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Contract Risk And Credit Spread Determinant In The International Project Bond Market
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Book Synopsis Contract Risk and Credit Spread Determinant in the International Project Bond Market by : Mansoor Dailami
Download or read book Contract Risk and Credit Spread Determinant in the International Project Bond Market written by Mansoor Dailami and published by World Bank Publications. This book was released on 2001 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: In infrastructure projects bondholders and shareholders share residual risks over time despite debt covenants meant to mitigate risk shifting. For projects accessing international bond markets to benefit from longer maturities and lower borrowing costs, it is therfore necessary to pay attention to such design features as capital structure, guarantees, off-take agreement, and project economics.
Book Synopsis Contract Risks and Credit Spread Determinants in the International Project Bond Market by : Mansoor Dailami
Download or read book Contract Risks and Credit Spread Determinants in the International Project Bond Market written by Mansoor Dailami and published by . This book was released on 2016 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Emerging Project Bond Market by : Mansoor Dailami
Download or read book The Emerging Project Bond Market written by Mansoor Dailami and published by World Bank Publications. This book was released on 2003 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The emergence in the 1990s of a nascent project bond market to fund long-term infrastructure projects in developing countries merits attention. The authors compile detailed information on a sample of 105 bonds issued between January 1993 and March 2002 for financing infrastructure projects in developing countries, document their contractual covenants, and analyze their pricing determinants. They find that on average, project bonds are issued at approximately 300 basis points above U.S. Treasury securities, have a surprisingly high issue size of US$278 million, a maturity of slightly under 12 years, and are rated slightly below investment grade. In terms of geographic origin, projects in Asia and Latin America have issued more bonds than those located in other regions. Much of the recent work relating to the role of contractual covenants to the determination of bond prices has focused on the U.S. corporate bond market with its unique bankruptcy code - Chapter 11 - and well developed legal framework, recognizing the bond contract as the sole instrument of defining the rights and duties of various parties. In circumstances in which the underpinning legal and institutional frameworks governing contract formation and enforcement are not well developed, the link between bond pricing and legal framework becomes important. This finding is confirmed by the authors' econometric analysis of project bond pricing model. So, investors take into account the quality of the host country's legal framework and reward projects located in countries that adhere to the rule of law with tighter credit spreads and lower funding costs.
Book Synopsis The Emerging Project Bond Market by : Mansoor Dailami
Download or read book The Emerging Project Bond Market written by Mansoor Dailami and published by . This book was released on 2016 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: The emergence in the 1990s of a nascent project bond market to fund long-term infrastructure projects in developing countries merits attention. Dailami and Hauswald compile detailed information on a sample of 105 bonds issued between January 1993 and March 2002 for financing infrastructure projects in developing countries, document their contractual covenants, and analyze their pricing determinants. They find that on average, project bonds are issued at approximately 300 basis points above U.S. Treasury securities, have a surprisingly high issue size of US $278 million, a maturity of slightly under 12 years, and are rated slightly below investment grade. In terms of geographic origin, projects in Asia and Latin America have issued more bonds than those located in other regions.Much of the recent work relating to the role of contractual covenants to the determination of bond prices has focused on the U.S. corporate bond market with its unique bankruptcy code (Chapter 11) and well developed legal framework, recognizing the bond contract as the sole instrument of defining the rights and duties of various parties. In circumstances in which the underpinning legal and institutional frameworks governing contract formation and enforcement are not well developed, the link between bond pricing and legal framework becomes important. This finding is confirmed by the authors' econometric analysis of project bond pricing model. So, investors take into account the quality of the host country's legal framework and reward projects located in countries that adhere to the rule of law with tighter credit spreads and lower funding costs.This paper - a product of the Development Prospects Group - is part of a larger effort in the group to promote a healthy flow on investment capital to developing countries' infrastructure.
Book Synopsis The Emerging Project Bond Market by : Dailami
Download or read book The Emerging Project Bond Market written by Dailami and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Fundamental Determinants of Credit Default Risk for European Large Complex Financial Institutions by : Jiri Podpiera
Download or read book The Fundamental Determinants of Credit Default Risk for European Large Complex Financial Institutions written by Jiri Podpiera and published by International Monetary Fund. This book was released on 2010-06-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper attempts to identify the fundamental variables that drive the credit default swaps during the initial phase of distress in selected European Large Complex Financial Institutions (LCFIs). It uses yearly data over 2004 - 08 for 29 European LCFIs. The results from a dynamic panel data estimator show that LCFIs’ business models, earnings potential, and economic uncertainty (represented by market expectations about the future risks of a particular LCFI and market views on prospects for economic growth) are among the most significant determinants of credit risk. The findings of the paper are broadly consistent with those of the literature on bank failure, where the determinants of the latter include the entire CAMELS structure - that is, Capital Adequacy, Asset Quality, Management Quality, Earnings Potential, Liquidity, and Sensitivity to Market Risk. By establishing a link between the financial and market fundamentals of LCFIs and their CDS spreads, the paper offers a potential tool for fundamentals-based vulnerability and early warning system for LCFIs.
Book Synopsis Project Finance in Theory and Practice by : Stefano Gatti
Download or read book Project Finance in Theory and Practice written by Stefano Gatti and published by Elsevier. This book was released on 2023-05-24 with total page 601 pages. Available in PDF, EPUB and Kindle. Book excerpt: Project Finance in Theory and Practice: Designing, Structuring, and Financing Private and Public Projects, Fourth Edition provides essential, core coverage of project finance, offering new insights into Sharia-compliant instruments and a comprehensive overview of the current state of international regulation of banking post financial crisis. This updated edition includes new case studies and topics related to country risk, along with insights from project finance experts who share their specialized knowledge on legal issues and the role of advisors in project finance details. The book will be useful for readers at all levels of education and experience who want to learn how to succeed in project finance. Features useful, illustrative case studies Addresses human rights and sustainability issues, in particular the Equator Principles for determining, assessing and managing environmental and social risk in projects Explores treatment of guarantee mechanisms that governments are increasingly providing to private developers to attract private capital
Book Synopsis International Migrationa Nd the Global Economic Order by : Andrés Solimano
Download or read book International Migrationa Nd the Global Economic Order written by Andrés Solimano and published by World Bank Publications. This book was released on 2001 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Global capitalism, vintag ...
Book Synopsis Structured Finance by : Stefano Caselli
Download or read book Structured Finance written by Stefano Caselli and published by Springer. This book was released on 2017-10-09 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, now in its second edition, provides an in-depth overview of all segments of the structured finance business, with particular reference to market trends, deal characteristics and deal structuring. The goal is to assist readers in gaining a clear understanding of the common features of structured finance transactions. The process of deal structuring for each type of transaction is carefully analyzed, with extensively updated chapters on asset securitization, project finance, structured leasing transactions and leveraged acquisitions. In the new edition, particular attention is paid to novel areas of intervention, such as public–private partnerships and non-performing loans in the resolution of bank restructuring. Although the subject of much criticism, structured finance, when used properly, offers an effective solution to the credit crunch that many European countries are suffering and is also a way to revive a single capital market for debt instruments. Readers will find this book to be an illuminating guide to the business and to the best market practices in organizing transactions. It will be of value for BSc and MSc finance students, professionals and consultants alike.
Book Synopsis Bank Regulation and Supervision: What Works Best? by : Gerard Caprio, James R. Barth, Ross Levine
Download or read book Bank Regulation and Supervision: What Works Best? written by Gerard Caprio, James R. Barth, Ross Levine and published by World Bank Publications. This book was released on 2001 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Japan's Official Dvelopment Assistance by : Japón. Ministerio de Relaciones Exteriores
Download or read book Japan's Official Dvelopment Assistance written by Japón. Ministerio de Relaciones Exteriores and published by World Bank Publications. This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japan remains the world's largest national donor of aid funds. But the Japanese government, facing prolonged economic stagnation and mounting public sector debt, is under increasing public pressure to reduce aid budgets and to use official development assistance in more explicit pursuit of Japan's own economic and political interests. Internationally, Japan continues to attract criticism for its emphasis on infrastructure projects and its limited willingness to participate in multilateral partnerships. The authors argue that Japan can meet these domestic and international challenges by developing a coherent national strategy for official development assistance, broadly designed to enhance effectiveness, accountability, and transparency.
Book Synopsis Tropical Bubbles by : Santiago Herrera
Download or read book Tropical Bubbles written by Santiago Herrera and published by World Bank Publications. This book was released on 2001 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors examine if observed asset prices in Latin America depart significantly from fundamentals-determined levels. These departures, or bubbles, are found to be equally determined by both country-specific and common external variables, contrary to previous studies that found that local factors were predominant in asset price determination in Latin America.
Book Synopsis Hospital Governance and Incentive Design by : Florence Eid
Download or read book Hospital Governance and Incentive Design written by Florence Eid and published by World Bank Publications. This book was released on 2001 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Representation of community and government interests on hospital boards can balance the competing concerns of reducing costs and increasing the quality of service provision in corporatized hospitals.
Book Synopsis Applying the decision rights approach to a case of Hospital institutional Design by : Florence Eid
Download or read book Applying the decision rights approach to a case of Hospital institutional Design written by Florence Eid and published by World Bank Publications. This book was released on 2001 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: A study of a corporatized hospital in Lebanon shows that service delivery can be improved where there are appropriate incentives and mechanisms for risk sharing.
Book Synopsis Using Development Oriented Equity Investment as a Tool for Restructuring Transition Banking Sectors by : Helo Meigas
Download or read book Using Development Oriented Equity Investment as a Tool for Restructuring Transition Banking Sectors written by Helo Meigas and published by World Bank Publications. This book was released on 2001 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past 10 years th ...
Book Synopsis Is There a Positive Incentive Effect from Privatizing Social Security by : Truman Packard
Download or read book Is There a Positive Incentive Effect from Privatizing Social Security written by Truman Packard and published by World Bank Publications. This book was released on 2001 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introducing individual retirement accounts has a positive incentive effect that increases the share of the economically active population contributing to the reformed pension system. But this effect occurs only gradually as employers and workers become familiar with the new set of social insurance institutions put in place by reform.
Book Synopsis Implications for South Asian Countries of Abolishing the Multifibre Arrangement by : Sanjay Kathuria
Download or read book Implications for South Asian Countries of Abolishing the Multifibre Arrangement written by Sanjay Kathuria and published by World Bank Publications. This book was released on 2001 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modeling results suggest that South Asia as a whole will gain from the abolition of the quotas under the Multifibre Arrangement. Unambiguously, however, the gains from domestic reform will increase after the abolition of the arrangement as export demand becomes more price responsive.
