Front Matter
Author:
Andreas Jobst
Search for other papers by Andreas Jobst in
Current site
Google Scholar
Close
,
Ms. Laura Valderrama
Search for other papers by Ms. Laura Valderrama in
Current site
Google Scholar
Close
https://orcid.org/0000-0001-5968-6092
,
Mr. Ivan S Guerra
Search for other papers by Mr. Ivan S Guerra in
Current site
Google Scholar
Close
, and
Mr. Hemant Shah
Search for other papers by Mr. Hemant Shah in
Current site
Google Scholar
Close

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 Energía Eléctrica

  • 4. The Panama Debt Exchange Program of 2005–06

  • 5. Investment Regulations of Pension Funds and Insurance Companies in Panama

  • Collapse
  • Expand
Public Debt Markets in Central America, Panama, and the Dominican Republic
Author:
Andreas Jobst
,
Ms. Laura Valderrama
,
Mr. Ivan S Guerra
, and
Mr. Hemant Shah