Statistical Appendix
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International Monetary Fund
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English
Print Publication Date:
01 Jan 1991
Keywords:
WEFS; stock index; deutsche mark; developing country borrower; U.S. dollar; market participant; debt exchange; x index; pound sterling; Futures; Bonds; Options; Securities; Stocks; Middle East; Europe; Western Hemisphere; Africa; Asia and Pacific
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Abstract

Differentials shown should be treated as indicative because they conceal intercountry differences in the maturity structure of long-term rates. For instance, the U.S. long-term rate is on ten-year federal government bonds, while the German rate is the average on government bonds with maturities over three years.

Table A1.

Long-Term and Short-Term Interest Rate Differentials Between the United States and Other Major Countries, 1987-901

(In percent a year)

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Sources: Banque de France; Nikkei Data Service; Bank of England; Data Resources, Inc. (DRI); U.S. Federal Reserve; and International Monetary Fund, Treasurer’s Department.

Differentials shown should be treated as indicative because they conceal intercountry differences in the maturity structure of long-term rates. For instance, the U.S. long-term rate is on ten-year federal government bonds, while the German rate is the average on government bonds with maturities over three years.

The long-term interest rates are averages of daily or weekly observations of yields on government bonds specified as follows: France—long-term (7-10 years) government bond yield; Federal Republic of Germany—yield on government bonds with maturities of 9-10 years; Japan-over-the-counter sales yield of 10-year government bonds, with longest residual maturity; United Kingdom—yield on medium-dated (10 year) government stock; United States—yield on 10-year treasury bonds.

The short-term interest rates are as follows: France—three-month interbank deposit rate; Federal Republic of Germany—three-month interbank deposit rate; Japan—three-month certificate of deposit rate; United Kingdom—three-month interbank deposit rate; United States-federal funds rate and three-month certificate of deposit rate.

Table A2.

Volatility of Major Stock Prices, First Quarter 1987-Fourth Quarter 19901

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Source: Data Resources, Inc.

For the United States, the stock market index used is Standard & Poor’s 500; for Japan, Nikkei 225; for the United Kingdom, the Financial Times Ordinary; for France, CAC General; for Germany, Frankfurt Commerzbank; for Italy, Banca Commerciale; for Canada, Toronto Stock Exchange Composite. Volatility is defined as the standard deviation of the daily proportionate changes in stock market indices over the period indicated.

Table A3.

Stock Market Indices and Interest Rates, August 1–20, 1990

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United States, Standard & Poor’s 500; Japan, Nikkei Average; Germany, Commerzbank Index; France, CAC General; United Kingdom, Financial Times Actuaries All Share Price Index.

United States, Federal Funds rate; Japan, three-month certificate of deposit rate; Germany, France, and United Kingdom, three-month interbank rates.

Ten-year maturity or nearest available.

Table A4.

United States: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

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Source: International Monetary Fund, Balance of Payments Statistics.

Excluding liabilities held by foreign monetary authorities.

Table A5.

Japan: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

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Source: International Monetary Fund, Balance of Payments Statistics; and Bank of Japan, Balance of Payments Monthly.

Excluding liabilities held by foreign monetary authorities.

Table A6.

Germany: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

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Source: International Monetary Fund, Balance of Payments Statistics; Bundesbank, Monthly Report.

Excluding liabilities held by foreign monetary authorities.

Table A7.

United Kingdom: Balance of Payments, 1987-Third Quarter 1990

(In billions of U.S. dollars)

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Source: International Monetary Fund, Balance of Payments Statistics.

Excluding liabilities held by foreign monetary authorities.

Table A8.

Change in Interbank Claims and Liabilities, 1984-Third Quarter 19901

(In billions of U.S. dollars)

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Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border interbank accounts by residence of borrowing bank.

Excluding offshore centers.

Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in the accounts of the Bank for International Settlements with banks other than central banks and changes in identified cross-border interbank accounts of centrally planned economies (excluding Fund members).

Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

Consisting of all developing countries except the eight Middle Eastern oil exporters (listed in footnote 6), Algeria, Indonesia, Nigeria, and Venezuela.

As measured by differences in the outstanding assets of depositing countries, defined as cross-border interbank accounts by residence of lending banks.

Difference between changes in claims and liabilities.

Calculated as the difference between global measures of cross-border changes in interbank claims and liabilities.

Table A9.

Change in Claims on Nonbanks and Liabilities to Nonbanks, 1984-Third Quarter 19901

(In billions of U.S. dollars)

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Sources: International Monetary Fund, International Financial Statistics (IFS); and Fund staff estimates.

Data on changes in claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

As measured by differences in the outstanding liabilities of borrowing countries, defined as cross-border bank credits to nonbanks by residence of borrower.

Excluding offshore centers.

Consisting of The Bahamas, Bahrain, the Cayman Islands, Hong Kong, the Netherlands Antilles, Panama, and Singapore.

Transactors included in IFS measures for the world, to enhance global symmetry, but excluded from IFS measures for “All Countries.” The data comprise changes in the accounts of international organizations (other than the Bank for International Settlements) with banks; and changes in identified cross-border bank accounts of nonbanks in centrally planned economies (excluding Fund members).

Calculated as the difference between the amount that countries report as their banks’ positions with nonresident nonbanks in their monetary statistics and the amounts that banks in major financial centers report as their positions with nonbanks in each country.

Consisting of all developing countries except the eight Middle Eastern oil exporters (the Islamic Republic of Iran, Iraq, Kuwait, the Libyan Arab Jamahiriya, Oman, Qatar, Saudi Arabia, and the United Arab Emirates) for which external debt statistics are either not available or are small in relation to external assets.

Consisting of all developing countries except the Middle Eastern oil exporters (see footnote 7), Algeria, Indonesia, Nigeria, and Venezuela.

As measured by differences in the outstanding assets of depositing countries defined as international bank deposits by nonbanks by residence of depositor.

Difference between changes in claims and liabilities.

Table A10.

Change in Cross-Border Bank Claims on and Liabilities to Developing Countries, by Region, 1984-Third Quarter 19901

(In billions of U.S. dollars)

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Source: International Monetary Fund, International Financial Statistics (IFS).

Data on bank claims and liabilities are derived from stock data on the reporting countries’ liabilities and assets, excluding changes attributed to exchange rate movements.

Excluding offshore centers.

Table A11.

Concerted Lending: Commitments and Disbursements, 1985-901

(In millions of U. S. dollars; classified by year of agreement in principle)

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Sources: Restructuring and new money agreements; and Fund staff estimates.

These data exclude bridging loans.

Amounts were subsequently revised to $675 million for new money bonds, $3,309 million in parallel World Bank financing and $616 million in cofinancing with the World Bank.

These loans have an associated guarantee given by the World Bank in the later maturities equivalent to 50 percent of the nominal amount disbursed.

Commitments in 1986 could have been disbursed upon contingencies only through June 30, 1988.

A bridge loan of $500 million was disbursed in December 1986 and repaid when the first concerted lending disbursement of $3.5 billion was disbursed in April 1987.

Commitments in 1986 could have been disbursed upon contingencies only through April 16, 1988.

Commitments in 1986 could have been disbursed upon contingencies only through March 30, 1988.

Utilization of these facilities varied overtime, but the amounts of the facilities had to be reconstituted on a six-month basis.

Table A12.

U.S. Banks, Developing Country Claims Relative to Capital, 1984-Third Quarter 1990

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Sources: Federal Financial Institutions Examination Council, Country Exposure Lending Survey; and International Monetary Fund, International Financial Statistics.

Data are based on exposure, that is, claims are adjusted for guarantees and other risk transfers.

Table A13.

External Assets of BIS Reporting Banks by Maturity and Undisbursed Credit Commitments, December 1985-December 1989

(In billions of U.S. dollars)

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Source: Bank for International Settlements, The Maturity Distribution of International Bank Lending.
Table A14.

Gross International Bond Issues and Placements by Groups of Borrowers, 1985–901

(In millions of U.S. dollars)

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Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

The country classifications are those used by the IMF. Excludes special issues by development institutions placed directly with governments or central banks.

Excludes bonds issued in the context of commercial bank debt restructuring and financing agreements.

Table A15.

Early Repayments of International Bonds, 1985-90

(In billions of U.S. dollars)

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Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table A16.

Market for Equity-Related Bonds, 1985-90

(In billions of U.S. dollars)

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Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table A17.

Market for Fixed Rate Bonds, 1985-90

(In billions of U.S. dollars)

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Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table A18.

Market for Floating Rate Issues, 1985-90

(In billions of U.S. dollars)

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Source: Organization for Economic Cooperation and Development, Financial Market Trends.
Table A19.

Borrowing on International Markets by Major Instruments, 1985-901

(In percent)

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Source: Organization for Economic Cooperation and Development, Financial Market Trends.

Data shown exclude merger-related stand-by agreements and renegotiations.

Including medium-term floating rate certificates of deposit.

Zero coupon bonds, deep discount bonds, special placements, and bond offerings not included elsewhere.

Table A20.

Gross International Equity Flows, 1986-First Quarter 19901

(In billions of U.S. dollars)

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Source: Michael Howell and Angela Cozzini, International Equity Flows—1990 Edition: New Investors, New Risks and New Products (London: Salomon Brothers, August 1990).

Gross flows are defined as the sum of equity purchases and sales associated with international portfolio investment.

Includes U.S. Employee Retirement Income Security Act (ERISA) funds.

Including purchase of Japanese Euro-warrants.

Including only pension funds, insurance companies, and open- and closed-ended mutual funds.

Excluding investment certificates.

Table A21.

Net International Equity Flows, 1986-First Quarter 19901

(In billions of U.S. dollars)

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Source: Michael Howell and Angela Cozzini, International Equity Flows—1990 Edition: New Investors, New Risks and New Products (London: Salomon Brothers, August 1990).

Net flows are defined as purchases minus sales of equity associated with international portfolio investment.

Including purchase of Japanese Euro-warrants.

Including only pension funds, insurance companies, and open- and closed-ended mutual funds.

Excluding investment certificates.

Table A22.

Destination of Cross-Border Mergers and Acquisitions, 1986-First Half 1990

(In billions of U.S. dollars)

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Source: Michael Howell and Angela Cozzini, International Equity Flows—1990 Edition: New Investors, New Risks and New Products (London: Salomon Brothers, August 1990).

Data for North America.

Table A23.

Financial Futures and Options: Exchanges, Contracts, and Volume of Contracts Traded, 1987-90

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Sources: Futures Industry Association, Monthly Volume Report, Monthly Options Report, and International Report; Chicago Board Options Exchange; Euromoney (Corporate Finance Supplement), Futures and Options Directory; Options Clearing Corporation; U.S. Securities and Exchange Commission, Monthly Statistical Review; American Stock Exchange; Philadelphia Stock Exchange; European Options Exchange; New York Stock Exchange; Pacific Stock Exchange; Singapore International Monetary Exchange; Stockholm Options Market; Tokyo International Financial Futures Exchange. Note: n.t. = not traded; $A = Australian dollar; Can$ = Canadian dollar; DM = deutsche mark; ECU = European Currency Unit; F = French franc; HK$ = Hong Kong dollar; ¥ = Japanese yen; $NZ = New Zealand dollar; f. = Netherlands guilder; £ = pound sterling; $ = U.S. dollar; and SKr = Swedish Krone; Sw F = Swiss franc. Options volume is puts and calls combined.

Blanks in this column indicate new financial instruments for which information has not been published in this year’s edition of the Futures and Options Directory.

Trading began September 1990.

Includes five-year notes in the 1988, 1989, and 1990 figures; and two-year notes in the 1990 figures.

CME Eurodollar, pound sterling, deutsche mark, and Japanese yen contracts are listed on a mutual offset link with SIMEX in Singapore.

Includes five-year and two-year notes for 1989.

NYFE is a subsidiary of the New York Stock Exchange.

Thirty-year.

Includes NYSE composite index and NYSE beta index (discontinued trading in 1988).

U.S. Treasury bills and notes combined.

Includes AMEX major market index, AMEX institutional index, AMEX computer technology index, AMEX oil index, Japan index (trading began September 1990), LT20 index (major marketing index divided by 20; trading began November 1990), and international market index (options on an index of American Depository Receipts).

Covers Australian dollar, Canadian dollar, deutsche mark, ECU, French franc, Japanese yen, pound sterling, and Swiss franc.

Include European and American options.

PHLX value line index, PHLX national OTC index.

Very few short gilts (with contract size of £100,000), a small number of medium gilts (£50,000), mainly long gilts (£50,000).

Four-year, fixed interest, with yearly interest payment.

Three-month.

Data are for June through December, 1989.

Trading for the 20-year bond began September 1988.

Trading began September 1988.

Spot and composite index combined.

Bolsa de Valores São Paulo.

Table A24.

Outstanding Swap Transactions by Currencies, 1987-89

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Each currency swap involves two currencies. To avoid double counting, the total is therefore half the sum of the individual currency amounts, and the percentages in each currency add up to 200 percent of this total.

Table A25.

Capital/Asset Ratios of Banks in Selected Industrial Countries, 1980-891

(In percent)

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Sources: Data provided by official sources; and Fund staff estimates.

Aggregate figures in this table must be interpreted with caution, owing to differences across national groups of banks and over time in the accounting of bank assets and capital. In particular, provisioning practices vary considerably across countries as do the definitions of capital. Therefore, cross-country comparisons may be less appropriate than developments over time within a single country.

Ratio of equity plus accumulated appropriations for contingencies (before 1981, accumulated appropriations for losses) to total assets (Bank of Canada Review).

The changeover to consolidated reporting from November 1, 1981, had the statistical effect of increasing the aggregate capital/asset ratio by about 7 percent.

Ratio of capital reserves, general provisions, and subordinated debentures to total assets. Data exclude cooperative and mutual banks. This ratio is different from the official ratio of risk coverage where assets are assigned different weights depending on the quality of each category.

Ratio of capital including published reserves to total assets. From December 1985, the Bundesbank data incorporate credit cooperatives (Deutsche Bundesbank, Monthly Report).

Ratio of reserves for possible loan losses, specified reserves, share capital, legal reserves plus surplus, and profits and losses for the term to total assets (Bank of Japan, Economic Statistics Monthly).

Ratio of capital resources (share capital, reserves excluding current-year profits, general provisions, and eligible subordinated loans) to total payable. Eligible subordinated loans may not exceed 50 percent of a bank’s share capital and reserves. Data in the table are compiled on a nonconsolidated basis and as a weighted average of all banks (excluding foreign bank branches). An arithmetic mean for 1989 would show a ratio of 10.7 percent. Inclusion of current-year profits in banks’ capital resources would result in a weighted average of 4.44 percent for 1989. The level of provisions (as a percentage of exposure) has slightly increased in 1989 as compared with 1988.

Ratio of capital, disclosed free reserves, and subordinated loans to total assets. Eligible liabilities of business members of the agricultural credit institutions are not included (De Nederlandsche Bank, N.V. Annual Report).

Ratio of capital plus published reserves, a part of hidden reserves, and certain subordinated loans to total assets (Swiss National Bank, Monthly Report).

Ratio of share capital and reserves, plus minority interests and loan capital, to total assets (Bank of England).

Ratio of capital and other funds (sterling and other currency liabilities) to total assets (Bank of England). Note that these figures include U.K. branches of foreign banks, which normally have little capital in the United Kingdom.

Ratio of total capital (including equity, subordinated debentures, and reserves for loan losses) to total assets.

Reporting banks are all banks that report their country exposure for publication in the Country Exposure Lending Survey of the Federal Financial Institutions Examination Council.

Table A26.

Long-Term Bank Credit Commitments, 1984-90

(In billions of U.S. dollars)

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Source: Appendix Table A27.

Note: n.i.e. = not included elsewhere.

Excludes offshore banking centers.

Table A27.

Bank Credit Commitments by Country of Destination, 1984-901

(In billions of U.S. dollars)

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Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and Fund staff estimates.

OECD data on developing countries have been adjusted to include new money commitments under bank agreements in principle, as follows (amounts in billions of U.S. dollars):

1984: Argentina (3.7); Côte d’Ivoire (0.1); Ecuador (0.2); the Philippines (0.9)

1985: Costa Rica (0.1 revolving trade facility)

1986: Congo (0.1); Mexico (7.7); Nigeria (0.3)

1987: Ecuador (0.4)

1988: Côte d’Ivoire (0.2); Yugoslavia (0.3)

1989: Jordan (0.1); Mexico (1.1); the Philippines (0.7)

1990: Colombia (1.8); Uruguay (0.1); Venezuela (1.2).

Excludes offshore banking centers.

Includes former German Democratic Republic through 1989.

Table A28.

Terms of Long-Term Bank Credit Commitments, 1984-901

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Sources: Organization for Economic Cooperation and Development, Financial Market Trends; International Monetary Fund, International Financial Statistics (for Eurodollar and prime rates).

The country classification and loan coverage are those used by the OECD.

Table A29.

International Bond Issues by Selected Developing Country Borrowers, 1989-90

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Sources: International Financing Review; and Latin Finance. Note: ASch = Austrian schilling; bn = billion; DM = deutsche mark; ECU = European currency unit; mn = million; ¥ = Japanese yen.
Table A30.

Amounts of Medium- and Long-Term Bank Debt Restructured, 1984-901

(In millions of U.S. dollars; classified by year of agreement in principle)

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Sources: Restructuring agreements; and Fund staff estimates.

Excluding cash buy-backs but including short-term debt converted into long-term debt and debt exchanges involving interest or principal reduction. Amounts represent face value of old claims restructured.

Multiyear rescheduling agreement (MYRA) entailing the restructuring of all eligible debt outstanding as of a certain date.

Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

MYRA entailing the restructuring of maturities falling due during a specified period exceeding one year.

Agreements in 1985 and 1987 modified debt-service profiles on debt rescheduled under the 1984 agreements; the amounts involved, however, are not shown because repayments made during 1985-87 have not been identified.

Amendments to previous restructuring agreements.

Collateralized debt exchanges involving principal or interest reduction.

Deferment agreement.

Agreement was reached with creditor banks in this year to amend certain terms of previous restructuring agreements. The amounts involved, however, were not modified in relation to those shown for the previous year.

Financing packages involve debt and debt-service reduction.

Totals exclude amounts deferred, which are given in parentheses.

Table A31.

Debt and Debt-Service Reduction in Commercial Bank Agreements, 1987-March 1991

(By year of agreement in principle)

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Sources: Debt-restructuring agreements; and Fund staff estimates.

Note: BCEAO = Banque Centrale des Etats de l’Afrique de l’Ouest; IDA = International Development Association.

Includes $0.6 million of debt-for-nature swap.

Implementation of agreement conditional upon participating banks tendering at least 60 percent of their claims to the cash buy-back option.

Past-due interest claims require a 20 percent cash downpayment (i.e., a downpayment of $26 million, which is provided for in the $265 million of resources used).

Reflects two separate bilateral agreements with Bank of America and Lloyds Bank.

A fixed rate of 4 percent applies to $17 million of restructured interest arrears.

Including about $210 million used to offer comparable collateral for bonds issued prior to 1990.

Table A32.

Terms of Selected Bank Debt Restructurings and Financial Packages, 1984-901

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Sources: Restructuring agreements.

Classified by year of agreement in principle.

Early participation fee.

New trade credit and deposit facility.

Amendment to previous reschedulings or new money packages.

Multiyear debt restructuring agreement (MYRA).

New money bonds, and parallel and cofinancing with the World Bank.

Restructuring of maturities under the 1983 and 1985 new money agreements.

Restructuring of maturities under the 1985 MYRA and other refinancing agreements.

Growth contingency cofinancing with the World Bank.

Contingent investment support facility.

Arrears as of September 26, 1986.

Maturities falling due in April 1986-December 1987.

Medium-term debt.

Only on previously unrestructured debt.

Letters of credit covered by previous agreement.

Arrears of interest, fees, and commission on letters of credit.

Debt will not be interest bearing provided it is paid on time.

Of private financial and private corporate sector debt, except for private corporate sector debt due in 1990–92 under the 1985 restructuring agreement. The latter maturities are restructured at public sector terms.

Table A33.

Terms and Conditions of Bank Debt Restructurings and Financial Packages, 1989-March 19911

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Sources: Restructuring agreements; and Fund staff estimates.

Arrangements approved in principle before January 1, 1989 were reported in previous issues of International Capital Markets: Developments and Prospects, World Economic and Financial Surveys (Washington: International Monetary Fund).

The amendments provide for an extension of the retiming periods during which annual interest periods, which had been scheduled to revert to six-month interest periods, will be maintained. The extension will be until 1993 for 1985 new money; until 1994 for 1983 and 1984 new money; until 1995 for the 1983-84 restructuring agreements; and until 1996 for the 1985-91 restructuring agreements.

Voluntary amortization payments made during the grace period would be matched on a 1:1 basis by debt forgiveness (equivalent to a buy-back option at 50 cents on the dollar).

Interest rate would be increased by a maximum of 3 percentage points if GDP growth exceeds a threshold rate.

Seventy percent of these arrears to be forgiven in 1990 upon downpayment equal to 5 percent of these arrears. Beginning at the end of 1990 and provided that Honduras remains current on interest due on all rescheduled amounts under the agreement, the creditor bank would further forgive interest arrears by a yearly amount equal to 5 percent of the arrears outstanding at the end of October 1989.

New money options include medium-term loan, new money bonds, on-lending facility, and medium-term trade facility.

Entry into force of the first stage of the agreement was scheduled on July 1990 subject to the negotiation of an adjustment program with the IMF. Entry into force of the second stage of the agreement (which envisages interest rate reductions for six to eight years) is contingent upon the approval by the IMF of an extended arrangement.

Includes $112 million of previously capitalized interest arrears on letters of credit.

Allowance for re-lending for up to 366 days of up to 20 percent of the new money on a revolving basis, of which one half would be available in any one calendar year and one half would be available to the private sector.

As of the end of December 1989.

Payment is to be deferred until December 30, 1991. Alternatively, banks may receive payments according to the original schedule in return for an equal increase in the short-term revolving trade facility.

Payment was deferred until the second quarter of 1990.

The interest rate of LIBOR plus ⅞ applies to the new money bonds issued by the Central Bank (as opposed to the Republic of Venezuela).

Under this agreement Zaire would make monthly payments of $4 million, which roughly covers interest on outstanding claims (including principal and interest arrears).

Table A34.

Financing Instruments and Options in New Money Packages and Restructurings of Bank Debt for Selected Developing Countries, 1984-901

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Sources: New financing and restructuring agreements.

Note: NM = new money packages; R = restructuring of bank debt.

Classified by year of agreement in principle.

London interbank offered rate (LIBOR) and domestic floating rate options or fixed rate options.

Includes conversions in the context of ongoing official debt conversion schemes.

Includes large-scale one-off debt exchanges.

Parallel financing.

Guarantees.

Revolving short-term trade facility.

Table A35.

Features of Selected Debt Conversion Schemes

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Sources: Argentina, 1987 Refinancing Plan; Brazil, Foreign Investment Law (Law No. 4.131 and Decree No. 55.762) Central Bank of Brazil, Resolution 1460, February 1, 1988; Central Bank of Chile, Compendium of Rules on International Exchange, Chapters XVIII and XIX, and Decree Law 600; Central Bank of Costa Rica, A Guide for Converting Foreign Debt Securities Issued by the Central Bank of Costa Rica into Colones; Central Bank of Ecuador, Monetary Board Circular Nos. 395-86 and 408-87; Mexico, National Commission on Foreign Investment, Manual Operativo para la Capitalizacion de Pasivos y Sustitucion de Deuda Publica por Inversion; Central Bank of Philippines, Revised Circular No. 1111; Venezuela, Office of the President of the Republic, Decrees Nos. 1259 (Nov. 15, 1990) and 1418 (Dec. 27, 1990), and Central Bank Resolution 89-8-04 of August 31, 1989, and Ministry of Finance Resolution 2401 of September 4, 1989; Central Bank of Honduras Circular D-036/89, July 6, 1989; Central Bank of Uruguay, Disposicion del 8 Diciembre 1987; Bank of Jamaica, Programme for the Conversion of Jamaican External Debt into Equity Investments, July 1987; Nigeria Guidelines on Debt Conversion Program for Nigeria, July 5, 1988 and 1988 Rescheduling Proposal.

In November 1987, the authorities announced a new debt-equity swap scheme. The description in this table corresponds to this scheme.

Introduced in February 1987 and temporarily suspended in August 1987.

Debt rescheduled under the A tranche of the June 1990 rescheduling agreement with commercial banks.

Rescheduled debt only.

Free market exchange rate.

The June 1988 rescheduling agreement allows for conversion of exit bonds and new money at face value.

Depends on type of investment and on discount in secondary market.

Applies to debt-bond conversions.

Conversions of public sector debt are subject to a small discount; conversion terms of private sector debt are negotiable.

A minimum discount of 35 percent applies.

Applies to debt-equity conversions.

Private sector debt only.

Exit bonds can be exchanged for Treasury securities.

Conversion rights will be administratively allocated if the offers tendered for debt conversion exceed the established annual limit.

Chapter XVIII investments only.

A fee not exceeding 10 percent of the face value depending on priority of investment.

Fees depend on the share of investment funded with foreign exchange.

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Cover World Economic and Financial Surveys
World Economic and Financial Surveys
International Capital Markets 1991
ISBN:
9781451941920
ISSN:
0258-7440
Publication Date:
01 Jan 1991
Publisher:
International Monetary Fund
DOI:
https://doi.org/10.5089/9781451941920.083
Pages:
144

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