Related items
Showing items related by title, author, creator and subject.
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Repo MarketsRepo markets are an essential component of liquid Government debt markets, acting
 as a transmission belt between money and debt markets, as well as serving to conduct
 key functions for the efficient operation of debt markets. These include, among others,
 credit risk management, funding debt portfolios, playing the yield curve, and covering
 short positions and settlement fails. The hybrid nature of a repo between a
 collateralized loan and a full transfer of ownership makes it a very versatile instrument
 for a broad range of market participants with very different business models. However,
 this is at the same time the reason for its complexity. This note addresses the legal,
 structural, accounting, tax, regulatory and infrastructure factors that are decisive for
 repo market development. The legal and infrastructure factors that underpin repo
 markets functionality are evolving ones and may be different depending on the
 country. The perspective adopted in this note intends to provide a balanced account of
 both the conceptual issues in each topic and relevant country cases, with the objective
 of providing policy makers with analytical tools to address their country specific
 context.
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Issuance Plan for Government SecuritiesThe issuance plan sets out the government’s intentions for the issuance of its debt securities in the domestic capital markets. It includes the bonds and bills to be issued and the timing of issuance, and may include general information on other operations that the government intends to undertake with its debt securities, such as buybacks and exchanges. This guidance note describes the key considerations for the debt manager and the steps involved in developing and implementing the issuance plan.
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Hybrid Issuance Regimes for Corporate Bonds in Emerging Market CountriesSecurities regulators in many developing
 countries are looking for ways to help grow their
 nongovernment bond markets to finance development. A common
 challenge is onerous regulations for issuance of bonds,
 which tend to discourage companies from coming to market.
 This paper explains and analyzes an issuance framework—a
 hybrid offer regime (HBOR)—that is particularly suitable for
 bonds and could help encourage greater issuance and market
 growth. The HBOR reduces issuance requirements and approval
 times for bond issuers but maintains certain protections to
 ensure investor comfort. While certain aspects of this type
 of issuance have been covered in literature on private
 placements, the review of hybrid offer regimes, as discussed
 in this paper, is new and has been evaluated by the WBG.
 Drawing on the experience of eight countries, the paper
 identifies key features of HBORs and highlights important
 issues for policymakers to consider in their implementation.
 The findings conclude that the most salient features of
 HBORs are: i) investment limited to qualified investors,
 usually institutional and/or high net worth; ii) reduced
 initial and ongoing disclosures, including exemption from a
 full prospectus; iii) limited role of the regulator, if any,
 in the approval process; iv) unrestricted access to
 secondary market trading for eligible investors; and v)
 continued provision of antifraud protections against
 false/misleading statements in disclosures. The paper also
 looks at issuance trends in three countries and finds that
 the HBOR may have had a positive impact on encouraging new,
 less established issuers to come to the bond market.