Chapter

Statistical Appendix

Author(s):
International Monetary Fund
Published Date:
January 1991
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Table A1.Change in Interbank Claims and Liabilities, 1985–First Quarter 19911(In billions of U.S. dollars)
198519861987198819891990First

Quarter

1991
Total change in claims2217450660480653479
Industrial countries18437646539345237714
Of which:
United States336983695916–12
Japan4014819218513647–54
Developing countries38416–295
Offshore centers4198116382171112–18
Other transactors57–1115830–20–2
Memorandum items
Capital-importing developing countries3,68414–6–287
Non-oil developing countries3,76414–8568
Fifteen heavily indebted countries–12–10–3–92
Total change in liabilities8213466625445651432–60
Industrial countries168364439327464384–23
Of which:
United States856356361–1–14
Japan4011114514712558–41
Developing countries31–1033194145–1
Offshore centers4371171379513525–33
Other transactors58–516412–21–3
Memorandum items
Capital-importing developing countries3,65225123650
Non-oil developing countries3,72925133341–2
Fifteen heavily indebted countries–3–75–1713
Change in total net claims95–16353524759
Industrial countries16122666–12–737
Of which:
United States2513486–2173
Japan–137473912–11–14
Developing countries3714–17–20–41–356
Offshore centers4–18–3626–14368715
Other transactions5–1–5–141821
Memorandum items
Capital-importing developing countries3,6–32–10–18–38–427
Non-oil developing countries3,75–5–12–22–37–3410
Fifteen heavily indebted countries36–3–9–10–222
Net errors and omissions10–516–35–35–2–47–59
Sources: International Monetary Fund, International Financial Statistics (IFS); and IMF staff estimates.
Table A2Change in Claims on Nonbanks and Liabilities to Nonbanks, 1985–First Quarter 19911(In billions of U.S. dollars)
198519861987198819891990First

Quarter

1991
Total change in claims260881397418726352
Industrial countries2538798112020425
Of which:
United States2125233935492
Japan5311836541
Developing countries3–4–26–311–67
Offshore centers4105131016–4
Other transactors5342392
Unidentified borrowers6264351–7434121
Memorandum items
Capital-importing developing countries3,7–3–17–38–34
Non-oil developing countries3,8–3–18–1108
Fifteen heavily indebted countries–5–11–5–19–1
Total change in liabilities9881181359516121312
Industrial countries2760535010711637
Of which:
United States142623216251
Japan121213–3
Developing countries322315183427–6
Offshore centers4913751318–4
Other transactors51–112122
Unidentified depositors630425820650–17
Memorandum items
Capital-importing developing countries3,716611132321–3
Non-oil developing countries3,814711122020–3
Fifteen heavily indebted countries8256108–1
Change in total net claims on10–27–293–22265040
Industrial countries–1–2225311388–2
Of which:
United States8–111928241
Japan–13301622571
Developing countries3–26–5–9–21–23–3313
Offshore centers4–8–6–2–4–2
Other transactors5251–2371
Unidentified (net)6–31–7–2737–938
Memorandum items
Capital-importing developing countries3,7–19–7–5–16–15–237
Non-oil developing countries3,8–16–8–3–13–10–1910
Fifteen heavily indebted countries–13–3–4–11–10–27
Sources: International Monetary Fund, International Financial Statistics (IFS); and IMF staff estimates.
Table A3Long-Term Bank Credit Commitments to Developing Countries, 1984–First Quarter 19911(In billions of U.S. dollars)
First Quarter
1984219853198641987519886198971990819901991
Developing countries929.216.022.816.417.518.217.83.42.6
Spontaneous lending12.713.814.714.111.815.916.62.22.6
Concerted lending1016.52.28.12.35.72.31.31.2
Capital importing countries928.114.421.416.317.216.817.83.42.6
Spontaneous lending11.612.213.314.011.514.516.62.22.6
Concerted lending1016.52.28.12.35.72.31.31.2
Africa0.61.51.80.70.60.50.60.1
Spontaneous lending0.51.40.70.40.50.60.1
Concerted lending100.10.40.2
Asia9.47.58.28.57.88.910.71.92.6
Spontaneous lending8.57.58.28.57.88.310.71.92.6
Concerted lending100.90.6
Europe1.62.82.84.12.22.71.7
Spontaneous lending1.62.82.84.11.92.71.7
Concerted lending100.3
Middle East0.40.30.10.30.20.70.1
Spontaneous lending0.40.30.10.30.20.60.1
Concerted lending100.1
Western Hemisphere16.12.48.52.76.44.14.81.4
Spontaneous lending0.60.20.80.41.23.0112.7110.2
Concerted lending1015.52.27.72.35.21.12.11.2
Memorandum items
Other countries n.i.e.1.93.52.11.52.51.53.0
Offshore banking centers0.90.4120.70.30.42.43.00.20.7
Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and IMF staff estimates.
Table A4Bank Credit Commitments by Country of Destination,1984–First Quarter 19911(In billions of U.S. dollars)
First Quarter
198419851986198719881989199019901991
Industrial countries32.032.440.554.395.797.690.218.211.6
Australia2.42.65.03.13.88.22.61.11.6
Belgium0.90.70.80.30.90.51.10.9
Canada2.77.06.22.13.95.98.31.30.5
Denmark0.70.30.50.80.90.51.00.30.1
France2.04.13.73.07.55.96.70.91.8
Italy4.75.16.05.44.37.613.22.11.6
Spain3.52.64.51.11.71.71.80.70.3
Sweden0.41.00.10.52.30.72.70.81.1
United Kingdom3.31.52.212.932.119.822.42.80.3
United States5.33.55.215.728.332.911.72.92.7
Other6.14.06.39.410.013.918.74.41.6
Developing countries229.216.022.816.417.518.217.83.42.6
Capital-importing developing countries228.114.421.416.317.216.817.83.42.6
Africa0.61.51.80.70.60.50.60.1
Côte d’lvoire0.10.10.2
Morocco0.10.10.1
Nigeria0.3
South Africa0.2
Other0.31.31.50.70.30.50.50.1
Asia9.47.58.28.57.88.910.71.92.6
China0.22.31.93.32.71.61.30.81.0
India0.60.21.21.81.61.40.70.30.1
Indonesia1.60.11.01.60.52.33.90.30.7
Korea3.73.71.50.91.20.71.90.20.4
Malaysia1.00.21.20.30.80.10.5
Philippines0.90.7
Thailand0.80.71.10.30.80.81.20.30.3
Other0.60.30.30.30.21.31.20.1
Europe1.62.82.84.12.22.11.7
Hungary0.80.90.81.40.20.8
Turkey0.41.62.02.61.71.71.6
Yugoslavia0.3
Other0.40.30.10.20.1
Middle East0.40.30.10.30.20.70.1
Egypt0.10.5
Jordan0.30.20.20.20.1
Other0.10.10.10.1
Western Hemisphere16.12.48.52.76.44.64.81.4
Argentina4.22.1
Brazil6.55.20.1
Chile0.81.10.20.3
Colombia0.41.10.20.11.01.61.8
Ecuador0.20.20.4
Mexico3.87.71.30.5
Peru
Venezuela1.41.4
Other0.20.20.40.11.10.8
Other countries n.i.e.31.93.52.11.52.51.53.0
Bulgaria0.50.30.10.3
Czechoslovakia0.10.30.20.20.3
U.S.S.R.0.91.51.30.82.20.93.0
Other1.01.50.50.20.10.1
Offshore banking centers0.90.40.70.30.42.43.00.20.7
International organizations and unallocated3.54.05.211.710.03.37.30.50.9
Total67.556.371.384.3126.1123.0121.322.315.8
Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly; and IMF staff estimates.
Table A5External Assets of BIS Reporting Banks by Maturity and Undisbursed Credit Commitments, December 1986–June 1990(In billions of U.S. dollars)
December 1986December 1987December 1988December 1989June 1990
External assetsExternal assetsExternal assetsExternal assetsExternal assets
TotalUp to and

including

one year
Undisbursed

credit

commitments
TotalUp to and

including

one year
Undisbursed

credit

commitments
TotalUp to and

including

one year
Undisbursed

credit

commitments
TotalUp to and

including

one year
Undisbursed

credit

commitments
TotalUp to and

including

one year
Undisbursed

credit

commitments
Claims on
Industrial countries

outside the BIS reporting area
91.540.422.8106.549.527.1107.749.931.3112.954.233.6117.358.732.6
Australia34.415.812.239.418.215.742.319.519.445.521.921.447.923.419.8
Norway17.510.03.923.214.33.921.513.04.122.814.25.424.315.86.0
Other39.614.66.743.917.07.543.917.47.844.618.16.845.119.56.8
Developing countries493.8202.566.5522.3214.274.6492.5199.477.5479.2200.676.3455.3197.774.9
Capital-importing developing countries467.0182.061.7493.3192.169.3464.0178.071.9447.3176.570.7423.9174.968.8
Africa66.631.77.473.233.48.866.929.19.564.430.29.964.929.49.5
Côte d’lvoire3.30.90.33.61.50.13.31.70.23.32.10.33.02.00.2
Morocco4.92.30.25.22.30.54.61.30.54.61.50.44.61.70.4
Nigeria9.95.10.710.84.50.79.03.80.97.32.40.87.02.30.8
South Africa15.611.01.716.09.41.514.67.21.413.99.01.814.17.42.2
Zaïre0.80.30.11.00.40.21.10.50.31.00.50.41.10.60.2
Other32.112.14.436.615.35.834.314.66.234.314.76.235.115.45.7
Asia99.943.224.9113.152.227.9113.653.529.1115.857.429.6115.759.329.1
China6.63.16.312.04.78.016.76.59.018.05.86.018.86.15.0
India6.72.72.28.42.82.29.32.72.410.63.02.710.83.32.6
Indonesia15.96.43.717.76.54.217.97.44.318.88.34.020.110.44.6
Korea27.212.45.923.813.05.721.512.56.123.315.66.523.415.56.2
Malaysia10.82.31.110.01.81.08.41.71.07.81.80.96.91.81.1
Philippines13.95.50.913.14.10.711.62.80.99.62.91.29.13.01.2
Thailand6.72.52.07.52.42.48.33.51.810.65.82.211.77.02.4
Other12.18.32.820.616.93.719.316.43.617.114.26.114.912.26.0
Europe43.515.34.849.816.56.344.714.86.344.213.65.745.415.05.8
Hungary10.03.41.212.43.21.511.73.01.312.93.11.311.22.71.1
Poland10.72.40.311.93.30.510.33.10.410.02.80.410.12.50.7
Romania2.81.00.22.40.70.40.30.20.20.30.20.20.2
Turkey8.34.32.211.23.110.74.82.910.94.82.712.66.02.6
Yugoslavia10.33.70.69.93.10.58.82.10.77.71.50.57.01.30.6
Other1.40.50.32.16.90.72.51.40.73.41.70.54.32.30.6
Middle East15.79.83.416.29.54.215.28.04.314.17.83.813.67.72.9
Egypt6.53.31.96.83.42.16.12.81.96.13.01.65.92.81.5
Israel5.23.40.55.02.90.84.32.31.33.52.11.13.42.20.7
Other4.03.11.04.43.21.34.82.91.14.52.71.14.32.70.7
Western Hemisphere241.281.921.2241.080.522.1223.572.622.7208.767.521.8184.263.621.4
Argentina31.110.31.433.210.82.132.48.51.527.16.01.425.16.21.2
Brazil69.425.64.969.228.64.863.926.15.061.023.34.755.020.74.0
Chile14.25.50.712.84.61.211.03.90.89.34.10.88.63.90.9
Colombia6.72.41.26.32.01.26.62.41.16.32.41.16.12.11.0
Ecuador5.31.80.75.31.90.64.52.10.34.11.90.53.61.60.4
Mexico70.916.54.369.915.74.362.813.92.659.714.62.346.914.63.7
Peru4.52.60.44.22.50.23.72.30.13.11.90.23.01.70.1
Venezuela25.911.31.425.26.71.725.06.83.423.15.91.521.25.61.5
Other13.25.96.214.97.76.613.66.67.915.07.49.314.77.28.6
Other countries n.i.e.51.422.56.660.125.59.166.328.511.676.535.312.373.631.311.9
Czechoslovakia3.11.70.84.22.31.14.52.41.15.45.71.15.12.41.2
German Democratic Republic12.24.71.715.05.82.316.05.23.017.12.62.417.25.72.4
U.S.S.R.28.712.43.232.213.34.236.116.46.143.421.37.340.617.07.2
Other7.43.70.98.74.11.59.74.51.410.65.71.510.76.21.1
Total636.7265.495.9688.9289.1110.8666.4277.8120.4668.6290.1122.2646.2287.7119.4
Source: Bank for International Settlements, The Maturity Distribution of International Bank Lending.
Table A6Change in Claims of U.S. Banks on Developing Countries, 1985–901(In billions of U.S. dollars and in percent)
19851986198719881989219902
Billion

U.S.

dollars
Growth

rate
Billion

U.S.

dollars
Growth

rate
Billion

U.S.

dollars
Growth

rate
Billion

U.S.

dollars
Growth

rate
Billion

U.S.

dollars
Growth

rate
Billion

U.S.

dollars
Growth

rate
Developing countries3
All banks–13.0–8.5–12.5–9.0–7.1–5.6–15.0–12.6–14.3–13.7–11.4–12.6
Nine banks–7.1–7.5–7.7–8.7–4.3–5.4–7.5–9.9–7.0–10.2–5.9–9.6
Fifteen banks–5.0–16.5–2.8–10.9–1.4–6.3–3.4–16.1–3.9–22.1–3.4–24.2
Others–0.8–3.2–2.1–8.1–1.3–5.7–4.1–18.5–3.4–18.8–2.1–14.3
Capital-importing developing countries3
All banks–11.6–7.9–11.7–8.6–6.1–4.9–14.8–12.6–14.6–14.2–11.3–12.9
Nine banks–6.3–6.9–7.0–8.2–3.6–4.6–7.1–9.6–7.3–10.9–5.9–9.9
Fifteen banks–4.6–15.5–2.8–11.2–1.2–5.6–3.5–16.5–3.9–22.4–3.3–24.5
Others–0.8–2.9–1.9–7.7–1.3–5.4–4.2–19.0–3.4–19.0–2.1–14.4
Africa
All banks–2.8–22.4–2.0–20.1–0.3–4.0–1.3–17.0–0.5–7.8–0.9–16.4
Nine banks–1.6–18.3–1.4–19.4–0.1–2.5–1.0–17.4–0.3–7.0–0.7–15.9
Fifteen banks–0.9–38.2–0.3–23.1–0.1–8.6–0.1–13.62.7–0.2–21.5
Others–0.3–23.9–0.2–20.9–0.1–10.1–0.1–18.8–0.2–32.1–8.7
Asia
All banks–3.4–11.9–4.9–19.3–2.2–10.7–3.2–17.6–0.6–3.8–0.6–4.1
Nine banks–2.6–13.5–2.9–17.7–1.6–11.6–2.7–22.5–0.1–1.20.32.9
Fifteen banks–0.9–14.9–1.1–21.4–0.9–21.3–0.31.2–0.8–24.6
Others0.14.3–0.8–23.90.311.7–0.5–17.0–0.5–21.9–2.4
Indonesia
All banks–0.6–18.8–0.6–21.6–0.6–29.4–0.4–25.6–0.1–4.20.220.5
Nine banks–0.5–16.7–0.5–22.4–0.6–30.9–0.3–26.4–0.1–7.90.116.8
Fifteen banks–0.2–36.9–14.3–0.1–27.6–24.3–16.86.0
Others3.0–24.3–9.3–17.40.187.7
Korea
All banks–0.8–7.9–3.2–34.6–2.1–35.80.20.13.00.38.1
Nine banks–0.5–9.7–1.6–31.1–0.8–24.2–0.4–14.60.312.80.310.6
Fifteen banks–0.5–17.0–0.9–41.3–0.8–59.40.471.4–3.6–0.3–29.6
Others0.213.3–0.7–35.8–0.5–43.91.5–0.1–21.10.359.4
Philippines
All banks–0.7–0.3–5.8–0.4–8.5–0.7–14.6–0.8–19.0–1.1
Nine banks0.9–0.1–2.3–0.4–11.6–0.4–11.5–0.4–12.60.15.9
Fifteen banks–0.1–6.8–0.1–13.2–0.1–9.8–0.1–16.8–0.2–34.1–0.1–20.9
Others2.1–0.1–14.90.120.6–0.2–29.9–0.1–40.3–0.1–38.5
Europe
All banks–0.3–4.4–0.8–12.8–0.2–4.4–0.8–15.8–0.7–17.1–0.2–6.6
Nine banks–0.1–1.6–0.5–13.0–0.2–6.1–0.6–17.0–0.3–10.6–0.8
Fifteen banks–0.1–11.3–0.1–0.1–0.1–9.6–0.1–6.5–0.2–30.1–7.0
Others–0.1–7.6–0.1–15.10.110.8–0.2–20.7–0.2–28.9–0.2–38.0
Middle East
All banks–0.7–18.8–0.6–20.3–0.7–29.2–0.4–20.5–0.3–22.8–0.1–8.2
Nine banks–0.5–20.6–0.5–23.4–0.5–31.6–0.2–23.3–0.3–32.5–0.1–18.2
Fifteen banks–0.2–24.7–0.1–17.7–0.1–29.0–0.1–13.6–0.723.4
Others–0.1–7.3–0.1–12.9–0.1–22.7–9.7–9.5–9.1
Western Hemisphere
All banks–4.5–4.7–3.5–3.9–2.7–3.0–9.1–10.7–12.6–16.5–9.6–15.2
Nine banks–1.5–2.7–1.6–3.0–1.2–2.2–2.6–5.0–6.3–12.7–5.5–12.6
Fifteen banks–2.5–13.0–1.1–6.8–0.1–0.4–3.1–20.0–3.8–30.4–2.3–27.1
Others–0.5–2.5–0.8–3.9–1.4–7.6–3.4–19.5–2.5–17.8–1.8–15.8
Argentina
All banks0.45.50.11.40.33.4–0.9–10.6–3.4–42.9–1.0–22.3
Nine banks0.815.10.10.90.46.2–0.3–4.5–2.6–42.6–0.7–21.2
Fifteen banks–0.2–13.31.41.2–0.4–24.4–0.6–45.4–6.0
Others–0.1–8.64.2–0.1–10.3–0.3–28.9–0.2–40.2–0.2–62.5
Brazil
All banks–1.1–4.5–0.4–1.7–1.1–5.0–1.9–8.9–3.1–16.0–4.8–29.7
Nine banks–0.3–1.6–0.2–1.2–0.4–2.3–0.1–0.4–1.7–11.2–3.3–24.6
Fifteen banks–0.8–16.6–0.2–4.7–0.3–7.7–0.7–21.1–1.0–37.6–0.8–45.4
Others–1.2–0.5–0.5–14.9–1.1–39.3–0.4–24.2–0.8–61.7
Mexico
All banks–1.6–6.0–1.3–5.1–0.9–3.9–4.8–21.3–1.8–10.2–0.8–5.3
Nine banks–0.6–4.1–0.7–5.2–1.6–11.7–0.3–2.1–0.2–2.1
Fifteen banks–0.6–12.0–0.1–1.1–0.3–6.8–1.7–39.4–0.8–30.50.8
Others–0.3–5.3–0.5–8.1–0.6–10.9–1.6–31.2–0.8–22.4–0.6–23.2
Venezuela
All banks–0.7–6.7–1.0–9.7–0.8–8.7–0.3–3.8–0.9–10.7–0.7–9.9
Nine banks–0.3–4.1–0.6–8.7–0.7–10.5–0.2–3.00.11.4–0.1–1.3
Fifteen banks–0.3–15.9–0.2–9.21.2–0.2–15.2–0.7–50.5–0.3–49.5
Others–0.1–6.8–0.2–15.9–0.1–11.90.110.7–0.3–25.7–0.3–40.5
Source: Federal Financial Institutions Examination Council, Country Exposure Lending Survey.
Table A7U.S. Banks: Developing Country Claims Relative to Capital, 1984–90
1984198519861987198819891990
(In billions of U.S. dollars)
External claims on developing countries1140.8128.8118.6108.893.278.865.9
Total assets1,413.01,529.01,613.01,633.01,670.31,770.01,764.1
Capital92.2105.4116.1129.2135.6145.2152.9
Memorandum items(In percent)
Capital to total assets6.56.97.27.98.18.28.7
External claims on developing countries to total assets10.08.47.46.75.64.53.7
Capital to external claims on developing countries65.581.897.9118.8145.5184.3232.0
Sources: Federal Financial Institutions Examination Council, Country Exposure Lending Survey; and International Monetary Fund, International Financial Statistics.
Table A8Terms of Long-Term Bank Credit Commitments, 1985–April 19911
198519861987198819891990Jan.–Apr.

1991
Average maturity (in years)7.86.78.35.76.26.55.3
OECD countries7.46.37.55.15.85.84.9
Eastern Europe7.47.88.18.48.311.9
Developing countries8.48.210.79.07.38.68.8
Other7.36.86.16.58.86.62.0
Average spread (basis points)62414235565287
OECD countries47373431545183
Eastern Europe552624304950
Developing countries926168656860100
Other563348423247188
Memorandum items (in percent)
Six-month Eurodollar interbank rate (average)8.646.857.308.139.278.356.38
U.S. prime rate (average)9.938.358.219.3210.9210.019.00
Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and International Monetary Fund, International Financial Statistics (for Eurodollar and prime rates).
Table A9Average Spreads on Bank Credit Commitments for Developing Countries, 1984–90(In basis points over London interbank offered rate)
198419851986198719881989119901
Spontaneous commitments272646156576860
Concerted commitments3
All1851798489838195
Three largest debtors18681888181
Others1741791401001088195
Restructuring of existing debt3
All1311389580838182
Three largest debtors412885818181
Others13613814080888182
Memorandum items
Difference between spreads
Concerted/spontaneous1131152333261335
Restructuring/spontaneous59743424261322
Concerted/restructuring5441–11913
Largest/others
Concerted12−59−12−27
Restructurings–8–551–7
Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and IMF staff estimates.
Table A10Selected Developing Countries: Terms on Syndicated Bank Credits, 1989–May 19911
19891990Jan.–May 1991
MaturitySpreadMaturitySpreadMaturitySpread
(In years)(In basis

points)
(In years)(In basis

points)
(In years)(In basis

points)
Bahrain10.5517.2383.065
Bulgaria7.040
China9.3639.86111.3142
Colombia11.8875.0150
Hong Kong4.6314.4628.572
Hungary8.8538.082
India10.4308.430
Indonesia7.0959.3785.899
Korea7.13810.3487.454
Malaysia5.82213.358
Mexico3.23007.0175
Pakistan2.2921.090
Singapore4.27310.3263.0137
Thailand7.0517.8567.789
Average for Eastern European countries8.34911.950
Of which:
U.S.S.R.6.24912.050
Source: Organization for Economic Cooperation and Development (OECD).
Table A11Amounts of Medium- and Long-Term Bank Debt Restructured, 1985–June 19911(In millions of U.S. dollars; by year of agreement in principle)
1985198619871988198919901991

First Half
Argentina29,5002
Bolivia
Brazil6,671361,0002
Chile6,0075,90221,8004
Congo217
Costa Rica4401,8255
Côte d’lvoire69122,2112
Dominican Republic7872
Ecuador4,6832
Gabon39
Gambia, The19
Guinea43
Guyana(47)4(57)4
Honduras24821322
Jamaica1952852332
Jordan5802
Madagascar7721
Malawi352
Mexico(950)843,70023,671548,0895
Morocco5382,1743,150
Mozambique2532
Nicaragua
Niger52110
Nigeria4,2505,8242
Panama579
Peru
Philippines9,0102781
Poland1,9708,4412(351)6
Romania800
Senegal2037
Sierra Leone
South Africa(9,800)610,9002
Sudan920
Togo492
Trinidad and Tobago4702
Uruguay1,95821,77021,6049
Venezuela20,338219,7869
Yugoslavia4,01226,8952
Zaïre(61)6(65)6(61)6(61)6
Zambia
Total1015,45660,52591,43180,15551,55226,730110
Sources: Restructuring agreements; and IMF staff estimates.
Table A12Debt and Debt-Service Reduction in Commercial Bank Agreements, 1987–June 1991(By year of agreement in principle)
Face Value of Debt to Commercial BanksEnhancements for New Instruments
RetiredIssuedResources UsedTermsSpecial Features
(In millions of U. S. dollars)
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.
Bolivia (1987)
Cash buy-back25328 (bilateral donations)At pre-announced 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 pre-announced exchange ratio of 1:0.11.Principal and interest fully collateralized.
Debt forgiveness161
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.
Chile (1988)
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 buy-backs subject to aggregate limit of $500 million; debt to be extinguished subject to aggregate ceiling of $2 billion.
Mexico (1988)
Collateralized debt exchange with principal reduction3,6712,556555 (own resources)Old claims exchanged for new bond with 20–year bullet maturity and LIBOR plus 1 5/8; average exchange ratio 1:0.7 (determined in Dutch auction).Principal fully collateralized.New bonds excluded from future new money base.
Costa Rica (1989)
Cash buy-back991
At pre-announced price of 16 cents on the dollar.
Collateralized debt exchanges with interest reduction290225 (from bilateral and multilateral sources and Costa Rica’s 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 enhancefunds to be applied to increase coverage up to 18 months).(a) Available only to banks tendering at least 60 percent of their exposure to the buy-back option. Value recovery clause linked to GDP growth.
(b) Past-due interest exchanged at par for a new claim with a 15–year maturity (no grace period) and LIBOR plus .(b) Thirty-six month interest guarantee.(b) Available only to banks tendering at least 60 percent of their debt and past-due interest claims to the buy-back option. Value recovery clause linked to GDP growth.
Noncollateralized debt exchange with interest reduction289(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.(c) Optional to banks tendering less than 60 percent of their exposure (including past-due interest) to the buy-back option. (a), (b), and (c): new bonds eligible for debt-equity conversion program.
Honduras (1989)
Noncollateralized debt restructuring with interest reduction2132132Old claims (including interest arrears) restructured into new claims with 20–year maturity (7–10 years grace) and 6.25 percent fixed, negotiated rate.3Interest rate to be increased by up to 3 percentage points if GDP growth exceeds threshold rate. Voluntary amortization during grace period to be matched on 1:1 basis for debt forgiveness. Seventy percent of arrears before restructuring to be forgiven upon 20 percent downpayment; further forgiveness (of 5 percent of such arrears a year) if debtor remains current on interest in subsequent years.
Mexico (1989)
Collateralized debt exchanges
Principal reduction20,58113,372
7,100 (including resources from IMF and World Bank}
Old claims exchanged for new bond with 30–year bullet maturity and LIBOR plus ; exchange ratio 1:0.65 (negotiated).Principal fully collateralized and 18–month rolling interest guarantee.Recovery 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
Philippines (1989)
Cash buy-back1,339670 (including resources from IMF and World Bank)At pre-announced price of 50 cents on the dollar.
Venezuela (1990)
2,5804 (including resources from IMF and World Bank)
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 reduction1,7941,256Old claims exchanged for new bond with 30–year maturity and LIBOR plus at prenegotiated exchange ratio of 1:0.70.Principal fully collateralized and 14–month rolling interest guarantee.Eligible 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 reduction7,4157,415Old 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 reduction2,9182,918Old claims exchanged for new bond with 17–year maturity and interest rate of 5 percent for the first and second years, 6 percent for the third and fourth years, 7 percent for the fifth year, and LIBOR plus 7/8 of 1 percent thereafter.Twelve-month rolling interest guarantee for the first five years.Eligible for debt-equity conversion.
Niger (1991)
Collateralized debt exchanges
Principal reduction20 (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 value of principal.Face value of notes fully collateralized by BCEAO.
Operation has been structured as a novation, that is the exchange of a new obligation for an old obligation.
Interest reductionOld claims exchanged at par for 21 -year non-interest-bearing notes.Principal on these notes guaranteed by zero coupon bonds purchased by BCEAO.
Nigeria (1991)
Cash buy-backPrice to be determined.
Interest reductionOld 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 interest guarantee.
Uruguay (1991)
Cash buy-back633461At pre-announced 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 guarantee.Value recovery clause allowing for larger payments in the event of a favorable performance of an index of Uruguay’s terms of trade.
Sources: Debt restructuring agreements; and IMF staff estimates.Note: BCEAO = Banque Centrale des Etats de L’Afrique de L’Ouest; IDA = International Development Association.
Table A13Terms of Selected Bank Debt Restructurings and Financial Packages, 1984–June 19911
CountryYear of AgreementType of TransactionGrace PeriodMaturityInterest RateFees
(In years)(In percent spread over LIBOR/U.S. Prime)(In percent)
Argentina1984Restructuring310 to 121⅜
New financing3101⅝-1¼
1987New financing5122
New financing342
Restructuring4,5719
Restructuring4,5512
Brazil1984Restructuring592–1¾1
New financing592–1¾1
1986Restructuring571⅛
1988Restructuring5719
New financing65122
New financing3992
Chile1984New financing591¾–1½
1985Restructuring6121⅜
New financing5101⅝–1¼72
1987Restructuring4,5351⅛
Restructuring5515½1
1988Restructuring4,5515
Restructuring3,435
1990Restructuring48 to 12Original rates
Côte d’lvoire1984Restructuring271⅞–1⅝
Restructuring381⅞–1⅝
New financing371⅞–1⅝
1986Restructuring5391⅞–1⅜
1988Restructuring5514½½2
New financing48¾2
Dominican Republic1985Restructuring53131⅜
Ecuador1985Restructuring53121⅜
New financing2101⅝–1¼
1987Restructuring73101
Restructuring8719
New financing281⅛–½2
Jamaica1987Rescheduling
Rescheduling912½
1990Refinancing10½
Refinancing14½
Mexico1984New financing101½–1⅛
Restructuring50 to 114⅞ in 1985–86
1⅛ in 1987–91
1¼ in 1992–98
1986Restructuring5720
New financing512
New financing9712
New financing1048
1989New financing715
Restructuring715
Morocco1986Restructuring37
1987Restructuring
—Not previously

rescheduled
411
—Previously

rescheduled
44
—Conversion

short-term

in-medium-term
6
—Trade arrearsOriginal rates
1990Restructuring7–1015–20
Nigeria1986Restructuring1114½
Restructuring1239½
New financing37½
1988Restructuring13320½14
Restructuring15315
1990Restructuring163none17
Philippines1984Restructuring5101⅝
New financing591¾–1⅜
1987Restructuring517
Restructuring5,186101⅜
Poland1988Restructuring815
Uruguay1986Restructuring53121⅜
Restructuring4,5312
1987Restructuring4,5317
1990New financing71512
Restructuring7152
Venezuela1984Restructuring512½1⅛
1987Restructuring413
1990New financing715⅞–1½2
Restructuring7151⅞
Yugoslavia1984Restructuring471⅝–1½
1985Restructuring5410½1⅛
1988Restructuring5518
New financing55¼
Sources: Restructuring agreements.
Table A14Terms and Conditions of Bank Debt Restructurings and Financial Packages, 1987–June 19911
Country, Date of Agreement,

and Type of Debt Rescheduled
BasisAmount ProvidedGrace PeriodMaturityInterest Rate
(In millions of U.S. dollars)(In years, unless otherwise noted)(In percent spread over LIBOR/U.S. prime, unless otherwise noted)
Argentina
Agreement in principle of April 24, 1987; final agreement August 1987
Rescheduling of public and private sector indebtedness2100 percent of principal25,300819
Rescheduling of 1983 and 1985 term credit agreements100 percent of principal

100 percent of principal
4,200512
New medium-term loanNew financing1,550512
New trade credit and deposit facilityNew financing4004
Amendment to trade credit and deposit facility of 1985Maturity lengthened to coincide with 1987 trade credit deposit facility5004
Trade credit maintenance facilityBanks will continue to maintain trade credit at levels of September 30, 19841,2002
Stand-by money market facilityBanks will continue to make available to the Central Bank on request any amounts outstanding to foreign branches and agencies of Argentine banks on September 30, 19841,4002¾
Bolivia
Agreement in principle of March 4, 1987; signed July 10, 1987
Amendment to 1981 refinancing agreement to allow for debt buy-backs and conversionsDebt reduction (see Table A12)
Brazil
Agreement with Advisory Committee of June 22, 1988;3 final agreement November 11, 1988
Rescheduling of public and private debt4 falling due in 1987–93100 percent of principal61,000719
New medium-term financing5New financing4,600512
New medium-term trade credit and deposit facilityNew financing60099
Short-term trade credit facility6Banks will maintain trade credit at their 1986 commitment level10,182⅛–¾
Interbank facility6Banks will maintain interbank credit at their 1986 commitment level4,651
Chile
Agreement of June 17, 19877
Amendment to 1983–87 restructuring agreements100 percent of principal falling due in 1988–902,951515½1
Amendments to 1983–84 new money agreements100 percent of principal falling due in 1988–901,416351⅛
1988–91 unrescheduled original maturities100 percent of principal1,534515½1
Extension of short-term trade related facility until end of 1989100 percent rollover1,70021⅜–1⅛
Agreement in principle of March 22, 1988; final agreement August 1988
Amendments to the restructuring agreements of June 17, 1987
1983–84 and 1985–91 restructuring agreements8UnchangedUnchangedUnchangedUnchanged9
1983–85 new money agreements and 1985 cofinancing agreement10UnchangedUnchangedUnchangedUnchanged9
Waivers to allow buy-backs and exchangesDebt reduction (see Table A12)
Agreement in principle of October 1990; final agreement of December 1990
Amendments to the restructuring agreements of June 17, 1987, already amended in August 19881983–84 restructuring agreements,

1985–87 restructuring agreements,

1988–91 restructuring agreements,

1983–85 new money agreements Unchanged
1,80048–12Unchanged11
Costa Rica
Preliminary agreement of November 16, 1989Debt reduction (see Table A12)
Côte d’lvoire
Agreement in principle of April 29,1988
Rescheduling of public and private eligible debt
In arrears as of the end of 1987100 percent of principal111514½
Falling due in 1988–95100 percent of principal2,100514½
New medium-term loanNew financing15148
Ecuador
Agreement in principle of November 25, 1987
Rescheduling of 1983 and 1985 new money agreements100 percent of principal6313101
Rescheduling of maturities under 1985 MYRA and other rescheduling agreements100 percent of principal4,052719
New medium-term loanNew financing350281
Gabon
Agreement in principle of June 4, 1987; final agreement December 1987
Rescheduling of principal due

September 21, 1986–

December 31, 1988
100 percent of principal39491⅜
Gambia, The
Agreement in principle of May 27, 1987; final agreement February 15, 1988
Rescheduling of public debt outstanding as of December 18, 1986100 percent of principal198
Guinea
Agreement in principle of November 1987; final agreement April 20,1988
Restructuring of short- and medium-term debt outstanding70 percent of principal43½3
Honduras
Agreement in principle of June 26, 1987
Restructuring of principal and interest in arrears100 percent of arrears as of the end of March 1987219681⅛
Restructuring of maturities falling due in 1987–89100 percent of principal29681⅛
Agreements of August 17, 1989
Bilateral concessional rescheduling of debt to Lloyds Bank
Principal outstanding at end-October 1989100 percent46127206.25 percent fixed rate13
Interest arrears at end-October 1989100 percent2212,147206.25 percent fixed rate13
Bilateral concessional rescheduling of debt to Bank of America
Principal outstanding100 percent471210206.5 percent
Interest arrears as of end-October 1989100 percent1714204 percent fixed rate
Jamaica
Agreement of May 7, 1987
Rescheduling of maturities falling due April 1985 to end–1986100 percent of principal185
Rescheduling of maturities falling due January 1987 to March 31, 1990100 percent of principal100912½
Agreement of June 26, 1990
Refinancing of debt previously rescheduled in 1987
Tranche A100 percent of principal14410½
Tranche B100 percent of principal188814½
Jordan
Agreement in principle of November 20, 1989
Restructuring of medium-term loans maturing between January 1, 1989–June 30, 1991100 percent of principal580511½
New medium-term money facilityNew money5033
Madagascar
Agreement of June 15, 1987
Modifications to 1984 and debt service profile on rescheduled debt1985 agreements altering

100 percent of principal
1591⅝–1⅞
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
Malawi
Agreement in principle of April 26, 1988; final agreement October 4, 1988
Rescheduling of public and publicly guaranteed debt outstanding as of August 21, 1987100 percent of principal3548
Mexico
Agreement of August 14, 1987
Private sector debt under Forward Coverage Scheme (FICORCA)100 percent of principal6,000–8,00016720
Request for waivers of December 30, 1987; auction completed February 26, 1988
Amendment to previous agreements to allow for debt exchangesDebt reduction (see Table A12)
Agreement of February 4, 1990
New money facility Collateralized debt exchangesNew money17

Debt reduction (see Table A12)
1,090715
Restructuring of maturities of eligible debt not subject to debt and debt-service reduction100 percent of principal6,400715
Morocco
Agreement in principle of April 1990; final agreement of September 1990
Restructuring of the entire debt outstanding at end-1989100 percent of pre-cut-off debt3,1507–1015–20
Debt buy-backs authorized
Mozambique
Agreement in principle of May 27, 1987
Refinancing of trade-related and other short-term debt100 percent of principal outstanding on May 27, 198786581⅛
Restructuring of medium-term debt100 percent of principal outstanding on May 27, 1987548151⅛18
Restructuring of all non-principal overdue amounts on short- and medium-term debt100 percent of arrears as of June 30, 19871138121⅛18
Niger
Agreement in principle of January 1991 collateralized debt exchangesDebt reduction (see Table A12)
Nigeria
Agreement in principle of September 1988; final agreement of April 1989
Restructuring of debt outstanding at end-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 credit2,448



49019
3153



non-interest-bearing
Agreement in principle of March 1991
New money bond exchangeBanks would provide new money for an amount equivalent to 20 percent of debts exchanged for noncollateralized new bonds.
Buy-back and debt exchangeDebt reduction (see Table A12)7151
Philippines
Agreement in principle of March 27, 1987; final agreement of December 1987:
Rescheduling of public and publicly guaranteed debt:
Due January 1, 1987–December31, 1992100 percent of principal2,76217
Due January 1, 1989–December31, 1994 under 1985 restructuring agreement100 percent of principal3,96317
Rescheduling of private financial sector debt:
Due January 1, 1987–December 31, 1992100 percent of principal136101⅜
Due January 1, 1989–December 31, 1992 under 1985 restructuring agreement100 percent of principal1,1726101⅜
Rescheduling of private corporate debt:
Due January 1, 1987–
December 31, 1992100 percent of principal6536101⅜
Due January 1, 1990–December 31, 1992 under 1985 restructuring agreement100 percent of principal44717
Extension of short-term trade-related facility until June 30, 1991100 percent rollover2,9655¾
Change in spread for 1985 new medium-term loansUnchangedUnchangedUnchanged
Agreement in principle of October 1989; final agreement of February 1990:
New money bonds or loans20New money61221815
Rescheduling of maturities falling due in 1990–93100 percent of principal781815
Change in spread on previously restructured debtUnchangedUnchangedUnchanged
Waivers to allow debt buy-backs and exchangesDebt reduction (see Table A12)
Poland
Agreement in principle of August 1987; final agreement July 1988
Rescheduling of maturities falling due in 1987–90, including previously restructured debt100 percent of principal5,219115
Rescheduling of maturities falling due in 1991–93, including previously restructured debt100 percent of principal3,082615
Modification of the 1986 restructuring agreement covering payments falling due in 198750 percent of principal1402
Short-term revolving trade credit facilityBanks will maintain 100 percent of trade-related facilities under the 1983 and 1984 agreements1,0002
Agreement in principle of June 16, 1989
Deferment of amortization payments falling due between May 1989 and December 199022100 percent206Unchanged
Agreement in principle of October 1989
Rescheduling of interest falling due in the fourth quarter of 19892385 percent145
Romania
Agreement in principle of September 1987
Change in spread of 1986 restructuring agreementUnchangedUnchangedUnchangedUnchanged
Senegal
Agreement of September 1990379
South Africa
Second interim debt arrangement of March 24, 1987Margin applicable in August
Short- and medium-term debt subject to September 1985 standstill due June 30, 1987 to June 30, 1990About 87 percent of principal10,900331985 plus a maximum additional spread of up to 1 percentage point
Togo
Agreement of May 1988
Arrears and principal outstanding at end of 1987100 percent of principal4948
Trinidad and Tobago
Agreement in principle of November 1988; final agreement December 1989
Medium- and long-term maturities falling due September 1, 1988–August 31, 1992100 percent of principal44612½
Uruguay
Agreement in principle of November 1987; final agreement March 1988
Restructuring of debt covered by the July 1986 agreement100 percent of principal1,695317
Restructuring of maturities falling due in 1990–91, according to the pre-MYRA 1986 schedule100 percent of principal7524317
Agreement in principle of November 1990; 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 noncollateralized “debt conversion notes.”897151.0
Buy-back and debt exchangeDebt reduction (see Table A12)
Venezuela
Agreement with Steering Committee of February 27, 1987; final agreement September 18, 1988
Modification of February 1986 rescheduling agreement100 percent of principal20,33813
Agreement in principle of March 20, 1990; final term sheet of June 25, 1990; final agreement of December 5, 1990
New money bond exchangeOld debt (equal to five times the new money provided) to be exchanged at par for new, noncollateralized bonds.1,2127151 and ⅞25
Collateralized debt exchangesDebt reduction (see Table A12)
Yugoslavia
Tentative agreement with bank coordinating committee of April 20, 1988; final agreement September 21, 1988
Rescheduling of the stock of medium- and long-term debt100 percent of principal6,895518
New trade deposit facilityNew financing30055
Zaïre
Deferment agreement of May 198726Principal61Originally contracted rate
Deferment agreement of June 198927Principal611.5
Memorandum item
Non-Fund member
North Korea:
Agreement in principle of September 1987
Rescheduling of arrears77041228
Sources: Restructuring agreements; and IMF staff estimates.
Table A15Financing Instruments and Options in New Money Packages and Restructurings of Bank Debt for Selected Developing Countries, 1984–June 19911
CountryCurrency (Re)denominationInterest Rate Options2On-lending/RelendingNew Trade FacilitiesDebt Conversions3World Bank Cofinancing/ Parallel FinancingRetimingNew Money BondsExit BondsEarly Participation FeesDebt Buy-backsDebt Exchanges4
1990
ChileRRRRRRR
UruguayNM, RNM, RNM, RNMNM, RRR
VenezuelaNM, RNM, RNM, RNMNM, RR
1989
Costa RicaRRR
MexicoNM, RNM, RNM, RNM, RNM, RNMNMNMRR
PhilippinesNMNMNM, RNMNMNMR
1988
BrazilNM, RNM, RNM, RNMNM, RNM5RNMRNMR
ChileRRRRRRRR
Côte d’IvoireNM, RNMRRNM, R
MexicoR
YugoslaviaNM, RNM, RNMRRNMR
1987
ArgentinaNM, RNM, RNM, RNMNM, RNM5RNMRNM
BoliviaRR
ChileRRRRR
EcuadorNM, RNM, RRNM, RNM5RNMR
PhilippinesRRRR
VenezuelaRRRR
1986
BrazilRRRR
MexicoNM, RNM, RNMNM, RNM6
NigeriaNM, RNM, RR
1985
ChileNM, RNM, RNM, RNM, RNM6R
1984
ArgentinaNM, RNM, RNMNM
BrazilNM, RNM, RNM, R
ChileNMNM
MexicoNMNM
PhilippinesNM, RNM, RNM7
VenezuelaRRR
Sources: New financing and restructuring agreements.Note: NM = new money packages; R = restructuring of bank debt.
Table A16Features of Selected Debt Conversion Schemes
ArgentinaBrazil1ChileCosta RicaEcuador2HondurasJamaicaMexicoNigeriaPhilippinesUruguayVenezuela
Eligible investors
Nonresidents
Any creditorXXXXXXXXXXXX
Original creditor only
ResidentsXXXXXXXXX
Eligible external debt
Public sectorXXXXXXX4XX5XXX
Private sectorXXXXX
Exchange rate for conversion
Official exchange rateXXXXXXXXXX
Parallel exchange ratesX6X6
Valuation of debt for conversion
Face valueX7XX8XX9
Below face valueXXX10XX8X3X11XXX
Eligible domestic investments
Equity
Parastatal enterprisesXXXXXXX
Private companiesXXXXXXXXXXXX
Original obligor onlyX12
Debt
Public sectorX13XXX
Private sectorX
Repayment of domestic obligationsXXXX
Restrictions on eligible investments
Restrictions on capital repatriationsXXXXXXXXXXX
Restrictions on profit remittances
Same as for all foreign investmentXX
More restrictive than the aboveXXXXXXXX
Other features
Limit on value of conversionsXXXXXXXXXX15X
Auction systemXXX14XXXXXX
Conversion feesX16X
Additional foreign exchange requiredXX17
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.
Table A17International Bond Issues by Selected Developing Country Borrowers, 1989–September 1991
IssuerType of BorrowerLaunch DateAmountCouponInitial YieldYield SpreadMaturity (Years)ListingComments
I. New Entrants
Argentina
Molinos Rio de la PlataPrivate12/90US$21 mn11.0015.007305Dual listing
6/91US$15 mn9.0010.705001.5Luxembourg
Republic of ArgentinaSovereign9/91US$300 mn11.0011.065102LuxembourgPut option 10/92 at 99.97
Buenos Aires
Brazil
TelebrasPublic telephone company3/91US$25 mnLIBOR + 13/169.181405Private placement
PetrobrasPublic oil co.7/91US$250 mn10.0013.506252LuxembourgCall at 1 year
8/91US$200 mn10.0012.255005Call at 2 years; put at 3 years
Companhia Vale do Rio Doce (CVRD)Iron ore producer9/91US$200 mn10.0010.375003Put at 2 years
PetrobrasPublic oil company9/91ECU50 mn12.0012.553Luxembourg
TelebrasPublic telephone company9/91US$200 mn10.0010.444955Amortization after 2 years
Chile
Republic of ChileSovereign3/91US$200 mnLIBOR + 1.58.482105
Mexico
Banco Nacional de Comercio Exterior (Bancomext)Public export-import bank6/89US$100 mn10.2517.008205AmsterdamAmortizing bond; effective average maturity: 2.5 years
Sunbelt Enterprise (offshore subsidiary of Cemex)Private cement company10/89US$150 mn11.0016.008002Private placement
Teléfonos de México (Telmex)Public telephone company10/89US$320 mnUSTB + 1.659.621655Private placementCollateralized by AT&T receivables
La Moderna (ELM International)Private cigarette company1/90US$65 mn13.5016.378302.5LuxembourgCollateralized by a pool of two companies
Petróleos Mexicanos (Pemex)Public oil company3/90DM100 mn11.2511.253005Dusseldorf
Teléfonos de México (Telmex)Public telephone company3/90US$365 mn11.0011.002405Private placementCollateralized by AT&T receivables
Comisión Federal de ElectricidadPublic electric company3/90US$235 mn11.502905Private placementCollateralized by electricity accounts receivable
TamTrade (offshore affiliate of Tamsa)Private oil equipment co.4/90US$33 mn12.0014.255502LuxembourgCollateralized by deposits with Bancomer in London
SomexPublic bank5/90US$89 mn10.2513.504805
Ponder Ltd. (Ponderosa Industrial)Private paper company5/90US$22 mn11.0016.007602Private placementCallable and puttable
Nacional Financiera, SNC (Nafinsa)Public development bank6/90DM150 mn11.0011.552655Frankfurt
Sunbelt Enterp. (offshore subsidiary of Cemex)Private cement company6/90US$100 mnYrs. 1–3: 11.00 Rest: 13.5413.5050012Private placementEquity put option (convertible to ADRs)
BanamexPublic bank6/90US$130 mn11.002603Private placementCollateralized by credit card receivables
Banco Nacional de Comercio Exterior (Bancomext)Public export-import bank7/90DM100 mn11.0011.002305Frankfurt
Grupo SidekPrivate steel, tourism7/90US$50 mn10.2513.004705LuxembourgCollateralized by corporate receivables and letters of credit from Mexican bank
Teléfonos de México (Telmex)Public telephone company7/90US$150 mn12.2513.004851.5Private placement (Rule 144A)Put option in event of Telmex privatization
BancomerPublic bank7/90US$229 mnLIBOR +5/89.651305Private placementCollateralized by credit card receivables
Petróleos Mexicanos (Pemex)Public oil company7/90ASch500 mn11.0011.242406Vienna
Nacional Financiera, SNC (Nafinsa)Public development bank7/90US$100 mn11.7512.103805LuxembourgPut option
Barton Corp. (offshore sub. Corp. Industrial San Luis)Private mining company8/90US$75 mn12.0014.246003Luxembourg and private placement (Rule 144A)Collateralized by deposits with Banca Serfin in London
Petróleos Mexicanos (Pemex)Public oil company9/90US$100 mn11.462905Private placement (Rule 144A)
Euro Novum (Novum SA de CV)Private sector9/90US$60 mn12.0014.255703Luxembourg
Petróleos Mexicanos (Pemex)Public oil company10/90US$150 mn11.6311.753703Luxembourg
Sidek International FinancePrivate sector12/90US$50 mn12.0014.006005Private placementCollateralized by deposits with Bancomer in London; puttable
Banca SerfinPublic bank12/90US$50 mn12.504505Put option
Dynaworld Bank and TrustPrivate bank1/91US$70 mn10.5012.004305Eurobond
United Mexican StatesSovereign2/91DM300 mn10.5010.371905Frankfurt
Petróleos Mexicanos (Pemex)Public oil company2/91US$125 mn10.0010.353202Luxembourg
Teléfonos de México (Telmex)Private telephone company13/91US$570 mnUST4yrs + 1.58.731505Private placementCollateralized by AT&T receivables
Banco Nac. de Comercio Exterior (Bancomext)Public export-import bank4/91US$75 mn10.0011.002601Private placement (Rule 144A) and Euro-placementEurobond
Nacional Financiera, SNC (Nafinsa)Public development bank4/91US$125 mn10.0010.002855LuxembourgTwo-year put at par
CemexPrivate cement company5/91US$425 mn9.4115.606805Private placement (Rule 144A) and Euro-placement
Banco Nac. de Comercio Exterior (Bancomext)Public export-import bank6/91US$100 mn9.889.882505LuxembourgThree-year put
TamTrade (offshore affiliate of Tamsa)Private oil equipment co.6/91US$50 mn7.507.50–406Convertible
Petróleos Mexicanos (Pemex)Public oil company7/91ECU100 mn10.7510.482403Luxembourg
Banco Nac. de Obras y Servicios Públicos (Banobras)Public bank7/91US$100 mn10.7510.602395Luxembourg
United Mexican StatesSovereign7/91Ptas 10 bn14.2514.881755Madrid
Desturcar (subsidiary of Grupo Sidek)Private sector8/91US$25 mn8.0011.755602
Petróleos Mexicanos (Pemex)Public oil company9/91US$150 mn10.2510.252457Luxembourg
CemexPrivate cement company9/91US$150 mn10.884503Private placement (Rule 144A) and Euro-placement listed in LondonThree issues under Cemex Euro-Medium Term Note program
Venezuela
Republic of VenezuelaSovereign1/89US$263 mnLIBOR +1.2511.001857
Siderurgica Venezolana (Sivensa)Private steel company4/90US$40 mnLIBOR +1.2516.037305Luxembourg
Baproven Ltd. (offshore subsidiary of Pdvsa)Public oil company9/90DM200 mn11.1311.682605Frankfurt
Corimon International Finance Ltd.Private chemicals, etc.9/90US$35 mn10.2515.006505Luxembourg
Siderurgica del Turbio (Sidetur)Private steel company12/90US$60 mnLIBOR +1.3752505.5Private placementCollateral: receivables from supply contract
Republic of VenezuelaSovereign8/91US$150 mn9.759.652355
Vencemos InternationalPrivate cement

company
Tranche A8/91US$35 mn9.009.783302
Tranche BUS$40 mn10.0011.203905Callable in 1994 and 1995
II. Other Selected Borrowers
Algeria
Banque Exterieure d’AlgeriePublic bank4/89DM150 mn7.758.061205Frankfurt
Banque Nationale d’AlgeriePublic bank7/89DM150 mn8.508.821805Frankfurt
Sonelgaz (Soc. Nat. d’Elec. et Gaz d’Algerie)Public utility2/90DM150 mn9.509.831005Frankfurt
Bulgaria
Bulgarian Foreign Trade BankPublic bank6/89DM200 mn8.508.501607Frankfurt and Munich
Czechoslovakia
Ceskoslovenska ObchodniPublic bank7/90DM350 mn10.009.801005Frankfurt
Banka AS9/90DM350 mn10.009.74945Frankfurt
Hungary
National Bank of HungaryPublic bank1/89DM200 mn6.636.90507Frankfurt, Munich
3/89¥35 bn5.7010Samurai
5/89ASch1.5 bn8.007Vienna
5/89DM200 mn8.008.261208Frankfurt
8/89ECU75 mn10.002307Luxembourg
10/89DM200 mn8.008.24907Dusseldorf, Frankfurt
12/89DM200 mn8.007
2/90ASch1 bn9.509.611007Vienna
2/90DM300 mn10.0010.471807Frankfurt
5/90DM200 mn9.5010.241306Frankfurt
Hungary State Development BankPublic bank8/90US$200 mn10.5010.5619010LuxembourgPrincipal guaranteed by World Bank under expanded cofinancing operations (ECOs)
National Bank of HungaryPublic bank9/90DM200 mn10.009.93905Frankfurt
10/90ASch500 mn10.6310.842007Vienna
11/90¥15 bn9.005Samurai
12/90¥10 bn9.005Samurai
3/91DM200 mn10.511.112505Frankfurt SE
4/91DM150 mn10.5010.501905Frankfurt SE
6/91US$100 mn10.5010.503005Luxembourg
National Bank of HungaryPublic bank9/91DM500 mn10.7510.702007FrankfurtNon-callable
India
Oil and Natural Gas Commission of IndiaPublic oil agency3/89¥20 bn5.506.347510Samurai
Industrial Development Bank of IndiaPublic bank5/89US$100 mn10.0010.361607Luxembourg
Indian Oil Corp. Ltd.Public oil company10/89US$200 mnLIBOR +3/168.89905Luxembourg
Oil and Natural Gas Commission of IndiaPublic oil agency2/90

6/90
US$125 mn



DM250 mn
10.00



9.50
10.01



9.83
160



100
7



7
Luxembourg Frankfurt
Industrial Development Bank of IndiaPublic bank1/91¥30 bn8.208.2314010Samurai
Turkey
Industrial Development Bank of TurkeyPublic bank2/89¥10bn6.006.001108Private placement (Shibosai)
Ram Dis Ticaret ASPrivate trading company3/89DM30 mn8.508.501604Private placement
Turkey, Republic ofSovereign4/89US$200 mn11.5011.4318510Luxembourg
TC Ziraat BankasiPublic agricultural bank6/89US$140 mnLIBOR +1.3759.7820012LuxembourgSpread decreases to 1.25 after 1992 and to 1.125 after 1995
Turkey, Republic ofSovereign7/89



8/89



11/89
DM400 mn

US$200 mn

US$250 mn
7.75



10.25



9.75
8.04



10.25



9.75
134



195



230
7



10



6
Frankfurt



Luxembourg



Luxembourg
Development Bank of TurkeyPublic bank12/89US$100 mn9.759.752196Luxembourg
Turkey, Republic ofSovereign2/90



4/90



7/90
US$200 mn

DM250 mn

US$150 mn
10.75



10.00



10.38
10.70



9.50



10.05
220



60



200
7



7



5
Luxembourg



Frankfurt



Luxembourg
Greater Ankara Municipality, Republic of TurkeySovereign9/90DM150 mn10.2510.591605Frankfurt
Turkey, Republic ofSovereign5/91DM350 mn10.5010.912405Frankfurt SE
Sources: International Financing Review; and Latin Finance.Note: ASch = Austrian schilling; bn = billion; DM = deutsche mark; ECU = European currency unit; mn = million; ¥ = Japanese yen.
January 1988International Capital Markets: Developments and Prospects, by Maxwell Watson, Donald Mathieson, Russell Kincaid, David Folkerts-Landau, Klaus Regling, and Caroline Atkinson.
February 1988Officially Supported Export Credits: Developments and Prospects, by K. Burke Dillon and Luis Duran-Downing, with Miranda Xafa.
April 1988World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
May 1988Multilateral Official Debt Rescheduling: Recent Experience, by Peter M. Keller, with Nissanke E. Weerasinghe.
May 1988Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.
July 1988Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
October 1988World Economic Outlook: Revised Projections, by the Staff of the International Monetary Fund.
April 1989World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
April 1989International Capital Markets: Developments and Prospects, by a Staff Team from the Exchange and Trade Relations and Research Departments.
July 1989Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.
August 1989Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
September 1989Developments in International Exchange and Trade Systems, by a Staff Team from the Exchange and Trade Relations Department.
October 1989World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
April 1990International Capital Markets: Developments and Prospects, by a Staff Team from the Exchange and Trade Relations and Research Departments.
May 1990Officially Supported Export Credits: Developments and Prospects, by G.G. Johnson, Matthew Fisher, and Elliott Harris.
May 1990World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
July 1990Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.
September 1990Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
October 1990World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
November 1990Multilateral Official Debt Rescheduling: Recent Experience, by Michael G. Kuhn with Jorge P. Guzman.
May 1991International Capital Markets: Developments and Prospects, by a Staff Team from the Exchange and Trade Relations and Research Departments.
May 1991World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
October 1991World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
December 1991Private Market Financing for Developing Countries, by a Staff Team from the Exchange and Trade Relations Department.
Note: For information on the titles and availability of World Economic and Financial Surveys published prior to 1988, please consult the most recent IMF Publications Catalog or contact IMF Publication Services.

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