低收入发展中国家的私人借贷和债务风险.docx

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1、Acknowledgements3Listoftablesandfigures5Acronyms6Executivesummary71Introduction91.1Background92Overarchingtrends113Scopeanddatasources153.1Scopeandsample153.2Datasources174Internationalbondissuance:costsandavailability194.1Overallcharacteristicsofbondissuance194

2、.2Averageyieldatissuanceandgloballiquidity204.3Accesstomarketsandgloballiquidity224.4Yieldsinsecondarymarketsandgloballiquidity255Futurerisks275.1Minefieldsaheadduetobunchingofmaturities275.2Useofproceeds,feesandcommissions305.3Legalrisks316Conclusions36Referenc

3、es37Annex1Supportingdata40TablesTable1Averageyieldatissuance–correlations22Table2Globalliquidityrisks28TableA1Countrylistandkeyinformation40TableA2Bondissuancedetails41TableA3Globalliquidityindicators42TableA4Cross-correlations:bondyieldsandgloballiquidity43Tabl

4、eA5FiguresUseofproceeds47Figure1Debtserviceonexternalpublicandpubliclyguaranteeddebtinbond-issuingLIDCs11Figure2Externalandconcessionaldebt,inLIDCs12Figure3Changingcreditorcompositionofbond-issuingLIDCs12Figure4Medianinterestandaveragematurityonnewexternaldebtan

5、daveragematurity,forbond-issuingLIDCs13Figure5LICDebtSustainabilityFrameworkriskratingsforbond-issuingLIDCs14Figure6LICDebtSustainabilityFrameworkriskratingsfornon-bond-issuingLIDCs14Figure7ChangingcompositionofprivatesectorfundingofPPGdebt,bond-issuingLIDCs16Fi

6、gure8TotaldebtserviceandtotalhealthexpenditureasaproportionofGDP,201719Figure9Couponrates20Figure10Scatterplots–averageyields21Figure11Bondissuances2010–2019bycountry23Figure12Globalliquidityindicators24Figure13Shadowpolicyrates–time-series25Figure14Bonds’tenora

7、ndOFR-FSIscatterplot25Figure15Bondyieldsinpercentagepoints:medianandshadedareaisinterquartilerange26Figure16Redemptiondatesofbondsissued2010–2019,bycountry27AcronymsBOJBankofJapanCACcollectiveactionclausesDSAdebtsustainabilityanalysisDSFDebtSustainabilityFramewo

8、rkEAEuroAreaECBEuropeanCentralBankFCIFinancialConditionsIndexGDPgrossdomesticproductGNIgrossnationalincomeHIPCHeavilyIndebtedPoorCountryICMAInternationalCapitalMarket