Regional course on developing Debt Markets (Domestic Debt and International Capital Markets)

The broad themes to be covered include the following:

  • The need to develop a domestic bond market in developing countries and prerequisites for the development of well-functioning bond markets
  • Types of securities issuance, e.g., public versus private placements, domestic, foreign and international bonds
  • Bond markets in emerging and developed markets
  • Fostering domestic financial markets: policies and policy coordination
  • Structural change in the banking sector and the interest rate channel
  • Legal and regulatory frameworks for security markets
  • Repurchase (“repo”) transactions
  • Dollarization and the transmission mechanism
  • Challenges in developing a functional bond market, and ways to overcome them
  • The general stages in the development of a bond market and ways to deepen the bond market and to enhance liquidity
  • understanding the key drivers of country and sovereign risk in both mature and emerging markets
  • Rating agency sovereign methodology, capacity and willingness to service debt, foreign and local currency ratings
  • Transfer and convertibility risk: FX and local currency ratings, country ceilings
  • Market indicators: CDS, bond and equity indicators
  • Types of securities issuance, e.g., public versus private placements, domestic, foreign and international bonds