Instruments to Tap Capital Markets for Funding in Housing and Related Considerations Concerning the Sistema Brasileiro de Poupança e Empréstimo

At the request of the Secretariat of Economic Policy (SPE) at the Brazilian Ministry of Finance (Fazenda), the World Bank carried out a second phase of the Non-Lending Technical Assistance (NLTA) aimed at supporting the Government's ongoing housing sector reform efforts. Work provided under Phase II of the NLTA focused on two interrelated issues : Proposing the introduction of new instruments which will allow lenders to raise long-term funds from the capital markets; and Identifying options to ensure a better alignment of the Sistema Financeiro de Habitação (SFH), with its two pillars SBPE and FGTS, with the introduction of new capital market instruments.

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Bibliographic Details
Main Author: World Bank
Format: Other Financial Sector Study biblioteca
Language:English
en_US
Published: Washington, DC 2011-06-08
Subjects:ALTERNATIVE FUNDING, ALTERNATIVE INVESTMENT, AMORTIZATION, ARBITRAGE, ASSET CLASS, ASSET CLASSES, ASSET-LIABILITY MANAGEMENT, BACKED SECURITIES, BALANCE SHEET, BALANCE SHEETS, BANK BOND, BANK BOND MARKETS, BANK BONDS, BANK REGULATIONS, BANKING REGULATIONS, BANKING SYSTEM, BANKRUPTCY, BASIS POINTS, BOND INSTRUMENT, BOND ISSUES, BOND MARKET, BOND RATINGS, BONDHOLDER, BONDS, BORROWER, CAPITAL ADEQUACY, CAPITAL FLOWS, CAPITAL INFLOWS, CAPITAL MARKET, CAPITAL MARKET DEVELOPMENT, CAPITAL MARKET FINANCING, CAPITAL MARKET TRANSACTIONS, CAPITAL MARKETS, CAPITAL REQUIREMENTS, CASH FLOW, CASH FLOWS, CDS, CENTRAL BANK, CENTRAL BANKS, COLLATERAL, COLLATERAL RISK, COLLATERALIZATION, COLLECTIVE INVESTMENT, COMMERCIAL BANKS, CONSUMER LOANS, CONSUMER PRICE INDEX, CORPORATE BOND, COUNTRY RISK, CREDIT ENHANCEMENT, CREDIT INSTITUTIONS, CREDIT LINES, CREDIT QUALITY, CREDIT RISK, CREDIT RISK ASSESSMENTS, DEBENTURES, DEBT, DEBT CRISIS, DEBT INSTRUMENT, DEBT INSTRUMENTS, DEED, DEMAND FOR FUNDS, DEPOSIT, DEPOSIT HOLDERS, DEPOSITORS, DEPOSITS, DOMESTIC CAPITAL, DOMESTIC CAPITAL MARKET, DOMESTIC CAPITAL MARKETS, EQUITIES, EXTERNAL FUNDING, FINANCES, FINANCIAL CRISIS, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL MARKETS, FINANCIAL STABILITY, FIXED INCOME, FIXED INCOME MARKET, FIXED INCOME SECURITIES, FIXED INTEREST, FIXED INTEREST RATE, FORECLOSURE, FOREIGN CAPITAL, FOREIGN CURRENCY, FOREIGN INVESTORS, GOVERNMENT BOND, GOVERNMENT BONDS, GOVERNMENT BUDGET, GOVERNMENT SECURITIES, HOLDING, HOLDINGS, HOUSING FINANCE, INCOME TAX, INCOME TAX EXEMPTION, INFLATION, INFRASTRUCTURE FINANCING, INFRASTRUCTURE INVESTMENT, INSTITUTIONAL INVESTORS, INSTRUMENT, INSURANCE, INSURANCE COMPANIES, INSURANCE INDUSTRY, INTEREST INCOME, INTEREST RATE, INTEREST RATE REGIME, INTEREST RATE REGIMES, INTEREST RATE RISK, INTEREST RATES, INTEREST RATES ON LOANS, INVESTMENT ALLOCATIONS, INVESTMENT FUNDS, INVESTMENT OPPORTUNITIES, INVESTMENT STRATEGY, INVESTMENT VEHICLES, INVESTOR BASE, ISSUANCE, ISSUANCES, LEGAL FRAMEWORKS, LENDER, LENDERS, LENDING LIMIT, LENDING LIMITS, LIABILITY, LIEN, LIQUIDITY, LIQUIDITY CONSTRAINT, LIQUIDITY CONSTRAINTS, LIQUIDITY MANAGEMENT, LIQUIDITY RISK, LOAN, LOAN PORTFOLIO, LOAN PORTFOLIOS, LOANS FROM BANKS, LOCAL CURRENCY, LONG-TERM DEBT, LONG-TERM FINANCE, LONG-TERM INVESTMENT, MACROECONOMIC CONDITIONS, MACROECONOMIC STABILIZATION, MARKET ACCEPTANCE, MARKET BENCHMARK, MARKET CONDITIONS, MARKET FAILURE, MARKET FAILURES, MARKET INSTRUMENT, MARKET INSTRUMENTS, MARKET INTEREST RATE, MARKET INTEREST RATES, MARKET MAKER, MARKET MAKERS, MARKET MAKING, MARKET PARTICIPANTS, MARKET SHARE, MATURITIES, MATURITY, MATURITY MISMATCH, MATURITY TRANSFORMATION, MORTGAGE, MORTGAGE BOND, MORTGAGE BONDS, MORTGAGE FINANCE, MORTGAGE LOAN, MORTGAGE LOANS, MORTGAGE MARKET, MORTGAGE MARKETS, MORTGAGES, OUTSTANDING LOANS, PENSION, PENSION FUND, PERSONAL INCOME, PORTFOLIO, PORTFOLIOS, PRIMARY MARKET, PRIVATE LENDERS, PRIVATE PLACEMENTS, PRUDENTIAL REGULATIONS, REAL ESTATE INVESTMENT, REAL ESTATE LOANS, REGULATORY FRAMEWORK, REINVESTMENT, REINVESTMENT RISK, RESERVE, RESERVE REQUIREMENT, RESERVE REQUIREMENTS, RESERVES, RESIDENTIAL MORTGAGE, RESIDENTIAL MORTGAGES, RETURN, RETURNS, RISK MANAGEMENT, SAVINGS BANK, SAVINGS DEPOSIT, SAVINGS RATE, SECONDARY MARKET, SECONDARY MARKET TRADING, SECURITY INTEREST, SHORT-TERM DEPOSITS, SOLVENCY, SOURCE OF CREDIT, SOVEREIGN BOND, SOVEREIGN DEBT, SOVEREIGN RISK, STOCK EXCHANGE, STOCKS, SUPERVISORY AGENCIES, SWAPS, TAX, TAX CONCESSIONS, TAX EXEMPTIONS, TAX POLICY, TAX RATE, TAX TREATMENT, TERM DEPOSITS, TIME DEPOSITS, TRADING, TRANCHE, TRANCHES, TRANSACTION, TRANSACTION COST, TRANSACTION COSTS, TRANSPARENCY, TREASURY, TREASURY SECURITIES, UNDERLYING ASSETS, UNDERLYING MORTGAGE, UNIVERSAL BANK, UNSECURED BONDS, UNSECURED DEBT, VALUATION,
Online Access:http://documents.worldbank.org/curated/en/2011/06/16332853/instruments-tap-capital-markets-funding-housing-related-considerations-concerning-sistema-brasileiro-de-poupança-e-empréstimo-sbpe
http://hdl.handle.net/10986/13051
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