- Mauro Mecagni, Jorge Canales Kriljenko, Cheikh Gueye, Yibin Mu, Masafumi Yabara, and Sebastian Weber
- Published Date:
- June 2014
This paper showed that a range of macroeconomic, structural, and debt-management considerations need to be met for a successful issuance of sovereign bonds in international markets by sub-Saharan countries. In many cases, there will also be a need for substantial capacity-building efforts. It is advisable that sovereign issuances be carefully planned and prepared, and used as only one of a range of possible financing instruments. In particular, issuance of sovereign bonds should be one of several pillars of broadening government financing instruments, which should also include efforts to develop domestic debt markets and broaden options for infrastructure finance.
- Search Google Scholar
- Export Citation
Bank for International Settlements2012 “BIS Quarterly Review” (Basel: Switzerland).
CrucesJ.J. and C.Trebesch2011 “Sovereign Defaults: The Price of Haircuts.” CESifo Working Paper Series No. 3604 (Munich, Germany: CESifo Group).
DasUdaibir S.Michael G.Papaioannou and MagdalenaPolan2008a “Debut Sovereign Bond Issues: Strategic Considerations and Determinants of Characteristics,” in Debt Relief and Beyond: Lessons Learned and Challenges Aheaded. By Carlos A.Primo Braga and DörteDömeland (Washington: The World Bank).
DasUdaibir S.Michael G.Papaioannou and MagdalenaPolan2008b “Strategic Considerations for First-Time Sovereign Bond Issuers,” IMF Working Paper 08/261 (WashingtonNovember).
DasUdaibir S.Michael G.Papaioannou and MagdalenaPolan2011 “First-Time Sovereign Issuers: Considerations in Accessing International Capital Markets,” in Sovereign Debt: From Safety to Default ed. by RobertKolb (New York: John Wiley and Sons, Inc.).
DasUdaibir S.Michael G.Papaioannou and ChristophTrebesch2012 “Sovereign Debt Restructurings 1950–2010: Literature Survey, Data, and Stylized Facts,” IMF Working Paper 12/203 (WashingtonAugust).
GueyeCheikh A. and Amadou R.Sy2010 “Beyond Aid: How Much Should African Countries Pay to Borrow,” IMF Working Paper No. 10/140 (WashingtonJune).
International Monetary Fund2012 “Côte d’Ivoire: Second Review Under the Three-Year Arrangement Under the Extended Credit Facility, Request for Modification of Performance Criteria, and Financing Assurances Review—Staff Report; Staff Supplements; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Côte d’Ivoire,” IMF Country Report No. 12/332 (Washington).
MuYibinPeterPhelps and Janet G.Stotsky2013 “Bond Markets in Africa,” IMF Working Paper 13/12 (Washington: International Monetary Fund).