Asking the Right Questions : Johannesburg Completes a Groundbreaking Municipal Bond Issue

In 2004 the city of Johannesburg sold two municipal bond issues, among the very few such issues in Africa. The bond issues marked the city's recovery from near bankruptcy in the mid-1990s. They have been followed by several more as well as an even more ambitious capital financing program. Preparing for a first-time bond issuance is complicated and time consuming. Johannesburg navigated its way with remarkable success by asking the right questions and insisting on credible answers. Its path offers guidance and insights to other local governments considering the use of municipal bonds to finance infrastructure.

Bibliographic Details

Main Author:	Ngobeni, Jason
Language:	English
Published:	World Bank, Washington, DC 2008-05
Subjects:	ACCOUNTING, AMORTIZATION, APARTHEID, ASSETS, BANK LENDING, BANK LOAN, BANK LOANS, BANKRUPTCY, BASIS POINTS, BOND FINANCING, BOND ISSUANCE, BOND SALES, BORROWINGS, CAPITAL EXPENDITURES, CAPITAL INVESTMENT, CAPITAL MARKET, CAPITAL MARKETS, CASE OF DEFAULT, CASH FLOW, COLLATERAL, COLLATERAL REQUIREMENT, COMMERCIAL BANK, COMMERCIAL BANKS, COMMERCIAL LENDING, COMMERCIAL LOANS, CONCESSIONS, CONTINGENT LIABILITIES, CREDIT ENHANCEMENTS, CREDIT GUARANTEE, CREDIT QUALITY, CREDIT RATING, CREDIT RATINGS, CREDIT RISK, CREDITWORTHINESS, DEBT, DEBT HOLDERS, DEBT ISSUE, DEBT SERVICE, DEVELOPMENT BANK, DOMESTIC CREDIT, DOMESTIC CREDIT RATING, DUE DILIGENCE, ECONOMIC DEVELOPMENT, EMERGING MARKET, ESCROW, ESCROW ACCOUNT, EXISTING DEBT, EXPENDITURES, EXTERNAL CREDIT, EXTERNAL CREDIT ENHANCEMENT, FINANCE CORPORATION, FINANCES, FINANCIAL ADVISOR, FINANCIAL INTERMEDIARIES, FINANCIAL MANAGEMENT, FINANCIAL STATEMENTS, FINANCING NEEDS, FREE BOND, FUTURE DEBT, GENERAL OBLIGATION, GENERAL OBLIGATION BONDS, GOVERNMENT BORROWING, GOVERNMENT SECURITIES, GROUP OF INVESTORS, INDEBTED, INFRASTRUCTURE FINANCE, INFRASTRUCTURE FINANCING, INFRASTRUCTURE INVESTMENT, INFRASTRUCTURE INVESTMENTS, INFRASTRUCTURE PROJECTS, INSTITUTIONAL INVESTORS, INTEREST COSTS, INTEREST RATE, INTEREST RATES, INTEREST RATES ON BONDS, INTERNATIONAL FINANCE, INVESTING, INVESTMENT FUND, INVESTMENT PORTFOLIOS, INVESTMENT REGIME, LENDER, LIABILITY, LOCAL GOVERNMENT, LOCAL GOVERNMENTS, MARKET CONDITIONS, MARKETING, MATURITIES, MATURITY, MUNICIPAL ASSETS, MUNICIPAL BOND, MUNICIPAL BOND ISSUE, MUNICIPAL BOND ISSUES, MUNICIPAL BOND MARKET, MUNICIPAL BONDS, MUNICIPAL DEBT, MUNICIPAL INVESTMENT, MUNICIPAL SECURITIES, NATIONAL TREASURY, OUTSTANDING DEBT, OUTSTANDING LOAN, OUTSTANDING LOANS, PARTIAL CREDIT, PARTIAL CREDIT GUARANTEE, PORTFOLIO, POST OFFICE, PREPAYMENT, PREPAYMENT PENALTIES, PRIVATE BANK, PRIVATE INFRASTRUCTURE, PRIVATE LENDERS, PRIVATE PLACEMENT, PROCUREMENT, PUBLIC POLICY, PUBLIC-PRIVATE PARTNERSHIP, PUBLIC-PRIVATE PARTNERSHIPS, REPAYMENT, REPAYMENT PERIOD, REPAYMENTS, RESERVE, RETURN, REVENUE BONDS, RISK OF DEFAULT, SALE, SAVINGS, SAVINGS RATES, SECONDARY MARKET, SOVEREIGN GUARANTEE, STOCK EXCHANGE, SUSTAINABLE DEVELOPMENT, TECHNICAL ASSISTANCE, TERM CONTRACT, TRACK RECORD, TRADING, TRANSACTION, TREASURIES, TRUE COST, TRUSTEE, UNDERWRITER, UNDERWRITERS, VALUABLE, WORTH,
Online Access:	http://documents.worldbank.org/curated/en/2008/05/9612049/asking-right-questions-johannesburg-completes-groundbreaking-municipal-bond-issue https://hdl.handle.net/10986/10609
Tags:	Add Tag No Tags, Be the first to tag this record!