Debt Management

Comment: Indonesia and the IMF

The Indonesian finance minister, Sri Mulyani Indrawati, has indicated that the country is considering the early repayment of its outstanding debt to the IMF. The prospect of early repayment raises some interesting questions and policymakers are likely to…

Developing corporate bond markets in Asia

Thirty participants including high-level officials from central banks in Asia and the Pacific, the European Central Bank and the BIS took part in the BIS/PBC seminar held in Kunming, China on 17-18 November 2005.

Germany to issue inflation-linked bonds

The German government plans to issue inflation-linked bonds this year, but is hoping for an uptick in inflation expectations to time the sale Gerhard Schleif, the head of the nation's debt agency, told Dow Jones Newswires in an interview yesterday.

Bond market bubble?

It is time to push beyond the "global savings glut" argument and the closely related "excess global liquidity" argument to explain the extraordinarily low level of both real and nominal long-term interest rates, according to this article published on…

Comment: Nigeria's CB wins praise

In the statement accompanying its BB minus long-term credit rating for Nigeria, the rating agency Fitch this week applauded policymakers' "strong commitment to economic reform", including "measures to rationalise the banking system" implemented by the…

IMF's Rato to visit Brazil on January 10-11

Rodrigo de Rato, Managing Director of the International Monetary Fund, will visit Brazil on January 10-11, 2006, at the invitation of the President Luis Inacio Lula da Silva to mark the nation's early repayment of its outstanding obligations to the Fund.

ECB addendum to bond markets report

The European Central Bank published an addendum to the November 2004 report entitled "Bond markets and long-term interest rates in non-euro area Member States of the European Union and in accession countries" (third edition) on Monday 2 January.

IMF Paper: Debt overhang or debt irrelevance?

The IMF Working Paper 'Debt overhang or debt irrelevance? Revisiting the debt growth link' published December 2005 asks whether Highly Indebted Poor Countries (HIPCs) suffer from a debt overhang. Is debt relief going to improve their growth rates, it…

Comment: Brazil's surprise IMF settlement

Earlier this week Brazil announced that it plans to pay off its entire $15.5 billion in debt to the IMF by the end of the month. In doing so, the country will meet its outstanding IMF obligations two years ahead of schedule.

BIS's Knight on developing corporate bond markets

In the speech 'Sharing experiences in developing corporate bond markets' given on 17 November Malcolm Knight of the BIS argues that a robust financial system requires a diversity of financing channels, in which banks and fixed income markets compete in…

China allows IFC, ADB to issue debt

China's State Council has given approval for the International Finance Corp and the Asian Development Bank to issue yuan-denominated debt on the mainland, the Ministry of Finance said in a statement on its website.

UK completes world's first 50 year indexed bond

The UK completed the syndication of its first fifty-year inflation linked bond on Friday 23 September, achieving a price and coverage which demonstrated the strong demand for long-dated bonds, and investors' enthusiasm for inflation protection at this…

The political economy of seigniorage

While most economists agree that seigniorage is one way governments finance deficits, there is less agreement about the political, institutional, and economic reasons for relying on it, according to the IMF Working Paper published Tuesday.

Argentina rebuilds

A re-equipped central bank is able to tackle mounting inflationary pressures in Argentina as the economy prospers, explains Martin redrado

Foreign central banks buying more US debt

Foreign central banks were big buyers of US debt in the latest week, swallowing up similar amounts of both Treasury and agency debt in what was the heaviest week of buying in 2-1/2 months, Federal Reserve data showed on Thursday 11 August.

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