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Primary Markets
Primary markets are the markets where government securities are first issued and sold, often by means of some form of tender or auction process. A well-functioning primary market is crucial to develop reliable distribution channels. Responsibility for establishing a primary market rests with the national government and the choice of primary market procedures is a dynamic process that depends on each country's initial conditions and on subsequent developments.
Debt instruments should be selected on the basis of their issuing method, coupon and principal repayment, maturity term, and currency of denomination in order to establish a well-functioning and sustainable access to investors. Operations should be transparent and predictable. Procedures for the issuance of government securities, including the auction format and rules for participation, bidding, and allocation should be clear to all participants. Rules concerning primary dealers and other intermediaries in government securities, including the criteria for their selection and their rights and obligations, should also be publicly disclosed. To the extent possible, debt issuance should use market-based mechanisms, including competitive auctions and syndications.
Complete List of Documents in this Section
Title | Author |
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Accelerating bond financing in Asia and the pacific toward the sustainable development goals | Armida Salsiah Alisjahbana |
The Blue Bond Market: A Catalyst for Ocean and Water financing | Pieter Bosmans, Frederic de Mariz |
When fiscal discipline meets macroeconomic stability: the euro-stability bond | Luciano Greco, Francesco J. Pintus, Davide Raggi |
A framework to assess sovereign bond issuers on climate change - Consultation report | Antonina Scheer, Simon Dietz, Johannes Honneth, Yana Akhtyrska, Pippa Lockwood, and Rory Sullivan |
EU Sovereign bond transparency regime framework – Position paper | ICMA |