Bond Buybacks and Exchanges : Background Note

This background note focuses on the use of bond buybacks and bond exchanges in the domestic government securities market. The objective is to provide an overview of their functions and of the procedures that facilitate their implementation, using country examples as illustrations.

Bibliographic Details
Main Author:	World Bank Group
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2016
Subjects:	AUCTION CAPITAL LOSS DEFICIT CAPITAL MARKETS HOLDING REVERSE AUCTIONS LIABILITY ACCOUNTING MARKET DISTORTIONS PUBLIC DEBT MANAGERS BOND PRICE DIRTY PRICES UNIFORM-PRICE REPO INTEREST HOLDERS OF BONDS LIQUIDITY RISKS MATURITY DATE INTEREST RATE OPTION EXCHANGE BANKING SYSTEM LIQUIDITY DEBT MANAGEMENT DOMESTIC MARKET ILLIQUID MARKET PORTFOLIO OLD BONDS BONDS CAPACITY BUILDING BENCHMARK BOND DISCOUNT LEVEL OF INTEREST RATES BORROWING PLAN GOVERNMENT BOND BOND YIELDS INVESTOR BASE MATURE MARKETS MARKET INFORMATION CASH FLOWS INSTRUMENTS BUDGET BOND AUCTIONS PRICE DISCOVERY MARKET PARTICIPANTS MATURITY BENCHMARK MATURITY AMOUNT OF CAPITAL MARKET LIQUIDITY MARKET STABILITY LACK OF TRANSPARENCY BOND INDEX CURRENCY BOND ISSUES MARKET DEVELOPMENT SECURITIES MARKET SETTLEMENT DATE CAPITAL GAINS DEBT MANAGEMENT AGENCY MARKET PRACTICE PORTFOLIOS BUYBACK MARKET MAKERS CONVERSIONS BOND ISSUANCE TRADING PRIMARY DEALERS REPO MARKETS DEBT OUTSTANDING INTEREST RATES CASH PAYMENT RISK MANAGEMENT TOOLS REVERSE AUCTION MARKETS DEBT PRICE TRANSPARENCY MARKET MAKER RETURN SETTLEMENT BUDGET DEFICIT PUBLIC DEBT MANAGEMENT DOMESTIC DEBT COUPON BONDS NATIONAL TREASURY GROSS DOMESTIC PRODUCT INVESTMENT STRATEGY INVENTORY CLEAN PRICE BORROWING COST GOVERNMENT SECURITIES MARKETS BENCHMARK BONDS FINANCE INTEREST RATE RISKS MARKET PRICE GOVERNMENT SECURITIES MARKET MARKET INTEREST RATE GOVERNMENT SECURITIES TRANSACTIONS BUY BACK REPO MARKET AUCTIONS EMERGING MARKETS TRANSACTION SECURITIES MARKETS INVESTORS BOND MARKETS INCOME SECURITY UNIFORM PRICE AUCTIONS GOOD INTEREST RATE SWAPS FUNGIBLE UNIFORM PRICE BUY BACKS TRANSPARENCY COUPONS BOND AUCTION GOVERNMENT BOND MARKETS MARKET CONDITIONS BUDGET SURPLUS MARKET PRICES BOND PORTFOLIO FUTURE SECONDARY MARKETS DEBT SERVICING COST EXCHANGES MATURITY DATES YIELD CURVE FINANCING REQUIREMENTS ISSUANCE BIDS LIQUID BENCHMARKS MARKET T-BILLS LOCAL CURRENCY MARKET RISK DIRTY PRICE INVESTMENT POLICY BORROWING REQUIREMENTS SECURITIES PUBLIC DEBT TREASURY PRICE MOVEMENTS HOLDINGS CURRENCIES FORWARD RATE GOVERNMENT DEBT GOVERNMENT BONDS INTERESTS DEBT MARKET INVESTOR BUYBACKS CALL OPTION SECURITY PRIMARY DEALER INVESTMENT PRIMARY DEALER SYSTEMS OUTSTANDING DEBT BOND COLLATERAL FUNGIBLE SECURITIES COUPON BID REINVESTMENT MARK-TO-MARKET DEBT MARKET DEVELOPMENT OUTSTANDING AMOUNT RISK MANAGEMENT LENDING GLOBAL FINANCE INTEREST RATE RISK SWAPS MARKET PRACTICES MATURITIES INSTRUMENT LIABILITY MANAGEMENT DEBT SERVICING ARBITRAGE SECONDARY MARKET LIABILITIES HEDGE OLD BOND DEBT MATURITY
Online Access:	http://documents.worldbank.org/curated/en/2016/03/26122353/bond-buybacks-exchanges-background-note http://hdl.handle.net/10986/24088

id	okr-10986-24088
recordtype	oai_dc
spelling	okr-10986-240882021-04-23T14:04:19Z Bond Buybacks and Exchanges : Background Note World Bank Group AUCTION CAPITAL LOSS DEFICIT CAPITAL MARKETS HOLDING REVERSE AUCTIONS LIABILITY ACCOUNTING MARKET DISTORTIONS PUBLIC DEBT MANAGERS BOND PRICE DIRTY PRICES UNIFORM-PRICE REPO INTEREST HOLDERS OF BONDS LIQUIDITY RISKS MATURITY DATE INTEREST RATE OPTION EXCHANGE BANKING SYSTEM LIQUIDITY DEBT MANAGEMENT DOMESTIC MARKET ILLIQUID MARKET PORTFOLIO OLD BONDS BONDS CAPACITY BUILDING BENCHMARK BOND DISCOUNT LEVEL OF INTEREST RATES BORROWING PLAN GOVERNMENT BOND BOND YIELDS INVESTOR BASE MATURE MARKETS MARKET INFORMATION CASH FLOWS INSTRUMENTS BUDGET BOND AUCTIONS PRICE DISCOVERY MARKET PARTICIPANTS MATURITY BENCHMARK MATURITY AMOUNT OF CAPITAL MARKET LIQUIDITY MARKET STABILITY LACK OF TRANSPARENCY BOND INDEX CURRENCY BOND ISSUES MARKET DEVELOPMENT SECURITIES MARKET SETTLEMENT DATE CAPITAL GAINS DEBT MANAGEMENT AGENCY MARKET PRACTICE PORTFOLIOS BUYBACK MARKET MAKERS CONVERSIONS BOND ISSUANCE TRADING PRIMARY DEALERS REPO MARKETS DEBT OUTSTANDING INTEREST RATES CASH PAYMENT RISK MANAGEMENT TOOLS REVERSE AUCTION MARKETS DEBT PRICE TRANSPARENCY MARKET MAKER RETURN SETTLEMENT BUDGET DEFICIT PUBLIC DEBT MANAGEMENT DOMESTIC DEBT COUPON BONDS NATIONAL TREASURY GROSS DOMESTIC PRODUCT INVESTMENT STRATEGY INVENTORY CLEAN PRICE BORROWING COST GOVERNMENT SECURITIES MARKETS BENCHMARK BONDS FINANCE INTEREST RATE RISKS MARKET PRICE GOVERNMENT SECURITIES MARKET MARKET INTEREST RATE GOVERNMENT SECURITIES TRANSACTIONS BUY BACK REPO MARKET AUCTIONS EMERGING MARKETS TRANSACTION SECURITIES MARKETS INVESTORS BOND MARKETS INCOME SECURITY UNIFORM PRICE AUCTIONS GOOD INTEREST RATE SWAPS FUNGIBLE UNIFORM PRICE BUY BACKS TRANSPARENCY COUPONS BOND AUCTION GOVERNMENT BOND MARKETS MARKET CONDITIONS BUDGET SURPLUS MARKET PRICES BOND PORTFOLIO FUTURE SECONDARY MARKETS DEBT SERVICING COST EXCHANGES MATURITY DATES YIELD CURVE FINANCING REQUIREMENTS ISSUANCE BIDS LIQUID BENCHMARKS MARKET T-BILLS LOCAL CURRENCY MARKET RISK DIRTY PRICE INVESTMENT POLICY BORROWING REQUIREMENTS SECURITIES PUBLIC DEBT TREASURY PRICE MOVEMENTS HOLDINGS CURRENCIES FORWARD RATE GOVERNMENT DEBT GOVERNMENT BONDS INTERESTS DEBT MARKET INVESTOR BUYBACKS CALL OPTION SECURITY PRIMARY DEALER INVESTMENT PRIMARY DEALER SYSTEMS OUTSTANDING DEBT BOND COLLATERAL FUNGIBLE SECURITIES COUPON BID REINVESTMENT MARK-TO-MARKET DEBT MARKET DEVELOPMENT OUTSTANDING AMOUNT RISK MANAGEMENT LENDING GLOBAL FINANCE INTEREST RATE RISK SWAPS MARKET PRACTICES MATURITIES INSTRUMENT LIABILITY MANAGEMENT DEBT SERVICING ARBITRAGE SECONDARY MARKET LIABILITIES HEDGE OLD BOND DEBT MATURITY This background note focuses on the use of bond buybacks and bond exchanges in the domestic government securities market. The objective is to provide an overview of their functions and of the procedures that facilitate their implementation, using country examples as illustrations. 2016-04-19T16:49:04Z 2016-04-19T16:49:04Z 2015-05-31 Working Paper http://documents.worldbank.org/curated/en/2016/03/26122353/bond-buybacks-exchanges-background-note http://hdl.handle.net/10986/24088 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Working Paper
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	AUCTION CAPITAL LOSS DEFICIT CAPITAL MARKETS HOLDING REVERSE AUCTIONS LIABILITY ACCOUNTING MARKET DISTORTIONS PUBLIC DEBT MANAGERS BOND PRICE DIRTY PRICES UNIFORM-PRICE REPO INTEREST HOLDERS OF BONDS LIQUIDITY RISKS MATURITY DATE INTEREST RATE OPTION EXCHANGE BANKING SYSTEM LIQUIDITY DEBT MANAGEMENT DOMESTIC MARKET ILLIQUID MARKET PORTFOLIO OLD BONDS BONDS CAPACITY BUILDING BENCHMARK BOND DISCOUNT LEVEL OF INTEREST RATES BORROWING PLAN GOVERNMENT BOND BOND YIELDS INVESTOR BASE MATURE MARKETS MARKET INFORMATION CASH FLOWS INSTRUMENTS BUDGET BOND AUCTIONS PRICE DISCOVERY MARKET PARTICIPANTS MATURITY BENCHMARK MATURITY AMOUNT OF CAPITAL MARKET LIQUIDITY MARKET STABILITY LACK OF TRANSPARENCY BOND INDEX CURRENCY BOND ISSUES MARKET DEVELOPMENT SECURITIES MARKET SETTLEMENT DATE CAPITAL GAINS DEBT MANAGEMENT AGENCY MARKET PRACTICE PORTFOLIOS BUYBACK MARKET MAKERS CONVERSIONS BOND ISSUANCE TRADING PRIMARY DEALERS REPO MARKETS DEBT OUTSTANDING INTEREST RATES CASH PAYMENT RISK MANAGEMENT TOOLS REVERSE AUCTION MARKETS DEBT PRICE TRANSPARENCY MARKET MAKER RETURN SETTLEMENT BUDGET DEFICIT PUBLIC DEBT MANAGEMENT DOMESTIC DEBT COUPON BONDS NATIONAL TREASURY GROSS DOMESTIC PRODUCT INVESTMENT STRATEGY INVENTORY CLEAN PRICE BORROWING COST GOVERNMENT SECURITIES MARKETS BENCHMARK BONDS FINANCE INTEREST RATE RISKS MARKET PRICE GOVERNMENT SECURITIES MARKET MARKET INTEREST RATE GOVERNMENT SECURITIES TRANSACTIONS BUY BACK REPO MARKET AUCTIONS EMERGING MARKETS TRANSACTION SECURITIES MARKETS INVESTORS BOND MARKETS INCOME SECURITY UNIFORM PRICE AUCTIONS GOOD INTEREST RATE SWAPS FUNGIBLE UNIFORM PRICE BUY BACKS TRANSPARENCY COUPONS BOND AUCTION GOVERNMENT BOND MARKETS MARKET CONDITIONS BUDGET SURPLUS MARKET PRICES BOND PORTFOLIO FUTURE SECONDARY MARKETS DEBT SERVICING COST EXCHANGES MATURITY DATES YIELD CURVE FINANCING REQUIREMENTS ISSUANCE BIDS LIQUID BENCHMARKS MARKET T-BILLS LOCAL CURRENCY MARKET RISK DIRTY PRICE INVESTMENT POLICY BORROWING REQUIREMENTS SECURITIES PUBLIC DEBT TREASURY PRICE MOVEMENTS HOLDINGS CURRENCIES FORWARD RATE GOVERNMENT DEBT GOVERNMENT BONDS INTERESTS DEBT MARKET INVESTOR BUYBACKS CALL OPTION SECURITY PRIMARY DEALER INVESTMENT PRIMARY DEALER SYSTEMS OUTSTANDING DEBT BOND COLLATERAL FUNGIBLE SECURITIES COUPON BID REINVESTMENT MARK-TO-MARKET DEBT MARKET DEVELOPMENT OUTSTANDING AMOUNT RISK MANAGEMENT LENDING GLOBAL FINANCE INTEREST RATE RISK SWAPS MARKET PRACTICES MATURITIES INSTRUMENT LIABILITY MANAGEMENT DEBT SERVICING ARBITRAGE SECONDARY MARKET LIABILITIES HEDGE OLD BOND DEBT MATURITY
spellingShingle	AUCTION CAPITAL LOSS DEFICIT CAPITAL MARKETS HOLDING REVERSE AUCTIONS LIABILITY ACCOUNTING MARKET DISTORTIONS PUBLIC DEBT MANAGERS BOND PRICE DIRTY PRICES UNIFORM-PRICE REPO INTEREST HOLDERS OF BONDS LIQUIDITY RISKS MATURITY DATE INTEREST RATE OPTION EXCHANGE BANKING SYSTEM LIQUIDITY DEBT MANAGEMENT DOMESTIC MARKET ILLIQUID MARKET PORTFOLIO OLD BONDS BONDS CAPACITY BUILDING BENCHMARK BOND DISCOUNT LEVEL OF INTEREST RATES BORROWING PLAN GOVERNMENT BOND BOND YIELDS INVESTOR BASE MATURE MARKETS MARKET INFORMATION CASH FLOWS INSTRUMENTS BUDGET BOND AUCTIONS PRICE DISCOVERY MARKET PARTICIPANTS MATURITY BENCHMARK MATURITY AMOUNT OF CAPITAL MARKET LIQUIDITY MARKET STABILITY LACK OF TRANSPARENCY BOND INDEX CURRENCY BOND ISSUES MARKET DEVELOPMENT SECURITIES MARKET SETTLEMENT DATE CAPITAL GAINS DEBT MANAGEMENT AGENCY MARKET PRACTICE PORTFOLIOS BUYBACK MARKET MAKERS CONVERSIONS BOND ISSUANCE TRADING PRIMARY DEALERS REPO MARKETS DEBT OUTSTANDING INTEREST RATES CASH PAYMENT RISK MANAGEMENT TOOLS REVERSE AUCTION MARKETS DEBT PRICE TRANSPARENCY MARKET MAKER RETURN SETTLEMENT BUDGET DEFICIT PUBLIC DEBT MANAGEMENT DOMESTIC DEBT COUPON BONDS NATIONAL TREASURY GROSS DOMESTIC PRODUCT INVESTMENT STRATEGY INVENTORY CLEAN PRICE BORROWING COST GOVERNMENT SECURITIES MARKETS BENCHMARK BONDS FINANCE INTEREST RATE RISKS MARKET PRICE GOVERNMENT SECURITIES MARKET MARKET INTEREST RATE GOVERNMENT SECURITIES TRANSACTIONS BUY BACK REPO MARKET AUCTIONS EMERGING MARKETS TRANSACTION SECURITIES MARKETS INVESTORS BOND MARKETS INCOME SECURITY UNIFORM PRICE AUCTIONS GOOD INTEREST RATE SWAPS FUNGIBLE UNIFORM PRICE BUY BACKS TRANSPARENCY COUPONS BOND AUCTION GOVERNMENT BOND MARKETS MARKET CONDITIONS BUDGET SURPLUS MARKET PRICES BOND PORTFOLIO FUTURE SECONDARY MARKETS DEBT SERVICING COST EXCHANGES MATURITY DATES YIELD CURVE FINANCING REQUIREMENTS ISSUANCE BIDS LIQUID BENCHMARKS MARKET T-BILLS LOCAL CURRENCY MARKET RISK DIRTY PRICE INVESTMENT POLICY BORROWING REQUIREMENTS SECURITIES PUBLIC DEBT TREASURY PRICE MOVEMENTS HOLDINGS CURRENCIES FORWARD RATE GOVERNMENT DEBT GOVERNMENT BONDS INTERESTS DEBT MARKET INVESTOR BUYBACKS CALL OPTION SECURITY PRIMARY DEALER INVESTMENT PRIMARY DEALER SYSTEMS OUTSTANDING DEBT BOND COLLATERAL FUNGIBLE SECURITIES COUPON BID REINVESTMENT MARK-TO-MARKET DEBT MARKET DEVELOPMENT OUTSTANDING AMOUNT RISK MANAGEMENT LENDING GLOBAL FINANCE INTEREST RATE RISK SWAPS MARKET PRACTICES MATURITIES INSTRUMENT LIABILITY MANAGEMENT DEBT SERVICING ARBITRAGE SECONDARY MARKET LIABILITIES HEDGE OLD BOND DEBT MATURITY World Bank Group Bond Buybacks and Exchanges : Background Note
description	This background note focuses on the use of bond buybacks and bond exchanges in the domestic government securities market. The objective is to provide an overview of their functions and of the procedures that facilitate their implementation, using country examples as illustrations.
format	Working Paper
author	World Bank Group
author_facet	World Bank Group
author_sort	World Bank Group
title	Bond Buybacks and Exchanges : Background Note
title_short	Bond Buybacks and Exchanges : Background Note
title_full	Bond Buybacks and Exchanges : Background Note
title_fullStr	Bond Buybacks and Exchanges : Background Note
title_full_unstemmed	Bond Buybacks and Exchanges : Background Note
title_sort	bond buybacks and exchanges : background note
publisher	World Bank, Washington, DC
publishDate	2016
url	http://documents.worldbank.org/curated/en/2016/03/26122353/bond-buybacks-exchanges-background-note http://hdl.handle.net/10986/24088
_version_	1764455639208165376

Bond Buybacks and Exchanges : Background Note

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