south asian bond markets

... Working Paper WP/03/45, Interna- tional Monetary Fund, Washington, DC. 24 South Asian Bond Markets South Asian Bond Markets securities. But the industry, aided by tax benefits, is beginning to ... support up to the amount of the treasury bills and bonds devolved on that primary dealer in primary auctions, after adjust- 44 South Asian Bond Markets the share of households owning their own ... Treasury Bills and Bonds, Sri Lanka, 2001–October 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172 Contents ix 32 South Asian Bond Markets Table 2.2 Selected...

Ngày tải lên: 30/03/2014, 03:20

... the creation of Asian bond markets. What are the Asian bonds? Asian bonds share three common factors; Asian issuers, Asian investors and Asian currencies. Asian bonds are issued by Asian entities ... enhance market efficiency, regional bond markets cannot be a success. Regional bond markets cannot be a replacement for domestic financial reform. Regional bond markets should be developed as an ... Characteristics of East Asian Bond Markets The following papers were submitted to the Conference as background materials: Rhee, S. Ghon and Gregory R. Stone (2003), “The Asian Bond Bank: A Good Idea...

Ngày tải lên: 27/01/2014, 11:20

... banking and bond markets tend to be larger, relative to GDP, in rich countries, 2 although even some rich countries still have small bond markets. As economies mature, banking markets tend ... users of bond markets 3.1 Banks as purchasers of bonds In some economies, banks are major holders of corporate bonds. For example, in Indonesia banks hold the majority of corporate bonds, and ... Developing Government Bond Markets: a Handbook. Yoshitomi, M and S Shirai (2001): “Designing a financial market structure in post-crisis Asia – how to develop corporate bond markets , Asian Development...

Ngày tải lên: 15/02/2014, 13:20

... national authorities. 2. The value of domestic bond markets The main benefit of the development of domestic bond markets is that they make financial markets more complete and efficient, which allows ... (2006): “Domestic bond markets in Latin America: achievements and challenges”, BIS Quarterly Review, June, pp 51–64. Jiang, G and R McCauley (2004): Asian local currency bond markets , BIS Quarterly ... December, pp 109–18. Turner, P (2002): Bond markets in emerging market economies”, BIS Papers, no 11, pp 1–12. ——— (2006): “Local currency bond markets in emerging markets: what are the links with...

Ngày tải lên: 15/02/2014, 13:20

... The History of In‡ation-Indexed Bond Markets In this section we summarize graphically the history of two of the largest and best es- tablished in‡ation-indexed bond markets, the US TIPS market and ... in‡ation-indexed bonds are valuable hedges); and di¤erences in expected returns on long-term and short-term bonds caused by liquidity premia or technical factors that segment the bond markets. The ... in‡ation-indexed bonds is often mentioned as a disadvantage of the asset class. It is important to note, however, that in‡ation-indexed bonds are only illiquid relative to nominal government bonds which,...

Ngày tải lên: 16/02/2014, 02:20

... the development of government bond markets, and, indeed, some of the recent bond market development may be financing large budget deficits. Local Currency Bond Markets John D. Burger and Francis ... offshore. Local currency bond markets make up the bulk of the global bond market (right panel of Table 1), totaling $28.7 trillion, or 92% of all bonds; the other 8% of outstanding bonds were issued ... bond markets, both private and government, and rely less on foreign-currency-denominated bonds. Creditor-friendly laws matter, too; strong rule of law is associated with deeper local bond markets, ...

Ngày tải lên: 06/03/2014, 04:21

... Kingdom). –0.4 0 0.2 0.4 –0.2 –0.4 0 0.2 0.4 –0.2 Beta United Kingdom Nominal bonds 200820062004200220001998199619941992 200820062004200220001998199619941992 Inflation-indexed bonds Breakeven inflation Nominal bonds Inflation-indexed bonds Breakeven inflation TIPS ... a 10-year nominal government bond and short a 10-year inflation-indexed bond, over a one-year moving window. c. Correlation of daily inflation-indexed and nominal bond returns within a one-year ... indicated bond type (computed from spliced yields and price data of individual issuances) or the breakeven inflation rate (the difference between nominal bond returns and inflation-indexed bond...

Ngày tải lên: 06/03/2014, 08:20

Ngày tải lên: 06/03/2014, 08:20

... Anupfrontfeewillbegeneratedwhichisproportionaltothelikelihoodofthe guaranteebeingcalledon.Theleverageonthiswilldependonthedefault probabilityoftheunderlyingassetbuttheleveragewillcertainlybegreaterthan 10times. 31  Bondsissuesintodom estic markets areissuedundertherelevantdomesticlaw.Forinstance, GiltsareissuedintheUK’sdomesticmarketunderthejurisdictionoftheUKregulatorsandlistedon UKstockexchanges.AforeigncompanycanalsoissuedebtintheUK’smarketwithitsbondsbeing called“bulldogs”(similarlythereare“Yankeebonds”intheUSand“Samuris”inJapan).  Apartfromthe,clearly,veryimportantgiltmarket,thedomesticandbulldogmarketiscurrently verysmallandnotimportantintheUK.IndeedthereareonlyabouttendomesticbondslistedinUK Bond Indicesbondsmaki nguponly0.3%oftheoverallmarket.However,thismaybecomealarger sectoriflocalauthoritiesstarttoissue(climaterelated)bondsinthedomesticmarket.Thiswouldbe especiallytrueifthereweresomeformoftaxincentiveforlocalauthoritybonds(seesection3.5.5 onMu ni s) Bond 3.3.2. EuroSterlingBonds ThisisbyfarthelargestsectorintheUKnon‐gilt bond marketcoveringover99%ofnon‐gilt bonds.TheEuro markets grewupinthe1960sasaresultofcomplexinternationaltaxagreements. Broadly,aEurobond,andspecificallyaEuroSterling bond, isa bond thatisnotissuedundera particularjurisdictionbu t,inthecaseofaeuro‐sterling bond, denominatedinGBP.Itistherefore notbeholdentoaparticulartaxauthority.Itisneverthelessoftenlistedonastockexchangelikethe Luxembourgexchangewherethereisnowithholdingtax 20 tofulfillpensionfundrequirements.  AlthoughmanyofthereasonsfortheinitialgrowthoftheEuromarketsarenolongervalid, becauseofitsflexibility(the markets areabovecountry markets andregulationandthereforelack nationalbarrierstoentryandaresubjecttolesspoliticalrisk),theEuromarkets,andintheUK’scase theEuroSt erlingmarket,continuetogro ... SterlingBonds 12 3.3. MarketSectors 12 3.3.1. DomesticBondsandBulldogs 12 3.3.2. EuroSterlingBonds 13 3.3.3. Glo balBonds 13 3.4. TypesofBonds 13 3.4.1. ConventionalBonds 13 3.4.2. ... GlobalBonds  GlobalbondsaresimplybondsissuedintheEuromarketsanddomesticmarketatthesame time.Thisallowsinvestorswhocannotengageinoneofthese markets tostillbeabletobuythe bondsandsoexpandstheinvestoruniverse.Theglobal bond markethasbeenparticularlypopular withthelargestsupranati onalagenciessuchastheWorldBankandtheEuropeanInvestmentBank (EIB),whowanttoensurethattheirbondscanbeboughtbybothEuromarketparticipantsandUS domestic bond buyers.  3.4. TypesofBonds 3.4.1. ConventionalBonds  Broadlyaconventional bond isonethathasafixedmaturitydateandafixedcoupon.Ithas...

Ngày tải lên: 06/03/2014, 08:20

... risks for bond markets than in the case of the Czech Republic. Bond Markets in Serbia 5. Bond markets in Central Europe: Lessons and Experiences 33 We estimate that about one fifth of total bond trading ... auction of the two-year and three- year fixed rate bonds occurred in 1996. 30 The new 15-year fixed rate bond was issued Bond Markets in Serbia 5. Bond markets in Central Europe: Lessons and Experiences32 26 Monetary ... for deficit-to-GDP and debt-to-GDP ratios were also Bond Markets in Serbia 5. Bond markets in Central Europe: Lessons and Experiences 27 5. Bond markets in Central Europe: Lessons and Experiences 16 Later,...

Ngày tải lên: 15/03/2014, 09:20

... SASA SOUTH ASIAN STUDENT ASSOCIATION. of CCBC. MY NAME IS HARNISHA AND I AM THE CURRENT PRESIDENT OF SASA. ... TOUCH RIGHT HERE: DESIGI7@AOL.COM. HARNISHA DALWADI 43 F TAHOE CIRCLE OWINGSMILLS MD 21117. SASA SOUTH ASIAN STUDENT ASSOCIATION. of CCBC. MY NAME IS HARNISHA AND I AM THE CURRENT PRESIDENT OF SASA....

Ngày tải lên: 21/03/2014, 22:50

... corporate bond markets. The secondary markets for local currency corporate bonds in Asia have also lagged behind their government bond counterparts. While in the last few years government bond markets ... and in some cases swap markets have become reasonably liquid, corporate bond markets remain relatively illiquid in Asia. The turnover ratios in most Asian corporate bond markets are typically ... government bond market. 3 Because corporate bond issues are by definition more heterogeneous than those of government bonds and issue sizes smaller, such a threshold for corporate bond markets...

Ngày tải lên: 22/03/2014, 18:20

... – Financial stability and local currency bond markets E. Liquidity in government bond markets Many of the benefits of having local currency bond markets depend on the ability of investors ... and standardised information on local currency bond markets in Asia (www.asianbondsonline.com). CGFS – Financial stability and local currency bond markets 45 Moreover, supervisors’ ability ... stability and local currency bond markets 20 CGFS – Financial stability and local currency bond markets period 2000–04. The proportion of international corporate bond issuance rated investment...

Ngày tải lên: 22/03/2014, 20:20

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Ngày tải lên: 20/06/2014, 18:20

Ngày tải lên: 20/06/2014, 18:20