Title First-time international bond issuance, new opportunities and emerging risks / Anastasia Guscina, Guilherme Pedras and Gabriel Presciuttini

Published Washington : International Monetary Fund, 2014 Washington, District of Columbia : International Monetary Fund, 2014 ©2014

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Description 1 online resource (41 pages) Series IMF Working Paper ; WP/14/127 IMF working paper ; WP/14/127 Contents Cover -- Contents -- I. Introduction -- II. Country Coverage -- III. The Issuances -- A. Stylized Facts -- B. Rationale for Issuance�Demand and Supply Factors -- IV. Macroeconomic Conditions at the Time of Issuance -- V. Evaluation of the Debut Issuances -- A. Pricing -- B. Is the Secondary Pricing of the Debut-Bonds Aligned with Fundamentals? -- C. Performance of Debut Issuers in the Recent Selloffs -- VI. Understanding Risks -- VII. Conclusion -- Tables -- 1. Summary of First-Time Issuances -- 2. Summary of Variables and Data Sources 3. Determinants of Spreads Over EMBI4. Robustness Check�Alternative Estimation Techniques -- Figures -- 1. Timeline of First-Time Issuances by Region, 2004-13 -- 2. Debt Evolution Before the Global Bond Issuance -- 3. Sovereign Credit Ratings of First-Time Issuers and Issue Date, 2004-December 2013 -- 4. Growth and Inflation Rates by Region -- 5. Fiscal Balance and Current Account Balance -- 6. Bond Pricing at Issuance -- 7. Recent Bond Market Sell-Offs -- 8. Relative Size of Bond Issuances 9. Selected International Bond Issuance and Exposure to Foreign Currency10. Impacts on Refinancing Risk -- 11. Impact of Global Bond Issuance on the Cost of Borrowing -- Boxes -- 1. Original Sin: A Case of Déjà Vu? -- 2. Study Case of Bond Issuances�Tanzania -- 3. Short Story of a Bond Debut�Seychelles, 2006-08 -- Annex -- I. Additional Tables and Figures -- References Summary International bond issuance by debut issuers has risen in recent years. The uptick was a result of both demand and supply factors. The search for yield and demand for portfolio diversification have resulted in demand-driven easy financing conditions. At the same time, rising financing needs for many debut issuers, coupled with reduced access to concessional financing, relatively undeveloped domestic markets, and a favorable interest rate environment have made international bonds an attractive financing alternative for many countries. As bonds issued in the international markets are typically d Bibliography Includes bibliographical references Notes Middle English (1100-1500) Print version record Online resource; title from PDF title page (ebrary, viewed August 27, 2014) Subject Bonds -- Europe International economic relations. International economic relations Bonds Bond market Debts, Public Europe Form Electronic book Author Pedras, Guilherme, author Presciuttini, Gabriel, author ISBN 1498366988 9781498366984 1498310680 9781498310680 1484392698 9781484392690

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