Front Matter Page
Monetary and Capital Markets Department
IMF Institute
Authorized for distribution by Ceyla Pazarbasioglu and Dominique Desruelle
Contents
I. Public Debt Markets in Central America, Panama and the Dominican Republic
A. Financial Sector in Central America
B. Structure and Composition of Public Debt
C. Organization of Public Debt Management
D. Dual Sovereign Issuers: Government and the Central Bank
E. Primary Issuance of Public Debt
F. Secondary Markets
G. Investor Universe and Regulation of Investments in Public Debt
H. The Challenge of Creating a Regional Market
I. Key Problems and Recommendations
J. Conclusions
II. The Public Debt Market in Costa Rica
A. Financial Sector
B. Structure and Composition of Public Debt
C. Primary Issuance
D. Secondary Markets for Public Debt
E. Investor Universe and Regulation of Investments in Public Debt
F. Problems and Recommendations
III. The Public Debt Market in the Dominican Republic
A. Structure and Composition of Public Debt
B. Primary Market for Sovereign Debt
C. Central Bank Issues and the Quasi-Fiscal Deficit
D. Investors in Public Debt
E. Problems and Recommendations
IV. The Public Debt Market in El Salvador
A. Financial Sector
B. Structure and Composition of Public Debt
C. Legal and Institutional Structure of Public Debt Management
D. Primary Issuance of Public Debt
E. Secondary Market of Public Debt
F. Market Infrastructure: Clearing, Settlement, and Payment
G. Problems and Recommendations
V. The Public Debt Market in Guatemala
A. Financial Sector
B. Structure and Composition of Public Debt
C. Legal and Institutional Structure of Public Debt Management
D. Primary Issuance of Public Debt
E. Secondary Market of Public Debt
F. Market Infrastructure: Clearing, Settlement, and Payment
G. Problems in the Public Debt Market
H. Recommendations
VI. The Public Debt Market in Honduras
A. Financial Sector
B. Structure and Composition of Public Debt
C. Primary Issuance
D. Secondary Market for Public Debt
E. Investor Universe and Regulation of Investments in Public Debt
F. Problems and Recommendations
VII. The Public Debt Market in Nicaragua
A. Financial Sector
B. Structure and Composition of Public Debt
C. Legal and Institutional Structure of Public Debt Management
D. Primary Issuance of Public Debt
E. Secondary Market of Public Debt
F. Market Infrastructure: Clearing, Settlement, and Payment
G. Problems in the Public Debt Market
H. Policy Recommendations
VIII. The Public Debt Market in Panama
A. Financial Sector
B. Structure and Composition of Public Debt
C. Primary Issuance in the Domestic Market
D. Secondary Market for Public Debt
E. Investor Universe and Regulation of Investments in Public Debt
F. Problems and Recommendations
Tables
1. Central America: Structure of the Financial System
2. Central America: Public Debt Composition
3. Central America: Securities Issued by the Ministry of Finance and the Central Bank
4. Central America: Auction Mechanisms for Public Debt Securities
5. Central America: Secondary Trading of Fixed Income Domestic Securities
6. Costa Rica: Structure of the Financial System
7. Costa Rica: Local Government Debt
8. Costa Rica: External Government Debt
9. Costa Rica: Local Central Bank Debt
10. Costa Rica: External Central Bank Debt
11. Costa Rica: Outstanding Government and Central Bank Debt Securities, 2005
12. Costa Rica: Securities Issued by the Ministry of Finance and the Central Bank
13. Costa Rica: Comparative Rates of Return of Public Debt Issues in 2005
14. Costa Rica: Secondary Trading of Domestic Securities in 2005
15. Costa Rica: Investor Breakdown of Public Debt (2000–05)
16. Dominican Republic: Structure of the Financial System
17. Dominican Republic: Public External Debt
18. Dominican Republic: Public Debt Securities Issued
19. Dominican Republic Interest Rates
20. Investor Breakdown of Central Bank Securities
21. El Salvador: Structure of the Financial System
22. El Salvador: Central Government and Government Debt
23. El Salvador: Outstanding of External Debt
24. El Salvador: Domestic Securities Issued by the MOF
25. El Salvador: Central Government Securities
26. El Salvador: Securities Issued by the BCR
27. El Salvador: Central Bank Securities, 2005
28. El Salvador: Auction Mechanism
29. El Salvador: Comparative Rates of Return of CENELI by Maturity
30. El Salvador: Secondary Trading of Fixed Income Domestic Securities
31. El Salvador: Repo Transactions on February 27, 2006
32. Guatemala: Structure of the Financial System
33. Guatemala: Outstanding Public Debt
34. Guatemala: Outstanding External Debt by Creditor
35. Guatemala: Outstanding Domestic Debt by Creditor
36. Guatemala: Instruments Issued by the Ministry of Finance
37. Guatemala: Government Financing by Instrument
38. Guatemala: Instruments Issued by the Bank of Guatemala
39. Guatemala: Outstanding of Certificates of Deposit by Placement Method and Instrument
40. Guatemala: Outstanding Certificates of Deposit by Investor
41. Honduras: Structure of the Financial System
42. Honduras: External Government Debt
43. Honduras: Local Government Debt
44. Honduras: Local Central Bank Debt
45. Honduras: Quasi-Fiscal Debt
46. Honduras: Securities Issued by the Ministry of Finance and the Central Bank
47. Honduras: Auctions of Domestic Public Debt Issues, 2005
48. Honduras: Secondary Trading of Fixed Income Domestic Securities
49. Honduras: Investor Breakdown of Public Debt (local market)
50. Nicaragua: Structure of the Financial System
51. Nicaragua: Oustanding of Aggregate Public Debt
52. Nicaragua: Outstanding External Public Debt by Creditor
53. Nicaragua: Outstanding Domestic Public Debt by Instrument
54. Nicaragua: Instruments Issued by the Ministry of Finance
55. Nicaragua: Issuance of Standardized Securities by the Ministry of Finance
56. Nicaragua: Instruments Issued by the Central Bank
57. Nicaragua: Issuance of Standardized Securities by the Central Bank in 2005
58. Nicaragua: Trading Volume in the Stock Exchange
59. Panama: Structure of the Financial System
60. Panama: Aggregate Public Debt
61. Panama: Outstanding External Debt of Central Government
62. Panama: Outstanding Domestic Debt of Central Government
63. Summary of Debt Exchange Program 2005–06
64. Panama: Type of Securities Issued by the Ministry of Finance
65. Panama: Secondary Trading of Fixed Income Domestic Securities
66. Panama: Investor Breakdown of Public Debt
Figures
1. Public Debt Composition in Central America, 2005
2. Outstanding Public Debt in Central America, 2005
3. Domestic Debt Issued as Securities, 2005
4. Domestic Central Bank Debt/Domestic Government Debt
5. Central America: Potential Debt Auctions per Year
6. Central America: Actual Debt Auctions per Year
7. Central Bank Securities by Holder
8. Central Bank Certificate Rates at the Direct Window
9. Central Bank Deficit and Outstanding Securities
10. Dominican Republic Central Bank Certificates Auction
11. Dominican Republic: Secondary Market Trading, 2005
12. El Salvador: Liquidity of Public Securities in Stock Exchange
13. Guatemala: Trading Volume in the Stock Exchange
14. Five-Year Credit Default Swap Spreads of Selected Latin American Countries
15. EMBI+ Index Spreads of Selected Latin American Countries
Boxes
1. Electronic Trading Platforms in Costa Rica
2. The Repayment of Bond 104–99
3. Government Bond Issue for the Empresa Nacional de EnergÃa Eléctrica
4. The Panama Debt Exchange Program of 2005–06
5. Investment Regulations of Pension Funds and Insurance Companies in Panama