izpis_h1_title_alt

Strategic considerations for first-time sovereign bond issuers
Das, Udaibir S. (Avtor), Papaioannou, Michael G. (Avtor), Polan, Magdalena (Avtor)

URLURL - Predstavitvena datoteka, za dostop obiščite http://www.imf.org/external/pubs/ft/wp/2008/wp08261.pdf Povezava se odpre v novem oknu

Izvleček
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.

Jezik:Angleški jezik
Ključne besede:dežele v razvoju, zunanji dolg, javni dolg, mednarodne finance, obveznice, trgovanje, obvladovanje tveganj, developing countries, public debt, international finance, bonds, trading, risk management
Vrsta gradiva:Delo ni kategorizirano (r6)
Organizacija:EF - Ekonomska fakulteta
Leto izida:2008
Založnik:International Monetary Fund
Št. strani:27 str.
Kraj:Washington (D.C.)
UDK:336
COBISS.SI-ID:18514406 Povezava se odpre v novem oknu
Število ogledov:671
Število prenosov:263
Metapodatki:XML RDF-CHPDL DC-XML DC-RDF
 
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