Chapter

Statistical Appendix

Author(s):
International Monetary Fund
Published Date:
September 1995
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Table A1.Chronology of Bank Debt Restructurings and Bank Financial Packages
Agreement classified by month of signature1
19851989
Côte d’Ivoire: March2Nigeria: April
Mexico: March, AugustZaire: June (deferment)
Costa Rica: May2Poland: June (deferment)2
Senegal: MaySouth Africa: October
Philippines: May2Honduras: August4
Zaïre: May (deferment)Niger: October4
Guyana: July (deferment)Trinidad and Tobago: December
Argentina: August2
Jamaica: September1990
Panama: October2Philippines: February2
Sudan: October (modification of 1981 agreement)Mexico: February2
Chile: November2Madagascar: April
Colombia: December3Bulgaria: April (standstill)2
Ecuador: December2Costa Rica: May
Madagascar: December (modification of 1984 agreement)Jamaica: June
Yugoslavia: DecemberMorocco: September
Senegal: September
1986Chile: December (amendments to previous agreements)
Dominican Republic: FebruaryVenezuela: December2
Morocco: February
Venezuela: February1991
South Africa: March (standstill)Colombia: April13
Niger: AprilNiger: April
Zaire: May (deferment)Uruguay: January2
Brazil: JulyBrazil: May6
Uruguay: JulyUSSR., former: December (deferment)
Poland: September2Mozambique: December
Romania: SeptemberNigeria: December
Congo: October2, 4
Côte d’Ivoire: December1992
1987Algeria: March
South Africa: MarchGabon: May
Mexico: March (public sector debt),2 August (private sector debt)Philippines: July2
Guyana: November
Jamaica: MayArgentina: December
Mozambique: May4
Zaïre: May (deferment)1993
Chile: JuneUganda: February
Honduras: June4Bolivia: March
Madagascar: June (modification of 1985 agreement)Russia: July4
Argentina: August2South Africa: September
Morocco: SeptemberBrazil: November2
Romania: September (modification of 1986 agreement)Jordan: December
Bolivia: November (amendment to 1981 agreement)
Nigeria: November2, 41994
Venezuela: NovemberDominican Republic: February
Gabon: December5Gabon: May
Philippines: DecemberBulgaria: July
1988Zambia: July
Gambia, The: FebruarySão Tomé and Príncipe: August
Chile: August (amendment to 1987 agreement)4Poland: September2
Uruguay: March (modification of 1986 agreement)Ecuador: October
Côte d’Ivoire: April2, 4Russia: October4
Guinea: April
Togo: May1995
Poland: JulySierra Leone: July
Yugoslavia: September2Albania: May4
Malawi: OctoberAlgeria: May4
Brazil: November2Slovenia: June4
Source: Restructuring agreements.Note: “Restructuring” covers rescheduling and also certain refinancing operations.
Under preparation
EthiopiaNicaraguaSenegal
GuineaPeruTanzania
MauritaniaRussiaVietnam
Source: Restructuring agreements.Note: “Restructuring” covers rescheduling and also certain refinancing operations.
Table A2.Amounts of Medium- and Long-Term Bank Debt Restructured1(In millions of U.S. dollars; by year of agreement in principle)
1986198719881989199019911992199319941995 (first half)
Albania5012, 3
Algeria3,200
Argentina29,500427,9805
Bolivia4732, 51702, 3
Brazil6,671661,00047,10046,6005
Bulgaria8,0825
Chile5,90241,8007
Congo217
Costa Rica1,5705
Côte d’Ivoire69142,2114
Dominican Republic1,1005
Ecuador7,2575
Gabon391571508
Gambia, The19
Guinea43
Guyana(57)99310
Honduras24841324
Jamaica2854332
Jordan8575
Madagascar1021
Malawi354
Mexico43,70043,671548,2315
Morocco2,1743,150
Mozambique25341242, 3
Nicaragua
Niger521112, 3
Nigeria4,2505,82445,8113
Panama3,4605, 8
Peru
Philippines9,01047811,33934,4735
Poland1,9708,4114(351)913,5675
Romania800
Russia24,0008, 1128,0008, 11
São Tomé and Príncipe10 2,3
Senegal37
Sierra Leone148 2,3
Slovenia1,000
South Africa(13,600)911,90048,0005,000
Sudan
Togo494
Trinidad and Tobago4704
Uganda1532, 3
Uruguay1,77041,6085
Venezuela20,338419,7005
Yugoslavia, former6,8954
Zaire(65)9(61)9(61)9
Zambia2002, 3
Total360,52587,22180,15550,71427,98717,77674,84339,19249,1748,309
Sources: Restructuring agreements; and IMF staff estimates.
Table A3.Terms and Conditions of Bank Debt Restructurings and Financial Packages1
Country, Date of Agreement, and Type of Debt RescheduledBasisAmount ProvidedGrace PeriodMaturityInterest Rate
In millions of U.S. dollarsIn years, unless otherwise notedIn percent spread over LIBOR/U.S. prime, unless otherwise noted
Albania
Agreement in principle of May 10, 1995Debt reduction (see Table A4)
Algeria
Agreement in principle of May 12, 1995
Restructuring of non-reprofiled debt falling due through 1997100 percent of principal; and2,1005151316 after maturity
100 percent of principal arrears
Restructuring of reprofiled debt falling due through 1997100 percent of principal1,100611½1316 after maturity
Argentina
Preliminary agreement on April 7, 1992; term sheet June 23, 1992; final agreement December 6, 1992; and closing of agreement for principal on April 7, 1993
Collateralized debt exchangeDebt reduction (see Table A4)
Bolivia
Agreement in principle of April 1992; term sheet July 10, 1992; final agreement March 30, 1993; and closing of agreement on May 19, 1993
Waiver to allow debt buyback and exchangesDebt reduction (see Table A4)
Brazil
Preliminary agreement on July 8, 1992; term sheet September 22, 1992; final agreement November 29, 1993; and closing of agreement April 15, 1994Old debt (equal to 5.5 times the new money provided to be exchanged at par for new noncollateralized bonds)715
New money bonds
Restructuring loanDifference between interest rate in years 1-6 and LIBOR plus 1316 to be capitalized1020Years 1-2; 4 percent

Years 3-4; 4.5 percent

Years 5-6; 5 percent

Years 7-20; 1316
Capitalization bondDifference between interest rate in years 1-6 and 8 percent to be capitalized. Back-loaded amortization schedule1020Years 1-2; 4 percent

Years 3-4; 4.5 percent

Years 5-6; 5 percent

Years 7-20; 8 percent
Collateralized debt exchangesDebt reduction (see Table A4)
Bulgaria
Agreement in principle on November 24, 1993; term sheet March 11, 1994; final agreement June 29, 1994; and closing of the agreement July 28, 1994
Collateralized debt exchangeDebt reduction (see Table A4)
Costa Rica
Preliminary agreement of November 16, 1989; and final agreement on May 21, 1990Debt reduction (see Table A4)
Dominican Republic
Preliminary agreement on May 3, 1993; term sheet August 6, 1993; final agreement February 14, 1994; and closing of agreement August 30, 1994
Collateralized debt exchangeDebt reduction (see Table A4)
Ecuador
Agreement in principle on May 2, 1994; term sheet June 14, 1994; final agreement October 4, 1994; and closing of agreement February 28, 1995 Collateralized debt exchangeDebt reduction (see Table A4)
Gabon
Agreement in principle of December 11, 1991; and final agreement on May 12, 1992
Rescheduling of principal due January I, 1989-December 31, 1992100 percent of principal157313
Guyana
Agreement on term sheet on August 27, 1992; and final agreement November 24, 1992Debt reduction (see Table A4)
Honduras
Agreements of August 17, 1989
Bilateral concessional rescheduling of debt to Lloyds Bank
Principal outstanding at end of October 1989100 percent4627206.25 percent fixed rate3
Interest arrears at end of October 1989100 percent222, 47206.25 percent fixed rate3
Bilateral concessional rescheduling of debt to Bank of America
Principal outstanding100 percent47210206.5 percent
Interest arrears as of end October 1989100 percent174204 percent fixed rate
Jamaica
Agreement of June 26, 1990
Refinancing of debt previously rescheduled in 1987
Tranche A100 percent of principal14410½1316
Tranche BA100 percent of principal188814½1316
Jordan
Agreement in principle of November 20, 1989
Restructuring of medium-term loans maturing between January 1, 1989-June 30, 1991100 percent of principal580511½1316
New medium-term money facilityNew money50331316
Preliminary agreement on June 30, 1993; term sheet August 20, 1991; final agreement December 10, 1993; and closing of agreement December 23, 1993
Collateralized debt exchangeDebt reduction (see Table A4)
Madagascar
Agreement in principle in October 1989, and signed on April 10, 1990
Rescheduling100 percent of principal falling due on December 15, 1989, and 50 percent of principal falling due in 1990-9321.19⅞-1
Mexico
Agreement of February 4, 1990
New money facilityNew money1.09057151316
Collateralized debt exchangesDebt reduction (see Table A4)
Restructuring of maturities of eligible debt not subject to debt and debt-service reduction100 percent of principal6,4007151316
Morocco
Agreement in principle of April 1990; and final agreement of September 1990
Restructuring of the entire debt outstanding at end of 1989100 percent of pre-cutoff debt3,1507-1015-201316
Debt buy backs authorized
Mozambique
Agreement in principle of November 1, 1991; and operation completed December 27, 1991
Waivers to allow debt buybackDebt reduction (see Table A4)
Niger
Agreement in principle of January 14, 1991; and operation completed March 8, 1991
Waivers to allow debt buybackDebt reduction (see Table A4)
Nigeria
Agreement in principle of September 1988; and final agreement of April 1989
Restructuring of debt outstanding at end of 1987
Not previously rescheduled medium-term debt100 percent of principal1,256320
Debt covered by the November 1987 rescheduling agreement100 percent of principal1,635320
Debt (letters of credit) covered by the November 1987 refinancing agreementArrears on interest, fees, and commissions on letters of credit 100 percent2,4483151316
49063Non-interest-bearing
Agreement in principle of March 1991; final agreement December 20, 1991; and closing of agreement on January 25, 1992
New money bond exchangeBanks would provide new money in an amount equivalent to 20 percent of debts exchanged for noncollateralized new bonds7151
Buyback and debt exchangeDebt reduction (see Table A4)
Panama
Agreement in principle of May 5, 1995
Collateralized debt exchangeDebt reduction (see Table A4)
Philippines
Agreement in principle of October 1989; and final agreement February 1990
New money bonds or loans7New money7108151316
Rescheduling of maturities falling due in 1990-93100 percent of principal7818151316
Change in spread on previously restructured debtUnchanged1316
Waivers to allow debt buybacks and exchangesDebt reduction (see Table A4)
Preliminary agreement of August 1991; term sheet February 1992; final agreement July 24, 1992; and closing of agreement on December 1, 1992
New money bondsOld debt (equal to four times the new money provided) to be exchanged at par bond for new noncollateralized bonds13985171316
Collateralized debt exchangesDebt reduction (see Table A4).
Poland
Agreement in principle of June 16, 1989
Deferment of amortization payments falling due between May 1989 and December 19909100 percent206Unchanged
Agreement in principle of October 1989
Rescheduling of interest falling due in the fourth quarter of 19891085 percent145
Agreement in principle of March 10, 1994; term sheet May 23, 1994; final agreement September 13, 1994; and closing of agreement October 27, 1994
New money bondsNew money bonds to be provided corresponding to 35 percent of debt allocated to debt conversion bonds (see Table A4)10151316
Collateralized debt exchangeDebt reduction (see Table A4)
Russia
Agreement in principle (preliminary) of July 30, 1993100 percent of principal24,000515
Rescheduling of existing stock of debt and interest arrears100 percent of interest arrears after cash payments of $500 million3,000510
Agreement in principle (preliminary) of October 5, 1994100 percent of principal24,000
Rescheduling of existing stock of debt and interest arrears100 percent of interest arrears after cash payments of $500 million4,000
São Tomé and Príncipe
Agreement in principle July 1994; and final agreement August 1994Debt reduction (see Table A4)
Senegal
Agreement of September 1990379
Sierra Leone
Agreement in principle March 31, 1995; and first phase of final agreement May 11, 1995Debt reduction (see Table A4)
Slovenia
Agreement in principle June 8, 1995100 percent of principal750Same as NFA1316
Restructuring of 18 percent of the unmatured principal under New Financing Agreement (Yugoslavia)100 percent of principal arrears250Same as NFA1316
Restructuring of 18 percent of past-due amounts under NFA (Yugoslavia)100 percent of interest arrears
Purchase of 9.9 percent of Trade and Deposit Facility (Yugoslavia)
South Africa
Debt arrangement of September 27, 1993100 percent of principal5,000½81⅛
Rescheduling of short- and medium-term debt subject to September 1985 standstill, and falling due at expiration of third interim arrangement
Trinidad and Tobago
Agreement in principle of November 1988; and final agreement December 1989
Medium- and long-term maturities falling due September 1, 1988-August 31, 1992100 percent of principal44612½1316
Uganda
Final agreement February 26, 1993Debt reduction (see Table A4)
Uruguay
Agreement in principle of November 1990; and final agreement January 1991
New money bond exchange20 percent increase in exposure via purchase of new bonds would entitle banks to exchange at par old debt for non-collateralized “debt-conversion notes”897151.0
Buyback and debt exchangeDebt reduction (see Table A4)
Venezuela
Agreement in principle of March 20, 1990; term sheet of June 25, 1990; and final agreement December 5, 1990
New money bond exchangeOld debt (equal to five times the new money provided) to be exchanged at par for new, noncollateralized bonds1,1977151 and⅞11
Collateralized debt exchangesDebt reduction (see Table A4)
Zambia
Agreement in principle May 1994; and final agreement July 1, 1994Debt reduction (see Table A4)
Sources: Restructuring agreements; and IMF staff estimates.
Table A4.Debt and Debt-Service Reduction in Commercial Bank AgreementsBy year of agreement in principal; in millions of U.S. dollars
Face Value of Debt to Commercial Banks
RetiredIssuedResources UsedTermsEnhancements for New InstrumentsSpecial Features
Albania (1995)
Cash buyback160100 (including resources from IDA Debt-Reduction Facility, a grant from Switzerland, and own resources)At preannounced price of 20 cents on the dollar per unit of principal.
Interest reduction225225Old claims exchanged at par for non-interest-bearing hew bonds with a 30-year bullet maturity and an income note bearing a below-market interest rate determined by earnings of an income fund.Principal fully collateralizedIncome fund established at 15 percent of the debt assigned to the par bond option, and managed by a third party.
Argentina (1987)
Noncollateralized debt exchange with interest reduction1515Old claims exchanged at par for new exit bonds with 25-year maturity (12 years’ grace) and 4 percent fixed rate.New bonds excluded from future new money base.
Argentina (1992)
Principal reduction6,6634,331Old claims exchanged for new bonds, with a 30-year bullet maturity and interest at LIBOR plus 1316 at prenegotiated exchange ratio of 1:0.65.Principal fully collateralized and 12-month rolling interest guarantee based on 8 percent ratePart of past-due interest settled at closing date (through cash payments of $700 million). The balance refinanced (three years’ grace) hearing interest of LIBOR plus 1316 and (semiannual amortization payments rising from 1 percent of the original face value in payments 1-7, 5 percent in payment 8, and 8 percent in payments 9-19).
Interest reduction12,73412,7343,0591 (including resources from IMF, World Bank, IDB, Eximbank Japan, and own resources)Old claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 4 percent in year 1, to 6 percent in year 7, and remaining at that level until maturity.Principal fully collateralized and 12-month rolling interest guarantee based on 6 percent rateInterest due reduced to respective monthly LIBOR through end-1991, and to 4 percent thereafter. Bonds eligible for debt conversions.
Bolivia (1987)
Cash buyback25328 (bilateral donations)At preannounced price of 11 cents on the dollar.
Collateralized debt exchange with principal reduction204227 (bilateral donations)Old claims exchanged for new zero-coupon 25-year bond carrying 9.25 percent yield at a preannounced exchange ratio of 1:0.11.Principal and interest fully collateralizedPast-due interest canceled under all options. New bonds eligible for debt conversions.
Debt forgiveness16Includes $0.6 million of debt-for-nature swap.
Bolivia (1992)
Cash buyback7827 (including resources from IDA Debt-Reduction Facility and grants from the United States, Sweden, Switzerland, and the Netherlands)At preannounced price of 16 cents on the dollar.Past-due interest canceled under all options.
Interest reduction3333Old claims exchanged at par for non-interest-bearing new bonds with a 30-year bullet maturity.Principal fully collateralizedValue recovery clause based on the world price of tin.
Principal reduction6010Old claims exchanged for new short-term bonds at prenegotiated exchange ratio of 1:0.16.Upon maturity, bonds exchanged into assets denominated in domestic currency at prenegotiated ratio of 1:1.5 for approved investment in special projects.
Brazil (1988)
Noncollateralized debt exchange with interest reduction1,1001,100Old claims exchanged at par for new exit bonds with 25-year maturity (10 years’ grace) and 6 percent fixed rate.New bonds excluded from future new money base. Eligible for debt-equity conversion program.
Temporary interest reduction2,0302,030Old claims exchanged at par for new bonds with a 15-year maturity (9 years’ grace), and an interest rate of 4 percent in years 1-2, 4.5 percent in years 3-4, 5 percent in years 5-6, and LIBOR plus 1316 from years 7-15.Twelve-month rolling interest guarantee for the first six yearsRemaining past-due interest accumulated in 1991 and 1992 is converted into 12-year bonds (3 years’ grace) at LIBOR plus 1316; semiannual amortization payments of 1 percent of original principal for payments 1–7.5 percent for payment 8, and 8 percent bonds eligible for debt conversions for payments 9-19.
Brazil (1992)
Principal reduction14,2109,2372,800 (own resources and about 400 of new money); additional 900 is to be delivered in the next two yearsOld claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus 1316, at prenegotiated exchange ratio of 1:0.65.Principal fully collateralized and 12-month rolling interest guaranteeCash payment of $2 billion paid during May-December 1991.
Interest reduction12,99212,992Old claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 4 percent in year 1, to 6 percent in year 7, and remaining at that level until maturity.Principal fully collateralized and 12-month rolling interest guaranteeThe past-due interest remaining at end of 1990 converted into a 10-year bond (3 years’ grace) at LIBOR plus 1316. Interest due in 1992-93 reduced to 4 percent.
Bulgaria (1993)
Cash buyback7986522 (expected to come from IMF, World Bank, and own resources)At preannounced price of 25.1875 cents on the dollar.Buyback price applies to principal and interest arrears separately.
Principal reduction3,7301,865Old claims exchanged for new bonds, with a 30-year bullet maturity and interest at LIBOR plus 1316, at prenegotiated exchange ratio of 1;0.50.Principal fully collateralized and 12-month rolling interestAt closing 3 percent of past-due interest will be settled through cash payments. The balance will be refinanced as an uncollateralized 17-year bond (7 years’ grace) bearing interest of LIBOR plus 1316 and semiannual amortization payments rising from 1 percent of the original face value in payments 1-6 to 3 percent in payments 7-11, to 6 percent in payments 17-21. Value recovery clause based on GDP performance. Package includes short-term debt. A special issue of discount and temporary interest-reduction bonds will be made for 30 percent of the short-term allocated to these options at an interest rate ½ of 1 percent higher. The package includes a currency option for deutsche mark. Agreement limits allocation for temporary interest-reduction bonds to 30 percent.
Temporary interest reduction1,6581,658Old claims exchanged at par for new bonds with an 18-year maturity (7 years’ grace) and an interest rate of 2 percent in years 1-2, 2.25 percent in years 3-4, 2.5 percent in year 5, 2.75 percent in year 6, 3 percent in year 7, and LIBOR plus 1316 from 8-18.Twelve-month rolling interest guarantee for the first seven years
Chile
Cash buy backs439248 (own resources)$299 million bought back in November 1988 at average price of 56 cents on the dollar; $140 bought back in November 1989 at average price of 58 cents on the dollar. Price determined in Dutch auction.Resources used for buybacks subject to aggregate limit of $500 million; debt to be extinguished subject to aggregate ceiling of $2 billion.
Costa Rica (1989)
Cash buy back991At preannounced price of 16 cents on the dollar.Includes $223 million of past-due interest.
Collateralized debt exchanges with interest reduction2902901963 (from bilateral and multilateral sources and own reserves)(a) Old debt exchanged at par for new 20-year bond (10-years’ grace) carrying 6.25 percent fixed, negotiated rate.(a) Eighteen-month interest guarantee (excess enhance-funds to be applied to increase coverage up to 18 months)Terms (a) and (b) available only to banks tendering at least 60 percent of their exposure to the buyback option. Value recovery clause linked to GDP growth. Converted past-due interest equaled $53 million.
(b) Past-due interest, after 20 percent cash down payment, exchanged at par for a new claim with a 15-year maturity (no grace period) and LIBOR plus 1316.(b) Thirty-six month interest guaranteeTerms (c) and (d) optional to banks tendering less than 60 percent of their exposure (including past-due interest) to the buy back option. Converted past-due interest equaled $61 million.
Noncollateralized debt exchange with interest reduction289289(c) Old claims (including past-due interest) exchanged at par for a new 25-year bond (15 years’ grace) carrying 6.25 percent fixed, negotiated rate.Terms (a), (b), (c), and (d): new bonds eligible for debt-equity conversion program.
(d) Past-due interest, after a 20 percent cash down payment, exchanged at par for a new claim with a 15-year maturity (no grace period) and LIBOR plus 1316.Value recovery clause activated if GDP exceeds 1989 GDP by 120 percent in real terms.
Dominican Republic (1993)
Cash buyback272189 (own resources)At preannounced price of 25 cents on the dollar.Buyback price applies to principal and interest arrears separately.
Principal reduction505328Old claims exchanged for new bonds with 30-year bullet maturity and interest at LIBOR plus 1316 at prenegotiated exchange rate of 1:0.65.Principal fully collateralized and 9-month rolling interest guarantee to be capitalized until 12 monthsAt closing, 12.5 percent of remaining past-due interest will be settled through cash payments. The balance will be refinanced as uncollateralized 15-year bond (3 years’ grace) bearing interest of LIBOR plus 1316 and semiannual amortization payments rising from 1 percent of the original face value in payments 17 and equal installments thereafter.
Temporary interest reductionOld claims exchanged at par for new bonds with an 18-year maturity (9 years grace) with equal semiannual installments after grace and an interest rate of 3 percent in years 1–2, 3.5 percent in years 3–4, 4 percent in years 5-6, and LIBOR plus 1316 from years 7-18.Agreement included a “pull-back” clause if banks’ allocation does not yield at least 50 percent debt reduction.
Ecuador (1994)
Principal reduction2,6081,4355834 (expected to come from IMF, World Bank, official sources, and own resources)Old claims exchanged for new bonds with 30-year bullet maturity and interest at LIBOR plus 1316 at prenegotiated exchange rate of 1:0.55.Principal fully collateralized and 12-month rolling interest guarantee based on 7 percentPart of past-due interest settled before closing (through cash payments of $75 million). The balance will be refinanced as an uncoilateralized 20-year bond (10 years’ grace) bearing interest of LIBOR plus 1316 and semiannual amortization payments rising from 2.5 percent of the original face value in payments 1-6 to 4 percent in payments 7-12, to 6,78 percent in payments 13-21. The past-due interest bond will have the option to capitalize interest due in excess of the following rates during the first 6 years of the bond: 3 percent in years i-2; 3.25 percent in years 3-4; and 3.75 percent in years 5-6. An uncollateralized 10-year interest equalization bond for $191 million will be issued to regularize currently discriminatory payments to creditor.
Interest reduction1,9141,914Old claims exchanged at par for new bonds with 30-year bullet maturity and interest increasing gradually from 3 percent in year 1 to 5 percent in year 11, and remaining at that level until maturity.Principal fully collateralized and 12-month rolling interest guarantee at 3.75 percent (to be capitalized until it reaches 5 percent)
Guyana (1992)
Cash buyback6910 (fully financed by IDA Debt-Reduction Facility)At preannounced price of 14.5 cents on the dollar.Excludes export credit debt, Buyback price applied to principal; past-due interest ($23.5 million) canceled.
Jordan (1993)
Cash buyback1185 (own resources)At preannounced price of 39 cents on the dollar.Buyback price applies to principal and interest arrears separately.
Principal reduction243158Old claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus 1316, at prenegotiated exchange ratio of 1:0.65.Principal fully collateralized and 6-month rolling interest guarantee based on 8 percentAt closing, 50 percent of past-due interest with the discount exchange and 10 percent of past-due interest associated with the par exchange will be settled through cash payments. The balance will be refinanced as uncollateralized 12-year bond (3 years grace) bearing interest of LIBOR plus 1316 and equal semiannual installments after grace.
Interest reduction493493Old claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually starting at 4 percent in years 1-4, 5 percent in year 5, 5.5 percent in year 6, and 6 percent from years 7-30.Principal fully collateralized and 6-month rolling interest guarantee based on 6 percentInterest due after March 1991 and until the closing date reduced to an interest rate of 4 percent.
Mexico (1988)
Collateralized debt exchange with principal reduction3,6712,556555 (own resources)Old claims exchanged for new bonds with 20-year bullet maturity and LIBOR plus 1316; average exchange ratio 1:0.7 (determined in Dutch auction).Principal fully collateralizedNew bonds excluded from future new money base.
Mexico (1989)
Collateralized debt exchanges
Principal reduction20,54613,35467,122 (including resources from IMF and World Bank)Old claims exchanged for new bonds with 30-year bullet maturity and LIBOR plus 1316; exchange ratio 1:0.65 (negotiated).Principal fully collateralized and 18-month rolling interest guaranteeRecovery clause in case real oil prices exceed threshold real price of $14 a barrel. New bonds excluded from future new money base and eligible for debt-equity conversion.
Interest reduction22,42722,427Old claims exchanged at par for new bond with 30-year bullet maturity and 6.25 percent fixed, negotiated interest rate.Same as above
Mozambique (1991)
Cash buyback12412 (including resources from IDA Debt-Reduction Facility, and French, Swiss, Swedish, and Dutch grants)At the preannounced price of 10 cents on the dollar.Buyback price applied to principal, past-due interest canceled.
Niger (1991)
Principal reduction11123 (including resources from IDA Debt-Reduction Facility and French and Swiss grants)Old claims exchanged for new 60-day notes with face value equivalent to 18 percent of outstanding face value of principal.Principal fully guaranteed by BCEAOBuyback price applied to principal, past-due interest canceled. Operation has been structured as a novation (that is, the exchange of a new obligation for an old obligation) to avoid seeking waivers from certain provisions in existing loan contracts.
Interest reductionOld claims exchanged at par for 21-year non-interest-bearing notes.Principal fully collateralized by zero coupon bonds purchased by the BCEAO
Nigeria (1991)
Cash buyback3,3901,3561,7087 (own resources)At preannounced price of 40 cents on the dollar.All past-due interest cleared prior to closing dale. Recovery clause in the event that oil prices exceed threshold of $28 a barrel in 1996, adjusted for inflation thereafter. New bonds eligible for debt conversions.
Interest reduction2,0482,048Old claims exchanged at par for new registered bonds with a 30-year bullet maturity and a fixed interest rate of 5.5 percent for 3 years and 6.25 percent thereafter.Principal fully collateralized by U.S. Treasury bonds with a 12-month rolling interest guarantee, based on rate of 6.25 percent
Panama (1995)
Principal reductionOld claims exchanged for new bonds, with a 30-year bullet maturity and interest at LIBOR plus 1316, at prenegotiated exchange ratio of 1:0.55.Principal fully collateralized and 12-month rolling interest guarantee of which 9 months will be paid al closing and the remaining amounts in 2 equal annual installmentsPast-due interest settled through partial interest payments at $2 million from January 1995 through closing; a cash down payment of $100 million at closing; and the balance will be re-financed with an uncollateralized, 20-year bond (10 years’ grace) bearing interest of LIBOR plus 1316 and a back-loaded amortization schedule, having an option to capitalize interest due in excess of 4 percent during the first 6 years.
Interest reductionOld claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 3 percent in year 1 to 5.5 percent in year 11, and remaining at that level until maturity.Principal fully collateralized and a 12-month rolling interest guarantee of which 9 months will be paid at closing and the remaining amounts in 3 equal annual installments
Temporary interest reductionOld claims exchanged at par for new bonds with an 18-year maturity (5 years’ grace) and interest increasing gradually from 3.5 percent in year 1 to 5 percent in year 7, and LIBOR plus 1316 from years 8-18.Six-month rolling interest guarantee for the first seven years
Noncollateralized debt exchange with interest reductionOld claims exchanged at par for debt conversion bonds with 20-year maturity (9.5 years’ grace) and interest increasing gradually from 4.5 percent in year 1 to 5,75 percent in years 5-7, and LIBOR plus 1316 from years 8-20.Requires purchase of a 15-year new money bond for 10 percent of amounts restructured (7.5 years’ grace) being LIBOR plus 1316
Philippines (1989)
Cash buyback1,339670 (including resources from IMF and World Bank)At preannounced price of 50 cents on the dollar.Included waiver for second round of buybacks.
Philippines (1992)
Cash buyback1,2631,125 (including resources from IMF, World Bank, Eximbank Japan, and own resources)At preannounced price of 52 cents on the dollar.
Temporary interest rate reduction757757Old claims exchanged at par for new bonds with 15-year maturity (7 years’ grace) and an interest rate of 4 percent in the first two years, 5 percent in years 3-5, 6 percent in year 6, and LIBOR plus 1316 from year 7 and onward.Twelve-month rolling interest guarantee based on a 6 percent annual rate for the first 6 years
Principal collateralized interest reduction1,8941,894Old claims exchanged at par for new bonds with a 25-year bullet maturity and an interest rale that gradually rises from 4.25 percent in the first year to 6.5 percent in the sixth year and remains at that level until maturity.Principal fully collateralized and 14 months’ rolling interest guarantee based on a rate of 6.5 percent
Poland (1994)
Cash buyback2,4411,9968 (expected to come from IMF, World Bank, official sources, and own resources)At preannounced price of 41 cents on the dollar for medium- and long-term debt, and 38 cents on the dollar for short-term debt.
Principal reduction5,3932,966Old claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus 1316 at prenegotiated exchange ratio of 1:0.55.Principal fully collateralized; no interest collateral
Interest reduction1,8291,829Old claims exchanged for new bonds with a 30-year bullet maturity and interest increasing gradually from 2.75 percent in year 1 to 5 percent from year 21.Principal fully collateralized; no interest collateralSeparate par bonds with slightly different interest profiles for short-medium-, and long-term debt. Payment of 85 percent of interest due in December 1989 and 30 percent of interest due accruing from May 1993 expected before closing. The balance will be subject to debt-service reduction through an uncollateralized 20-year bond (7 years’ grace) bearing an interest rate gradually increasing from 3.25 percent in year 1 to 7 percent in year 9 and remaining at that level until maturity. Amortization payments are semiannual, rising from 1 percent of the original face value in payments 1-3 to 2 percent in payments 4–6, to 3 percent in payments 7-17, to 5 percent in payments 18-23, and to 7 percent in payments 24-27.
Noncollateralized debt exchange with interest reduction393393Old claims exchanged at par for debt-conversion bonds with 25-year maturity (20 years’ grace) and interest increasing gradually from 4.5 percent in year 1 to 7.5 percent from year 11 and remaining at that level until maturity.
São Tomé and Príncipe
Cash buyback101 (fully financed by IDA Debt-Reduction Facility)At preannounced price of 10 cents on the dollar of principal with past-due interest attached.
Sierra Leone (1995)
cash buyback14822 (including resources from IDA Debt-Reduction Facility and the United Kingdom)At preannounced price of 15 cents on the dollar of principal with past-due interest attached.
Uganda (1993)
Cash buyback15318 (including resources from IDA Debt-Reduction Facility and grants from the Netherlands, Switzerland, Germany, and the European Union)At preannounced price of 12 cents on the dollar.Buyback price applied to principal, past-due interest canceled.
Uruguay (1991)
Cash buyback633463 (including resources from the IDB)At preannounced price of 56 cents on the dollar.
Interest reduction530530Old claims exchanged at par for new bonds with a 30-year bullet maturity and a fixed interest rate of 6.75 percent.Principal fully collateralized and an 18-month rolling interest guaranteeValue recovery clause allowing for larger payments in the event of a favorable performance of an index of Uruguay’s terms of trade.
Venezuela (1990)
Collateralized debt exchanges
Principal reduction1,411647Old claims exchanged for new three-month notes with present value equal to 45 percent of face value of old claims.Face value of notes fully collateralized by short-term U.S. Treasury securities
Principal reduction1,8081,2652,585 (including resources from IMF and World Bank)Old claims exchanged for new bonds with 30-year maturity and LIBOR plus 1316 at prenegotiated exchange ratio of 1:0.70.Principal fully collateralized and 14-month rolling interest guaranteeEligible for debt-equity conversion. Includes warrants to be triggered in case oil prices exceed threshold price of $26 a barrel in 1996, adjusted for inflation thereafter through 2020.
Interest reduction7,4507,450Old claims exchanged at par for new bond with 30-year maturity and fixed interest rate of 6.75 percent.Principal fully collateralized and 14-month rolling interest guarantee
Temporary interest reduction3,0183,018Old claims exchanged for new bonds with 17-year maturity and interest rate of 5 percent for years 1-2, 6 percent for years 3-4, 7 percent for year 5, and LIBOR plus 1316 of 1 percent thereafter.Twelve-month rolling interest guarantee for the first five yearsEligible for debt-equity conversion.
Zambia (1994)41447 (including resources from IDA Debt-Reduction Facility and grants from Germany, the Netherlands, Sweden, and Switzerland)At preannounced price of 11 cents on the dollar, past-due interest canceled.Buyback price applied to principal.
Sources: Debt-restructuring agreements; and IMF staff estimates.Note: BCEAO = Banque Centrale des Etats de L’Afrique de L’Ouest (Central Bank of West African States); IDA = International Development Association; IDB = Inter-American Development Bank.
Table A5.International Bond Issues by Developing Countries by Type of Borrower(In millions of U.S. dollars)
19941995
1991199219931994Q1Q2Q3Q4Q1Q2
Sovereign borrowers4,4875,65816,44112,6764,7335093,8343,6016055,184
Argentina5003502,1862,2003503004351,1151,000
Barbados502030
Brazil2002001,635
Chile200120
China5881,6081,000608
Colombia217425250175100
Congo600600
Czech Republic694
Czechoslovakia, Former276
Hungary1,2351,4854,7381,633711896687062541,524
Israel4002,0022,3131,000563750
Lebanon400400
Malaysia190
Mexico620377350
Pakistan150150
Poland250
Philippines150
Saudi Arabia280280
Slovak Republic240254254
South Africa289315750750346
Thailand300362491190302
Trinidad and Tobago100125150150
Tunisia278278251174
Turkey5052,5113,665695695255
Uruguay100100200100100
Venezuela2721,023
Public sector4,4197,25616,90613,0784,4772,7733,2722,5561,9982,189
Argentina3922054035010090400
Brazil1,1418701,619124
Chile100100
China2581,3352,2642,044500596280668154
Colombia350322322
Costa Rica5050
Czech Republic400250150
Czechoslovakia, former114
Hong Kong1361523755229729510030
Hungary639797
India227300200100
Indonesia1202560615937275125
Korea1,2811,6654,0443,2065415301,4506851,523920
Macao155155
Malaysia958460100360
Malta205205
Mexico1,0851,2753,7413,0412,100746195321470
Philippines61534954100195150
Slovak Republic2121
South Africa336
Taiwan Province of China160160
Thailand25050010035050
Turkey61573207
Venezuela2307572,175
Private sector5,12511,48029,32332,6359,0255,6958,6219,2942,7306,978
Argentina2651,2303,9022,580760500445875194
Bolivia1010
Brazil6962,8254,8463,798945605952,1981171,595
Chile3225555
Colombia208125310
Czechoslovakia, former15
Guatemala60
Hong Kong3107,0976,2741,8169161,7071,836629803
India556591239102250
Indonesia3932444851,640520750345252097
Jamaica5555
Korea1,2791,4231,9183,2776957718011,0101,4712,164
Liberia170
Malaysia1,885230735220700175
Mexico2,0014,6817,2473,9081,5225001,393494338
Pakistan4545
Panama851,248250998225
Peru30100404020
Philippines20509958100335245278100
Russia7575
Singapore613366527248
South Africa22731,08859332017515869
Taiwan Province of China22960781,80431656173619171ISO
Thailand172591,7232,5361,173232790341265680
Turkey131501646599
Uruguay40
Venezuela75209240
Total14,03124,39462,67158,38318,2348,97615,72715,4515,33314,351
Memorandum
Share in total issues by developing countries (in percent)
Sovereign issues32.023.226.222.026.05.724.423.311.336.1
Public issues31.529.727.022.324.630.920.816.537.515.3
Private sector issues36.547.146.855.749.563.454.860.251.248.6
Sources: IMF staff estimates based on Euromoney database; Financial Times; and International Financing Review.
Table A6.International Bond Issues by Developing Countries by Sector of Borrower
19911992199319941995 (first half)
In millions of U.S. dollars
Financial sector5,24312,61828,77726,50311,674
Banks4,5749,15320,08018,2999,837
Other6693,4658,6978,2041,838
Coal, gas, and oil1,4931,3626,6902,154912
Construction1,1763162,0302,620367
Electrical3981807391,191975
Government3,0374,52310,81511,1623,586
Iron and steel1796061,1301,234270
Manufacturing70150861234
Real estate63601,1892,95640
Telecommunications9459481,1522,038323
Transportation1362891,1781,042182
Utilities5802,6072,376454
Other1,2912,7625,5024,412902
Total14,03124,39462,67158,38819,685
In percent of total
Financial sector37.451.745.945.459.3
Banks32.637.532.031.350.0
Other4.814.213.914.19.3
Coal, gas, and oil10.65.610.73.74.6
Construction8.41.33.24.51.9
Electrical2.80.71.22.05.0
Government21.618.517.119.118.2
Iron and steel1.32.51.82.11.4
Manufacturing0.50.61.40.4
Real estate0.40.21.95.10.2
Telecommunications6.73.91.83.51.6
Transportation1.01.21.91.80.9
Utilities2.44.24.12.3
Other9.211.48.88.34.6
Total100.0100.0100.0100.0100.0
Sources: IMF staff estimates based on Euromoney database; Financial Times; and International Financing Review.
Table A7.Average Maturity for Unenhanced Bond Issues by Developing Countries1(In years)
19941995
1991199219931994Q1Q2Q3Q4Q1Q2
Sovereign borrower3.85.76.86.18.03.04.85.03.5
Argentina2.04.77.63.31.03.05.0
Barbados4.23.05.0
Chile5.05.0
China10.010.010.0
Colombia5.07.910.05.0
Czech Republic3.0
Czechoslovakia, former3.0
Hungary5.010.011.65.05.0
Lebanon3.03.0
Mexico5.0
Pakistan5.05.0
Philippines3.0
Poland5.0
Saudi Arabia5.05.0
South Africa5.0
Thailand8.8
Trinidad and Tobago5.010.010.0
Turkey5.02.0
Uruguay3.05.07.07.0
Venezuela5.02.5
Public sector4.44.77.56.67.44.16.35.65.03.3
Argentina3.07.410.03.02.0
Brazil1.72.73.81.0
Chile7.17.1
China5.06.77.88.07.5
Colombia4.15.05.0
Costa Rica3.03.0
Czech Republic5.05.05.0
Hong Kong4.87.05.55.05.010.0
Indonesia3.05.85.06.4
Korea5.09.54.55.04.33.05.05.0
Malaysia10.010.010.0
Malta15.015.0
Mexico5.46.28.86.46.83.01.0
Philippines5.23.03.07.0
Slovak Republic3.03.0
Thailand5.08.27.08.39.8
Turkey5.0
Venezuela5.02.5
Private sector3.53.95.15.44.36.85.45.05.03.7
Argentina5.03.95.24.54.53.22.26.6
Bolivia1.01.0
Brazil2.02.93.02.92.12.93.11.01.6
Chile7.05.05.0
Colombia10.010.05.0
Hong Kong6.27.74.67.910.05.04.3
India5.05.0
Indonesia6.36.37.06.33.01.0
Korea3.34.36.04.75.04.15.114.64.86.2
Malaysia10.010.0
Mexico4.14.75.95.65.06.26.64.2
Panama1.01.01.0
Peru1.0
Philippines3.08.710.06.0
Taiwan Province of China5.0
Thailand5.05.05.95.56.06.56.0
Uruguay5.0
Venezuela2.9
Total4.04.46.25.96.86.15.45.15.03.7
Sources: IMF staff estimates based on Euromoney database; Financial Times; and International Financing Review.
Table A8.Yield Spread at Launch for Unenhanced Bond Issues by Developing Countries and Regions1(In basis points)
19941995
1991199219931994Q1Q2Q3Q4Q1Q2
Sovereign borrower271292270193107450212272286
Argentina375324301250125190350
Barbados420450400
Chile150150
China888585
Colombia215153148160
Czech Republic272
Czechoslovakia, former300
Hungary300275259160160
Lebanon325325
Mexico208
Pakistan385385
Philippines320
Poland185
Saudi Arabia2525
South Africa193193
Thailand74
Trinidad and Tobago565425425
Turkey210386
Uruguay275228158158
Venezuela235386
Public sector3112801791321381548214068425
Argentina440269232333344
Brazil472467487415
Chile138138
China6175103105100
Colombia243180180
Costa Rica395395
Czech Republic116120110
Hong Kong33981372064890
Indonesia100142140144
Korea5383373934396840
Malaysia110100100
Malta115115
Mexico28521718013814487650
Philippines254167167305
Slovak Republic325325
Thailand489312383103
Turkey175
Venezuela275264212
Private sector31036535626427125522830567217
Argentina355392387410372414419430
Bolivia500500
Brazil485459518387365406388350410
Chile194125125
Colombia641641220
Hong Kong93907593978980
India285285
Indonesia405445300515325160
Korea54987655887844463954
Malaysia8989
Mexico460411345280228459240322
Panama606088
Peru706
Philippines37530035019095
Thailand534313410914514710293
Uruguay300
Venezuela463
Memorandum
Africa193193
Asia4975117127901521481216088
Europe300243253133135120160110286
Middle East201201
Western Hemisphere344387362285205365277375350383
Total29932928321016423219926768248
Sources: IMF staff estimates based on Euromoney database; Financial Times; and International Financing Review.
Table A9.Enhanced and Floating-Rate International Bond Issues by Developing Countries
19941995
199219931994Q1Q2Q3Q4Q1Q2
Number of issues with enhancements as percentage of total1
Africa
Enhanced100635010067
Convertible502510067
Secured1001325
Floating-rate
Asia
Enhanced404856695947474459
Convertible304237653129192729
Put option342434323433374455
Secured141942
Floating-rate342535153540544957
Europe
Enhanced173181738
Convertible517
Put option13513
Secured43141725
Floating-rate4614202530
Middle East
Enhanced1007510033100
Convertible10
Guaranteed907510033100
Floating-rate2050
Western Hemisphere
Enhanced2016181922251311
Convertible156176
Put option66766694
Secured1496461447
Floating-rate67191928221314
All developing countries
Enhanced242842494839333837
Convertible81523382721102317
Guaranteed22412
Put option131222192722213833
Secured96548742
Floating-rate121327153233334040
Percentage of total issue amount
Enhanced issues2237463638281524
Africa100546610019
Asia223945563940421945
Europe317615
Middle East1007710045100
Western Hemisphere261021213334914
Floating-rate issues91124162832253830
Africa
Asia241832153138464951
Europe121027813
Middle East142320
Western Hemisphere58202626181219
Sources: IMF staff estimates based on Euromoney database; Financial Times; and International Financing Review.
Table A10.International Bond Issues by Developing Countries by Currency of Denomination
19941995
1991199219931994Q1Q2Q3Q4Q1Q2
In millions of U.S. dollars
U.S. dollar9,58817,12046,60343,52214,6156,18712,00110,7193,1758,830
African borrowers501701,845600320925
Asian borrowers2,5314,13617,77721,5426,1623,9496,8514,5812,6373,816
European borrowers3001,0641,1551,115291250250324505
Middle Eastern borrowers4002,0522,9931,0001,243750
Western Hemisphere borrowers6,30711,92125,45016,0266,5621,9893,3374,1395384,509
Deutsche mark1,7042,2474,5661,5591415401297492031,250
African borrowers261409
Asian borrowers95122132702618064203
European borrowers1,0231,0333,301425425536
Western Hemisphere borrowers3246831,25286411536065324714
Yen1,7473,8008,1158,4071,6151,5342,3912,8671,6333,324
African borrowers278278251520
Asian borrowers1,2291,3043,0064,8556421,5341,7749051,128870
European borrowers5182,4964,3141,562695558309254989
Western Hemisphere borrowers7951,713601,653945
European currency unit (ECU)410626107
African borrowers315
European borrowers235186107
Western Hemisphere borrowers175126
Other currencies5836003,3874,9001,8637151,2061,116322841
African borrowers59359315869
Asian borrowers2183461,2023,2301,199526758748164649
European borrowers518874417118911467
Western Hemisphere borrowers3652031,297635335301123
Total14,03124,39462,67158,38818,2348,97615,72715,4515,33314,351
In percent
Share in total issues by developing countries
U.S. dollars68707475806976696062
Deutsche mark12973161549
Yen1216131491715193123
ECU331
Other42581088766
Share in total issues in global bond market
U.S. dollars31373941433738433736
Deutsche mark71011776791316
Yen1313121882124211423
ECU1061222213
Other39333733403430263525
Sources: IMF staff estimates based on Euromoney database; Financial Times; and International Financing Review.
Table A11.Maturing Bonds Issued by Developing Countries and Regions1(In millions of U.S. dollars)
Projections
1990199119921993199419951996199719981999200020012002
All developing countries2,3993,5755,1568,65611,56018,99523,51027,08329,97623,61223,65913,1846,755
Africa9937997176565964682846631428551,337
Algeria134161448384500
South Africa9337995832745028284663142855396
Asia4591,1662,6023,3153,0956,1946,7218,15610,98212,05313,2208,4162,393
China39899018752041,4872,1831,9272,3621,770450770
Hong Kong402363231451724517355432,6192,2653,9342,24898
India102814085143563446384231,400530455
Indonesia75200433502001189211705433151,237385
Korea1872741403591,4792,8272,6632,7673,5594,1915,9815961,218
Malaysia60604906456473200209416330300190
Philippines30434002502652051190150
Taiwan Province of China36100402322073451,544125
Thailand25379117226796248661,1628051,062340
Europe201264004697863,8134,9523,9015,2025,2424,5212,1511,432
Czech Republic375400386
Hungary2076752073378121,6431,3332,3892,6102,6401,361937
Turkey3251622051,6961,7092,4372,3431,5951,386790496
Middle East1184072149672,10120365400352402490
Israel724008791,74320265352122340
Western Hemisphere8091,0771,2233,2494,9828,50011,18713,96313,2985,0594,0912,6182,930
Argentina157225001,1561,9982,71736,4211,545960150
Brazil2809692,0253,2123,4954,9171,608171218482786
Chile200120150200120150
Colombia110150325560210
Mexico4487947111,0941,7392,3014,1825,3526,4432,5731,8101,936693
Panama111867688853572251001,101
Venezuela1011272943161,1551,097418875125713200
Sources: IMF staff estimates based on Euromoney database; Financial Times; and International Financing Review.
Table A12.International Equity Issues by Region and Sector, Annual Average 1991-94(In millions of U.S. dollars)
All Developing CountriesAfricaAsiaEuropeMiddle EastWestern Hemisphere
Financial sector84210749697601,391
Banks695485911,191
Other14710711660200
Coal, gas, and oil82917951,794
Construction56861601,094
Electronics517676562
Iron and steel548800245
Manufacturing27663842
Mining224118101125
Public utilities8541,039334
Real estate251483427
Telecommunications1,9221,49244592,979
Textiles4816801228
Transportation285155301152
Other3,1431412,7542151843,375
Total10,7405289,79837786411,584
Financial sector7.820.35.125.86.912.0
Banks6.54.924.210.3
Other1.420.30.11.76.91.7
Coal, gas, and oil7.71.81.315.5
Construction5.31.11.69.4
Electronics4.86.965.0
Iron and steel5.18.22.1
Manufacturing2.66.50.4
Mining2.122.31.01.1
Public utilities8.010.62.9
Real estate2.34.91.00.2
Telecommunications17.915.211.76.825.7
Textiles4.56.93.20.2
Transportation2.729.43.11.3
Other29.326.828.156.921.229.1
Total100.0100.0100.0100.0100.0100.0
Sources: IMF staff estimates based on Euromoney database; Financial Times; and International Financing Review.
Table A13.Medium- and Long-Term Syndicated Loan Commitments1
19941995
1991199219931994Q1Q2Q3Q4Q1Q22
Developing countries41,13635,02138,94953,09511,07215,46315,90810,80213,23417,701
Loans without guarantee33,11227,01629,76540,6459,21411,83310,2859,46411,21014,067
Loans with guarantee8,0248,0059,18312,4501,8583,6305,6231,3382,0243,634
Africa4,9165,0741,4375231781373087483,780
Algeria3,0143,4416243,200
Angola32512
Cameroon60
Côte d’Ivoire154
Ethiopia37
Ghana751007710
Guinea-Bissau26
Kenya8
Lesotho67
Liberia14210978325
Mali125
Mauritius7108108
Morocco402759010010020
Mozambique68
Nigeria95
Seychelles3
South Africa58118721715530125348282
Sudan65
Tunisia6003602454343240268
Zaïre296
Zambia1411
Zimbabwe10050381130
Asia14,30418,27925,13534,1426,7588,26111,3447,7799,6607,799
Bangladesh2
Brunei Darussalam4343
China2,2564,1505,2746,6251,3561,3552,5971,3161,7141,560
Hong Kong1,4951,1203,2063,4662751,779730682939848
India3822877751,174327170395282509820
Indonesia3,7432,3781,7973,0206643277951,2341,3361,101
Korea3,1022,2292,6425,8368878643,1859001,3921,546
Macao4625810315610
Malaysia1582,1771,9032,6934711,446456320500
Nauru5080
Pakistan1844075741,45515401,009381430440
Papua New Guinea3249090
Philippines1751,23974740316220932120
Singapore23925250987721853606388320
Sri Lanka18818894
Taiwan Province of China2651,6765821,44711617925090328840
Thailand1,8632,3447,0196,4172,3281,5408551,6942,0451,003
Vietnam2020271591002534172
Europe8,4254,8444,0197,7711,1752,1453,2321,3697231,454
Bulgaria41150
Cyprus135355072722
Czech Republic1705669214105240240
Czechoslovakia, former1658
Estonia844
Georgia20
Hungary17226925293817510027339056231
Kazakstan200
Kyrgyz Republic73140
Malta10092218218
Poland2361052363811311995125242
Romania37516060150
Russia7562912,828761,4301,158163268105
Slovak Republic1010
Slovenia11511411416
Turkey1,7093,2702,6062,5439112101,3487320585
Ukraine8
U.S.S.R., former6,078
Uzbekistan105383890
Middle East8,4361,3501,3236,9951,8754,4911235061,2093,597
Bahrain6814259201,107751,032168200
Egypt98105191717
Iran, Islamic Republic of1,563462779
Israel10010011662720034979
Kuwait5,500135908686440
Lebanon720630
Oman30037723102931757
Qatar4,8481,6002,818204102,677
United Arab Emirates19535250
Yemen, Republic of100
Western Hemisphere5,0555,4737,0363,6641,0865661,1718418941,070
Argentina742591,4939354511286029725030
Barbados2012
Belize20
Bolivia16
Brazil49393977724348100573380101
Chile14871345122775152170525
Colombia1,8051151153127973160140
Costa Rica4
Dominican Republic6
Ecuador1855
El Salvador22869663
Guatemala5151
Jamaica213
Mexico2,1372,2071,9891,27523715877910252147
Panama6380183850125152267
Peru5651438954
Trinidad and Tobago450
Uruguay9
Venezuela2871,1422,02322118140
Source: IMF staff estimates based on Euromoney database.
Table A14.Average Interest Spreads of New Medium- and Long-Term Loans to Developing Countries(In basis points)
19941995
1991199219931994Q1Q2Q3Q4Q1Q2
Developing countries80100961001089298101102107
Africa87941011081508821880
Algeria75935381
Côte d’Ivoire75
Ghana150
Lesotho175
Liberia110
Mauritius1137575
Morocco150150
South Africa20010310322050
Tunisia136125
Zimbabwe13880150110
Asia881008696108879010297105
China8111183881059182878290
Hong Kong119926768605511210912394
India1251002601281501281071158090
Indonesia118182136180146162240179143150
Korea56697761623965486644
Macao100125125100
Malaysia102795347754145
Pakistan110175178187107109181
Philippines166243150150144
Singapore150200108108134100
Taiwan Province of China70721119310069101
Thailand648382116116135871107772
Vietnam163100225225
Europe10410210515914914519511850187
Cyprus60603333
Czech Republic922507748
Czechoslovakia, former75
Hungary9013420015818814417513863182
Malta5346
Poland250375325325
Romania7588125125275
Slovenia233159159
Turkey881039515911017521165167
U.S.S.R., former118
Uzbekistan300
Middle East5186109901009786634788
Bahrain7110110499100994788
Egypt100125125
Kuwait50507575
Lebanon
Oman501446868
Qatar9613863
United Arab Emirates60
Western Hemisphere881121336152288607163141
Argentina21375401165228888
Barbados175
Brazil238
Chile1759713863128
Colombia106
Mexico20116100
Panama536050
Uruguay75
Venezuela200134168
Source: IMF staff estimates based on Euromoney database.
Table A15.Average Maturity of New Medium- and Long-Term Loans to Developing Countries1(In years)
19941995
1991199219931994Q1Q2Q3Q4Q1Q22
Developing countries6.56.96.67.05.45.88.26.36.88.1
Africa8.45.76.98.912.07.86.28.7
Algeria8.86.66.89.3
Angola3.01.0
Cameroon5.0
Côte d’Ivoire10.0
Ghana7.01.11.1
Guinea-Bissau3.0
Lesotho6.0
Mauritius3.712.012.0
Morocco10.06.912.012.012.01.0
Mozambique12.0
Nigeria4.0
South Africa6.28.55.73.43.46.51.0
Sudan12.0
Tunisia4.66.510.010.06.59.0
Zaïre10.5
Zimbabwe6.01.01.01.0
Asia7.77.47.17.45.55.28.77.07.57.0
China8.68.28.96.54.35.97.06.68.17.2
Hong Kong8.915.62.85.03.95.13.65.97.87.5
India7.52.69.46.67.62.17.93.26.110.2
Indonesia7.83.67.95.15.61.52.65.52.53.2
Korea7.35.44.99.35.34.711.07.810.74.7
Macao7.37.37.07.52.5
Malaysia5.38.97.86.16.33.05.38.012.0
Nauru3.0
Pakistan2.01.32.68.71.010.12.31.44.5
Philippines5.06.06.66.03.08.27.05.0
Singapore9.44.55.03.05.01.74.312.2
Sri Lanka11.711.712.0
Taiwan Province of China22.56.45.16.13.88.55.66.04.5
Thailand3.86.05.66.65.65.86.08.96.23.7
Vietnam8.55.35.53.88.08.85.2
Europe4.78.74.06.75.810.56.64.25.93.9
Bulgaria6.0
Cyprus5.05.05.05.55.5
Czech Republic4.912.320.011.75.13.8
Czechoslovakia, former6.8
Estonia10.010.010.0
Georgia5.0
Hungary4.66.34.94.05.04.05.62.35.24.6
Kazakstan4.2
Kyrgyz Republic4.5
Malta4.56.9
Poland6.37.27.24.34.07.05.02.09.3
Romania10.57.61.01.01.0
Russia7.36.36.93.97.26.38.45.4
Slovenia2.83.33.37.0
Turkey3.59.53.65.96.57.95.51.03.01.9
Ukraine1.0
U.S.S.R., former4.9
Uzbekistan3.510.010.0
Middle East4.75.45.36.04.56.08.35.05.111.5
Bahrain10.04.95.54.84.54.93.85.0
Egypt10.02.82.8
Iran2.43.95.0
Israel10.010.510.5
Kuwait4.37.06.710.010.012.0
Lebanon6.85.5
Oman5.07.03.54.34.36.0
Qatar5.04.96.65.012.0
United Arab Emirates10.07.0
Yemen, Republic of4.0
Western Hemisphere8.45.96.84.13.95.75.32.56.26.0
Argentina5.08.97.23.22.55.03.33.0
Barbados10.02.0
Bolivia2.8
Brazil5:35.35.25.22.07.05.71.05.01.0
Chile5.07.73.95.97.05.34.37.4
Colombia9.03.37.22.55.05.02.112.0
El Salvador2.912.013.013.0
Jamaica6.5
Mexico8.46.46.85.24.25.07.05.41.0
Panama2.04.01.01.01.011.26.5
Peru1.4
Trinidad and Tobago2.8
Uruguay3.5
Venezuela3.54.17.85.05.05.0
Source: IMF staff estimates based on Euromoney database.
Table A16.Medium- and Long-Term Loans by Region and Sector, Annual Average 1991–94(In millions of U.S. dollars)
All Developing CountriesAfricaAsiaEuropeMiddle EastWestern Hemisphere
Financial sector4,554463,193815217282
Banks3,397372,077803215266
Other1,15791,11713316
Coal, gas, and oil7,2151,3182,8308631,231974
Construction855876692548
Electronics5034731956
Government9,7521,1252,9982,8231,7171,089
Iron and steel70624253111123195
Manufacturing3939
Mining6645817545387
Public utilities3,09832,17622123676
Real estate50647433
Telecommunications1,831181,21815850389
Textiles21720116
Transportation7,4073665,206434761641
Other4,743242,964758374622
Total42,0882,98822,96563024,5265,308
Financial sector10.81.513.912.94.85.3
Banks8.01.29.012.74.75.0
Other2.70.34.80.20.10.3
Coal, gas, and oil17.244.112.313.727.218.3
Construction2.00.33.30.10.50.9
Electronics1.22.00.30.10.1
Government23.237.713.144.837.920.5
Iron and steel1.70.81.11.82.73.7
Manufacturing0.10.2
Mining1.61.90.80.77.3
Public utilities7.30.19.43.50.512.7
Real estate1.22.10.5
Telecommunications4.30.65.32.51.17.3
Textiles0.50.90.2
Transportation17.612.222.76.916.812.1
Other11.30.812.912.08.311.7
Total100.0100.0100.0100.0100.0100.0
Source: IMF staff estimates based on Euromoney database.
Table A17.Net Bond and Equity Purchases by Emerging Markets Mutual Funds1(In millions of U.S. dollars)
1994
19901991199219931994Q1Q2Q3Q41995:Q1
Equities6,4642,5118,44817,55958,15019,6252,3906,01630,1192,460
Global1,0764573,9085,24322,4496,4368142,34312,855516
Asia4,6321,7983,38511,35526,0399,5303973,50412,6098
Regional1,9768761,5779,17720,5246,473-10714,158860
China26401,0167902,16553228449285774
Hong Kong27129016850-4115143-199
India4122-773771,8511,3422091,305-1.005176
Indonesia28514630-746666-42162-120112
Korea407352342791544294398956-1,104-2
Malaysia and Singapore33154-64-62-1174-77166-174-104
Pakistan253482190-9-226425-13
Philippines302-693-806732191-5721
Taiwan Province of China368427388461350773-159149-413-232
Thailand525-64-150-445-73-12532182-163-514
Vietnam916471982718916152
Latin America652366781,3627,5872,1661,031-2604,6501,722
Regional1852674461,6256,5742,2171521034,103757
Brazil244-60108-12047520542-12943186
Chile124-137-219686-126326-180666670
Mexico99-15811776-1485312-53-162110
Europe103199393-4481,08574169317-42-61
Regional102141313-33680369644173-110-50
Hungary-1251049712-2218-23
Russia18311865-2
Turkey1588013-5-521348-1415
Africa and Middle East24479907527911247275
Bonds4003238273,6194,4181,8614592091,889832
Total funds6,8642,8349,27521,17862,56821,4862,8496,22532,0083,292
Memorandum
Number of total funds594908694745845908960
Bond funds478867778088102
Equity funds225290448547820627668765820858
Total net asset value14,22020,88033,28190,056131,99893,32496,225121,800131,998119,543
Bond funds9001,7003,7505,9548,1495,2346,4509,2388,1497,714
Equity funds13,32019,18029,53184,102123,84987,09089,775114,562123,849111,829
Sources: Emerging Markets Fund Research, Inc.; Lipper Analytical Services, Inc.; and IMF staff estimates.
Table A18.Emerging Markets Open-End Mutual Funds
December 1993March 1994June 1994September 1994December 1994March 1995
Number of fundsNet assets1Number of fundsNet assets1Number of fundsNet assets1Number of fundsNet assets1Number of fundsNet assets1Number of fundsNet assets1
Overseas open-end funds35736,40840236,24442337,18349748,82951143,63254338,704
Equities32534,35236133,57137934,65345046,04345939,63548234,711
Global203,161284,238324,232437,211477,097515,176
Pacific Basin808,791878,314878,845919,567948,892978,439
Africa
Asia19520,61921118,25421919,00025725,66625120,67126318,564
Regional9514,68010312,50810412,80711615,09212014,06012512,898
China104131226312247132961525718313
Hong Kong197282059121526245972763625458
India262769258938132,1361694821835
Indonesia775758657925971608103
Korea231,426231,686272,141373,601252,055261,957
Malaysia and Singapore92621021810227924792149205
Malaysia734972777223838672837211
Philippines3493264424110357334
Singapore4624444555135470455
Taiwan Province of China81,36781,33281,390102,050101,46991,101
Thailand858183268347975784628394
Europe10207111429116
Latin America301,781352,765412,576493,392562,833622,416
Regional261,592312,597312,033402,600392,103421,796
Brazil638466581464717543
Mexico4189416841593134383377
Bonds322,056412,673442,530472,786523,997613,993
Global52666415736683971339915412
Pacific Basin214214214214213213
Africa1919171717
Asia2123694894963101397
Regional11259379388293289
Philippines111110110181818
Europe1112226
Latin America231,764292,166302,052322,272323,365383,438
Regional12650131,062111,039131,280132,477132,379
Brazil3190323042749588
Mexico111,114161,10416823167621561416471
U.S. open-end funds4714,1377820,6049522,23511428,12413746,58215943,879
Equities4313,6557019,9978321,28410226,84112245,36314142,682
Global1101156,691236,925329,3494216,1104814,545
Pacific Basin3411,3124010,1434911,3785813,1426523,4207423,986
Latin America82,242153,163112,981124,350155,833194,151
Bonds4482860712951121,283151,219181,197
Source: Lipper Analytical Services, Inc.
Table A19.Emerging Markets Closed-End Mutual Funds
December 1993March 1994June 1994September 1994December 1994March 1995
Number of fundsNet assets1Number of fundsNet assets1Number of fundsNet assets1Number of fundsNet assets1Number of fundsNet assets1Number of fundsNet assets1
Closed-end funds17833,45021436,47622736,80623444,84726041,78425836,960
Equities16730,03419633,52220433,83721341,67823938,85123534,436
Global198,7102310,5162410,2882612,8102911,7702910,461
Africa538774137592761181,005
Asia10914,75012515,36012616,00812919,41014418,90613916,640
Regional193,726274,124274,115265,079294,761284,064
China201,947211,665221,651232,643232,474222,381
India51,19082,477112,836123,101142,901152,463
Indonesia127331364113588136191354811443
Korea171,561171,595171,865172,145182,213162,091
Malaysia and Singapore788676637688782376717674
Subcontinent2322032265291
Philippines561265096535660265976525
Taiwan Province of China590671,30871,41571,62191,793101,644
Thailand142,877142,059142,197142,535142,299141,756
Vietnam2922932118424252725308
Europe10757131,05512998161,255211,288221,403
Regional64339795107438814107759846
Hungary218021952185218031993195
Russia313151977216
Turkey2144265270313031173146
Middle East29922123193320242364240
Latin America275,718285,992325,937327,409346,040334,687
Regional142,117162,458192,470203,142212,635211,919
Brazil450657245604488557074497
Chile61,39741,27951,43551,66951,73951,673
Mexico31,69831,53131,42831,71339593598
Bonds113,416182,954212,969213,169212,933232,524
Global72,80692,325112,321112,502112,319132,092
Africa and Middle East228225226225225225
Europe118119118119116
Latin America258265867603762475707391
Source: Lipper Analytical Services, Inc.

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