## Annex I. List of EMDEs in the Analysis Sample

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### Country-level sovereign bond summary (Table AI.1)
- Table reports country-level averages for: 10-year bond rate; Primary deficit/GDP (t+4); Public debt/GDP (t+4); External bond spread (bps).
- Selected country entries (values preserved exactly):
  - Albania: 10-year bond rate 6.35; Primary deficit/GDP (t+4) 0.35; Public debt/GDP (t+4) 66.73; External bond spread (bps) 340.7
  - Argentina: 10-year bond rate 8.70; Primary deficit/GDP (t+4) 1.02; Public debt/GDP (t+4) 52.93; External bond spread (bps) 424.1
  - Brazil: 10-year bond rate 7.19; Primary deficit/GDP (t+4) -2.77; Public debt/GDP (t+4) 85.98; External bond spread (bps) 223.0
  - China: 10-year bond rate 3.63; Primary deficit/GDP (t+4) 2.39; Public debt/GDP (t+4) 53.46; External bond spread (bps) 61.4
  - India: 10-year bond rate 9.42; Primary deficit/GDP (t+4) 2.36; Public debt/GDP (t+4) 76.46; External bond spread (bps) ...
  - Jamaica: 10-year bond rate 8.02; Primary deficit/GDP (t+4) -7.19; Public debt/GDP (t+4) 98.72; External bond spread (bps) 397.1
  - Lebanon: 10-year bond rate 7.67; Primary deficit/GDP (t+4) -0.97; Public debt/GDP (t+4) 145.85; External bond spread (bps) 550.9
  - Nigeria: 10-year bond rate 13.29; Primary deficit/GDP (t+4) 1.87; Public debt/GDP (t+4) 29.64; External bond spread (bps) 494.2
  - Pakistan: 10-year bond rate 10.87; Primary deficit/GDP (t+4) -0.41; Public debt/GDP (t+4) 71.54; External bond spread (bps) 741.1
  - Vietnam: 10-year bond rate 5.94; Primary deficit/GDP (t+4) 2.41; Public debt/GDP (t+4) 59.27; External bond spread (bps) 193.6
  - Zambia: 10-year bond rate 23.23; Primary deficit/GDP (t+4) -0.39; Public debt/GDP (t+4) 72.87; External bond spread (bps) 1526.0
- Sample aggregate (row labelled "Total"):
  - 10-year bond rate 8.31
  - Primary deficit/GDP (t+4) 0.12
  - Public debt/GDP (t+4) 58.19
  - External bond spread (bps) 384.30
- Notes:
  - Source: Bloomberg, IMF, and staff estimates.
  - Statistics are the sample average.
  - Shaded countries are included in major (frequent) bond issuers in EMDEs sample.

### Sovereign-bank nexus (Annex II)
- Figure AII.1 reports "Change in the Sovereign-Bank Nexus (In Percent of Total Bank Assets)" with panels for:
  - Emerging Market Economies, over 2019-24
  - Low Income Countries, over 2019-23
- Source cited: IMF Monetary and Financial Statistics (MFS), and staff estimates.

### Baseline estimation and interaction results (Annex III–IV)
- Annex III: Table AIII.1 titled "Determinants of the Change in Sovereign Bond Yields (in percentage)" (baseline local projection estimates).
- Annex IV: Table AIV.1 titled "Linear-interactive effect: fiscal policy and debt composition — Impact on the change in 10-year bond yields over 2 years (from t-1 to t+4), All EMDE sample."
- These annexes present empirical estimation results used in the paper (tables and model specifications are listed).

### Heterogeneity: External bond spreads by sovereign-bank nexus and debt-holder composition (Annex V)
- Figures AV.1 and AV.2 present:
  - Marginal Effect of 4-year Ahead Primary Deficits on External Sovereign Bond Spreads — Heterogeneity by Sovereign-Bank Nexus (All EMDEs, excluding China/India)
  - Marginal Effect of 4-Year Ahead Primary Deficits on External Sovereign Bond Spreads — Heterogeneity by Debt Holders (All EMDEs, excluding China/India)
- Notes:
  - Estimates indicate cumulative impact over two years.
  - 95 percent confidence intervals using heteroskedasticity-robust standard errors are shown in error bars.
  - Source: Bloomberg, IMF, Haver, Arslanalp and Tsuda (2014), and staff estimates.

### Bloomberg bond-issuance summary statistics (Annex VI, Table AVI.1)
- Dataset coverage and selection:
  - Data retrieved from Bloomberg Finance L.P.; selects all bonds issued by central government, regional government, local government, central bank, SOEs and development banks under domestic law from 2000 until 2023.
  - The paper focuses on bonds issued by central government and excludes inflation-indexed bonds in the main analysis.
  - Footnote: "As data were collected in February 2024, all new issuances until January 2024 recorded in the Bloomberg are covered."
- Table AVI.1 reports country-level bond-issuance summary statistics (2000-2023) including:
  - Number of issuance (total)
  - Frequency of annual issuance (p50)
  - Annual Issuance (in mil USD, p50)
  - Annual issuance/GDP (p50)
  - Tenor (p50)
  - Tenor (max)
  - Coupon rate (mean)
  - Share of floating
  - Share of inflation-indexed
- Selected country issuance statistics (values preserved exactly):
  - Albania: Number of issuance (total) 403; Frequency of annual issuance (p50) 20; Annual Issuance (in mil USD, p50) 31.0; Annual issuance/GDP (p50) 6.1; Tenor (p50) 3.0; Tenor (max) 15.0; Coupon rate (mean) 6.0; Share of floating 0.16; Share of inflation-indexed 0.00
  - Brazil: Number of issuance (total) 307; Frequency of annual issuance (p50) 10; Annual Issuance (in mil USD, p50) 7,590.8; Annual issuance/GDP (p50) 14.2; Tenor (p50) 3.5; Tenor (max) 40.7; Coupon rate (mean) 4.8; Share of floating 0.39; Share of inflation-indexed 0.15
  - China: Number of issuance (total) 753; Frequency of annual issuance (p50) 28; Annual Issuance (in mil USD, p50) 4,215.0; Annual issuance/GDP (p50) 2.8; Tenor (p50) 5.0; Tenor (max) 50.0; Coupon rate (mean) 3.2; Share of floating 0.01; Share of inflation-indexed 0.00
  - India: Number of issuance (total) 2607; Frequency of annual issuance (p50) 140; Annual Issuance (in mil USD, p50) 666.1; Annual issuance/GDP (p50) 8.5; Tenor (p50) 12.9; Tenor (max) 50.0; Coupon rate (mean) 7.4; Share of floating 0.05; Share of inflation-indexed 0.00
  - Mexico: Number of issuance (total) 807; Frequency of annual issuance (p50) 31; Annual Issuance (in mil USD, p50) 986.4; Annual issuance/GDP (p50) 4.6; Tenor (p50) 4.9; Tenor (max) 32.4; Coupon rate (mean) 6.1; Share of floating 0.83; Share of inflation-indexed 0.10
  - Zambia: Number of issuance (total) 624; Frequency of annual issuance (p50) 33; Annual Issuance (in mil USD, p50) 8.9; Annual issuance/GDP (p50) 4.2; Tenor (p50) 5.0; Tenor (max) 15.0; Coupon rate (mean) 11.4; Share of floating 0.00; Share of inflation-indexed 0.00
- Source for issuance table: Bloomberg, IMF, and staff estimates.

*Source: wpiea2025059-print-pdf - Annex I. List of EMDEs in the Analysis Sample (IMF Working Paper).*

### Annex I. List of EMDEs in the Analysis Sample ..........................................................................

### Annex I. List of EMDEs in the Analysis Sample

### Annexes (chapter/section headings)
- Annex I. List of EMDEs in the Analysis Sample ............................................................................................. 28
- Annex II. Sovereign-Bank Nexus: Country-level Evidence ........................................................................... 30
- Annex III.  Baseline Local Projection Estimates ............................................................................................ 31
- Annex IV.  Estimates from a Linear-interaction Model .................................................................................. 32
- Annex V.  Effect of Fiscal Policies on External Bond Spreads: by Sovereign-Bank Nexus and Debt’s 
  Holder Composition .......................................................................................................................................... 33
- Annex VI. Summary Statistics: Bloomberg Bond-level Issuance Data ........................................................ 34
- References ......................................................................................................................................................... 36

### Figures (figure captions)
- 1a. Level of Debt Held by Domestic and Foreign Private Creditors in EMDEs ................................................... 10
- 1b. Local-Currency Denominated Government Bonds Held by Foreign Investors ............................................. 10
- 2. Share of Sovereign Debt Held by Each Domestic Creditors ........................................................................... 11
- 3. Evolution of Sovereign-Bank Nexus ................................................................................................................ 12
- 4. Cumulative Response of 5-Year and 10-Year Bond Yields to Higher Expected Primary Deficits:  
  All EMDEs (excl. China/India) vs. Major bond issuers in EMDEs ....................................................................... 15
- 5. Cumulative Response of 10-Year Bond Yields to Higher Expected Primary Deficits:  Whole Period vs.  
  Pre-Covid Period ................................................................................................................................................. 15
- 6. Cumulative Response of External Bond Spreads to Higher Expected Primary Deficits ................................. 20
- 7. Marginal Effect of 4-year Ahead Primary Deficits on 10-Year Bond Yield Heterogeneity by Sovereign-Bank 
  Nexus (All EMDEs, excluding China/India) ......................................................................................................... 22
- 8. Marginal Effect of 4-Year Ahead Primary Deficits on 10-Year Bond Yield Heterogeneity by Debt Holders  
  (All EMDEs, excluding China/India) .................................................................................................................... 23
- 9. Cumulative Response of Debt Composition to Expected Fiscal Expansion ................................................... 25
- 10. Sensitivity of 10 Year Yields to 4-Year Ahead Fiscal Deficits: Heterogeneity by Financing  Sensitivity  
  Proxy (Second-stage Results) for all EMDES excluding China and India .......................................................... 26

### Tables (table captions)
- 1. Descriptive Statistics: Analytical Sample .......................................................................................................... 8
- 2. Robustness Check to Financial Repression ................................................................................................... 16
- 3. Robustness Check to Extensive Control Variables ......................................................................................... 18

*Source: wpiea2025059-print-pdf - Annex I. List of EMDEs in the Analysis Sample (IMF Working Paper).*

### 4. Robustness Check Using 2-Year Ahead Primary Deficits Change in Sovereign Bond Yields ........................ 19

### 4. Robustness Check Using 2-Year Ahead Primary Deficits Change in Sovereign Bond Yields

### Research objective and data
- Aim: quantify how expectations of future fiscal policy affect domestic sovereign borrowing costs in Emerging Market and Developing Economies (EMDEs), and how creditor composition moderates this relationship.
- Sample and frequency:
  - Domestic bond yield data from 75 EMDEs.
  - Semi-annual panel collapsed to cover 2010H1 to 2023H2.
  - Outcome variables: 5-year bonds (3-to-7-year maturity at issuance) and 10-year bonds (8-to-13-year maturity at issuance).
  - Fiscal expectations: IMF WEO forecasts (1- to 4-year ahead); baseline uses 4-year ahead primary deficits; robustness check uses 2-year ahead primary deficits.
- Aggregation: bond-level yields weighted by issuance volume at each maturity.
- Key descriptive statistics (analysis sample):
  - 5 year treasury bond rate: Mean 8.077 percent (N = 1,584).
  - 10 year treasury bond rate: Mean 8.399 percent (N = 1,281).
  - External bond spreads: Mean 4.394 percent (N = 1,618).
  - Primary deficit/GDP (t+4): Mean 0.074 percent (N = 1,584).
  - Public debt-to-GDP (t+4): Mean 56.389 percent (N = 1,562).
  - Monetary policy rate: Mean 6.768 percent (N = 1,431).
  - Sovereign non-investment grade dummy: Mean 0.641 (N = 1,457).

### Core empirical approach
- Method: Panel Local Projection (LP) estimating cumulative changes in sovereign bond yields over h = 0,...,8 semesters relative to pre-shock period t−1.
- Baseline treatment: IMF desk economists’ 4-year ahead forecast of primary fiscal deficits (percent of GDP).
- Controls include: 4-year ahead real GDP growth, CPI inflation, FX depreciation, monetary policy rate, sovereign credit rating dummy, US 10-year treasury forward rate, log VIX, population growth (t+20), income share bottom 50th percentile, log GDP per capita, and country/semester fixed effects.
- Additional analysis: Kitagawa-Blinder-Oaxaca (KBO) decomposition and a two-stage sensitivity-instrument counterfactual to capture heterogeneity by debt holder composition and endogenous financing responses.

### Main empirical findings
- Baseline 4-year ahead fiscal expectation effect:
  - A 1 percentage point increase in 4-year ahead primary deficits leads to a persistent increase in 5-year and 10-year domestic bond yields by about 31 basis points (bps) and 26 bps, respectively, over two years (full sample).
  - The effect on 10-year bond yields peaks at around 36 bps after 2.5 years in EMDEs excluding China and India.
  - Instantaneous (t) responses: about 7-12 bps for 5-year bonds and 6-10 bps for 10-year bonds.
  - The effect generally peaks in 2–3 years and starts to decline after about 3 years.
- Post-COVID dynamics:
  - Sensitivity of bond yields to expected fiscal widening increased somewhat after the COVID-19 recession.
  - Two years after the fiscal shock, the impact on 10-year yields is larger by about 10 bps for all EMDEs (excluding China and India) and by 9 bps for major EMDEs when including post-COVID data versus pre-COVID.
- Comparison with external spreads:
  - External bond spreads are statistically insignificant in response to 4-year ahead expected primary deficits over a three-year horizon.
  - External spreads react more strongly to global variables (US treasury forward rate, VIX), current account, and external debt.
- Heterogeneity by creditor composition and sovereign-bank nexus:
  - Sovereign-bank nexus amplifies fiscal sensitivity: marginal effect of a 4-year ahead primary deficit increase can reach about 50 bps over two years in countries where domestic banks have the highest exposure to sovereign debt.
  - Moving sovereign-bank nexus from the 25th to 75th percentile implies an average yield rise of about 13 bps for all EMDEs (excluding China and India) and 17 bps for major EMDEs (cumulative over two years).
  - Concentration in domestic banks: moving domestic banks holding-to-GDP from the 25th to 75th percentile implies an average rise in yields by about 11 bps (all EMDEs, excluding China and India).
  - Foreign non-bank investor concentration increases sensitivity of external spreads: an increase from the 25th to 75th percentile of foreign non-banks holding-to-GDP implies an average rise in external bond spreads by about 25 bps.
- Counterfactual (sensitivity-instrument) results:
  - First-stage: a 1 pp of GDP increase in 4-year ahead primary deficits is associated with a cumulative increase in domestic banks’ holdings of government debt by about 0.2 pp of GDP over two years and an increase in foreign non-banks holdings by about 0.3 pp of GDP over two years.
  - Second-stage: countries that increase deficit financing from domestic banks exhibit stronger 10-year yield responses; moving from the 25th to 75th percentile of the financing sensitivity proxy implies an average additional yield rise of about 20 bps for a 1 pp GDP fiscal expansion.
- Robustness and controls:
  - Results robust to controls for expected public debt (4-year ahead public debt-to-GDP), commodity terms-of-trade, Financial Stress Index (FSI), domestic credit gap, external bond spreads growth, and institutional quality (ICRG).
  - Excluding periods with interest rate caps (financial repression) produces stronger short-term impulse responses: 10-year yields short-term increase by 28 bps (full sample excl. China/India) and 31 bps (major EMDEs) in response to 1 pp increase in 4-year ahead primary deficits.
  - Using 2-year ahead primary deficit as treatment (alternative forecast horizon) reduces magnitude modestly: point estimates drop by about 7 bps for 10-year bond yields compared with baseline, but the sign and significance remain.

### Key quantitative benchmarks and salient statistics preserved from the analysis
- Sample: 75 EMDEs; panel semi-annual 2010H1–2023H2.
- Main treatment: 4-year ahead primary deficit.
- Baseline impacts (cumulative over two years):
  - 5-year yield: +31 bps per 1 pp GDP increase in 4-year ahead primary deficit.
  - 10-year yield: +26 bps per 1 pp GDP increase in 4-year ahead primary deficit.
  - Peak 10-year impact (EMDEs excl. China/India): ~36 bps after 2.5 years.
  - Amplified marginal effect in high sovereign-bank nexus: ~50 bps over two years.
- Descriptives:
  - 5-year treasury bond rate mean 8.077 percent; 10-year mean 8.399 percent.
  - External bond spreads mean 4.394 percent (440 basis points).
  - Primary deficit/GDP (t+4) mean 0.074 percent.
  - Public debt-to-GDP (t+4) mean 56.389 percent.
  - Central bank monetary policy rate mean 6.768 percent.
  - Sovereign ratings below Baa3/BBB- in 64 percent of observations (sovereign non-investment grade mean 0.641).
- Debt holder composition dynamics:
  - Domestic banks’ sovereign debt holding increased from 9 percent of GDP in 2010 to about 14 percent of GDP in 2020 (EMDE average excluding China).
  - NBFIs’ sovereign holdings reached nearly 20 percent of GDP by 2020.
  - Commercial banks’ exposure to sovereign debt reached almost one-fifth of banking sector assets in major EMs and LICs in 2021.

### Policy implications and recommendations
- Fiscal discipline:
  - Maintaining robust fiscal positions is critical to influence market perceptions and reduce domestic borrowing costs.
- Financial sector supervision and resilience:
  - Strengthen supervision and develop robust bank resolution frameworks to mitigate “doom-loop” risks in economies with deep sovereign-bank nexus.
  - Monitor and limit excessive concentration of sovereign exposures in banking sector assets.
- Investor base diversification:
  - Foster a deep and diversified investor base (domestic and foreign, across investor types) to reduce vulnerability to abrupt shifts in risk appetite and to mitigate amplification of fiscal shocks on yields.
- Market development:
  - Continue policies that deepen local currency bond markets and improve market infrastructure (e.g., MTDS, primary dealers) while managing the trade-offs associated with higher foreign participation.

*Source: IMF Working Paper — Fiscal Determinants of Domestic Sovereign Bond Yields in Emerging Market and Developing Economies (excerpt: Section 4 — Robustness Check Using 2-Year Ahead Primary Deficits Change in Sovereign Bond Yields).*

### Annex I. List of EMDEs in the Analysis Sample

### Annex I. List of EMDEs in the Analysis Sample

### Country-level sovereign bond summary (Table AI.1)
- The table reports country-level averages for: 10-year bond rate; Primary deficit/GDP (t+4); Public debt/GDP (t+4); External bond spread (bps).
- Selected country entries (preserving reported values exactly):
  - Albania: 10-year bond rate 6.35; Primary deficit/GDP (t+4) 0.35; Public debt/GDP (t+4) 66.73; External bond spread (bps) 340.7
  - Argentina: 10-year bond rate 8.70; Primary deficit/GDP (t+4) 1.02; Public debt/GDP (t+4) 52.93; External bond spread (bps) 424.1
  - Brazil: 10-year bond rate 7.19; Primary deficit/GDP (t+4) -2.77; Public debt/GDP (t+4) 85.98; External bond spread (bps) 223.0
  - China: 10-year bond rate 3.63; Primary deficit/GDP (t+4) 2.39; Public debt/GDP (t+4) 53.46; External bond spread (bps) 61.4
  - India: 10-year bond rate 9.42; Primary deficit/GDP (t+4) 2.36; Public debt/GDP (t+4) 76.46; External bond spread (bps) ...
  - Jamaica: 10-year bond rate 8.02; Primary deficit/GDP (t+4) -7.19; Public debt/GDP (t+4) 98.72; External bond spread (bps) 397.1
  - Lebanon: 10-year bond rate 7.67; Primary deficit/GDP (t+4) -0.97; Public debt/GDP (t+4) 145.85; External bond spread (bps) 550.9
  - Nigeria: 10-year bond rate 13.29; Primary deficit/GDP (t+4) 1.87; Public debt/GDP (t+4) 29.64; External bond spread (bps) 494.2
  - Pakistan: 10-year bond rate 10.87; Primary deficit/GDP (t+4) -0.41; Public debt/GDP (t+4) 71.54; External bond spread (bps) 741.1
  - Vietnam: 10-year bond rate 5.94; Primary deficit/GDP (t+4) 2.41; Public debt/GDP (t+4) 59.27; External bond spread (bps) 193.6
  - Zambia: 10-year bond rate 23.23; Primary deficit/GDP (t+4) -0.39; Public debt/GDP (t+4) 72.87; External bond spread (bps) 1526.0
- Sample aggregate (row labelled "Total"):
  - 10-year bond rate 8.31
  - Primary deficit/GDP (t+4) 0.12
  - Public debt/GDP (t+4) 58.19
  - External bond spread (bps) 384.30
- Notes from the table:
  - Source: Bloomberg, IMF, and staff estimates.
  - Statistics are the sample average.
  - Shaded countries are included in major (frequent) bond issuers in EMDEs sample.

### Sovereign-bank nexus (Annex II)
- Figure AII.1 reports "Change in the Sovereign-Bank Nexus (In Percent of Total Bank Assets)" with panels for:
  - Emerging Market Economies, over 2019-24
  - Low Income Countries, over 2019-23
- Source cited: IMF Monetary and Financial Statistics (MFS), and staff estimates.

### Baseline estimation and interaction results (Annex III–IV)
- Annex III: Table AIII.1 titled "Determinants of the Change in Sovereign Bond Yields (in percentage)" (baseline local projection estimates).
- Annex IV: Table AIV.1 titled "Linear-interactive effect: fiscal policy and debt composition — Impact on the change in 10-year bond yields over 2 years (from t-1 to t+4), All EMDE sample."
- These annexes present empirical estimation results used in the paper (tables and model specifications are listed).

### Heterogeneity: External bond spreads by sovereign-bank nexus and debt-holder composition (Annex V)
- Figures AV.1 and AV.2 present:
  - Marginal Effect of 4-year Ahead Primary Deficits on External Sovereign Bond Spreads — Heterogeneity by Sovereign-Bank Nexus (All EMDEs, excluding China/India)
  - Marginal Effect of 4-Year Ahead Primary Deficits on External Sovereign Bond Spreads — Heterogeneity by Debt Holders (All EMDEs, excluding China/India)
- Note: Estimates indicate cumulative impact over two years. 95 percent confidence intervals using heteroskedasticity-robust standard errors are shown in error bars.
- Source: Bloomberg, IMF, Haver, Arslanalp and Tsuda (2014), and staff estimates.

### Bloomberg bond-issuance summary statistics (Annex VI, Table AVI.1)
- Dataset coverage and selection:
  - Data retrieved from Bloomberg Finance L.P.; selects all bonds issued by central government, regional government, local government, central bank, SOEs and development banks under domestic law from 2000 until 2023.
  - The paper focuses on bonds issued by central government and excludes inflation-indexed bonds in the main analysis.
  - Footnote: "As data were collected in February 2024, all new issuances until January 2024 recorded in the Bloomberg are covered."
- Table AVI.1 reports country-level bond-issuance summary statistics (2000-2023) including:
  - Number of issuance (total)
  - Frequency of annual issuance (p50)
  - Annual Issuance (in mil USD, p50)
  - Annual issuance/GDP (p50)
  - Tenor (p50)
  - Tenor (max)
  - Coupon rate (mean)
  - Share of floating
  - Share of inflation-indexed
- Selected country issuance statistics (preserving reported values exactly):
  - Albania: Number of issuance (total) 403; Frequency of annual issuance (p50) 20; Annual Issuance (in mil USD, p50) 31.0; Annual issuance/GDP (p50) 6.1; Tenor (p50) 3.0; Tenor (max) 15.0; Coupon rate (mean) 6.0; Share of floating 0.16; Share of inflation-indexed 0.00
  - Brazil: Number of issuance (total) 307; Frequency of annual issuance (p50) 10; Annual Issuance (in mil USD, p50) 7,590.8; Annual issuance/GDP (p50) 14.2; Tenor (p50) 3.5; Tenor (max) 40.7; Coupon rate (mean) 4.8; Share of floating 0.39; Share of inflation-indexed 0.15
  - China: Number of issuance (total) 753; Frequency of annual issuance (p50) 28; Annual Issuance (in mil USD, p50) 4,215.0; Annual issuance/GDP (p50) 2.8; Tenor (p50) 5.0; Tenor (max) 50.0; Coupon rate (mean) 3.2; Share of floating 0.01; Share of inflation-indexed 0.00
  - India: Number of issuance (total) 2607; Frequency of annual issuance (p50) 140; Annual Issuance (in mil USD, p50) 666.1; Annual issuance/GDP (p50) 8.5; Tenor (p50) 12.9; Tenor (max) 50.0; Coupon rate (mean) 7.4; Share of floating 0.05; Share of inflation-indexed 0.00
  - Mexico: Number of issuance (total) 807; Frequency of annual issuance (p50) 31; Annual Issuance (in mil USD, p50) 986.4; Annual issuance/GDP (p50) 4.6; Tenor (p50) 4.9; Tenor (max) 32.4; Coupon rate (mean) 6.1; Share of floating 0.83; Share of inflation-indexed 0.10
  - Zambia: Number of issuance (total) 624; Frequency of annual issuance (p50) 33; Annual Issuance (in mil USD, p50) 8.9; Annual issuance/GDP (p50) 4.2; Tenor (p50) 5.0; Tenor (max) 15.0; Coupon rate (mean) 11.4; Share of floating 0.00; Share of inflation-indexed 0.00
- Source for issuance table: Bloomberg, IMF, and staff estimates.

*Source: IMF staff (Annexes I–VI as presented in the working paper).*

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_Source: https://www.imf.org/-/media/files/publications/wp/2025/english/wpiea2025059-print-pdf.pdf_