of international debut bonds, within a debt sustainability framework. It outlines key preconditions and discusses strategic considerations that countries need to take into account when contemplating bond issuance in international markets for the first time. In this context, the paper also discusses some typical pitfalls in accessing international capital markets, including excessive issue size relative to the intended use of bond proceeds, issuance of bullet bonds, and inadequate preparation for accessing the markets. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/261 606 $aBonds$zDeveloping countries 606 $aRisk management$zDeveloping countries 606 $aDebts, Public$zDeveloping countries 606 $aBonds$2imf 606 $aCapital market$2imf 606 $aDebt Management$2imf 606 $aDebt$2imf 606 $aDebts, Public$2imf 606 $aFinance$2imf 606 $aFinance: General$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aGovernment debt management$2imf 606 $aInternational bonds$2imf 606 $aInternational capital markets$2imf 606 $aInvestment & securities$2imf 606 $aInvestments: Bonds$2imf 606 $aPublic finance & taxation$2imf 606 $aPublic Finance$2imf 606 $aSovereign bonds$2imf 606 $aSovereign Debt$2imf 607 $aEgypt, Arab Republic of$2imf 615 0$aBonds 615 0$aRisk management 615 0$aDebts, Public 615 7$aBonds 615 7$aCapital market 615 7$aDebt Management 615 7$aDebt 615 7$aDebts, Public 615 7$aFinance 615 7$aFinance: General 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aGovernment debt management 615 7$aInternational bonds 615 7$aInternational capital markets 615 7$aInvestment & securities 615 7$aInvestments: Bonds 615 7$aPublic finance & taxation 615 7$aPublic Finance 615 7$aSovereign bonds 615 7$aSovereign Debt 676 $a332.6323 700 $aPolan$b Magdalena$01629087 701 $aDas$b Udaibir$01600334 701 $aPapaioannou$b Michael$01606020 801 0$bDcWaIMF 906 $aBOOK 912 $a9910827081003321 996 $aStrategic Considerations for First-Time Sovereign Bond Issuers$93966601 997 $aUNINA