Chapter

Statistical Appendix

Author(s):
International Monetary Fund
Published Date:
January 1993
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Table A1.Amounts of Medium- and Long-Term Bank Debt Restructured, 1985–July 19931(In millions of U.S. dollars; by year of agreement in principle)
19851986198719881989199019911992First

Three

Quarters

1993
Argentina29,500227,5953
Bolivia4733,41703,4
Brazil6,671661,00027,10052,6103,5
Chile6,0075,90221,8007
Congo217
Costa Rica4401,5703
Côte d’lvoire69122,2112
Dominican Republic78721,1303,5
Ecuador4,6832
Gabon39157
Gambia, The19
Guinea43
Guyana(47)8(57)89311
Honduras24821322
Jamaica1952852332
Jordan8723,5
Madagascar9921
Malawi352
Mexico(950)1043,70023,671348,2313
Morocco5382,1743,150
Mozambique25321242,11
Nicaragua
Niger521114,11
Nigeria4,2505,82425,81111
Panama579
Peru
Philippines9,01027811,339114,4733
Poland1,9708,4112(351)8
Romania800
Russia24,000
Senegal2037
Sierra Leone
South Africa(9,800)810,90025,500
Sudan920
Togo492
Trinidad and Tobago4702
Uganda1534,11
Uruguay1,95821,77021,6083
Venezuela20,338219,7003
Yugoslavia4,01226,8952
Zaïre(61)8(65)8(61)8(61)8
Zambia
Total1220,13960,52587,22180,15550,71427,98717,77680,46834,655
Sources: Restructuring agreements; and IMF staff estimates.
Table A2.Terms and Conditions of Bank Debt Restructurings and Financial Packages, 1989–July 19931
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
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 A3)
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 buy-back and exchangesDebt reduction (see Table A3)
Brazil
Preliminary agreement on July 8, 1992; term sheet
September 22, 1992
New money bondsOld debt (equal to 5.5 times the new money provided) to be exchanged at par for new noncollateralized bonds.715
Restructuring loanDifference between interest rate in years 1–6 and LIBOR plus to be capitalized.1020Years 1–2:4 percent

Years 3–4: 4.5 percent

Years 5–6: 5 percent

Years 7–20:
Capitalization bondDifference between interest rate in years 1–6 and 8 percent to be capitalized. Back-loaded amortization schedule.1020Years 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 A3)
Costa Rica
Preliminary agreement of November 16, 1989; final agreement on May 21, 1990Debt reduction (see Table A3)
Dominican Republic
Preliminary agreement on May 3, 1993
Collateralized debt exchangeDebt reduction (see Table A3)
Gabon
Agreement in principle of December 11, 1991; final agreement on May 12, 1992;
Rescheduling of principal due January 1, 1989–December 31, 1992.100 percent of principal157313
Guyana
Agreement on term sheet on August 27, 1992; final agreement November 24, 1992Debt reduction (see Table A3)
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 of October 1989100 percent174204 percent fixed rate
Jamaica
Agreement of June 26, 1990
Refinancing of debt previously rescheduled in 1987
Tranche A100 percent of principal14410 ½
Tranche B100 percent of principal188814 ½
Jordan
Agreement in principle of November 20, 1989
Restructuring of medium-term loans maturing between January 1, 1989–June 30, 1991100 percent of principal580511 ½
New medium-term money facilityNew money5033
Preliminary agreement on June 30, 1993

Collateralized debt exchange
Debt reduction (see Table A3)
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 1990–9321.13 ½9⅞–1
Mexico
Agreement of February 4, 1990
New money facilityNew money1,0905715
Collateralized debt exchangesDebt reduction (see Table A3)
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 of 1989100 percent of pre-cutoff debt3,1507–1015–20
Debt buy-backs authorized
Mozambique
Agreement in principle of November 1, 1991; operation completed December 27, 1991
Waivers to allow debt buy-backDebt reduction (see Table A3)
Niger
Agreement in principle of January 14, 1991; operation completed March 8, 1991
Waivers to allow debt buy-backDebt reduction (see Table A3)
Nigeria
Agreement in principle of September 1988; 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 agreement2,448315
Arrears on interest, fees, and commissions on letters of credit 100 percent49063Non-interest-bearing
Agreement in principle of March 1991; final agreement December 20, 1991 and closing of agreement on January 21, 1992
New money bond exchangeBanks would provide new money in an amount equivalent to 20 percent of debts exchanged for noncollateralized new bonds.7151
Buy-back and debt exchangeDebt reduction (see Table A3)
Philippines
Agreement in principle of October 1989; final agreement of February 1990:
New money bonds or loans7New money710815
Rescheduling of maturities falling due in 1990–93100 percent of principal781815
Change in spread on previously restructured debtUnchanged
Waivers to allow debt buy-backs and exchangesDebt reduction (see Table A3)
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 bonds.1398517
Collateralized debt exchangesDebt reduction (see Table A3)
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
Russia
Agreement in principle 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
Senegal
Agreement of September 1990379
South Africa
Debt arrangement of September 27, 1993100 percent of principal5,500½81⅛
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; final agreement December 1989
Medium- and long-term maturities falling due
September 1, 1988–August 31, 1992100 percent of principal4464 ½12 ½
Uganda
Final agreement: February 26, 1993Debt reduction (see Table A3)
Uruguay
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 A3)
Venezuela
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.1,1977151 and ⅞11
Collateralized debt exchangesDebt reduction (see Table A3)
Sources: Restructuring agreements; and IMF staff estimates.
Table A3.Debt and Debt-Service Reduction in Commercial Bank Agreements, 1987–July 1993(By year of agreement in principle)
Face Value of Debt

to Commercial

Banks
RetiredIssuedResources UsedTermsEnhancements for New InstrumentsSpecial 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.
Argentina (1992)
Principal reduction6,6244,306Old claims exchanged for new bonds, with a 30-year bullet maturity and interest at LIBOR plus , at prenegotiated exchange ratio of 1:0.65.Principal fully collateralized and 12-month rolling interest guarantee based on 8 percent rate.Part of past due interest settled at closing (date through cash payments of $700 million). The balance refinanced (three years’ grace) bearing interest of LIBOR plus 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 reduction12,66212,6623,0591 (including resources from IMF, World Bank, Inter-American Development Bank, Eximbank Japan, and Argentina’s 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 one, to 6 percent in year seven, and remaining at that level until maturity.Principal fully collateralized and 12-month rolling interest guarantee based on 6 percent rate.
Interest due reduced to respective monthly LIBOR through end 1991, and to 4 percent thereafter.
Bonds eligible for debt conversions.
Bolivia (1987)
Cash buy-back25328 (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 collateralized.Past 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 buy-back7827 (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. Old claims exchanged for new short-term bonds at prenegotiated exchange ratio of 1:0.16.Principal fully collateralized.Value recovery clause based on the world price of tin. Upon maturity, bonds exchanged into assets denominated in domestic currency at prenegotiated ratio of 1:1.5 for approved investment in special projects.
Principal reduction6010
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.
Brazil (1992)
Principal reductionOld claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus, at prenegotiated exchange ratio of 1:0.65.Principal fully collateralized and 12-month rolling interest guarantee.Cash payment of $2.0 billion paid during May-December 1991. The past due interest remaining at end-1990 converted into a 10-year bond (3 years’ grace) at LIBOR plus . Interest due in 1992-93 reduced to 4 percent.

Remaining past due interest accumulated in 1991 and 1992 is converted into 12-year bonds (3 years’ grace) at LIBOR plus ; semi-annual amortization payments of 1 percent of original principal for payments 1–7, 5 percent for payment 8, and 8 percent for payments 9–19. Bonds eligible for debt conversions.
Interest reductionOld claim exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 4 percent in year one, to 6 percent in year seven, and remaining at that level until maturity.Principal fully collateralized and 12-month rolling interest guarantee.
Temporary interest reductionOld claim 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 from years 7 to 15.Twelve-month rolling interest guarantee for the first six years.
Chile (1988)
Cash buy-backs439248 (own resources)$299 million bought back in November 1988 at average price of 56 cents on the dollar; $140 million 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.
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 reduction290290(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).(a) and (b) available only to banks tendering at least 60 percent of their exposure to the buy-back option. Value recovery clause linked to GDP growth. Converted past due interest equaled $53 million.
1962 (from bilateral and multilateral sources and Costa Rica’s own reserves)(b) Past due interest, after 20 percent cash downpayment, exchanged at par for a new claim with a 15-year maturity (no grace period) and LIBOR plus .(b) Thirty-six month interest guarantee.(c) and (d) optional to banks tendering less than 60 percent of their exposure (including past due interest) to the buyback 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.(a), (b), (c), and (d): new bonds eligible for debt-equity conversion program.
(d) Past due interest, after a 20 percent cash downpayment, exchanged at par for a new claim with a 15-year maturity (no grace period) and LIBOR plus .Value recovery clause activated if GDP exceeds 1989 GDP by 120 percent in real terms.
Dominican Republic (1993)
Cash buy-backAt preannounced price of 25 cents on the dollar.Buy-back price applies to principal and interest arrears separately.
Principal reductionOld claims exchanged for new bonds with 30-year bullet maturity and interest at LIBOR plus at prenegotiated exchange ratio of 1:0.65.Principal fully collateralized and 9-month rolling interest guarantee (to be capitalized until 12 months).At 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 and semi-annual amortization payments rising from 1 percent of the original face value in payments 1–7 and equal installments thereafter.
Temporary interest reductionOld claims exchanged at par for new bonds with a 18-year maturity (9 years’ grace) with equal semi-annual 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 from years 7 to 18.Agreement includes a “pull-back” clause if banks’ allocation does not yield at least 50 percent debt reduction.
Guyana (1992)
Cash buy-back6910 (fully financed by IDA debt-reduction facility).At preannounced price of 14.5 cents on the dollar.Excludes export credit debt. Buy-back price applied to principal, past due interest ($23.5 million) canceled.
Jordan (1993)
Cash buy-backAt preannounced price of 39 cents on the dollar.Buy-back price applies to principal and interest arrears separately.
Principal reductionOld claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus at prenegotiated exchange ratio of 1:0.65.Principal fully collateralized and 6-month rolling interest guarantee based on 8 percent.At 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 and equal semi-annual installments after grace.
Interest reductionOld 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 to 30.Principal fully collateralized and 6-month rolling interest guarantee based on 6 percent.Interest 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 bond with 20-year bullet maturity and LIBOR plus 1⅝ average exchange ratio 1:0.7 (determined in Dutch auction).Principal fully collateralized.New bonds excluded from future new money base.
Mexico (1989)
Collateralized debt exchanges7,122 (including resources from IMF and World Bank)
Principal reduction20,54613,3543Old 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 eligible1 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 buy-back12412 (including resources from IDA debt-reduction facility and French, Swiss, Swedish, and Dutch grants)At preannounced price of 10 cents on the dollar.Buy-back 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 BCEAO.Buy-back 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 buy-back3,3901,3561,7084 (own resources)At preannounced price of 40 cents on the dollar.Principal fully collateralized by U.S. Treasury bonds with a 12-month rolling interest guarantee, based on rate of 6.25 percent.All past due interest cleared prior to closing date. 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.
Philippines (1989)
Cash buy-back1,339670 (including resources from IMF and World Bank)At preannounced price of 50 cents on the dollar.Included waiver for second round of buy-backs.
Philippines (1992)
Cash buy-back1,263A preannounced price of 52 cents on the dollar.
Temporary interest rate reduction7577571,125 (including resources from IMF, World Bank, Eximbank Japan, and the Philippines’ own resources)Old 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 from year 7 and onward.Twelve-month rolling interest guarantee based on a 6 percent annual rate for the first six years.
Principal collateralized interest reduction1,8941,894Old claims exchanged at par for new bonds with a 25-year bullet maturity and an interest rate 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.
Uganda (1993)
Cash buy-back15318 (including resources from IDA debt-reduction facility and grants from the Netherlands, Switzerland, Germany, and the EC)At a preannounced price of 12 cents on the dollar.Buy-back price applied to principal, past due interest canceled.
Uruguay (1991)
Cash buy-back633At preannounced price of 56 cents on the dollar.
Interest reduction530530463 (including resources from the IDB)Old 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.
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 reduction1,8081,2652,5855 (including resources from IMF and World Bank.Old 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 reduction7,4507,450Old 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 bond with 17-year maturity and interest rate of 5 percent for years 1 and 2, 6 percent for years 3–4, 7 percent for year 5, and LIBOR plus ⅞ of 1 percent thereafter.Twelve-month rolling interest guarantee for the first five years.Eligible for debt-equity conversion.
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 A4.International Bond Issues by Developing Countries and Regions by Type of Borrower(In millions of U.S. dollars)
First

Half

1993
19921993
1989199019911992IIIIIIIVIII
Sovereign borrowers3,1451,4804,0385,4906,4431,6291,1221,6981,0414,4621,981
Argentina50042525675100250256
Chile200120120
Colombia125125
Czechoslovakia, former277
Czech Republic375375
Hungary8798881,1861,2421,580616512003751,363217
Israel7234001,0001,000
Malaysia425
Mexico470377200377200
Philippines150150
South Africa236318318
Thailand300149300149
Trinidad and Tobago100100
Turkey8555934972,5082,0532008718715661,075978
Uruguay100100100100
Venezuela263273455150305
Other public sector1,6242,7974,3747,9436,7373,0721,5791,4831,8092,0624,675
Algeria15990
Argentina150150
Brazil1,3411,32094049055024040280660
Bulgaria101
China1151,2891,057231115391552406651
Colombia150150
Czechoslovakia, former375114114
Hungary6363
India450274227
Indonesia17580250250
Korea6821,7221,340917425380397943
Malaysia500500
Mexico4201,8511,7621,4112,1124952301205667291,383
Philippines175175
South Africa408304104
Thailand17250100150
Turkey31957235537
Venezuela127230857600154103
Private sector7171,8874,01610,0948,5381,4272,2362,7813,6493,4305,108
Argentina212951,14553519022067065185350
Brazil4962,3352,0228151,0151953101,047975
Chile333333
Colombia5050
Czechoslovakia, former1515
Hong Kong1936610018565711075657
Indonesia36924330744212630
Korea2581,1051,3301,48667477166416827274400
Mexico1504551,1414,1273,6201604081,3242,2351,1202,500
Panama50
Philippines2020
Singapore105
Taiwan Province of China10016060366036
Thailand3123927510013547345
Turkey161115011150
Uruguay4040
Venezuela1357575807580
Total5,4876,16412,42823,52621,7186,1284,8876,0136,4969,95411,764
Memorandum items
Share in total issues by developing countries and regions
(In percent)
Sovereign issues57.324.032.523.329.726.623.028.216.044.816.8
Other public issues29.645.435.233.831.050.132.324.727.820.739.7
Private sector issues13.130.632.342.939.323.344.747.156.134.543.4
Sources: IMF staff estimates based on International Financing Review, Euroweek, and Financial Times.
Table A5.Yield Spread at Launch for Unenhanced Bond Issues by Developing Countries and Regions1(In basis points)
First

Half

1993
19921993
1989199019911992IIIIIIIVIII
Sovereign borrower171181261220240188217225261236248
Argentina730456300300
Chile150150150
Colombia215215
Czech Republic281270270
Hungary116176250242242210190275282240255
Mexico201215208215208
Philippines320320
South Africa190198198
Thailand1005710057
Trinidad and Tobago565565
Turkey193166234206201260212195193205196
Uruguay275228275228
Venezuela185230446482428
Other public sector200250375219172252234180198122188
Algeria149100
Argentina440440
Brazil548416528440365467525518528
Bulgaria160
China67104589995951145759
Colombia210210
Czechoslovakia, former96
Hungary324324
India101127140
Indonesia129129
Korea888490831018286
Malaysia100100
Mexico820366264215198194197210288198199
Philippines310310
South Africa159156166
Thailand203402034338
Turkey184242220244
Venezuela260275256258254
Private sector738530526379388452453319352421370
Argentina447427533441421402668594533
Brazil655502578497469531570596563
Colombia320320
Czechoslovakia, former300300
Hong Kong180133180133
Korea12186911348676
Indonesia137500
Mexico800555566427366442329450420347
Panama24
Thailand5858
Turkey160250250
Uruguay300300
Venezuela496362450450
Total216254351275274267304245286274275
Sources: IMF staff estimates based on International Financing Review, Euroweek, and Financial Times.
Table A6.International Bond Issues by Developing Countries by Currency of Denomination(In millions of U.S. dollars)
1989199019911992First Half

1993
U.S. dollars3,4633,7198,34516,73716,287
African borrowers
Asian borrowers1,0189601,6834,0734,201
European borrowers8905503001,014575
Latin American borrowers8332,2095,96211,65010,512
Middle Eastern borrowers7234001,000
Deutsche mark9071,6931,6182,0131,699
African borrowers15989236408
Asian borrowers28396125
European borrowers7479839611,0631,370
Latin American borrowers337326417329
Yen9304501,4583,5543,117
African borrowers
Asian borrowers5832591,0011,3061,009
European borrowers3471904572,2472,108
Latin American borrowers
European currency unit (ECU)83127423630
African borrowers318
Asian borrowers127
European borrowers83242186
Latin American borrowers181126
Other currencies104175585593615
African borrowers
Asian borrowers221342220
European borrowers1041325167
Latin American borrowers43364200328
Total5,4876,16412,42823,52621,718
Memorandum items(In percent)
Share in total issues by developing
countries
U.S. dollars6360677175
Deutsche mark17271398
Yen177121514
ECU22330
Other23533
Share in total issues in global bond
market
U.S. dollars4832303735
Deutsche mark6871013
Yen914141311
ECU33771
Other3038393339
Sources: IMF staff estimates based on International Financing Review, Euroweek, and Financial Times.
Table A7.Enhancement of International Bond Issues by Developing Countries1(Number of issues featuring enhancements in percent of total issues by region)
199019911992First Half

1993
Asia18554938
Convertible18522824
Put option53324
Warrant82
Europe7148
Guaranteed7
Secured58
Put option9
Middle East100
Guaranteed100
Western Hemisphere48252013
Convertible412
Guaranteed1
Secured339114
Put option151697
Warrant1
All developing countries29332420
Convertible72068
Guaranteed211
Secured15583
Put option7101411
Warrant21
Memorandum items
Amount raised through enhanced instruments
(in percent of total)
All developing countries32302218
Asia7382321
Europe1182
Middle East100
Western Hemisphere63362813
Sources: IMF staff estimates based on International Financing Review, Euroweek, and Financial Times.
Table A8.Bank Credit Commitments by Country or Region of Destination, 1989–FirstHalf 19931(In billions of U.S. dollars)
First Half
198919901991199219921993
Industrial countries97.6195.4880.8892.2344.7553.65
Developing countries and regions216.6520.9626.9717.039.658.92
Capital importing developing countries215.2720.8816.6714.136.758.70
Africa0.460.600.210.590.440.05
Algeria0.240.06
Angola0.040.330.33
Cameroon0.10
Côte d'lvoire
Ethiopia0.31
Ghana0.070.080.10
Morocco0.010.05
Nigeria
South Africa0.01
Tunisia0.110.110.05
Zimbabwe0.110.020.08
Other0.100.04
Asia8.2112.0213.5610.514.516.82
China1.611.512.332.741.042.60
India1.380.720.200.11
Indonesia2.353.924.951.770.800.63
Korea0.751.953.461.820.791.33
Malaysia0.110.530.221.180.620.70
Nauru0.15
Pakistan0.350.350.06
Papua New Guinea0.030.120.26
Philippines0.72
Taiwan Province of China0.670.830.660.790.360.31
Thailand0.831.251.632.000.751.25
Viet Nam0.020.02
Other0.120.02
Europe4.054.871.902.081.171.30
Bulgaria0.25
Cyprus0.040.010.120.040.040.05
Czech Republic0.20
Czechoslovakia, former0.26
Georgia0.02
Hungary0.770.040.140.210.170.05
Turkey1.681.841.641.800.960.96
U.S.S.R., former0.892.95
Other0.160.030.120.070.02
Middle East0.620.120.020.02
Egypt0.50
Israel0.120.120.020.02
Jordan
Other
Western Hemisphere1.923.270.990.930.610.53
Argentina
Brazil0.050.020.180.15
Chile0.290.350.10
Colombia1.640.20
Mexico0.211.580.620.180.160.40
Uruguay0.010.100.02
Venezuela1.390.210.210.12
Other0.020.050.01
Other developing countries0.740.0810.002.902.900.16
Kuwait0.085.50
Saudi Arabia0.660.084.502.902.900.16
Offshore banking centers3.523.701.531.470.711.66
International organizations and unallocated3.374.396.657.131.933.78
Total121.15124.52116.03117.8757.0468.01
Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly.
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.
May 1992World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
May 1992Developments in International Exchange and Payments Systems, by a Staff Team from the Exchange and Trade Relations Department.
August 1992Issues and Developments in International Trade Policy, by a Staff Team led by Margaret Kelly and Anne Kenny McGuirk.
September 1992International Capital Markets: Developments, Prospects, and Policy Issues, by Morris Goldstein, David Folkerts-Landau, Mohamed El-Erian, Steven Fries, and Liliana Rojas-Suárez.
October 1992World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
December 1992Private Market Financing for Developing Countries, by a Staff Team from the Policy Development and Review Department led by Charles Collyns.
January 1993World Economic Outlook—Interim Assessment: A Survey by the Staff of the International Monetary Fund.
April 1993International Capital Markets: Part I. Exchange Rate Management and International Capital Flows, by Morris Goldstein, David Folkerts-Landau, Peter Garber, Liliana Rojas-Suárez, and Michael Spencer.
May 1993World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
August 1993International Capital Markets: Part II. Systemic Issues in International Finance, by a Staff Team from the International Monetary Fund led by Morris Goldstein and David Folkerts-Landau.
October 1993World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
December 1993Private Market Financing for Developing Countries, by a Staff Team from the Policy Development and Review Department led by Charles Collyns.
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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