Bond Buybacks and Exchanges

This background note focuses on the use of bond buybacks and bond exchanges in the domestic government securities market. The objective is to provide an overview of their functions and of the procedures that facilitate their implementation, using country examples as illustrations.

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Bibliographic Details
Main Author: World Bank Group
Format: Working Paper biblioteca
Language:English
en_US
Published: World Bank, Washington, DC 2015-05-31
Subjects:AUCTION, CAPITAL LOSS, DEFICIT, CAPITAL MARKETS, HOLDING, REVERSE AUCTIONS, LIABILITY, ACCOUNTING, MARKET DISTORTIONS, PUBLIC DEBT MANAGERS, BOND PRICE, DIRTY PRICES, UNIFORM-PRICE, REPO, INTEREST, HOLDERS OF BONDS, LIQUIDITY RISKS, MATURITY DATE, INTEREST RATE, OPTION, EXCHANGE, BANKING SYSTEM, LIQUIDITY, DEBT MANAGEMENT, DOMESTIC MARKET, ILLIQUID MARKET, PORTFOLIO, OLD BONDS, BONDS, CAPACITY BUILDING, BENCHMARK BOND, DISCOUNT, LEVEL OF INTEREST RATES, BORROWING PLAN, GOVERNMENT BOND, BOND YIELDS, INVESTOR BASE, MATURE MARKETS, MARKET INFORMATION, CASH FLOWS, INSTRUMENTS, BUDGET, BOND AUCTIONS, PRICE DISCOVERY, MARKET PARTICIPANTS, MATURITY, BENCHMARK MATURITY, AMOUNT OF CAPITAL, MARKET LIQUIDITY, MARKET STABILITY, LACK OF TRANSPARENCY, BOND INDEX, CURRENCY, BOND ISSUES, MARKET DEVELOPMENT, SECURITIES MARKET, SETTLEMENT DATE, CAPITAL GAINS, DEBT MANAGEMENT AGENCY, MARKET PRACTICE, PORTFOLIOS, BUYBACK, MARKET MAKERS, CONVERSIONS, BOND ISSUANCE, TRADING, PRIMARY DEALERS, REPO MARKETS, DEBT OUTSTANDING, INTEREST RATES, CASH PAYMENT, RISK MANAGEMENT TOOLS, REVERSE AUCTION, MARKETS, DEBT, PRICE TRANSPARENCY, MARKET MAKER, RETURN, SETTLEMENT, BUDGET DEFICIT, PUBLIC DEBT MANAGEMENT, DOMESTIC DEBT, COUPON BONDS, NATIONAL TREASURY, GROSS DOMESTIC PRODUCT, INVESTMENT STRATEGY, INVENTORY, CLEAN PRICE, BORROWING COST, GOVERNMENT SECURITIES MARKETS, BENCHMARK BONDS, FINANCE, INTEREST RATE RISKS, MARKET PRICE, GOVERNMENT SECURITIES MARKET, MARKET INTEREST RATE, GOVERNMENT SECURITIES, TRANSACTIONS, BUY BACK, REPO MARKET, AUCTIONS, EMERGING MARKETS, TRANSACTION, SECURITIES MARKETS, INVESTORS, BOND MARKETS, INCOME SECURITY, UNIFORM PRICE AUCTIONS, GOOD, INTEREST RATE SWAPS, FUNGIBLE, UNIFORM PRICE, BUY BACKS, TRANSPARENCY, COUPONS, BOND AUCTION, GOVERNMENT BOND MARKETS, MARKET CONDITIONS, BUDGET SURPLUS, MARKET PRICES, BOND PORTFOLIO, FUTURE, SECONDARY MARKETS, DEBT SERVICING COST, EXCHANGES, MATURITY DATES, YIELD CURVE, FINANCING REQUIREMENTS, ISSUANCE, BIDS, LIQUID BENCHMARKS, MARKET, T-BILLS, LOCAL CURRENCY, MARKET RISK, DIRTY PRICE, INVESTMENT POLICY, BORROWING REQUIREMENTS, SECURITIES, PUBLIC DEBT, TREASURY, PRICE MOVEMENTS, HOLDINGS, CURRENCIES, FORWARD RATE, GOVERNMENT DEBT, GOVERNMENT BONDS, INTERESTS, DEBT MARKET, INVESTOR, BUYBACKS, CALL OPTION, SECURITY, PRIMARY DEALER, INVESTMENT, PRIMARY DEALER SYSTEMS, OUTSTANDING DEBT, BOND, COLLATERAL, FUNGIBLE SECURITIES, COUPON, BID, REINVESTMENT, MARK-TO-MARKET, DEBT MARKET DEVELOPMENT, OUTSTANDING AMOUNT, RISK MANAGEMENT, LENDING, GLOBAL FINANCE, INTEREST RATE RISK, SWAPS, MARKET PRACTICES, MATURITIES, INSTRUMENT, LIABILITY MANAGEMENT, DEBT SERVICING, ARBITRAGE, SECONDARY MARKET, LIABILITIES, HEDGE, OLD BOND, DEBT MATURITY,
Online Access:http://documents.worldbank.org/curated/en/2016/03/26122353/bond-buybacks-exchanges-background-note
https://hdl.handle.net/10986/24088
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