Contract Risk and Credit Spread Determinant in the International Project Bond Market PDF Download
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Author: Mansoor Dailami
Publisher: World Bank Publications
ISBN:
Category : Bond market
Languages : en
Pages : 58
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Book Description
In infrastructure projects bondholders and shareholders share residual risks over time despite debt covenants meant to mitigate risk shifting. For projects accessing international bond markets to benefit from longer maturities and lower borrowing costs, it is therfore necessary to pay attention to such design features as capital structure, guarantees, off-take agreement, and project economics.
Author: Mansoor Dailami
Publisher: World Bank Publications
ISBN:
Category : Bond market
Languages : en
Pages : 58
Get Book Here
Book Description
In infrastructure projects bondholders and shareholders share residual risks over time despite debt covenants meant to mitigate risk shifting. For projects accessing international bond markets to benefit from longer maturities and lower borrowing costs, it is therfore necessary to pay attention to such design features as capital structure, guarantees, off-take agreement, and project economics.
Author: Mansoor Dailami
Publisher:
ISBN:
Category :
Languages : en
Pages : 54
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Book Description
Author: Jiri Podpiera
Publisher: International Monetary Fund
ISBN: 1455200573
Category : Business & Economics
Languages : en
Pages : 34
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Book Description
This paper attempts to identify the fundamental variables that drive the credit default swaps during the initial phase of distress in selected European Large Complex Financial Institutions (LCFIs). It uses yearly data over 2004 - 08 for 29 European LCFIs. The results from a dynamic panel data estimator show that LCFIs’ business models, earnings potential, and economic uncertainty (represented by market expectations about the future risks of a particular LCFI and market views on prospects for economic growth) are among the most significant determinants of credit risk. The findings of the paper are broadly consistent with those of the literature on bank failure, where the determinants of the latter include the entire CAMELS structure - that is, Capital Adequacy, Asset Quality, Management Quality, Earnings Potential, Liquidity, and Sensitivity to Market Risk. By establishing a link between the financial and market fundamentals of LCFIs and their CDS spreads, the paper offers a potential tool for fundamentals-based vulnerability and early warning system for LCFIs.
Author: Ms.Anastasia Guscina
Publisher: International Monetary Fund
ISBN: 1498310680
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
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 denominated in hard currencies, have large volumes and a bullet structure, exposure to exchange rate and refinancing risk has increased. Therefore, risk-mitigating policy actions are needed to prepare for redemption, support debt sustainability, and secure adequate debt management capacity.
Author:
Publisher: Lulu.com
ISBN: 9291316695
Category : Bank capital
Languages : en
Pages : 294
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Book Description
Author: Florence Eid
Publisher: World Bank Publications
ISBN:
Category : Corporate governance
Languages : en
Pages : 56
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Book Description
Representation of community and government interests on hospital boards can balance the competing concerns of reducing costs and increasing the quality of service provision in corporatized hospitals.
Author: Florence Eid
Publisher: World Bank Publications
ISBN:
Category : Corporate governance
Languages : en
Pages : 56
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Book Description
A study of a corporatized hospital in Lebanon shows that service delivery can be improved where there are appropriate incentives and mechanisms for risk sharing.
Author: Helo Meigas
Publisher: World Bank Publications
ISBN:
Category : Banks and banking
Languages : en
Pages : 36
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Book Description
Over the past 10 years th ...
Author: Truman Packard
Publisher: World Bank Publications
ISBN:
Category : Individual retirement accounts
Languages : en
Pages : 32
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Book Description
Introducing individual retirement accounts has a positive incentive effect that increases the share of the economically active population contributing to the reformed pension system. But this effect occurs only gradually as employers and workers become familiar with the new set of social insurance institutions put in place by reform.
Author: Sanjay Kathuria
Publisher: World Bank Publications
ISBN:
Category : Arrangement Regarding International Trade in Textiles
Languages : en
Pages : 30
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Book Description
Modeling results suggest that South Asia as a whole will gain from the abolition of the quotas under the Multifibre Arrangement. Unambiguously, however, the gains from domestic reform will increase after the abolition of the arrangement as export demand becomes more price responsive.
