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Strategic Considerations for First-Time Sovereign Bond Issuers

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Author Info
Magdalena Polan
Udaibir S. Das
Michael G. Papaioannou
Abstract

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.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/261.

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Length: 27 pages
Date of creation: 26 Nov 2008
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Handle: RePEc:imf:imfwpa:08/261

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Keywords: International bond markets ; Sovereign debt ; Debt relief ; Debt sustainability ; Low-income developing countries ; Emerging markets ; International capital markets ;

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  1. Reinhart, Carmen & Rogoff, Kenneth & Savastano, Miguel, 2003. "Debt intolerance," MPRA Paper 13932, University Library of Munich, Germany. [Downloadable!]
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  2. Martin Feldstein & Charles Horioka, 1980. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. Agenor, Pierre-Richard, 2001. "Benefits and costs of international financial integration : theory and facts," Policy Research Working Paper Series 2699, The World Bank. [Downloadable!]
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  4. Paolo Manasse & Axel Schimmelpfennig & Nouriel Roubini, 2003. "Predicting Sovereign Debt Crises," IMF Working Papers 03/221, International Monetary Fund. [Downloadable!]
  5. David A. Grigorian, 2003. "On The Determinants of First-Time Sovereign Bond Issues," IMF Working Papers 03/184, International Monetary Fund. [Downloadable!]
  6. Michael Kremer & Seema Jayachandran, 2002. "Odious Debt," NBER Working Papers 8953, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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