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3. Pricing Partially Guaranteed Bonds : Valuation of Bonds Benefitting from a World Bank Partial Guarantee

Author

Launay, Vincent

Subjects
PAYMENT, VALUATION, TOTAL DEBT, DISCOUNT RATES, COUPON BONDS, EVENT OF DEFAULT, BOND MATURITY, FINANCING, DISCOUNT, BOND ISSUES, INCOME, DEBT CAPITAL, INSTRUMENT, TYPES OF INSTRUMENTS, YIELD CURVES, MATURITY DATE, DEBT SERVICE, INVESTORS, BONDS, GUARANTEE, SHARES, BANK, CREDIT RATING AGENCIES, CHECK, YIELD TO MATURITY, ISSUANCES, MARKETS, TIME OF DEFAULT, BASIS POINTS, PAYMENT OBLIGATIONS, LIQUIDITY PREMIUM, DEFAULTS, LIQUIDITY, INSTRUMENTS, PAYMENT OF INTEREST, DISCOUNT RATE, DEBT, CREDIT RISK, EQUAL SHARE, GUARANTEES, BOND ISSUANCES, MARKET, TREASURIES, BOND YIELD, FREE BOND, PAYMENTS, CASH FLOW, PARTIAL GUARANTEE, COUPON, TREASURY YIELD, PROBABILITY OF DEFAULT, SOVEREIGN BOND, BONDHOLDERS, CAPITAL MARKET, GUARANTEE PAYMENTS, PRINCIPAL PAYMENTS, VALUE, SECURITY, RISK, BANK GUARANTEE, RATING AGENCIES, INTERNATIONAL DEVELOPMENT, CAPITAL MARKETS, PRINCIPAL, AMORTIZATION, RECOVERY RATE, TREASURY BOND, MARKET INSTRUMENT, REMAINING DEBT, PRICE, BOND, TREASURY, DEFAULT, CREDIT, DEBT SERVICE PAYMENT, BOND ISSUANCE, BULLET MATURITY BOND, MATURITY, INTERNATIONAL BANK, DEFAULT PAYMENT, FUTURE, CREDIT RATING, BANK GUARANTEES, REPAYMENT, ISSUANCE, VALUATION METHOD, INTEREST, TRADING, DISCOUNTED CASH FLOW, CASH FLOWS, FACE VALUE, PAYMENT DEFAULT, BOND ISSUE, SHARE, PRESENT VALUE, PRINCIPAL PAYMENT, PAYMENT OF PRINCIPAL, POTENTIAL INVESTORS
Abstract

The absence of sovereign bond issuances with World Bank guarantee support for almost 15 years and the customized application of the WB guarantee instrument led potential investors in the Ghana bond to ponder the best way to value the instrument. This paper provides guidance on this subject by presenting four ways to assess the value of a World Bank guarantee for debt capital market issues. The methodologies presented are: nominal weighted average yield; rolling nominal weighted average yield; discounted cash flow; and recovery analysis. The paper presents the methodologies by applying them to a fictional bond issuance by the government of Emergistan, a fictional low income country. Background information on the country and bond issuance has been kept to the minimum as the sole purpose of this example is to illustrate the results of each of the methodologies. It should be noted that World Bank guarantees can be structured in a number of ways depending on the issuer’s objectives as well as country and market circumstances. For instance, guarantees could cover interest and/or principal payments of bonds. Coverage could be on a first loss or back-ended basis. Therefore, the most appropriate valuation method would depend on the specific features of the guarantee being considered.

Published
2016

4. A Financial Recovery Plan for Vietnam Electricity : With Implications for Vietnam’s Power Sector

Author

Maweni, Joel and Bisbey, Jyoti

Subjects
COMPETITIVE BIDDING, STATE BANK, INVESTMENT, TOTAL DEBT, PRIVATE INVESTMENT, MARKET REFORM, SHAREHOLDERS, INFLATION, LOCAL BOND MARKET, REGULATORY STRUCTURE, STRATEGIC INVESTOR, INVESTMENTS, DEBT CAPITAL, CORPORATE BOND ISSUE, GOVERNMENT POLICY, DUE DILIGENCE, STOCK, DEBT SERVICE, CONSUMER PRICE INDEX, POVERTY, INVESTORS, COLLATERAL, LAND TITLES, BONDS, SHARES, TRANSACTIONS, RISK FACTORS, INTERESTS, MORTGAGE, NPL, SPOT MARKET, ASSET RATIOS, HOLDING, FOREIGN CURRENCY DEBT, REMITTANCE, MARKETS, ASSETS RATIO, INFORMATION SYSTEMS, VARIABLE COSTS, CORPORATE GOVERNANCE, FOREIGN EXCHANGE MARKETS, HEDGE, DEVALUATION, STATE BANKS, CURRENCY DEPRECIATION, INDEBTEDNESS, LOCAL STOCK EXCHANGE, JOINT STOCK COMPANY, ASSET MANAGEMENT, BALANCE SHEET, SWAP, GOVERNMENT GUARANTEE, FOREIGN BANKS, LIQUIDITY, PRIVATE CAPITAL, CREDIT RISK, GUARANTEES, DEBT RESTRUCTURING, MARKET, INTEREST PAYMENTS, PRICE CHANGES, CREDIT AGENCIES, DEBTS, PORTFOLIO INVESTMENT, CURRENCY DEVALUATION, LOCAL MARKET, MARKET PRICES, INVESTMENT PROJECTS, CURRENCIES, LOCAL DEBT, FINANCIAL SUSTAINABILITY, STANDARD CONTRACT, PORTFOLIO, LENDERS, LENDER, BUDGETS, RETURN ON ASSETS, SECURITY, CAPITAL MARKETS, CREDITWORTHINESS, AMORTIZATION, REGULATORY FRAMEWORK, LIABILITY, FINANCIAL INSTITUTIONS, EXCHANGE RATE, INTERESTS OF INVESTORS, GOOD, EQUIPMENT, EQUITY CAPITAL, BOND MARKET, REVENUE, CURRENCY, BOND, DIRECT INVESTMENT, INTERNATIONAL INVESTORS, FOREIGN CURRENCIES, OPTION, LOAN, BOND ISSUANCE, DEVELOPING COUNTRIES, LOCAL INVESTORS, MATURITY, FUTURE, LOAN TERMS, INFORMATION DISCLOSURE, LIEN, REPAYMENT, SOVEREIGN GUARANTEES, ISSUANCE, DEVELOPMENT BANK, CONTRACTS, INVESTOR, INVESTMENT FUNDS, FINANCIAL PERFORMANCE, TRADING, INVESTOR INTEREST, RESERVE FUND, ILLIQUIDITY, BIDS, REVENUES, CASH TRANSFER, DEBTORS, CASH TRANSFERS, FOREIGN DEBT, DEVALUATIONS, MARKET ECONOMY, LOCAL CURRENCY, POTENTIAL INVESTORS, FOREIGN EXCHANGE RISK, TRANSACTION, COMMERCIAL TERMS, VALUATION, TAX, FOREIGN INVESTORS, STOCK MARKET, FOREIGN EXCHANGE RISKS, DEBT-SERVICE, DEBT-EQUITY, GROSS DOMESTIC PRODUCT, CAPITAL STRUCTURE, GOVERNMENT GUARANTEES, INSURANCE COMPANY, STRATEGIC INVESTORS, MATURITIES, DEBT REPAYMENT, LENDING, INITIAL PUBLIC OFFERING, INSURANCE POLICIES, INSTRUMENT, INTERNATIONAL STANDARDS, INVESTING, CAPITAL INVESTMENTS, INFLATION RATE, SHAREHOLDER, LONG-TERM CAPITAL, OPTIONS, GUARANTEE, DEBTOR, RESERVES, INVESTMENT REQUIREMENTS, GOODS, MARKET REFORMS, LOANS, OUTSTANDING DEBTS, SETTLEMENT, RISK MANAGEMENT, CHECK, LOCAL STOCK MARKET, EXCHANGES, TARIFF, CAPITAL INVESTMENT, INITIAL PUBLIC OFFERINGS, FINANCE, INTERNATIONAL MARKETS, STOCK EXCHANGES, LIABILITIES, EXPORTER, STOCK EXCHANGE, MARKET MECHANISMS, DEFAULTS, INSTRUMENTS, EXTERNAL INVESTORS, DEBT, VALUE OF ASSETS, ASSET BASE, REGULATORY AUTHORITY, INVESTMENT REQUIREMENT, CAPITAL ADEQUACY, IPO, FINANCIAL MANAGEMENT, CENTRAL BANK, RETURN, FINANCIAL INFORMATION, PUBLIC OFFERING, CAPITAL MARKET, PUBLIC OFFERINGS, DEBT REPAYMENTS, DIRECT INVESTMENTS, FOREIGN EXCHANGE, PRICE RISK, LOAN AGREEMENTS, INTERNATIONAL INTEREST, EXCHANGE, ACCOUNTING, FINANCES, COMMERCIAL BANK, LOCAL MARKETS, TARIFFS, LEVEL OF DEBT, REPAYMENTS, CURRENCY RISK, OIL PRICES, RESERVE, RATE OF RETURN, PRIVATE INVESTORS, INSURANCE, CURRENCY RISKS, HOLDINGS, TAXES, EQUITY, INVESTMENT STRATEGY, CAPITAL STRUCTURES, TREASURY, MARKET CONDITIONS, INTERNATIONAL BANKS, HUMAN RESOURCES, LOCAL BANKS, PRICE VOLATILITY, DEFAULT, EXPENDITURES, DEBT SERVICE PAYMENT, DEBT MANAGEMENT, ACCOUNT RECEIVABLES, LOAN GUARANTEES, COMMERCIAL BANKS, INTERNATIONAL BANK, COMPETITIVE MARKET, RATES OF RETURN, CONTRACT, CORPORATE BOND, INTEREST, ACCOUNTS RECEIVABLE, FOREIGN LENDER, DEBT BURDEN, BOND ISSUE, SHARE, INTEREST RATE, FOREIGN CURRENCY, CASH PAYMENT, EXPENDITURE
Abstract

This report sets forth details of a financial recovery plan designed to help Vietnam Electricity (EVN), and the Vietnamese power sector more generally, to address a series of complex and interconnected challenges over the next 3 to 10 years. These challenges are operational and institutional as well as financial, and will lead to fundamental changes over time in the way that EVN and the overall power sector operate.

Published
2016

5. Kenya Water Service Provider Creditworthiness Index Report

Author

World Bank Group

Subjects
INVESTMENT, TOTAL DEBT, TAX, NATIONAL TREASURY, MUNICIPAL FINANCE, BUDGET, LEGAL OWNERSHIP, SECURITIES MARKET, TRUST FUND, INFLATION, DEBT INSTRUMENT, EMERGING MARKET, CREDIT RATING COMPANY, RISK OF DEFAULT, DOMESTIC MARKET, MARKET ECONOMIES, LIQUIDITY RATIO, LENDING, INVESTMENTS, INSTRUMENT, INVESTING, CAPITAL INVESTMENTS, DUE DILIGENCE, DEBT SERVICE, POVERTY, PENSION, INVESTORS, PRINCIPAL REPAYMENTS, ENABLING ENVIRONMENT, GUARANTEE, DEBTOR, RESERVES, TRANSACTIONS, DOMESTIC CREDIT RATING, PUBLIC SPENDING, LOANS, GOVERNMENT BUDGET, INTERESTS, SOLVENCY, TARIFF, LOCAL LENDERS, BORROWER, BORROWERS, MARKETS, DEFAULT RISK, PROFIT, FINANCE, LENDING DECISIONS, CREDIT RATINGS, MARKET FINANCE, FINANCIAL STATEMENTS, MARKET SPECIALIST, INTEREST EXPENSE, LIABILITIES, BALANCE SHEET, DEBT INSTRUMENTS, DEFAULTS, INFORMATION SYSTEM, INFRASTRUCTURE INVESTMENTS, LIQUIDITY, INSTRUMENTS, DEBT PAYMENTS, DEBT, CREDIT RISK, CREDIT STRENGTH, DEFAULT RATE, CASH MANAGEMENT, MARKET, GOVERNMENT POLICIES, DOMESTIC CREDIT, LOAN REPAYMENT, INCOME STREAMS, SOVEREIGN BENCHMARK, DEBTS, CASH FLOW, FINANCIAL MANAGEMENT, COMMERCIAL CREDIT, RETURN, FINANCIAL INFORMATION, CORPORATE BORROWERS, INTEREST RATE SPREAD, GOVERNMENT SUPPORT, GOVERNANCE ISSUES, LENDERS, LENDER, BUDGETS, FINANCES, INCOME TAX, SECURITY, TARIFFS, CAPITAL MARKETS, CREDIT RATING AGENCY, REPAYMENTS, CREDITWORTHINESS, AMORTIZATION, REGULATORY FRAMEWORK, FINANCIAL INSTITUTIONS, GOOD, REVENUE, CURRENCY, TURNOVER, EQUITY, TREASURY, CREDIT ASSESSMENT, HUMAN RESOURCES, DEFAULT, OPTION, DEBT SERVICE PAYMENTS, LOAN, DEBT SERVICE PAYMENT, SECURITIES, INTERNATIONAL BANK, COMMERCIAL BANKS, FUTURE, CREDIT RATING, CASH RESERVES, EMERGING MARKET ECONOMIES, REPAYMENT, ISSUANCE, DEVELOPMENT BANK, CREDIT QUALITY, INVESTOR, SOVEREIGN RATINGS, FINANCIAL PERFORMANCE, INTEREST, ACCOUNTS RECEIVABLE, LEGAL FRAMEWORK, CORPORATE DEFAULT, LONG TERM DEBT, PROFIT MARGIN, CASH FLOWS, INFRASTRUCTURE DEVELOPMENT, REVENUES, DEFICIT, DEBTORS, DEBT PAYMENT, LIQUIDITY RATIOS, INTEREST RATE, LOCAL CURRENCY, DEFAULT RATES, HUMAN RESOURCE, EXPENDITURE
Abstract

The Kenya water supply and sanitation (WSS) sector has been on a long path of facilitating commercial lending to Water Service Providers (WSPs). A key component of this effort is the evolution of rating the credit risk of WSPs for local lenders. However, the trade-off in credit rating WSPs is to provide the best credit analysis to help lenders assess the creditworthiness of WSPs, yet have a system that is simple and affordable enough to replicate on an annual basis. To solve this trade-off, the Water Services Regulatory Board (WASREB) and the Water and Sanitation Program of the World Bank have created a Creditworthiness Index for the WSPs in Kenya. In lieu of performing a full shadow rating analysis, which is much more thorough yet also more time-consuming and costly, the Creditworthiness Index provides a simplified snapshot of the financial and operational performance of WSPs.

Published
2015

6. Tanzania Economic Update, October 2012 : Spreading the Wings

Author

World Bank

Subjects
BUDGET FRAMEWORK, TAX EXEMPTIONS, TOTAL DEBT, UNCERTAINTY, VALUE ADDED, PRIVATE INVESTMENT, FISCAL PRUDENCE, INFLATION, NATURAL CATASTROPHES, FISCAL BALANCE, FISCAL DEFICIT, BROAD MONEY, FISCAL TRANSPARENCY, TRADE SECTORS, EXPORT GROWTH, PUBLIC BORROWING, GOVERNMENT BORROWING, FISCAL CRISIS, MACROECONOMIC RISKS, PUBLIC PROCUREMENT, RETURNS, DEBT SERVICE, CONSUMER PRICE INDEX, PER CAPITA INCOME, RECURRENT EXPENDITURE, MORAL HAZARD, OPERATIONAL DEFICIT, PUBLIC SPENDING, SOCIAL SERVICES, WHOLESALE PRICES, TRANSPARENCY, REAL EXCHANGE RATE, FINANCIAL MARKETS, EMERGING ECONOMIES, BALANCE OF PAYMENTS, BORROWING COSTS, FINANCIAL VARIABLES, GLOBAL ECONOMY, PURCHASING POWER, SOCIAL EQUITY, PUBLIC INFRASTRUCTURE, INFRASTRUCTURE SERVICES, POVERTY LEVEL, PUBLIC ENTERPRISES, FISCAL ADJUSTMENT, MONETARY POLICY, GOVERNMENT EXPENDITURES, FOREIGN BANKS, ECONOMIC COOPERATION, INTEREST RATES, PUBLIC EXPENDITURE REVIEW, POVERTY REDUCTION, PRIVATE CAPITAL, PUBLIC DEBT, ARREARS, CONTINGENT LIABILITIES, COST RECOVERY, INTEREST PAYMENTS, PUBLIC AGENCIES, FISCAL ADJUSTMENTS, LEVEL OF PUBLIC SPENDING, PUBLIC MONEY, MINISTRY OF FINANCE, EXTERNAL SHOCKS, INVESTMENT PROJECTS, GDP, TOTAL EXPENDITURE, CONSUMPTION GOODS, TRADE BALANCE, MACROECONOMIC STABILITY, POLITICAL ECONOMY, TAX BASE, HUMAN DEVELOPMENT, GOVERNMENT REVENUES, FOREIGN MARKETS, NATIONAL_ACCOUNTS, DOMESTIC BORROWING, CIVIL SERVANTS, STRUCTURAL DEFICIT, CAPITAL STOCK, LOCAL FINANCIAL MARKET, FISCAL POLICY, EXCHANGE RATE, EQUIPMENT, TELECOMMUNICATIONS, PUBLIC RESOURCES, ECONOMIC POLICIES, PRICE FLUCTUATIONS, FISCAL PERFORMANCE, INFLATION RATES, FOREIGN INVESTMENTS, COMMODITY PRICES, TAX REVENUES, PUBLIC FINANCE, DEVELOPING COUNTRIES, GLOBAL MARKETS, FISCAL SUSTAINABILITY, FISCAL RISKS, PRIVATE MARKETS, LEGAL FRAMEWORKS, DEVELOPMENT BANK, CURRENT ACCOUNT DEFICITS, CAPITAL STOCKS, POVERTY ALLEVIATION, VALUE OF EXPORTS, PUBLIC INVESTMENT PROGRAM, LOCAL ECONOMY, INFRASTRUCTURE DEVELOPMENT, PUBLIC INVESTMENT, PUBLIC EXPENDITURE, INVESTMENT SPENDING, LOCAL CURRENCY, ACCOUNTABILITY, EXPORT PERFORMANCE, INFRASTRUCTURE PROJECTS, EXTERNAL BALANCE, BANK POLICY, ECONOMIC PERFORMANCE, TAX RATES, TAX, FOREIGN INVESTORS, ALLOCATION OF RESOURCES, ECONOMIC GROWTH, GOLDEN RULE, GROSS DOMESTIC PRODUCT, ALLOCATION, PROGRAMS, EXTERNAL FINANCING, FISCAL RISK, BANKING SECTORS, AUDITOR GENERAL, TECHNICAL ASSISTANCE, DOMESTIC MARKET, FINANCIAL SECTOR, MINISTRY OF DEFENSE, SAFETY NETS, INSTRUMENT, INFLATION RATE, POLITICAL STABILITY, EXOGENOUS SHOCKS, RESERVES, NET BORROWING, ADMINISTRATIVE REFORMS, TAX COLLECTION, MARGINAL COST, ECONOMIC OUTLOOK, MACROECONOMIC INDICATORS, FISCAL ACCOUNTS, PUBLIC ENTERPRISE, FINANCIAL DISTRESS, INTERNATIONAL MARKETS, MOBILE PHONES, FISCAL FRAMEWORK, WAGES, EXTERNAL DEBT, TOTAL PUBLIC EXPENDITURE, SAFETY NET, DOMESTIC INVESTMENT, PUBLIC EXPENDITURES, REAL INTEREST, PUBLIC SECTOR, ECONOMIC EXPANSION, TOTAL PUBLIC SECTOR, HEALTH SECTOR, COMMODITY PRICE, MACROECONOMIC VOLATILITY, ECONOMIC DEVELOPMENT, PUBLIC ACCOUNTS, CENTRAL BANK, MONETARY POLICIES, AGRICULTURE, DIVIDENDS, TOTAL EXPENDITURES, FISCAL DISCIPLINE, POSITIVE IMPACTS, MACROECONOMIC MANAGEMENT, ACCOUNTING, INCOME DISTRIBUTION, PUBLIC ADMINISTRATION, AGGREGATE DEMAND, LOCAL MARKETS, LEVEL OF DEBT, REAL INTEREST RATES, DEBT STOCK, LOCAL GOVERNMENTS, OIL PRICES, CENTRAL GOVERNMENT, HUMAN CAPITAL, PUBLIC DEBT STOCK, PRIVATE SECTOR, FINANCIAL SHOCKS, RECURRENT EXPENDITURES, SAVINGS RATE, INVESTMENT STRATEGY, VALUE OF IMPORTS, DEBT SERVICE PAYMENTS, GOVERNMENT SPENDING, DEBT SERVICE PAYMENT, DEBT MANAGEMENT, GROWTH RATE, STRATEGIC CHOICES, MONETARY FUND, FISCAL POLICIES, PRODUCTIVE INVESTMENTS, CASH FLOWS, FISCAL POSITION, CAPITAL INFLOWS, CAPACITY BUILDING, DEBT SUSTAINABILITY, ECONOMIC GROWTH RATE, CURRENT ACCOUNT DEFICIT
Abstract

Tanzania continues to stand out as a model of sound economic performance in the African continent, with a growth rate of over six per cent in 2011 and 2012, surpassing other regional economies and demonstrating impressive resilience to the global economic crisis. This is the second issue of the Tanzania economic update series. The series aim to engage a broad audience in a discussion of the state of the economy in general, as well as in specific debates of topical importance in Tanzania. The current issue seeks to get the discussion going on how to achieve the structural transformation of the rural economy so that rural households can also benefit from the country's remarkable growth performance.

Published
2012

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