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Issuing International Bonds : A Guidance Note

Financial conditions in recent years have provided developing countries with unprecedented opportunities to tap international bond markets, increasing access to commercial debt financing. On that background, developing countries are broadening the range of debt instruments employed in implementing debt management strategies, and this has changed the risk profile of their public debt portfolios. The target audience of this Discussion Paper is the sovereign debt manager, with a special focus on first time/infrequent issuer in Low Income Developing Countries. The Guidance Note does not discuss whether countries should issue international bonds or not, but, rather, focus on the process of issuing such instruments, given the lack of objective and independent guidance available for issuers. The note outlines a step by-step process and provides practical advice.