Access to International Capital Markets for First-Time Sovereign Issuers, November 17, 2003



Access to International Capital Markets for First Time Sovereign Issuers—Country Cases

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

Approved by: Gerd Häusler

November 17, 2003

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Contents

Introduction
I.   First-Time Issuers
  A. Bulgaria
      Sovereign Debut
      Characteristics of the Issue
      Domestic Economic Conditions
      External Financial Market Conditions
      Market Access by Non-Sovereign Issuers
      Subsequent Market Access
  B. The Dominican Republic
      Sovereign Debut
      Characteristics of the Issue
      Domestic Economic Conditions
      External Financial Market Conditions
      Market Access by Non-Sovereign Issuers
      Subsequent Market Access
  C. Egypt
      Sovereign Debut
      Characteristics of the Issue
      Domestic Economic Conditions
      External Financial Market Conditions
      Subsequent Market Access
  D. Islamic Republic of Iran
      Sovereign Debut
      Characteristics of the Issue
      Domestic Economic Conditions
      External Financial Market Conditions
      Subsequent Market Access
  E. Peru
      Sovereign Debut
      Characteristics of the Issue
      Domestic Economic Conditions
      External Financial Market Conditions
      Market Access by Non-Sovereign Issuers
      Subsequent Market Access
 
II.   Repeat Issuers
  A. Croatia
      Sovereign Debut
      Domestic Economic Conditions
      External Financial Market Conditions
      Non-Sovereign Market Access
  B. El Salvador
      Sovereign Issues
      Domestic Economic Conditions
      External Financial Market Conditions
      Market Access by Non-Sovereign Issuers
  C. Tunisia
      Sovereign Bond Issues
      Domestic Economic Conditions
      External Financial Market Conditions
      Market Access by Non-Sovereign Issuers
Figures
1.  Bulgaria: Fundamentals, 1992–2006
2.  The Dominican Republic: Fundamentals, 1992–2006
3.  Egypt: Fundamentals, 1992–2006
4.  Islamic Republic of Iran: Fundamentals, 1992–2006
5.  Peru: Fundamentals, 1992–2006
6.  Croatia: Fundamentals, 1992–2006
7.  El Salvador: Fundamentals, 1992–2006
8.  Tunisia: Fundamentals, 1992–2006