## Figure 1.28. Frontier Debt Vulnerabilities

## Source details

**Canonical URL:** [Figure 1.28. Frontier Debt Vulnerabilities](https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-28.pdf)

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### Debt-management capacity
- "Debt-management capacity has not kept up with increasing reliance on international debt."
- Panel 1 label: "CPIA Debt-Management Capacity Score"
- Note: "In panel 1, debt policy rating assesses whether the debt-management strategy is conducive to minimizing budgetary risks and ensuring long-term debt sustainability."
- Acronyms preserved exactly: "CPIA = Country Policy and Institutional Assessment; YTD = year to date."
- Regional labels shown: "Middle East and North Africa (excluding high income)"; "Sub-Saharan Africa (excluding high income)"; "East Asia and Pacific (excluding high income)"; "Latin America and Caribbean (excluding high income)"; "Europe and Central Asia (excluding high income)"
- Rating labels appearing in the figure header: "BBB+BB–"
- Chart annotation present: "Weak capacity"

### International bond issuance and issuance needs
- Panel 2 title: "Frontier Debt International Bond Issuance (Billions of US dollars)"
- Time markers on the horizontal axis preserved as shown: "2007", "08", "09", "10", "11", "12", "13", "14", "15", "16", "17", "18", "19 YTD", "19 Expected"
- Vertical axis tick marks preserved as shown: "0", "5", "10", "15", "20", "25", "30", "35", "40"
- Summary statement from the figure: "Issuance needs are expected to remain high in 2019 ..."

### Borrowing costs and secondary-market yields
- Panel 3 title: "Share of Frontier Issuers by Secondary Market Yield (Percent)"
- Vertical axis tick marks preserved as shown: "0", "10", "20", "30", "40", "50", "60", "70", "80", "90", "100"
- Horizontal axis years preserved as shown: "2012", "13", "14", "15", "16", "17", "18", "19"
- Summary statement from the figure: "... but at higher borrowing costs."

*Sources: Bond Radar; JPMorgan Chase & Co; World Bank; and IMF staff calculations.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2019/april/english/ch1data/charts/figure1-28.pdf_