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Author: Mansoor Dailami
Publisher: World Bank Publications
ISBN:
Category : Bonds
Languages : en
Pages : 44
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Book Description
The emergence in the 1990s of a nascent project bond market to fund long-term infrastructure projects in developing countries merits attention. The authors compile detailed information on a sample of 105 bonds issued between January 1993 and March 2002 for financing infrastructure projects in developing countries, document their contractual covenants, and analyze their pricing determinants. They find that on average, project bonds are issued at approximately 300 basis points above U.S. Treasury securities, have a surprisingly high issue size of US$278 million, a maturity of slightly under 12 years, and are rated slightly below investment grade. In terms of geographic origin, projects in Asia and Latin America have issued more bonds than those located in other regions. Much of the recent work relating to the role of contractual covenants to the determination of bond prices has focused on the U.S. corporate bond market with its unique bankruptcy code - Chapter 11 - and well developed legal framework, recognizing the bond contract as the sole instrument of defining the rights and duties of various parties. In circumstances in which the underpinning legal and institutional frameworks governing contract formation and enforcement are not well developed, the link between bond pricing and legal framework becomes important. This finding is confirmed by the authors' econometric analysis of project bond pricing model. So, investors take into account the quality of the host country's legal framework and reward projects located in countries that adhere to the rule of law with tighter credit spreads and lower funding costs.
Author: Mansoor Dailami
Publisher: World Bank Publications
ISBN:
Category : Bonds
Languages : en
Pages : 44
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Book Description
The emergence in the 1990s of a nascent project bond market to fund long-term infrastructure projects in developing countries merits attention. The authors compile detailed information on a sample of 105 bonds issued between January 1993 and March 2002 for financing infrastructure projects in developing countries, document their contractual covenants, and analyze their pricing determinants. They find that on average, project bonds are issued at approximately 300 basis points above U.S. Treasury securities, have a surprisingly high issue size of US$278 million, a maturity of slightly under 12 years, and are rated slightly below investment grade. In terms of geographic origin, projects in Asia and Latin America have issued more bonds than those located in other regions. Much of the recent work relating to the role of contractual covenants to the determination of bond prices has focused on the U.S. corporate bond market with its unique bankruptcy code - Chapter 11 - and well developed legal framework, recognizing the bond contract as the sole instrument of defining the rights and duties of various parties. In circumstances in which the underpinning legal and institutional frameworks governing contract formation and enforcement are not well developed, the link between bond pricing and legal framework becomes important. This finding is confirmed by the authors' econometric analysis of project bond pricing model. So, investors take into account the quality of the host country's legal framework and reward projects located in countries that adhere to the rule of law with tighter credit spreads and lower funding costs.
Author: Dailami
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Author: Mansoor Dailami
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
The emergence in the 1990s of a nascent project bond market to fund long-term infrastructure projects in developing countries merits attention. Dailami and Hauswald compile detailed information on a sample of 105 bonds issued between January 1993 and March 2002 for financing infrastructure projects in developing countries, document their contractual covenants, and analyze their pricing determinants. They find that on average, project bonds are issued at approximately 300 basis points above U.S. Treasury securities, have a surprisingly high issue size of US $278 million, a maturity of slightly under 12 years, and are rated slightly below investment grade. In terms of geographic origin, projects in Asia and Latin America have issued more bonds than those located in other regions.Much of the recent work relating to the role of contractual covenants to the determination of bond prices has focused on the U.S. corporate bond market with its unique bankruptcy code (Chapter 11) and well developed legal framework, recognizing the bond contract as the sole instrument of defining the rights and duties of various parties. In circumstances in which the underpinning legal and institutional frameworks governing contract formation and enforcement are not well developed, the link between bond pricing and legal framework becomes important. This finding is confirmed by the authors' econometric analysis of project bond pricing model. So, investors take into account the quality of the host country's legal framework and reward projects located in countries that adhere to the rule of law with tighter credit spreads and lower funding costs.This paper - a product of the Development Prospects Group - is part of a larger effort in the group to promote a healthy flow on investment capital to developing countries' infrastructure.
Author: Mr. Alfred Schipke
Publisher: International Monetary Fund
ISBN: 151358278X
Category : Business & Economics
Languages : en
Pages : 52
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Book Description
China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.
Author: International Monetary Fund
Publisher: International Monetary Fund
ISBN: 1513573926
Category : Business & Economics
Languages : en
Pages : 157
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Book Description
This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.
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: Annette Thau
Publisher: McGraw Hill Professional
ISBN: 0071713093
Category : Business & Economics
Languages : en
Pages : 448
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Book Description
Everything on Treasuries, munis,bond funds, and more! The bond buyer’s answer book—updated for the new economy “As in the first two editions, this third edition of The Bond Book continues to be the idealreference for the individual investor. It has all the necessary details, well explained andillustrated without excessive mathematics. In addition to providing this essential content, itis extremely well written.” —James B. Cloonan, Chairman, American Association of Individual Investors “Annette Thau makes the bond market interesting, approachable, and clear. As much asinvestors will continue to depend on fixed-income securities during their retirement years,they’ll need an insightful guide that ensures they’re appropriately educated and served.The Bond Book does just that.” —Jeff Tjornejoh, Research Director, U.S. and Canada, Lipper, Thomson Reuters “Not only a practical and easy-to-understand guide for the novice, but also a comprehensivereference for professionals. Annette Thau provides the steps to climb to the top of the bondinvestment ladder. The Bond Book should be a permanent fixture in any investment library!” —Thomas J. Herzfeld, President, Thomas Herzfeld Advisors, Inc. “If the financial crisis of recent years has taught us anything, it’s buyer beware. Fact is, bondscan be just as risky as stocks. That’s why Annette Thau’s new edition of The Bond Book isessential reading for investors who want to know exactly what’s in their portfolios. It alsoserves as an excellent guide for those of us who are getting older and need to diversify intofixed income.” —Jean Gruss, Southwest Florida Editor, Gulf Coast Business Review, andformer Managing Editor, Kiplinger’s Retirement Report About the Book The financial crisis of 2008 causedmajor disruptions to every sector ofthe bond market and left even the savviestinvestors confused about the safety oftheir investments. To serve these investors andanyone looking to explore opportunities infixed-income investing, former bond analystAnnette Thau builds on the features and authoritythat made the first two editions bestsellersin the thoroughly revised, updated, andexpanded third edition of The Bond Book. This is a one-stop resource for both seasonedbond investors looking for the latest informationon the fixed-income market and equitiesinvestors planning to diversify their holdings.Writing in plain English, Thau presentscutting-edge strategies for making the bestbond-investing decisions, while explaininghow to assess risks and opportunities. She alsoincludes up-to-date listings of online resourceswith bond prices and other information.Look to this all-in-one guide for information onsuch critical topics as: Buying individual bonds or bond funds The ins and outs of open-end funds,closed-end funds, and exchangetradedfunds (ETFs) The new landscape for municipal bonds:the changed rating scales, the neardemise of bond insurance, andBuild America Bonds (BABs) The safest bond funds Junk bonds (and emerging market bonds) Buying Treasuries without payinga commission From how bonds work to how to buy and sellthem to what to expect from them, The BondBook, third edition, is a must-read for individualinvestors and financial advisers who wantto enhance the fixed-income allocation of theirportfolios.
Author: Antonio Estache
Publisher: World Bank Publications
ISBN:
Category : Bank Debt
Languages : en
Pages : 38
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Book Description
Many transport projects undertaken during the boom period of the 1990s came to a crashing halt in 1997, and conditions in emerging markets worsened in 1998 and 1999. Many projects failed, victim of everything from overoptimistic forecasts to excessive debt to an inability to refinance bridge loans. As available financing dried up, many projects went bankrupt, had to be renegotiated, or were taken over by the government. What have we learned from all this?
Author: World Bank
Publisher: International Monetary Fund
ISBN: 1498341527
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
In November 2011, the G-20 endorsed an action plan to support the development of local currency bond markets (LCBM). International institutions—the IMF, the World Bank, the EBRD, and the OECD—were asked to draw on their experience to develop a diagnostic framework (DF) to identify general preconditions, key components, and constraints for successful LCBM development. The objective is to provide a tool for analyzing the state of development and efficiency of local currency bond markets. The application of the DF is expected to be flexible, bearing in mind that the potential for LCBM development depends on economic size, financing needs, and stage of economic development.
Author: Augusto de la Torre
Publisher: World Bank Publications
ISBN: 0821365444
Category : Business & Economics
Languages : en
Pages : 232
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Book Description
Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.
