Bond Market Development and Public Debt Evolution. The Case of Cameroon

2017 ◽  
Author(s):  
Tasoh Martin Toh
Keyword(s):  
Public Debt ◽  
Bond Market ◽  
Market Development

Modeling the green bond yield on bond offering

2020 ◽  
Vol 26 (12) ◽  
pp. 2858-2878
Author(s):  
M.I. Emets
Keyword(s):  
Linear Regression ◽  
Yield Curve ◽  
Bond Market ◽  
Third Party ◽  
Bond Pricing ◽  
Market Development ◽  
Fair Price ◽  
Lower Yield ◽  
Yield Curves ◽  
Bond Yield

Subject. The article addresses the green bond pricing as compared to bonds other than green ones. Objectives. The aims are to determine how the fact that a bond is identified as a green one, the issue amount, and the availability of third-party verification, influence the yield to maturity; to make recommendations on effective green bond pricing. Methods. The study employs econometric testing of hypotheses, using the multiple linear regression. The sample includes 318 green and 1695 conventional bonds. Results. Green bonds have a lower yield to maturity in comparison with conventional bonds. The yield to maturity of green bonds with third-party verification is lower, as contrasted with green bonds without verification. Conclusions. The next step in the green bond market development is creating a benchmark yield curve for sovereign green bonds, with parallel issuance of conventional, non-green bonds. The yield curve is crucial for effective bond pricing. Two yield curves, i.e. for green and non-green bonds, will enable investors to estimate the fair price on issuance, as well as to define, if there is a difference in pricing.

PROSPECTS FOR THE DEVELOPMENT OF THE OVDP MARKET IN UKRAINE AS AN ALTERNATIVES TO EXTERNAL BORROWING

2017 ◽  
Author(s):  
Oleksandra Vіvchar ◽  
◽  
Solomiia Papirnyk ◽  
Keyword(s):  
Public Debt ◽  
Bond Market ◽  
Debt Management ◽  
Securities Market ◽  
Government Bond ◽  
Government Bonds ◽  
The Public ◽  
Long Run ◽  
External Borrowing ◽  
Domestic Economies

The article provides an applied analysis of Ukraine's public debt, in particular in the context of the feasibility of optimizing its structure. The comparison of internal and external borrowings is made, the main shortcomings and advantages of each of these ways of mobilization of financial resources are revealed. Given the hypothesis of the need to increase domestic public debt compared to external, special attention is paid to the study of the main financial instrument through which the state raises funds in the domestic market - domestic government bonds of Ukraine. The dynamics of data volumes of debt securities with an emphasis on crisis periods in both the world and domestic economies was also studied. In addition, the structure of domestic government bonds of Ukraine in circulation was considered on the basis of the owner. This made it possible to identify the main players in the domestic government bond market, as well as the motives that motivate them to increase their own portfolio of domestic government bonds of Ukraine. In order to determine the prospects for increasing the volume of output of these instruments of the Ukrainian stock market, their comparative analysis with alternative types of investments. Particular attention in this aspect is paid to the comparison of IGLBs with deposits, which today are considered the simplest, clearest and most proven way to invest money for individuals. An important role in this study is given to the analysis of key problems of the domestic government bond market, which have haunted the domestic economy since the independence of Ukraine. The main successes achieved in recent years by the Public Debt Management Office of Ukraine with the support of representatives of international financial organizations in terms of optimizing the domestic securities market are presented. The main steps that need to be taken for further real transformation of the debt securities market in Ukraine and which in the long run will reduce Ukraine's financial dependence on external creditors, in particular their requirements in the political and economic arena, are also outlined.

Funding Pensions in Scotland: Would Independence Matter?

2014 ◽  
Vol 227 ◽  
pp. R21-R31
Author(s):  
David Bell ◽  
David Comerford ◽  
David Eiser
Keyword(s):  
Public Debt ◽  
Government Debt ◽  
Bond Market ◽  
Liquidity Premium ◽  
Mortality Experience ◽  
Mortality Risks ◽  
Economic Issues ◽  
Scottish Government ◽  
The Uk ◽  
The Cost

Economic issues will be key determinants of the outcome of the Scottish referendum on independence. Pensions are a key element of the economic case for or against independence. The costs of funding pensions in an independent Scotland would be influenced by mortality risks, the costs of borrowing and the segmentation of costs and risks (i.e. pricing to Scotland's experience rather than pooled across UK experience). We compare the overall costs of providing pensions in an independent Scotland against the resources that are available to cover these costs. Scotland has worse mortality experience than the UK as a whole, and Scottish government debt is likely to attract a liquidity premium relative to UK government debt. An independent Scottish government would have to create a bond market for public debt. The liquidity premium would make pensions cheaper to buy, but taxpayers or the consumers of public services would have to pay the cost.

scholarly journals Domestic Bond Market Development: The Arirang Bond Experience in Korea

2007 ◽  
Vol 22 (2) ◽  
pp. 165-195 ◽  
Author(s):  
J. A. Batten ◽  
P. G. Szilagyi
Keyword(s):  
Bond Market ◽  
Market Development

Toward Developing Regional Bond Markets in East Asia

2004 ◽  
Vol 3 (2) ◽  
pp. 183-209 ◽  
Author(s):  
Daekeun Park ◽  
Yung Chul Park
Keyword(s):  
East Asia ◽  
Bond Market ◽  
Market Development ◽  
Bond Markets ◽  
Asian Countries ◽  
Financial Cooperation ◽  
Road Map ◽  
Currency Mismatch ◽  
Financial Infrastructure

Creating regional bond markets in East Asia has emerged as an important policy topic in discussions of how to promote regional monetary and financial cooperation to prevent future crises in the region. We evaluate the rationale and the strategies and propose a road map for developing regional bond markets in East Asia. We propose a market-oriented approach to development of the regional bond markets with the role of the official sector limited to such activities as building the regional financial infrastructure. We also suggest that the eventual goal of regional bond market development should be the development of domestic bond markets in the region. If domestic bond markets are fortified by domestic financial infrastructure and are deregulated and opened to foreign borrowers and investors, many of the Asian countries will be able to mitigate maturity and currency mismatch problems.

Bond Market Development, Economic Growth and Other Macroeconomic Determinants: Panel VAR Evidence

2016 ◽  
Vol 23 (2) ◽  
pp. 175-201 ◽  
Author(s):  
Rudra P. Pradhan ◽  
Mak B. Arvin ◽  
Sara E. Bennett ◽  
Mahendhiran Nair ◽  
John H. Hall
Keyword(s):  
Economic Growth ◽  
Bond Market ◽  
Market Development ◽  
Development Economic ◽  
Panel Var ◽  
Macroeconomic Determinants
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