Access to International Capital Markets for First Time Sovereign Issuers—Country Cases, November 17, 2003

Access to International Capital Markets for First-Time Sovereign Issuers

Prepared by the International Capital Markets Department
In consultation with the Legal and other Departments

Approved by Gerd Häusler

November 17, 2003

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Executive Summary
I.   Introduction
II.   Characteristics of Countries That Have Accessed the Market
  A. Domestic Conditions
  B. External Conditions
III.   Characteristics of the Bond Issue
  A. Amount
  B. Maturity
  C. Currency
  D. Price and Yield
  E. Enhancements
  F. Collective Action Clauses
  G. Investor Base
IV.   Considerations for Accessing International Capital Markets
  A. Conditions for Countries to Issue a Bond for the First Time
  B. Characteristics of the Bond Issue
Text Boxes
1. Empirical Estimation of First-Time Emerging Market Sovereign Issuers
2. Repeat Issuers: The Cases of Croatia, El Salvador, and Tunisia
3. Sovereign Credit Ratings
4. Investor Relations Programs
5. Technical Steps for a New Bond Issue in the United States
1. Liquidity, Credit and Volatility Index (LCVI)—Overall Indicator,
Jan 01–Feb 03
Text Tables
1. Characteristics of the Debut Bonds
2. Amount of the Issuance