{
  "title": "On the Determinants of First-Time Sovereign Bond Issues",
  "publication": "IMF Working Papers, September 1, 2003",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/30/on-the-determinants-of-first-time-sovereign-bond-issues-16845",
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  "summary": "In recent years, the number of countries which have borrowed in international capital markets by issuing sovereign bonds has increased substantially.",
  "sections": [
    {
      "heading": "Summary",
      "content": "- In recent years, the number of countries which have borrowed in international capital markets by issuing sovereign bonds has increased substantially.\n- For these countries, capital market access meant a de facto acknowledgement of their policy successes and improvements in their creditworthiness that enabled them to graduate from the group of official financing recipients into a more advanced group of emerging market economies.\n- The paper derives the relationship between internal and external factors and market access using a simple macro model.\n- The market access condition is translated into a simple rule that requires an excess demand for the sovereign bonds in question.\n- Regression results based on this model offer insights into peculiarities of first-time sovereign bond issues that could be used in policy deliberations."
    },
    {
      "heading": "Major findings and analytical approach",
      "content": "- Analytical framework:\n  - Uses a simple macro model to link internal and external determinants to market access.\n  - Translates market access condition into a practical rule: excess demand for the sovereign bonds is required for market access.\n- Empirical approach:\n  - Regression analysis based on the model is used to investigate determinants of first-time sovereign bond issues.\n- Key qualitative finding:\n  - First-time sovereign bond issuance is associated with demonstrated policy success and improved creditworthiness, facilitating graduation from official financing recipient status to emerging market status."
    },
    {
      "heading": "Policy implications and uses",
      "content": "- The simple rule (excess demand requirement) provides a potentially actionable criterion for policymakers considering first-time sovereign bond issuance.\n- Regression-based insights highlight peculiarities of first-time issues that can inform policy deliberations on timing and conditions for entering international capital markets."
    },
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      "content": "- ByDavid A. Grigorian\n- September 1, 2003\n- IMF Working Papers\n- Pages: 24\n- Volume: 2003\n- Issue: 184\n- Series: Working Paper No. 2003/184\n- DOI: https://doi.org/10.5089/9781451859386.001\n- Stock No: WPIEA1842003\n- ISBN: 9781451859386\n- ISSN: 1018-5941\n- Subject: Bonds, Emerging and frontier financial markets, Financial institutions, Financial markets, International capital markets, Securities markets, Sovereign bonds\n- Keywords: Bonds, capital markets, Dita sovereign bond, Eastern Europe, Emerging and frontier financial markets, emerging market, emerging market bond issuance, first-time market access, Global, International capital markets, Securities markets, sovereign bond, sovereign bond bond issue, sovereign bond issuance, sovereign bond issuer, sovereign bonds, WP\n\nSource: On the Determinants of First-Time Sovereign Bond Issues, IMF Working Paper No. 2003/184.\n\n---\n\n Content in this bundle\n\n- On The Determinants of First-Time Sovereign Bond Issues - WP/03/184\n  - On The Determinants of First-Time Sovereign Bond Issues - WP/03/184 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - On The Determinants of First-Time Sovereign Bond Issues - WP/03/184 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/on-the-determinants-of-first-time-sovereign-bond-issues-16845"
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    "Authors: David A. Grigorian",
    "Published: September 1, 2003",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451859386.001",
    "In recent years, the number of countries which have borrowed in international capital markets by issuing sovereign bonds has increased substantially.",
    "For these countries, capital market access meant a de facto acknowledgement of their policy successes and improvements in their creditworthiness that enabled them to graduate from the group of official financing recipients into a more advanced group of emerging market economies.",
    "The paper derives the relationship between internal and external factors and market access using a simple macro model.",
    "The market access condition is translated into a simple rule that requires an excess demand for the sovereign bonds in question.",
    "Regression results based on this model offer insights into peculiarities of first-time sovereign bond issues that could be used in policy deliberations.",
    "Analytical framework:",
    "Empirical approach:",
    "Key qualitative finding:",
    "The simple rule (excess demand requirement) provides a potentially actionable criterion for policymakers considering first-time sovereign bond issuance.",
    "Regression-based insights highlight peculiarities of first-time issues that can inform policy deliberations on timing and conditions for entering international capital markets.",
    "ByDavid A. Grigorian",
    "September 1, 2003",
    "IMF Working Papers",
    "Pages: 24",
    "Volume: 2003",
    "Issue: 184",
    "Series: Working Paper No. 2003/184",
    "DOI: https://doi.org/10.5089/9781451859386.001",
    "Stock No: WPIEA1842003",
    "ISBN: 9781451859386",
    "ISSN: 1018-5941",
    "Subject: Bonds, Emerging and frontier financial markets, Financial institutions, Financial markets, International capital markets, Securities markets, Sovereign bonds",
    "Keywords: Bonds, capital markets, Dita sovereign bond, Eastern Europe, Emerging and frontier financial markets, emerging market, emerging market bond issuance, first-time market access, Global, International capital markets, Securities markets, sovereign bond, sovereign bond bond issue, sovereign bond issuance, sovereign bond issuer, sovereign bonds, WP",
    "**On The Determinants of First-Time Sovereign Bond Issues - WP/03/184**"
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