Foreign Investment in Local Currency Bonds : Considerations for Emerging Market Public Debt Managers

Foreign investors are increasingly important participants in the local currency sovereign bond markets of developing countries. This note provides context on the overall growth of local currency sovereign debt markets in emerging markets and the gr...

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Bibliographic Details
Main Author:	Sienaert, Alex
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2013
Subjects:	ACCOUNTING AGGREGATE BOND INDEX ARBITRAGE ASSET CLASS ASSET CLASSES ASSET MANAGEMENT ASSET MANAGERS ASSET PRICES BALANCE SHEET BALANCE SHEETS BANK POLICY BANKING SECTOR BASIS POINT BENCHMARK BOND BOND FLOWS BOND FUND BOND INDEX BOND INDICES BOND ISSUANCE BOND ISSUERS BOND ISSUES BOND MARKET BOND MARKET DEVELOPMENT BOND MARKET VALUE BOND PRICES BOND YIELDS BONDS BORROWING COSTS BORROWING REQUIREMENTS BUY-BACKS CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL ALLOCATION CAPITAL INFLOWS CAPITAL MARKETS CENTRAL BANK CENTRAL BANKS COLLATERAL COMMERCIAL BANKING CORPORATE BOND CORPORATE BOND RETURNS COUPON CREDIT DERIVATIVE CREDIT DERIVATIVES CREDIT QUALITY CREDIT RISK CURRENCY COMPOSITION CURRENCY RISKS CUSTODY DEBT INSTRUMENTS DEBT ISSUANCE DEBT ISSUANCES DEBT MARKET DEBT RATIO DERIVATIVE CONTRACTS DERIVATIVE MARKET DERIVATIVES MARKET DERIVATIVES MARKETS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT BANK DOMESTIC BOND DOMESTIC BOND MARKET DOMESTIC BOND MARKET DEVELOPMENT DOMESTIC BOND MARKETS DOMESTIC BONDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC DEBT MARKETS DOMESTIC GOVERNMENT BONDS DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC SECURITIES ECONOMIC DEVELOPMENT ECONOMIC POLICIES EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUITIES EXTERNAL DEBT FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CRISIS FINANCIAL INTEGRATION FINANCIAL MARKET FINANCIAL STABILITY FISCAL POLICIES FIXED INCOME FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN HOLDINGS FOREIGN INVESTMENT FOREIGN INVESTOR FOREIGN INVESTORS FOREIGN OWNERSHIP GLOBAL BOND GLOBAL BOND INDICES GLOBAL BOND MARKET GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL FINANCIAL STABILITY GLOBAL MARKET GOVERNMENT BOND GOVERNMENT DEBT GOVERNMENT DEBT SECURITIES GOVERNMENT SECURITIES HEDGE FUND HEDGE FUND INVESTORS HEDGE FUNDS HOLDINGS INCOME LEVEL INFLATION INFLATION RISK INSTRUMENT INSURANCE INSURANCE COMPANIES INTERNATIONAL BANK INTERNATIONAL BONDS INTERNATIONAL SECURITIES INTERNATIONAL SETTLEMENTS INVESTMENT BANKS INVESTMENT DECISIONS INVESTMENT FUNDS INVESTMENT HORIZONS INVESTMENT IN BONDS INVESTOR BASE INVESTOR CONFIDENCE INVESTOR DEMAND INVESTOR INTEREST INVESTOR PARTICIPATION INVESTOR RELATIONS ISSUANCE LEVY LIQUIDATION LIQUIDATIONS LIQUIDITY LOCAL CURRENCY LOCAL MARKET LOCAL MARKETS LONG-TERM INVESTMENT LONG-TERM INVESTORS LONG-TERM YIELDS MARKET CAPITALIZATION MARKET CONDITIONS MARKET DEBT MARKET DEVELOPMENT MARKET DEVELOPMENTS MARKET EFFICIENCIES MARKET INFRASTRUCTURE MARKET INTEGRATION MARKET LIQUIDITY MARKET PARTICIPANTS MARKET PRICE MARKET SIZE MATURITY MATURITY STRUCTURE MONETARY AUTHORITIES NET DEBT OFFSHORE INVESTOR OFFSHORE INVESTORS OFFSHORE MARKETS OUTSTANDING GOVERNMENT SECURITIES PENSION PENSION FUNDS PORTFOLIO PORTFOLIO DIVERSIFICATION PORTFOLIO INVESTMENT PRICE DISCOVERY PRIMARY DEALERS PUBLIC BORROWING PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC DEBT MANAGERS PUBLIC DEBT SECURITIES PUBLIC INVESTMENT RANGE OF INVESTOR RAPID GROWTH REGULATORY CONSTRAINTS REPO REPO MARKETS RESERVE RESERVES RETAIL INVESTORS RETURN RETURNS RISK MANAGEMENT RISK PROFILE RISKY ASSET RISKY ASSETS SECONDARY MARKET SECONDARY MARKET LIQUIDITY SECURITIES SECURITIES MARKETS SETTLEMENT SETTLEMENT INFRASTRUCTURE SINKING FUND SOVEREIGN BOND SOVEREIGN BOND MARKETS SOVEREIGN BONDS SOVEREIGN DEBT SOVEREIGN DEBT MARKETS SOVEREIGN RATINGS STOCK EXCHANGE STOCK EXCHANGES SWAP T-BILLS TRADING TRANSACTION TRANSACTION COSTS TREASURIES TREASURY TREASURY SECURITIES TREASURY SECURITY WAREHOUSE YIELD CURVE
Online Access:	http://documents.worldbank.org/curated/en/2012/12/17027882/foreign-investment-local-currency-bonds-considerations-emerging-market-public-debt-managers http://hdl.handle.net/10986/12152