Good Practices for Developing a Local Currency Bond Market : Lessons from the ASEAN+3 Asian Bond Markets Initiative.

Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Bank, Asian Development
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Manila : Asian Development Bank Institute, 2019.
Temas:
Bond market.
Marché obligataire.
Bond market
Acceso en línea:Texto completo
Tabla de Contenidos:
  • Cover; Title; Copyright; Contents; Tables, Figures, and Boxes; Foreword; Acknowledgments; Abbreviations; Executive Summary; I. Introduction; Objective and Structure of the Paper; II. Need for a Local Currency Bond Market and G20 Recommendation; A. Local Currency Bond Market and Financial Stability; B. Local Currency Bond Market and Infrastructure Finance; C. Global Efforts; III. Development of the Local Currency Bond Markets in ASEAN+3; A. 1997/98 Asian Financial Crisis and Asian Bond Markets Initiative; B. The Global Financial Crisis and the Success of ASEAN+3 Local Currency Bond Markets
  • IV. Functions of a Bond MarketA. Functions of a Government Bond Market; 1. Public Finance; 2. Benchmark and Risk-Free Rate to Develop a Market; 3. Creation of High-Quality Liquid Assets to Meet Regulatory Demand; B. Functions of a Corporate Bond Market; 1. Market-Based Financial Intermediation; 2. Institutional Evolution and Corporate Bond Market Development; V. Roles of Relevant Stakeholders and Building Blocks for Bond Market Development; A. Ministry of Finance; 1. Public Finance and Debt Management; 2. Auction; 3. Scheduled Debt Issuance Program to Create a Benchmark; B. Central Bank
  • 1. Issuing Agent and Registrar of the Government2. Monetary Operations and the Bond Market; 3. Government Cash Management and Monetary Operations; C. Securities Market Regulators; 1. Functions of Securities Market Regulators; 2. Roles of Securities Market Regulators in Developing Corporate Bond Markets; D. Self-Regulatory Organizations; E. Issuers; 1. Corporate Finance and Asset-Liability Management; 2. Infrastructure Finance; F. Underwriters; 1. Type of Underwriting; 2. Types of New Issue Transactions; 3. Key Practices in New Issue Underwriting Process; 4. Due Diligence; 5. Comfort Letter
  • 6. Management Certificate7. Market Making and Matching; G. Credit Rating Agencies; 1. Functions of a Credit Rating Agency; 2. Limitations and Reservations to Credit Rating; H. Investor Base; 1. Institutional Investors; 2. Retail Investors; 3. Importance of Professional Investors; I. Intermediaries in Secondary Markets; 1. Brokers; 2. Dealers; 3. Interdealer Brokers; 4. Paying Agents and Fiscal Agents; 5. Facility Agents; 6. Transfer Agents; 7. Conversion Agents; 8. Trustees or Bondholder Representatives Concept(s); 9. Sharia Capital Market Experts or Similar Authority (Sukuk only)
  • J. Organized Markets1. Over-The-Counter; 2. On Exchange; K. Securities Settlement and Safekeeping Infrastructure; 1. Clearing House; 2. Central Counterparty; 3. Central Securities Depository; 4. Custodians; VI. Necessary Ecosystem for the Development of a Bond Market; A. Robust Legal Framework; 1. Market Integrity and Fairness; 2. Company or Enterprise Law; 3. Bankruptcy and Insolvency Law; 4. Definition of Default; 5. Need for A Clear Definition of Technical Terms; B. Accounting and Financial Reporting Standards

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