Domestic Syndications : Background Note

This background note is intended to assist debt management offices (DMOs) in assessing whether a bond placement scheme combining auctions and syndications is an appropriate strategy in their markets and, if so, to assist them in designing the corresponding procedures.

Bibliographic Details
Main Author:	World Bank Group
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	CAPITAL GAIN AUCTION BOND INDICES AUCTION SYSTEM CAPITAL MARKETS HOLDING BORROWER BASIS POINTS PROFIT OPPORTUNITY LIABILITY DERIVATIVES MARKETS CHECKS MARKET DISTORTIONS PUBLIC DEBT MANAGERS BOND PRICE SECONDARY MARKET PRICES FOREIGN INVESTORS MARKET DEVELOPMENTS FUND MANAGERS REPO INTEREST INSTITUTIONAL INVESTORS INTERNATIONAL SECURITY GUARANTEES EXCHANGE HEDGE FUNDS TREASURIES ISSUANCES SETTLEMENT PROCEDURE LIQUIDITY DEBT MANAGEMENT INVESTOR DEMAND DOMESTIC MARKET TYPE OF INVESTOR SETTLEMENT PROCEDURES PORTFOLIO BENCHMARK MATURITIES FOREIGN EXCHANGE RISK BONDS BENCHMARK BOND BORROWERS LIQUIDITY PREMIUM DEBT ISSUANCE GOVERNMENT BOND RESERVE LEVEL PLAYING FIELD INVESTOR BASE CENTRAL BANKS MATURE MARKETS INFLATION INTERNATIONAL BANK PENSION INSTRUMENTS DEBT INTEREST CREDIBILITY PRICE DISCOVERY MARKET PARTICIPANTS CENTRAL BANK FLOATING-RATE NOTE MATURITY DEBT ISSUES MARKET LIQUIDITY DERIVATIVES BOND INVESTORS PUBLIC DEBT MANAGER CURRENCY BOND ISSUES MARKET DEVELOPMENT SECURITIES MARKET MARKET-MAKING PRIMARY MARKET MARKET PRACTICE BUYBACK MARKET MAKERS BOND ISSUANCE TRADING PRIMARY DEALERS REPO MARKETS INTERNATIONAL BOND EMERGING MARKET MARKET MECHANISM FINANCIAL INSTITUTIONS MARKETS DEBT MARKET MAKER BOND ISSUE SETTLEMENT PUBLIC DEBT MANAGEMENT SECONDARY MARKET LIQUIDITY RESERVES TYPE OF INVESTORS PENSION FUNDS GOVERNMENT SECURITIES MARKETS BENCHMARK BONDS BANK FINANCING FINANCE FOREIGN CURRENCY GOVERNMENT SECURITIES MARKET COMPETITIVE AUCTIONS GOVERNMENT SECURITIES TRANSACTIONS AUCTIONS EMERGING MARKETS TRANSACTION SECURITIES MARKETS INVESTORS BOND MARKETS GOOD GLOBAL BOND UNIFORM PRICE INVESTOR INTEREST DOMESTIC MARKETS TRANSPARENCY BOND AUCTION GOVERNMENT BOND MARKETS TRANCHE PRIVATE PLACEMENT MARKET CONDITIONS MARKET PRICES FUTURE SECONDARY MARKETS LOCAL MARKET FOREIGN INVESTMENT EXCHANGES UNIFORM PRICE AUCTION FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENT PRICE STABILITY COUNTRY CREDIT ISSUANCE BIDS PRICE FORMATION MARKET LOCAL CURRENCY CREDIT RATING FOREIGN EXCHANGE MARKET RISK LIQUID SECONDARY MARKET DOMESTIC SECURITIES SECURITIES PUBLIC DEBT TREASURY HOLDINGS INSURANCE GOVERNMENT DEBT DEBT MARKET INVESTOR BUYBACKS MARKET SHARE SECURITY PRIMARY DEALER FINANCIAL MARKET LIQUID MARKET INVESTMENT PRIMARY DEALER SYSTEMS BOND SHARE BALANCE SHEETS INDEXED BOND COUPON BID BONDHOLDERS DEBT MARKET DEVELOPMENT EXTERNAL DEBT PROFIT OUTSTANDING AMOUNT LENDING CHECK GLOBAL FINANCE MARKET PRACTICES MATURITIES LONG-TERM INVESTORS INSURANCE COMPANIES INSTRUMENT LIABILITY MANAGEMENT ARBITRAGE SECONDARY MARKET GOVERNMENT ACCOUNTS HEDGE INTERNATIONAL INVESTORS INTERNATIONAL BANKS GUARANTEE OLD BOND SWAP PORTFOLIO MANAGEMENT ASSET MANAGERS INVESTMENT RISK
Online Access:	http://documents.worldbank.org/curated/en/2016/03/26122356/domestic-syndications-background-note http://hdl.handle.net/10986/24087