Download Building Local Bond Markets: An Asian Perspective by Alison Harwood PDF

By Alison Harwood

Development neighborhood Bond MarBuilding neighborhood forex bond markets has develop into an increasinglyimportant subject for rising marketplace international locations, really because theAsian monetary difficulty. This booklet stories why international locations may still consid-er development neighborhood foreign money company bond markets and the way to evalu-ate what's wanted and what could be constructed. It comprises eightcountry experiences: Republic of Korea, Australia, Malaysia, India, Paki-stan, Sri Lanka, Bangladesh, and Nepal. it truly is in keeping with the IFC-spon-sored South Asia Debt industry Symposium held in October 1999 in SriLanka, which introduced jointly regulators and industry participantsfrom round Asia and different components of the globe to debate concerns in de-veloping neighborhood markets. The publication should still supply useful insights forcountries which are addressing those concerns today.•

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Securitization also facilitates development of a mortgage market, which may be politically important because it assists and encourages the banking system to provide low-cost loans for individuals to buy homes. Furthermore, securitization provides an incentive to developing local bond markets because securitized assets cannot be evaluated and priced without a liquid “plain vanilla” asset in the market. “Plain vanilla” assets are straight bonds characterized by bullet payments, fixed coupons, and, in contrast to securitized assets, single obligors with clean credit structures and payment structures.

THE STATE OF BOND MARKETS Most entities obtain their financing from three major sources: (1) equity markets, (2) capital markets (specifically bonds), and (3) bank debt. The following numbers give a sense of their relative importance: in the developed world, the United States has at least $12 trillion in traded equity; $13 trillion in the bond market; and about $4 trillion in bank debt. S. GDP, bonds are equal to 160%, and bank debt 50%. Other large developed countries report a relatively similar breakdown.

As noted earlier, a local government securities market can help develop dynamic and profitable dealers, because primary dealers (PDs) for government securities often get preferential financing, profits, skills, and credibility. These benefits illustrate why it makes sense for the government and corporate bond businesss to be conducted under one roof (see the earlier discussion on intermediaries). DEVELOPING THE MARKET IN STAGES Most countries will have numerous pieces missing for building their bond markets and will want to know what steps they should take to 18 RPs are less common in the corporate market, mainly because corporate bonds are less liquid and not eligible for reserve requirements, which limits their attractiveness to many buyers.

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