BRIEF

Government Bond Market Development Program - Documents and Publications

October 13, 2015

Note: The Government Bond Market Development Program incorporates the countries and activities of the Global Emerging Markets Local Currency Bond Program (Gemloc) Advisory Services.


Background Notes

Issuance Plan for Government Securities: Provides guidance on developing an issuance plan for marketable government securities. Describes the steps involved in the process, considering debt management objectives, market conditions and constraints, and key linkages with other aspects of debt and fiscal management.

Domestic Syndications: Illustrates the various aspects of syndications to be considered by a debt manager in deciding whether a domestic syndication is an appropriate placement mechanism.

Bond Buybacks and Exchanges: Reviews the various functions of bond buyback and exchange operations and illustrates their usage with country examples.

Securities Lending and Related Standing Facilities: Provides an overview of matters that need to be considered by debt management offices planning to provide a securities lending facility to their primary dealers.  

Electronic Trading Platforms [Draft]: Provides guidance on how a government debt management office can play a proactive role in bringing electronic trading platforms to a government securities market to support its development.

Primary Dealer Systems [Draft]:  Provides guidance on how to design a primary dealer system so as to best meet the development needs of the market and the expectations of key stakeholders. 

Repo Markets [Draft]: Reviews the various types of repo instruments and analyzes the different issues involved in its functionality, including the legal structure, market structure, accounting treatment, taxation and regulation. 


Other Publications

Sukuk Markets: a Proposed Approach for Development: by Ketut Ariadi Kusuma and Anderson Caputo Silva, World Bank Policy Research Working Paper (December 2014)

Europe and Central Asia Sovereign Debt Management in Crisis: a Toolkit for Policy Maker 2013 (pdf): by World Bank ECSPF Unit and EUROPE AND CENTRAL ASIA Unit.

Public Debt Management in Emerging Market Economies: Has This Time Been Different?: by Anderson Caputo Silva, Philip Anderson and Antonio Velandia-Rubiano. World Bank Policy Research Working Paper (August 2010)

Reforming Government Debt Markets in MENA: by Anderson Caputo Silva and Catiana Garcia-Kilroy. MENA Financial Flagship (January 2010)

Gemloc Advisory Services Survey (pdf): "Key Priorities for Debt Market Development." Aims to capture a more refined map of TA demand through the survey questions that are organized along two dimensions: TA priority topics and types of TA. (June 2009)

Government and Corporate Bond Market Development and the Crisis Impact (May 2009) (pdf)

Euromoney Emerging Markets Handbook

Euromoney Note 2015-2016 (pdf): Foreword by Anderson Caputo Silva, Catiana García-Kilroy and Otaviano Canuto. Originally published in The Euromoney Emerging Markets Handbook 2015. For further information, please visit www.euromoney-yearbooks.com/handbooks.

Euromoney Note 2011-2012 (pdf): Foreword by Anderson Caputo Silva, Catiana García-Kilroy and Otaviano Canuto. Originally published in The Euromoney Emerging Markets Handbook 2012. For further information, please visit www.euromoney-yearbooks.com/handbooks.

Euromoney Note 2010-2011 (pdf): Foreword by Anderson Caputo Silva, Catiana García-Kilroy and Otaviano Canuto. “This article was originally published in The Euromoney Emerging Markets Handbook 2011. For further information, please visit www.euromoney-yearbooks.com/handbooks.

Euromoney Note 2009-2010 (pdf): "Unlocking debt market development in times of crisis" by Catiana García-Kilroy and Anderson Caputo Silva. Originally published in The Euromoney Emerging Markets Handbook 2009/10. For further information, please visit www.euromoney-yearbooks.com/handbooks.

Euromoney Note 2008-2009 (pdf): "The Development of Deeper and more Liquid Local Currency Bond Markets" by Silva, A. C. and García-Kilroy, C (2008).  Originally published in The Euromoney Emerging Markets Handbook 2008/09, pages 37-42.


Books on Debt Management and Markets


Gemloc Conference Papers and Notes

A Virtuous Cycle in Local Currency Bond Markets? (pdf)  by John D. Burger, Francis E. Warnock, Veronica Cacdac

Pension Funds and Capital Market Development: How Much Bang for the Buck? (pdf) by Claudio Raddatz, Sergio L. Schmukler.

Foreign Currency Debt, Financial Crisis and Economic Growth: A Policy Note for the Gemloc (pdf) by Michael D. Bordo, Christopher M. Meissner.

Gemloc Guest Commentary