Exotix Developing Markets Guide

Debt and Risk across the Frontier
6th Auflage 2019
ISBN: 978-3-030-05867-8
Verlag: Springer International Publishing
Format: PDF
Kopierschutz: 1 - PDF Watermark

E-Book, Englisch, 846 Seiten

Reihe: Progress in Mathematics

Welcome to the latest edition of the Exotix Capital Developing Markets Guide. This is the sixth edition, the previous one having been published in February 2011 when the concept of investing in frontier economies was beginning to gain traction again after being derailed by the global financial crisis. A lot has happened since then. This guide is written for the serious frontier market investor, policymaker or academic analyst who is looking to maximise returns, improve policymaking or advance research through superior knowledge. We provide analysis and outlooks for 42 frontier economies along with detailed descriptions of their debt histories and restructuring experiences, and with the main investable instruments in the hard currency sovereign and corporate space in each. We aim to give our clients a convenient reference point to check details on loans and illiquid bonds and include as many frontier markets, illiquid instruments, nonperforming or restructured bonds and loans as possible.

Exotix has been enabling international investors to access the emerging financial markets and economies around the world since 1999. They continue to provide unrivalled access, knowledge and execution in equity and fixed-income markets, advisory investment banking, corporate finance and debt and equity capital markets throughout the developing economies in Africa, Central, South and Southeast Asia, emerging Europe, the Middle East, Latin America and the Caribbean. Exotix delivers the most comprehensive and integrated cross-asset research, analytics and data platform to connect the developing world with their contracted institutional client base.

Inhaltsverzeichnis

1;Acknowledgements;5
2;Contents;7
3;Acronyms and Abbreviations;10
4;Introduction;13
4.1;The Evolution of Frontier Fixed Income;13
4.1.1;Developments in Frontier Sovereign Debt: Past, Present and Future;13
4.1.1.1;The Growth in Frontier Bond Issuance;14
4.1.1.2;Recent Sovereign Default Experience;19
4.1.1.3;Future Issues in Frontier Debt Markets;24
4.1.1.3.1;China;24
4.1.1.3.2;Transparency in Lending;27
4.1.1.3.3;And Finally;29
5;Summary Statistics;30
6;Angola;40
6.1;Country Summary;40
6.2;Politics;42
6.3;Debt;44
6.3.1;Rescheduling History;48
6.3.2;Relations with Multilateral Creditors;49
6.3.3;Paris Club and Bilateral Creditors;53
6.3.4;Sovereign Commercial Debt;56
7;Argentina;60
7.1;Country Summary;60
7.2;Politics;62
7.3;Debt;65
7.3.1;Rescheduling History;68
7.3.2;Relations with Multilateral Creditors;70
7.3.3;Paris Club and Bilateral Creditors;76
7.3.4;Sovereign Commercial Debt;77
7.3.4.1;Dealing with the Untendered Bonds;81
7.3.4.2;2010 Reopening;81
7.3.4.3;Pari Passu Litigation;82
7.3.4.4;Macri’s Settlement with the Holdouts;85
7.3.4.5;Argentina’s Return to the Market;88
7.3.5;Provincial Debt: Eurobonds;92
7.3.6;Corporate Bond Markets;95
8;Azerbaijan;98
8.1;Country Summary;98
8.2;Politics;100
8.3;Debt;102
8.3.1;Rescheduling History;104
8.3.2;Relations with Multilateral Creditors;105
8.3.3;Paris Club and Bilateral Creditors;107
8.3.4;Sovereign Commercial Debt;107
8.3.5;International Bank of Azerbaijan (IBA) Restructuring;109
8.3.6;Corporate Bond Markets;111
9;Barbados;114
9.1;Country Summary;114
9.2;Politics;116
9.3;Debt;117
9.3.1;Rescheduling History;120
9.3.2;Relations with Multilateral Creditors;123
9.3.3;Paris Club and Bilateral Creditors;125
9.3.4;Sovereign Commercial Debt;125
9.3.5;Corporate Bond Markets;129
10;Belarus;131
10.1;Country Summary;131
10.2;Politics;133
10.3;Debt;134
10.3.1;Rescheduling History;137
10.3.2;Relations with Multilateral Creditors;137
10.3.3;Paris Club History and Bilateral Creditors;138
10.3.4;Sovereign Commercial Debt;139
10.3.5;Corporate Bonds;140
11;Belize;142
11.1;Country Summary;142
11.2;Politics;144
11.3;Debt;146
11.3.1;Rescheduling History;148
11.3.2;Relations with Multilateral Creditors;150
11.3.3;Paris Club and Bilateral Creditors;151
11.3.4;Sovereign Commercial Debt;152
11.3.4.1;The 2006–2007 Restructuring;152
11.3.4.2;The 2012–2013 Restructuring;155
11.3.4.3;The 2016–2017 Restructuring;157
12;Bosnia and Herzegovina;163
12.1;Country Summary;163
12.2;Politics;165
12.3;Debt;167
12.3.1;Rescheduling History;170
12.3.2;Relations with Multilateral Creditors;171
12.3.3;Paris Club and Bilateral Creditors;172
12.3.4;London Club Debt;173
12.3.5;Sub-sovereign Debt;175
13;Cameroon;177
13.1;Country Summary;177
13.2;Politics;179
13.3;Debt;181
13.3.1;Rescheduling History;183
13.3.2;Relations with Multilateral Creditors;184
13.3.3;Paris Club and Bilateral Creditors;186
13.3.4;London Club History and Commercial Debt;188
14;Congo, Republic of;190
14.1;Country Summary;190
14.2;Politics;192
14.3;Debt;194
14.3.1;Rescheduling History;196
14.3.2;Relations with Multilateral Creditors;199
14.3.3;Paris Club and Bilateral Creditors;201
14.3.4;Sovereign Commercial Debt;203
15;Cote d’Ivoire;207
15.1;Country Summary;207
15.2;Politics;209
15.3;Debt;211
15.3.1;Rescheduling History;214
15.3.2;Relations with Multilateral Creditors;216
15.3.3;Paris Club and Bilateral Creditors;219
15.3.4;Sovereign Commercial Debt;220
16;Cuba;229
16.1;Country Summary;229
16.2;Politics;232
16.3;Debt;234
16.3.1;Rescheduling History;237
16.3.2;Relations with Multilateral Creditors;238
16.3.3;Paris Club and Bilateral Creditors;239
16.3.4;Sovereign Commercial Debt;243
16.3.4.1;Cuba-Tokyo 1998 Refinancing Agreement;246
16.3.4.2;The Secondary Market for Cuban Debt;248
16.3.4.3;MT Credit Lyonnais;248
16.3.4.4;Short-Term Non-trade Bilateral Loans;250
16.3.4.5;Other Cuba structured and unrestructured debta;251
16.3.4.6;Letters of Credit;251
16.3.4.7;CDR Limited;251
16.3.4.8;Standard Terms for Each Series;252
16.3.5;Series;252
17;Dominican Republic;254
17.1;Country Summary;254
17.2;Politics;256
17.3;Debt;258
17.3.1;Rescheduling History;260
17.3.2;Relations with Multilateral Creditors;261
17.3.3;Paris Club and Bilateral Creditors;265
17.3.4;Sovereign Commercial Debt;267
17.3.5;Corporate Bond Markets;271
18;Ecuador;274
18.1;Country Summary;274
18.2;Politics;276
18.3;Debt;278
18.3.1;Rescheduling History;281
18.3.2;Relations with Multilateral Creditors;283
18.3.3;Paris Club and Bilateral Creditors;285
18.3.4;Sovereign Commercial Debt;288
18.3.5;Corporate Bond Markets;295
19;El Salvador;296
19.1;Country Summary;296
19.2;Politics;298
19.3;Debt;299
19.3.1;Rescheduling History;302
19.3.2;Relations with Multilateral Creditors;303
19.3.3;Paris Club and Bilateral Creditors;305
19.3.4;Sovereign Commercial Debt;305
19.3.5;Corporate Bond Markets;307
20;Ethiopia;310
20.1;Country Summary;310
20.2;Politics;312
20.3;Debt;314
20.3.1;Rescheduling History;316
20.3.2;Relations with Multilateral Creditors;318
20.3.3;Paris Club and Bilateral Creditors;320
20.3.4;Sovereign Commercial Debt;321
20.3.5;Corporate Bond Markets;322
21;Gabon;324
21.1;Country Summary;324
21.2;Politics;326
21.3;Debt;328
21.3.1;Rescheduling History;331
21.3.2;Relations with Multilateral Creditors;331
21.3.3;Paris Club and Bilateral Creditors;333
21.3.4;Sovereign Commercial Debt;335
22;Georgia;338
22.1;Country Summary;338
22.2;Politics;340
22.3;Debt;342
22.3.1;Rescheduling History;345
22.3.2;Relations with Multilateral Creditors;345
22.3.3;Paris Club and Bilateral Creditors;348
22.3.4;Sovereign Commercial Debt;348
22.3.5;Corporate Bond Markets;349
23;Ghana;354
23.1;Country Summary;354
23.2;Politics;356
23.3;Debt;357
23.3.1;Rescheduling History;361
23.3.2;Relations with Multilateral Creditors;362
23.3.3;Paris Club and Bilateral Creditors;365
23.3.4;Sovereign Commercial Debt;366
23.3.5;Corporate Bonds;370
24;Greece;372
24.1;Country Summary;372
24.2;Politics;374
24.3;Debt;375
24.3.1;Rescheduling History;378
24.3.2;Relations with Multilateral Creditors;382
24.3.3;Paris Club and Bilateral Creditors;386
24.3.4;Sovereign Commercial Debt;390
24.3.5;Corporate Bond Markets;397
25;Grenada;401
25.1;Country Summary;401
25.2;Politics;403
25.3;Debt;405
25.3.1;Rescheduling History;408
25.3.2;Relations with Multilateral Creditors;409
25.3.3;Paris Club and Bilateral Creditors;412
25.3.4;Sovereign Commercial Debt;413
26;Iraq;419
26.1;Country Summary;419
26.2;Politics;421
26.3;Debt;423
26.3.1;Rescheduling History;425
26.3.1.1;Milestones on Road to Iraqi Debt Restructuring;426
26.3.2;Relations with Multilateral Creditors;427
26.3.3;Paris Club and Bilateral Creditors;428
26.3.4;Sovereign Commercial Debt;430
26.3.5;Corporate Bond Markets;432
27;Jamaica;436
27.1;Country Summary;436
27.2;Politics;438
27.3;Debt;440
27.3.1;Rescheduling History;443
27.3.2;Relations with Multilateral Creditors;444
27.3.3;Paris Club and Bilateral Creditors;448
27.3.4;Sovereign Commercial Debt;449
27.3.5;Jamaica’s Domestic Debt Exchanges;451
27.3.5.1;The 2010 “Jamaica Debt Exchange”;452
27.3.5.2;The 2013 “National Debt Exchange”;453
27.3.6;Corporate Bond Markets;454
28;Kazakhstan;457
28.1;Country Summary;457
28.2;Politics;459
28.3;Debt;461
28.3.1;Rescheduling History;464
28.3.2;Relations with Multilateral Creditors;465
28.3.3;Paris Club and Bilateral Creditors;466
28.3.4;Sovereign Commercial Debt;467
28.3.5;Kazakhstan Banks;469
28.3.5.1;2009–2010 Bank Restructurings;470
28.3.5.2;2012–2014 Bank Restructurings;474
28.3.5.3;Recent Developments;475
28.3.6;Corporate Bond Market;478
29;Kenya;481
29.1;Country Summary;481
29.2;Politics;483
29.3;Debt;486
29.3.1;Rescheduling History;488
29.3.2;Relations with Multilateral Creditors;490
29.3.3;Paris Club and Bilateral Creditors;494
29.3.4;Sovereign Commercial Debt;496
29.3.5;Corporate Bond Markets;498
30;Mongolia;500
30.1;Country Summary;500
30.2;Politics;502
30.3;Debt;504
30.3.1;Rescheduling History;505
30.3.2;Relations with Multilateral Creditors;508
30.3.3;Paris Club and Bilateral Creditors;510
30.3.4;Sovereign Commercial Debt;511
30.3.5;Corporate Bond Markets;513
31;Mozambique;516
31.1;Country Summary;516
31.2;Politics;518
31.3;Debt;520
31.3.1;Rescheduling History;523
31.3.2;Relations with Multilateral Creditors;525
31.3.3;Paris Club and Bilateral Creditors;530
31.3.4;Sovereign Commercial Debt;532
32;Nigeria;541
32.1;Country Summary;541
32.2;Politics;543
32.3;Debt;545
32.3.1;Rescheduling History;547
32.3.2;Relations with Multilateral Creditors;548
32.3.3;Paris Club and Bilateral Creditors;549
32.3.4;Sovereign Commercial Debt;551
32.3.5;Nigerian Payment Adjustment Warrants;554
32.3.5.1;Calculation;555
32.3.6;Corporate Bond Markets;556
32.3.6.1;Corporate Debt Restructurings;558
32.3.7;Select Nigerian Corporate International Issues;558
32.3.7.1;Financial;558
32.3.7.2;Communications;559
32.3.7.3;Energy;560
33;Pakistan;561
33.1;Country Summary;561
33.2;Politics;563
33.3;Debt;566
33.3.1;Rescheduling History;568
33.3.2;Relations with Multilateral Creditors;570
33.3.3;Paris Club and Bilateral Creditors;575
33.3.4;Sovereign Commercial Debt;577
33.3.5;Corporate Bond Market;579
34;Rwanda;581
34.1;Country Summary;581
34.2;Politics;583
34.3;Debt;585
34.3.1;Rescheduling History;586
34.3.2;Relations with Multilateral Creditors;589
34.3.3;Paris Club and Bilateral Creditors;592
34.3.4;Sovereign Commercial Debt;593
34.3.5;Corporate Bond Markets;594
35;Senegal;595
35.1;Country Summary;595
35.2;Politics;597
35.3;Debt;599
35.3.1;Rescheduling History;601
35.3.2;Relations with Multilateral Creditors;602
35.3.3;Paris Club and Bilateral Creditors;605
35.3.4;Sovereign Commercial Debt;606
36;Seychelles;609
36.1;Country Summary;609
36.2;Politics;611
36.3;Debt;612
36.3.1;Rescheduling History;615
36.3.2;Relations with Multilateral Creditors;617
36.3.3;Paris Club and Bilateral Creditors;621
36.3.4;Sovereign Commercial Debt;623
37;Sri Lanka;628
37.1;Country Summary;628
37.2;Politics;630
37.3;Debt;632
37.3.1;Rescheduling History;633
37.3.2;Relations with Multilateral Creditors;636
37.3.3;Paris Club and Bilateral Creditors;638
37.3.4;Sovereign Commercial Debt;640
37.3.5;Corporate Bond Markets;643
38;Sudan;644
38.1;Country Summary;644
38.2;Politics;646
38.3;Debt;650
38.3.1;Rescheduling History;652
38.3.2;Relations with Multilateral Creditors;654
38.3.3;Paris Club and Bilateral Creditors;657
38.3.4;Sovereign Commercial Debt;658
39;Suriname;661
39.1;Country Summary;661
39.2;Politics;663
39.3;Debt;665
39.3.1;Rescheduling History;667
39.3.2;Relations with Multilateral Creditors;668
39.3.3;Paris Club and Bilateral Creditors;670
39.3.4;Sovereign Commercial Debt;671
40;Tajikistan;673
40.1;Country Summary;673
40.2;Politics;675
40.3;Debt;677
40.3.1;Rescheduling History;679
40.3.2;Relations with Multilateral Creditors;680
40.3.3;Paris Club and Bilateral Creditors;683
40.3.4;Sovereign Commercial Debt;683
41;Tanzania;685
41.1;Country Summary;685
41.2;Politics;687
41.3;Debt;689
41.3.1;Rescheduling History;691
41.3.2;Relations with Multilateral Creditors;693
41.3.3;Paris Club History;697
41.3.4;Sovereign Commercial Debt;698
41.3.5;Corporate Bond Markets;699
42;Trinidad and Tobago;701
42.1;Country Summary;701
42.2;Politics;703
42.3;Debt;705
42.3.1;Rescheduling History;707
42.3.2;Relations with Multilateral Creditors;708
42.3.3;Paris Club and Bilateral Creditors;710
42.3.4;Sovereign Commercial Debt;710
42.3.5;Corporate Bond Markets;712
43;Ukraine;716
43.1;Country Summary;716
43.2;Politics;718
43.3;Debt;720
43.3.1;Rescheduling History;722
43.3.2;Relations with Multilateral Creditors;724
43.3.3;Paris Club and Bilateral Creditors;728
43.3.4;Sovereign Commercial Debt;729
43.3.5;Ukraine GDP Warrants;737
43.3.6;Ukraine Bank Debt Restructuring;739
43.3.7;Corporate Bond Market;744
44;Venezuela;753
44.1;Country Summary;753
44.2;Politics;756
44.3;Debt;758
44.3.1;Rescheduling History;762
44.3.2;Relations with Multilateral Creditors;762
44.3.3;Paris Club and Bilateral Creditors;764
44.3.4;Sovereign Commercial Debt;767
44.3.5;Venezuela’s Oil Warrants;776
44.3.6;Corporate Bond Markets;778
45;Vietnam;780
45.1;Country Summary;780
45.2;Politics;782
45.3;Debt;784
45.3.1;Rescheduling History;786
45.3.2;Relations with Multilateral Creditors;789
45.3.3;Paris Club and Bilateral Creditors;791
45.3.4;Sovereign Commercial Debt;792
45.3.5;Corporate Bond Markets;797
46;Zambia;801
46.1;Country Summary;801
46.2;Politics;803
46.3;Debt;806
46.3.1;Rescheduling History;810
46.3.2;Relations with Multilateral Creditors;812
46.3.3;Paris Club and Bilateral Creditors;816
46.3.4;Sovereign Commercial Debt;817
46.3.5;Corporate Bond Markets;820
47;Zimbabwe;822
47.1;Country Summary;822
47.2;Politics;824
47.3;Debt;826
47.3.1;Rescheduling History;828
47.3.2;Relations with Multilateral Creditors;830
47.3.3;Paris Club and Bilateral Creditors;833
47.3.4;Sovereign Commercial Debt;833
47.3.5;Corporate Bond Markets;833
48;Annex A: Supranational Bonds Issues;835
48.1;African Export-Import Bank;835
48.2;Eastern & Southern African Trade and Development Bank;838
48.3;Black Sea Trade & Development Bank;839
48.4;Africa Finance Corporation;840
48.5;Eurasian Development Bank;841
48.6;BOAD;843
49;Annex B: Paris Club Terms;845