International Sovereign Bonds by Emerging Markets and Developing Economies : Drivers of Issuance and Spreads / Andrea Presbitero, Dhaneshwar Ghura, Olumuyiwa Adedeji, Lamin Njie.

Format:

Book

Government document

Author/Creator:

Presbitero, Andrea.

Contributor:

Adedeji, Olumuyiwa.

Ghura, Dhaneshwar.

Njie, Lamin.

Series:

IMF Working Papers; Working Paper ; No. 2015/275

IMF Working Papers

Language:

English

Physical Description:

1 online resource (28 pages)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2015.

Summary:

What determines the ability of low-income developing countries to issue bonds in international capital and what explains the spreads on these bonds? This paper examines these questions using a dataset that includes emerging markets and developing economies (EMDEs) that issued sovereign bonds at least once during the period 1995-2013 as well as those that did not. We find that an EMDE is more likely to issue a bond when, in comparison with non-issuing peers, it is larger in economic size, has higher per capita GDP, and has stronger macroeconomic fundamentals and government. Spreads on sovereign bonds are lower for countries with strong external and fiscal positions, as well as robust economic growth and government effectiveness. With regard to global factors, the results show that sovereign bond spreads are reduced in periods of lower market volatility.

Contents:

Cover

Contents

I. Introduction

II. Sample, Data, and Stylized Facts

A. The Dataset

B. Stylized Facts

III. The Empirical Analysis

A. The Model

B. Results

C. Robustness

IV. Conclusions

V. References

List of Tables

1. Sovereign Bond Issuances by LIDCs

2. Sample

3. Variables' Definition, Sources, and Summary Statistics

4. Country Characteristics by Access Frequency Groups

5. Regression Results: Baseline

6. Regression Results: Robustness

List of Figures

1. Sovereign Bonds and Syndicated Loans to the Public Sector

2. Sovereign Bond Issuances and Global Conditions, 1995-2013

3. The Distribution of Bond Spread at Issue, 1995-2013

4. Spreads and Country Performance Before Issuance.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

9781513564135

1513564137

9781513594903

1513594907

9781513561783

1513561782

OCLC:

941068670