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On the Determinants of First-Time Sovereign Bond Issues
Author:
Mr. David A. Grigorian
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Series:
IMF Working Papers
Volume/Issue:
Volume 2003: Issue 184
Language:
English
Publication Date:
01 Sep 2003
DOI:
https://doi.org/10.5089/9781451859386.001
ISBN:
9781451859386
ISSN:
1018-5941
Pages:
24
Keywords:
WP; sovereign bond; emerging market; sovereign bonds; first-time market access; capital markets; sovereign bond bond issue; sovereign bond issuance; Dita sovereign bond; sovereign bond issuer; emerging market bond issuance; Bonds; Emerging and frontier financial markets; Securities markets; International capital markets; Eastern Europe; Global
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IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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In recent years, the number of countries which have borrowed in international capital markets by issuing sovereign bonds has increased substantially. For these countries, capital market access meant a de facto acknowledgement of their policy successes and improvements in their creditworthiness that enabled them to graduate from the group of official financing recipients into a more advanced group of emerging market economies. The paper looks at the determinants of sovereign bond issuances and derives the relationship between internal and external factors and market access using a simple macro model. The market access condition is then translated into a simple rule that requires an excess demand for the sovereign bonds in question. Regression results based on this model offer some insights into peculiarities of first-time sovereign bond issues that could be used in policy deliberations.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund