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2 results on '"DEBT MANAGEMENT AGENCY"'

1. Bond Buybacks and Exchanges : Background Note

Author

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

2. Repo Markets : Background Note

Author

World Bank

Subjects
REPO TRANSACTION, RETAIL INVESTORS, TAX PROVISIONS, RESERVE REQUIREMENTS, EMERGING MARKET COUNTRIES, INVESTMENT, GLOBAL MARKET, BOND DEFAULTS, SALE OF SECURITIES, DEPOSIT, COLLATERAL RISK, LIQUIDATION, EMERGING MARKET, MONEY MARKETS, SECURITIES DEALER, EQUITIES, MARKET PRACTICES, REPO RATE, FEDERAL RESERVE, SECONDARY MARKET LIQUIDITY, LEGAL TRADITIONS, STOCK, REPO AGREEMENTS, INVESTORS, COLLATERAL, COUPONS, MARK-TO-MARKET, BONDS, TRANSACTIONS, MARKET ENVIRONMENT, RISK FACTORS, CREDIT LINES, DEBT MANAGEMENT AGENCY, BROKER, REPO TRANSACTIONS, INTERESTS, TRANSPARENCY, EMERGING MARKETS, REPO, FINANCIAL MARKETS, STATUTORY LAW, INSTITUTIONAL INVESTORS, HOLDING, BORROWERS, LEGAL TRANSACTIONS, DEPOSITS, USE OF REPO, MARKETS, CREDITORS, BID, PROPERTY RIGHTS, DOMESTIC MARKETS, FIXED INCOME, SWAPS, SETTLEMENT SERVICES, OVERNIGHT REPOS, SWAP, MONETARY POLICY, LIQUIDITY, INTEREST RATES, CREDIT RISK, CUSTODY ARRANGEMENTS, CASH MANAGEMENT, MARKET, PROPERTY, FIXED INCOME MARKETS, CENTRAL DEPOSITORY, SECURITIES EXCHANGE, LOCAL MARKET, LIQUIDITY RISKS, USE OF REPOS, EFFICIENT MARKET, MARKET PRICES, COLLATERALIZATION, DEPOSITORY INSTITUTION, MUTUAL FUND, MARKET COUNTRIES, PORTFOLIO, CREDIT RISK EXPOSURES, BANKRUPTCY, LEGAL SYSTEM, LENDER, SECURITY, MARKET PARTICIPANTS, DERIVATIVES, CAPITAL MARKETS, REPOS, CREDITWORTHINESS, SECURITIES MARKETS, CONTRACT LAW, RISK EXPOSURES, SECONDARY MARKET, MARKET PARTICIPANT, LIABILITY, GOOD, REPO AGREEMENT, BOND MARKET, CURRENCY, BOND, GOVERNMENT SECURITIES, ASSET MANAGERS, EQUITY MARKET, BANKRUPTCY COURT, LOAN, MARKET PLAYERS, MUTUAL FUNDS, REINVESTMENT, FINANCIAL DEVELOPMENT, SECURITIES, MATURITY, FUTURE, LIQUID ASSET, BUY BACK, LIABILITY MANAGEMENT, CENTRAL BANKS, CONTRACTS, INVESTOR, MARKET INFRASTRUCTURE, COUPON PAYMENT, TRADING, GOVERNMENT DEBT MARKET, LEGAL ENVIRONMENT, T-BILL, LIQUIDITY RISK, GOVERNMENT BOND MARKET, CENTRAL DEPOSITORIES, LOCAL CURRENCY, SECONDARY MARKET ACTIVITY, GOVERNMENT DEBT MARKETS, RISK EXPOSURE, TRANSACTION, GOVERNMENT PAPER, VALUATION, TAX, INVENTORY, GOVERNMENT DEBT, CASH BALANCES, CUSTODY, SOVEREIGN ISSUERS, DEBT INSTRUMENT, OPEN MARKET, MATURITIES, CREDITOR, DOMESTIC MARKET, SECURITIES HOLDINGS, LENDING, BANK PAYMENT, INSTRUMENT, BANK INVESTORS, MARKET PRACTITIONERS, FIXED INCOME MARKET, SECURITY INTEREST, DEBT MARKET, GOVERNMENT BONDS, PLEDGES, MARKET LIQUIDITY, LOANS, DIRTY PRICE, SETTLEMENT, RISK MANAGEMENT, CHECK, FACE AMOUNT, PAYMENT SYSTEM, BOOK-ENTRY, EXCHANGES, INVENTORIES, BORROWER, PRIMARY DEALERS, MARKET STRUCTURE, FINANCE, DEBT MARKETS, INTERNATIONAL MARKETS, INTERNATIONAL BOND, STOCK EXCHANGE, COMMON LAW, MARKET VALUE, DEBT INSTRUMENTS, DEFAULTS, ACCEPTABLE COLLATERAL, T-BILLS, INSTRUMENTS, INTEREST RATE RISK, DEBT, INDIVIDUAL CREDITORS, CREDIT LINE, BOND MARKETS, MARKET TRANSPARENCY, SETTLEMENT SYSTEM, BANKRUPTCY PROCEDURES, TREASURIES, CAPITAL ADEQUACY, CENTRAL BANK, RETURN, CLEAN PRICE, MARKET DISCIPLINE, COUPON, NATIONAL BANK, JUDICIAL SALE, REPO MARKET, PRIMARY MARKET, BANKRUPTCY COURTS, CAPITAL MARKET, CDS, REINVESTMENT RATE, RETAIL INVESTOR, TREASURY SECURITIES, COUPON PAYMENTS, EXCHANGE, ACCOUNTING, PORTFOLIOS, DEPOSIT ACCOUNTS, VALUATIONS, MARKET DEVELOPMENT, DEBT MARKET DEVELOPMENT, LOCAL MARKETS, ARBITRAGE, LOAN MARKET, RESERVE, PRIVATE INVESTORS, TURNOVER, HOLDINGS, EQUITY, TREASURY, RISK CONTROL, GOVERNMENT BOND, MARKET CONDITIONS, MARKET PRICE, PRICE VOLATILITY, DEFAULT, DEBT MANAGEMENT, MONEY MARKET, SECURITY INTERESTS, REPO MARKETS, REPO RATES, CONTRACT, MARKET PRACTICE, MARKET RISK, INTEREST, FINANCIAL COLLATERAL, LEGAL FRAMEWORK, CASH FLOWS, CIVIL CODE, OVERNIGHT REPO, INTERNATIONAL BOND MARKET, CIVIL LAW, SHARE, INTEREST RATE, FOREIGN CURRENCY, BANKRUPTCY LAW, YIELD CURVE
Abstract

Repo markets are an essential component of liquid Government debt markets, acting as a transmission belt between money and debt markets, as well as serving to conduct key functions for the efficient operation of debt markets. These include, among others, credit risk management, funding debt portfolios, playing the yield curve, and covering short positions and settlement fails. The hybrid nature of a repo between a collateralized loan and a full transfer of ownership makes it a very versatile instrument for a broad range of market participants with very different business models. However, this is at the same time the reason for its complexity. This note addresses the legal, structural, accounting, tax, regulatory and infrastructure factors that are decisive for repo market development. The legal and infrastructure factors that underpin repo markets functionality are evolving ones and may be different depending on the country. The perspective adopted in this note intends to provide a balanced account of both the conceptual issues in each topic and relevant country cases, with the objective of providing policy makers with analytical tools to address their country specific context.

Published
2010

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