Contract Risk and Credit Spread Determinant in the International Project Bond Market PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Contract Risk and Credit Spread Determinant in the International Project Bond Market PDF full book. Access full book title Contract Risk and Credit Spread Determinant in the International Project Bond Market by Mansoor Dailami. Download full books in PDF and EPUB format.
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: 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
Get Book Here
Book Description
Author: Jiri Podpiera
Publisher: International Monetary Fund
ISBN: 1455200573
Category : Business & Economics
Languages : en
Pages : 34
Get Book Here
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
Get Book Here
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: Mr.Balazs Csonto
Publisher: International Monetary Fund
ISBN: 1484361482
Category : Business & Economics
Languages : en
Pages : 42
Get Book Here
Book Description
We analyze the relationship between global and country-specific factors and emerging market debt spreads from three different angles. First, we aim to disentangle the effect of global and country-specific developments, and find that while both country-specific and global developments are important in the long-run, global factors are main determinants of spreads in the short-run. Second, we investigate whether and how the strength of fundamentals is related to the sensitivity of spreads to global factors. Countries with stronger fundamentals tend to have lower sensitivity to changes in global risk aversion. Third, we decompose changes in spreads and analyze the behavior of explained and unexplained components over different periods. To do so, we break down fitted changes in spreads into the contribution of country-specific and global factors, as well as decompose changes in the residual into the correction of initial misalignment and an increase/decrease in misalignment. We find that changes in spreads follow periods of tightening/widening, which are well-explained by the model; and the dynamics of the components of the unexplained residual follow all the major developments that impact market sentiment. In particular, we find that in the periods of severe marketstress, such as during the intensive phase of the Eurozone debt crisis, global factors tend to drive changes in the spreads and the misalignment tends to increase in magnitude and its relative share in actual spreads.
Author: Florence Eid
Publisher: World Bank Publications
ISBN:
Category : Corporate governance
Languages : en
Pages : 56
Get Book Here
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
Get Book Here
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
Get Book Here
Book Description
Over the past 10 years th ...
Author: Truman Packard
Publisher: World Bank Publications
ISBN:
Category : Individual retirement accounts
Languages : en
Pages : 32
Get Book Here
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
Get Book Here
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.
