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Joining only a handful of sovereign borrowers to sell century bonds, Argentina’s move highlighted investors’ enthusiasm for emerging market securities. The region’s strong international bond market performance was supported by a tightening in bond spreads, although the credit quality in the region continued to deteriorate: there were sixteen sovereign downgrades from January to July, and six upgrades, the report states. (...) Those risks, plus tight liquidity and a crowded market could lead to a market correction. However, despite the risks, most investors seem to believe that the benign conditions for emerging markets and Latin American bond markets are likely to persist in the near-tem, the report adds.
Language:English
Score: 1228914.2 - https://www.cepal.org/en/news/...national-bonds-first-half-2017
Data Source: un
The counterpart to this shift in assets and liabilities, therefore, has been the boom in both domestic bond markets (see the discussion in the following section) and stock markets. (...) By comparison, corporate bond markets are much less developed. Although corporate markets may reach up to 40–50% of the respective government bond markets in some countries (e.g., Chile and Peru), they only add up to $87 billion for the region as a whole. (...) Markets remain relatively illiquid. Although secondary market trading in domestic bonds, a common measure of liquidity, has expanded in recent years it remains low relative to mature markets (Table 5).
Language:English
Score: 1226808.8 - https://www.un.org/esa/ffd/wp-...0080408_Ocampo-Tovar-Paper.pdf
Data Source: un
Due to a lack of consensus among all relevant stakeholders, the SDRM initiative was eventually shelved but it nevertheless spurred the acceptance by the markets and governments for a significant contract based development, the introduction of collective action clauses (CACS) in international bond contracts designed to mitigate holdout risks by allowing for bondholder majority voting within a series of bonds, should a restructuring proposal be put to the bondholder. (...) What further improvements can be made in provisions and clauses in bonds contracts?  Recent sovereign bond reforms were implemented due to two main factors a) pari passu based litigations against Argentina which resulted in a risk of disrupting otherwise consensual restructurings and preventing the restoration of market access and b) holdout creditors blocking positions in individual series of bonds in the case of Greece.  Recent reforms with respect to bonds have consisted of the publication by International Capital Market Association (ICMA) of an aggregated CACs which introduced in its options, for the first time, single-limb aggregation to facilitate sovereign debt restructuring and minimise the risks posed by litigation from holdouts as much as possible. (...) Track into loans the enhanced pari passu clause developed for bonds.  Develop a market template sovereign loan.
Language:English
Score: 1225472.95 - https://www.un.org/esa/ffd/wp-...udy-group-report-30Aug2017.pdf
Data Source: un
Single customer interface value chain PowerSanita tion Water Single Call Centre All Basic Services delivered through this channel All Basic Services delivered through this channel ED:F CRM CIO Waste Residents of Johannesburg October 18-19, 2007 UN Headquarters, New York Expenditure ProfileExpenditure Profile October 18-19, 2007 UN Headquarters, New York Revenue SourcesRevenue Sources October 18-19, 2007 UN Headquarters, New York Overview of the local debt capital markets October 18-19, 2007 UN Headquarters, New York SA Bond MarketSA Bond Market Listed Bonds The number of listings on BESA increased from a nominal value in issue of R637 billion at end 2005, to R725 billion in 2006, with a market cap of R830 billion. (...) Gaps on the yield curve Issue size: Single large issue or tranched Disparity in market pricing Are bank loans priced cheaper compared to bonds? (...) Compression compare with other similar rated and similar maturity bonds. October 18-19, 2007 UN Headquarters, New York Experience in the Bond Market City of Johannesburg Experience in the Bond Market City of Johannesburg 0.75 1 1.25 1.5 1.75 2 2.25 2.5 COJ01 COJ02 COJ03 COJ04 October 18-19, 2007 UN Headquarters, New York Competitive wholesale interest rates for retail investors Safe and reliable investment option Affordable – minimum investment of R1000 Liquid investment – can be traded.
Language:English
Score: 1224551.4 - https://www.un.org/esa/sustdev...2007/presentations/ngobeni.pdf
Data Source: un
Debt financing rollercoaster: Latin American and Caribbean access to international bond markets since the debt crisis, 1982-2012 | Publication | Economic Commission for Latin America and the Caribbean Skip to main content United Nations Español English Português About ECLAC Executive Secretary Headquarters and offices Library CEPAL Review Economic Commission for Latin America and the Caribbean Menu Home Work areas 2030 Agenda for Sustainable Development Gender affairs International trade and integration Economic development Production, productivity and management Social development Sustainable development and human settlements Statistics Planning for development (ILPES) Population and development Natural resources Cooperation Publications Data and statistics Training Press Centre Events Home Work areas 2030 Agenda for Sustainable Development Gender affairs International trade and integration Economic development Production, productivity and management Social development Sustainable development and human settlements Statistics Planning for development (ILPES) Population and development Natural resources Cooperation Publications Data and statistics Training Press Centre Events Search About ECLAC Executive Secretary Headquarters and offices Library CEPAL Review ES EN PT You are here Home » Publications » Debt financing rollercoaster: Latin American and Caribbean access to international bond markets since the debt crisis, 1982-2012 Available in: English Español Debt financing rollercoaster: Latin American and Caribbean access to international bond markets since the debt crisis, 1982-2012 September 2013 | Books and Monographs » ECLAC books Economic development Statistics Corporate author: NU. (...) In these thirty years, as the global financial environment evolved and structural shifts took place in the region, the market for Latin American and Caribbean tradable debt opened, deepened and broadened, developing from an unsecuritized loan market in the 1980s to a robust and improved securitized bond market by the end of the period. (...) The origins of the asset class: the debt crisis of the 1980s .-- II. Brady bonds .-- III. Emerging market tradable debt: the maturing of the asset class .-- IV.
Language:English
Score: 1221327.3 - https://www.cepal.org/en/publi...caribbean-access-international
Data Source: un
International institutions providing development financing, like the European Investment Bank (EIB), were the first to enter the green bond market in 2007. A year later, the World Bank joined forces with the Swedish financial group, Skandinaviska Enskilda Banken AB (SEB), to respond to a demand by Scandinavian pension funds looking to invest in environmentally friendly fixed-income products. (...) Although there is no market standard for the definition of green, Marilyn Ceci, managing director and head of Green Bonds at JP Morgan wrote in the global knowledge sharing platform called Meeting of the Minds , in February 2015, that there are the Green Bonds Principles (GBP), which serve as voluntary guidelines on transparency and disclosure and are endorsed by environmental groups, investors and other issuers. (...) Projects in sub-Saharan Africa receive support through the International Development Association (IDA), the bank’s fund for the poorest, which doles out “low-interest loans, credits or grants from donors rather than from capital markets”. However, while African countries south of the Sahara have made a grand debut into the international debt market scene, their presence in the green bond market is nascent.
Language:English
Score: 1221047 - https://www.un.org/africarenew...ica-go-%E2%80%98green%E2%80%99
Data Source: un
That’s why the ECA has worked on the creation of the Liquidity Sustainability Facility, which aims to lower the borrowing costs for African sover- eigns by turning African sovereign bonds into liquid assets through the creation of a “repo” market. (...) In this regard, the LSF intends to incentivize sustainability-linked investments, including green bonds and SDG bonds, on top of attract- ing more investors for African sovereign bonds and reducing cost of borrowing. (...) Furthermore, the LSF can help Africa catch up in the sustainability and green bonds markets and harness the positive impacts generated by green bonds across various sectors.
Language:English
Score: 1216257.5 - https://www.uneca.org/sites/de...COP26/LSF%20Concept%20Note.pdf
Data Source: un
Lee Buchheit Lee Buchheit elaborated on legal innovations in sovereign bonds since the launch of Brady Bonds. Amendment Clauses, Exit Consents, and Trustees Structures He explained that the movement to majority auction clauses, which allow the control of a supermajority of bondholders to accept amendments to bond terms, has become common practice in emerging market sovereign bond issues. (...) There are three players instead of two parties to the phenomena, the third being holders of bonds who have power. In his view the restructuring of Ecuador’s debt which was being regarded as a case of market manipulation by some participants was unfair as this is how hedge funds have operated. (...) Two recent sovereign bond issuances were mentioned in the meeting. In December 2007, Gabon tapped the Eurobond market with a ten-year, $1 billion bond (governed by New York law) with a coupon of 8.2 percent, its first bond issuance in the international market.
Language:English
Score: 1214245.5 - https://www.un.org/esa/ffd/wp-....06.22-HSBC_Meeting_Report.pdf
Data Source: un
A new set of global scoring criteria for these bonds could help transform the financial markets and boost investment in nature-based solutions. (...) Globally, the green and climate bond market is only about a decade old. Beginning in 2007, the European Investment Bank (EIB) and the World Bank began issuing “green” bonds (also known as “climate” bonds) as a loan mechanism to show the use of proceeds applied to environment-positive projects. (...) How green are green bonds, and could the exposure of ineffective investments cause a collapse or systemic risk within the market category?
Language:English
Score: 1213957.1 - https://en.unesco.org/courier/...ng-natural-resilience-new-wave
Data Source: un
There was a recovery in green bond issuances from the region in international markets. (...) In June, Chile became the first sovereign in the region to issue green bonds. Regarding what is ahead, LAC issuers were active in international debt markets in January 2020, issuing over US$ 38 billion, a monthly record for the region. (...) Chile sold € 1.96 billion worth of green bonds in euros and US$ 1.65 billion in dollars, and Ecuador became the first sovereign issuer to sell social bonds in the international market.
Language:English
Score: 1211637.5 - https://www.cepal.org/en/news/...d-2019-credit-quality-declined
Data Source: un