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Until April 2013, capital inflows to the emerg- ing economies were increasing, especially in bond markets, and most domestic currencies were under appreciation pressures. (...) As a result, equity markets have plunged and the spreads on sovereign bond yields have increased (see figure 1). (...) Bond markets also recorded considerable outflows, with spreads of credit default swaps rising to their highest level in a year.
Language:English
Score: 1185508.5 - https://www.un.org/development...Monthly_Briefing/wesp_mb56.pdf
Data Source: un
Download SDG Bonds | Leveraging Capital Markets for the SDGs This guide explores the role of the bond market – the largest asset class in the global financial markets – in the realization of the Sustainable Development Goals (SDGs). (...) SDG bonds also provide an answer to the lack of SDG investment opportunities for institutional investors. A diverse portfolio of SDG Bonds, including sovereign, municipal, corporate and project bonds across developed and emerging markets could fulfill mainstream investors’ growing demand for impact while matching their risk-return appetite.
Language:English
Score: 1182575.5 - https://www.unglobalcompact.org/sdgs/sustainablefinance
Data Source: un
This lack of demand would result in the market being unable to generate the income streams required to repay the bond. (...) Dakar was aiming the launch of its bond on the Abidjan-based regional securities market, ‘Bourse Régionale des Valeurs Mobilières’ (BRVM). (...) Figure 5: Expected revenue of market and repayment of municipal bond, 2015 – 2024 Source: Data from Ville de Dakar (2015) Market Gross Income 6,000 8,000 10,000 4,000 2,000 -2,000 0 Market Operating Income To ta ls (M ill io n CF A) Bond Interest Repay
Language:English
Score: 1181181.8 - https://unhabitat.org/sites/de..._report_case_studies_dakar.pdf
Data Source: un
During the same period there has been a consolidation of the market economy in the country, accompanied by a deep reform of the financial markets, together with more affordable access to long-term credit by households. (...) Anna Tibaijuka Under-Secretary-General and Executive Director UN-HABITAT, Nairobi, 2008 TABLE OF CONTENTS INTRODUCTION 1 CHAPTER 1: THE NATURE OF THE HOUSING CHALLENGE IN CHILE 3 The Size of the Chilean Housing Market 3 Housing Tenure in Chile 5 The Impact of New Housing Construction 7 Main Drivers behind the New Housing Supply 7 Additions to the Housing Supply 8 The Cost of New Housing and Composition of Demand 10 CHAPTER 2 THE ROLE OF THE STATE IN MAKING HOUSING AFFORDABLE 15 Assessing the Fiscal Effort 15 MINVU’s Traditional Actions for Promoting Social Housing 16 Direct Demand Subsidies 16 MINVU’s Former Mortgage Program 17 MINVU as a Former Home Supplier 18 The New Housing Solidarity Fund 19 Main Public Policy Issues 22 Homeownership as the Key Policy Choice 22 The General Public Policy Framework 23 Steadiness of Public Policy over the Years 23 v Benefiting the Poorest Households the Most 24 MINVU’s Problems as a Credit Supplier 25 Securing the Supply of Basic Housing 26 MINVU’s Housing Leasing Program 28 Managing MINVU’s Direct Demand Subsidies 29 Targeting Fiscal Support to the Poorest Households 30 MINVU’s Current Social Housing Programs 33 CHAPTER 3: THE EVOLUTION OF HOUSING FINANCE IN CHILE 41 An Overview of Credit’s Role in the Financing of Housing 41 Size of the Mortgage Market 42 Financing Modalities for Homeownership 42 Financing New Housing Construction 43 Mortgage Market Participants and Risk Mitigation 45 The Origination Process 46 Options Open to Residential Borrowers in Chile 47 The Indexation of Financial Instruments 49 Managing the Asset-Liability Risk 50 Mortgage Bonds 51 Main Features of MB-financed Credits 53 Interest Rates and Credit Quality of MB-financed Mortgages 56 Reasons for the Introduction of Endorsable Mortgage Credits 57 Main Financial Features of EMC 57 The Market Impact of EMC 60 The Recent Loss in EMC’s Market Share 62 The Nature of NMC and their Market Presence 64 v The Legal Underpinnings of Mortgage Lending in Chile 64 Recent NMC Lending Activity 66 Funding the Recent NMC Lending Explosion 67 Housing Leases 70 Salient Features of Housing Leasing Finance 71 Alternatives for Subsidizing Housing Leases 72 The Downpayment and Savings Instruments 73 CHAPTER 4 THE CAPITAL MARKET AS A SUPPLIER OF HOUSING FINANCE 79 The Nature of Capital Markets in Chile 80 Market Presence of Institutional Investors 80 Capital Market Regulation 82 The Mobilization of Financial Resources for Housing Finance 84 The Role of Structured Financing 86 CHAPTER 5 SOME LESSONS FROM THE CHILEAN EXPERIENCE 89 State Interventions on Housing 89 Credit Markets and Personal Savings 90 REFERENCES 93 v LIST OF ABBREVIATIONS ACRONYMS AFPs Administradoras de Fondos de Pensiones (Pension Fund Administrators) AFV Administradora de Fondos para la Vivienda (Administrator of Funds for Housing) APR Annual Prepayment Rate BCCH Banco Central de Chile (Chilean Central Bank) CAS Comités de Asistencia Social (Social Assistance Committees) CASEN Encuesta de Caracterización Socioeconómica Nacional (National Survey of Socio-economic Characterization) CCHC Cámara Chilena de la Construcción (Chilean Chamber of the Construction Industry) CPI Consumer price index DSHD Dynamic Social Housing without Debt—one of MINVU’s social housing programs EGIS Entidad de Gestión Inmobiliaria Social (Entity for Management of Social Real Estate) EMC Endorsable mortgage credits FSV Fondo Solidario de Vivienda (Housing Solidarity Fund) HSF Housing Solidarity Fund—or FSV, in Spanish INE Instituto Nacional de Estadísticas (National Institute of Statistics) LMI Low and middle-income v LTV ratio Loan-to-value ratio MB Mortgage bonds (commonly known as “bonos hipotecarios” or technically speaking as “letras de crédito”) MIDEPLAN Ministerio de Planificación (Planning Ministry) MINVU Ministerio de Vivienda y Urbanismo (Ministry of Housing and Urbanism) MTV Mortgage-to-value NGO Non-governmental organizations NMC Non-endorsable mortgage credits PET “Programa Especial de Trabajadores” or Special Program for Workers PTI ratio Payment-to-income ratio SAFP Superintendencia de Administradoras de Fondos de Pensiones (Superintendence of Pension Fund Administrators) SBIF Superintendencia de Bancos e Instituciones Financieras (Superintendence of Banks and Financial Institutions) SEREMI Secretaría Ministerial Regional (Regional Ministerial Secretariat) SERVIU Servicio Regional de Vivienda y Urbanización (Regional Service of Housing and Urbanization) SPF Social Protection Form (Ficha de Protección Social) SVS Superintendencia de Valores y Seguros (Superintendence of Securities and Insurance) UF Unidad de Fomento (unit of account for monetary values which is indexed to the CPI) VSDsD Vivienda Social Dinámica sin Deuda—or DSHD, in English v INTRODUCTION This report evaluates the housing finance mechanisms in Chile which took shape in the mid-1970s. (...) THE SIzE OF THE CHILEAN HOUSING MARKET The Chilean housing market has experienced great dynamism for many years now, which has helped reduce the socially pressing deficit of adequate housing, while contributing to the country’s demographic expansion.
Language:English
Score: 1179715.3 - https://unhabitat.org/sites/de...%20Mechanisms%20in%20Chile.pdf
Data Source: un
Ashton Rowntree Research Analyst, Environmental Finance Know More Ashton is the lead research analyst for Environmental Finance’s Bond Database. He joined the database in late 2019 and has been tracking and analysing the sustainable bond market since. (...) Feng Hu Vice President, Credit & ESG Advisory Origination, Treasury & Markets, DBS Bank Know More Feng works as Vice President, Credit & ESG Advisory Origination, at DBS Bank, and helps advise clients on sustainability bonds and ESG matters. (...) Marcin is actively involved in issuing IFC’s Green and Social bonds. Mr. Bill has been with IFC since 2007 and with Treasury Market Operations Funding team since 2011.
Language:English
Score: 1179613.1 - https://www.unescap.org/events...icy-dialogue-sustainable-bonds
Data Source: un
Thirty Years after the Debt Crisis, the Region Has Better and Cheaper Access to International Bond Markets | News | 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 » News » A 30 años de la crisis de la deuda, la región tiene un acceso de mayor calidad y menos costoso al mercado internacional de bonos Available in: English Español Português Thirty Years after the Debt Crisis, the Region Has Better and Cheaper Access to International Bond Markets ECLAC study reviews the evolution of external financing of Latin America and the Caribbean since 1982. 5 March 2014 | News Economic development ECLAC - Washington, D.C. wash1_675.jpg Photo: EFE/Leo La Valle Thirty years after the debt crisis erupted in 1982, Latin America and the Caribbean has higher-quality and cheaper access to the international bond market, which is the second-biggest source of external financing after foreign direct investment (FDI), according to a new study by the Economic Commission for Latin America and the Caribbean ( ECLAC ). The document, entitled  Debt financing rollercoaster: Latin American and Caribbean access to international bond markets since the debt crisis, 1982-2012 , shows that during the biennium of 2010-2011, bond flows toward Latin America and the Caribbean averaged 78.96 billion dollars, which represents a sharp increase from the annual averages of 15.05 billion and 15.73 billion dollars in 1990-1999 and 2000-2009, respectively. (...) You might be interested in Press Release Latin America and the Caribbean’s Growth Will Slow to 2.1% in 2022 amid Significant Asymmetries between Developed and Emerging Countries Video Launch of the Preliminary Overview of the Economies of Latin America and the Caribbean 2021 Presentation Preliminary Overview of the Economies of Latin America and the Caribbean 2021 Links ECLAC Notes Nº 79 Topics Financial and monetary sector Financial architecture Financing and external debt Financing for development Related Content Publication Debt financing rollercoaster: Latin American and Caribbean access to international bond markets since the debt crisis, 1982-2012 Contact Public Information Unit Economic Commission for Latin America and the Caribbean (ECLAC) prensa@cepal.org (56 2) 2210 2040 Subscription Get ECLAC updates by email Subscribe Work areas 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 Follow us on Cooperation Publications Data and statistics Training Press Centre Events ECLAC Library Digital Repository About ECLAC Member states Subsidiary bodies ECLAC senior staff Employment opportunities Procurement ECLAC Headquarters Av.
Language:English
Score: 1179023 - https://www.cepal.org/en/notic...lidad-menos-costoso-al-mercado
Data Source: un
Large-scale quantitative easing has led to an unprecedented expansion of developed country central bank balanced sheets. » Several developing country central banks have, for the first time, employed asset purchase programs, aiming to tackle market dysfunctionality and boost confidence. » During the immediate crisis phase, the asset purchases have helped to reduce government bond yields and stabilize financial markets. (...) First, the programs have contributed to an under-pricing of risk, driving up asset prices. On the bond market, the difference between privately owned gross U.S. federal debt’s average market value and its par value has increased by 4.6 percentage points between late 2019 and mid-2020. (...) Early research among developing countries further indicates that APPs by central banks with high levels of institu- tional credibility were more successful in calming stress in the bond market (IMF, 2020). If central banks impair their credibility, future interventions might prove less effective.
Language:English
Score: 1175059.3 - https://www.un.org/development...ation/Monthly_Briefing_153.pdf
Data Source: un
Many bond issuance plans were put on hold. For example, Ghana has cancelled plans for a $300 million debt issue owing to poor global market conditions. (...) More recently, the Trade Association for the Emerging Markets (EMTA, 2009) highlighted that South African bond volumes fell from $492 billion in 2007 to $337 billion in 2008. (...) In some cases, this owe to the fact that there are no stock or bond markets. Nevertheless, there are cases in which information is just not reported.
Language:English
Score: 1172794.8 - https://www.un.org/esa/ffd/wp-...2015/07/ie-23042010-paper1.pdf
Data Source: un
Information asymmetries underpinned by negative risk perceptions and the limited liquidity of African sovereign bonds contribute to the African premium. While advanced countries have a long history of using repurchase agreement markets to enhance the liquidity of financial instruments, such markets in Africa are not well developed. 2. (...) The financing opportunities provided by the Facility are expected to expand the pool of institutional investors in African sovereign bonds, improve market access opportunities and expedite the graduation of market-access countries from the IMF Poverty Reduction and Growth Facility. (...) Blended financing approaches that de-risk and leverage private financing coupled with the deepening of secondary markets for African sovereign bonds will be critical in compressing Eurobond yields and mitigating debt vulnerabilities. 58.
Language:English
Score: 1168461.4 - https://www.uneca.org/sites/de.../com/2022/E_ECA_COE_40_6_E.pdf
Data Source: un
In the European Union, liquidity dried up even in traditionally deep markets such as the German Bund market. Corporate bond spreads soared and stock prices plummeted. (...) Preliminary evidence, however, shows that APPs in developing countries have had some positive impacts as they reduced bond yields and boosted equity prices during periods of market illiquidity. (...) Second, a credible commitment by the central bank to provide sustained monetary accommodation leads to a stronger effect on bond yields.19 When markets tend to believe that a central bank will not unwind asset purchases on a whim, lower bond yields can translate to lower borrowing costs for the economy as a whole especially during the early phase of recovery.
Language:English
Score: 1145062.2 - https://www.un.org/development...oads/sites/45/WESP2022_CH2.pdf
Data Source: un