1. Bond Buybacks and Exchanges : Background Note
- Author
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World Bank Group
- Subjects
BORROWING COST ,INVESTMENT ,GOVERNMENT SECURITIES MARKETS ,NATIONAL TREASURY ,BANKING SYSTEM ,INVENTORY ,BUDGET ,GROSS DOMESTIC PRODUCT ,AMOUNT OF CAPITAL ,FUNGIBLE SECURITIES ,SECURITIES MARKET ,GOVERNMENT DEBT ,BOND YIELDS ,COUPON BONDS ,LEVEL OF INTEREST RATES ,DISCOUNT ,REVERSE AUCTIONS ,MATURITIES ,DOMESTIC MARKET ,BUYBACK ,BOND ISSUES ,LENDING ,MARKET PRACTICES ,INSTRUMENT ,LACK OF TRANSPARENCY ,BOND PORTFOLIO ,MATURITY DATE ,MARKET MAKERS ,MATURITY DATES ,BENCHMARK MATURITY ,MARKET STABILITY ,DEBT MARKET ,INVESTORS ,GOVERNMENT BONDS ,COLLATERAL ,DEBT MATURITY ,COUPONS ,BONDS ,MARK-TO-MARKET ,MARKET LIQUIDITY ,TRANSACTIONS ,OLD BOND ,GOVERNMENT SECURITIES MARKET ,DEBT MANAGEMENT AGENCY ,DIRTY PRICE ,MATURE MARKETS ,SETTLEMENT ,RISK MANAGEMENT ,INTERESTS ,TRANSPARENCY ,REPO ,EMERGING MARKETS ,SECONDARY MARKETS ,EXCHANGES ,UNIFORM-PRICE ,HOLDING ,CALL OPTION ,MARKETS ,PRIMARY DEALERS ,AUCTION ,FINANCE ,BID ,HEDGE ,CAPITAL GAINS ,FORWARD RATE ,UNIFORM PRICE AUCTIONS ,SWAPS ,LIABILITIES ,DEBT SERVICING COST ,OUTSTANDING AMOUNT ,SETTLEMENT DATE ,BUDGET SURPLUS ,T-BILLS ,LIQUIDITY ,BORROWING PLAN ,INSTRUMENTS ,INTEREST RATES ,PRIMARY DEALER SYSTEMS ,DIRTY PRICES ,PUBLIC DEBT ,INTEREST RATE RISK ,DEBT ,BOND AUCTIONS ,PUBLIC DEBT MANAGERS ,BOND AUCTION ,MARKET ,BOND MARKETS ,INVESTOR BASE ,REVERSE AUCTION ,FUNGIBLE ,AUCTIONS ,BUDGET DEFICIT ,PRIMARY DEALER ,RETURN ,CLEAN PRICE ,COUPON ,CAPITAL LOSS ,LIQUIDITY RISKS ,FINANCING REQUIREMENTS ,DOMESTIC DEBT ,REPO MARKET ,MARKET PRICES ,CURRENCIES ,BOND INDEX ,PRICE TRANSPARENCY ,DEBT OUTSTANDING ,MARKET MAKER ,ILLIQUID MARKET ,PORTFOLIO ,OLD BONDS ,INVESTMENT POLICY ,EXCHANGE ,ACCOUNTING ,PORTFOLIOS ,BOND PRICE ,INTEREST RATE SWAPS ,SECURITY ,MARKET PARTICIPANTS ,INCOME SECURITY ,MARKET DEVELOPMENT ,DEBT MARKET DEVELOPMENT ,UNIFORM PRICE ,ARBITRAGE ,PRICE DISCOVERY ,CAPITAL MARKETS ,SECURITIES MARKETS ,SECONDARY MARKET ,LIABILITY ,GOOD ,BENCHMARK BONDS ,BORROWING REQUIREMENTS ,CURRENCY ,HOLDINGS ,BENCHMARK BOND ,BOND ,INVESTMENT STRATEGY ,GOVERNMENT SECURITIES ,GOVERNMENT BOND ,TREASURY ,MARKET CONDITIONS ,HOLDERS OF BONDS ,MARKET PRICE ,OUTSTANDING DEBT ,INTEREST RATE RISKS ,GLOBAL FINANCE ,OPTION ,MARKET DISTORTIONS ,RISK MANAGEMENT TOOLS ,REINVESTMENT ,DEBT MANAGEMENT ,BOND ISSUANCE ,MATURITY ,SECURITIES ,MARKET INTEREST RATE ,MARKET INFORMATION ,FUTURE ,REPO MARKETS ,ComputerApplications_MISCELLANEOUS ,PUBLIC DEBT MANAGEMENT ,DEBT SERVICING ,MARKET PRACTICE ,BUY BACK ,PRICE MOVEMENTS ,LIABILITY MANAGEMENT ,MARKET RISK ,ISSUANCE ,INVESTOR ,GOVERNMENT BOND MARKETS ,INTEREST ,TRADING ,BUY BACKS ,CASH FLOWS ,BIDS ,LIQUID BENCHMARKS ,CAPACITY BUILDING ,DEFICIT ,INTEREST RATE ,LOCAL CURRENCY ,CASH PAYMENT ,YIELD CURVE ,CONVERSIONS ,TRANSACTION ,BUYBACKS - Abstract
This background note focuses on the use of bond buybacks and bond exchanges in the domestic government securities market. The objective is to provide an overview of their functions and of the procedures that facilitate their implementation, using country examples as illustrations.
- Published
- 2015