Debt financing rollercoaster: Latin American and Caribbean access to international bond markets since the debt crisis, 1982-2012
This report examines how the access of Latin American and Caribbean countries to external debt financing has evolved in the three decades since the debt crisis of 1982. In these thirty years, as the global financial environment evolved and structural shifts took place in the region, the market for L...
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ECLAC
2013-09
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| Acceso en línea: | http://hdl.handle.net/11362/2635 |
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Velloso, Helvia Bustillo, Inés 2014-01-02T15:04:04Z 2014-01-02T15:04:04Z 2013-09 9789211218350 (printed) 9789210560115 (electronic) http://hdl.handle.net/11362/2635 LC/G.2570-P Includes bibliography Foreword by Alicia Bárcena. This report examines how the access of Latin American and Caribbean countries to external debt financing has evolved in the three decades since the debt crisis of 1982. In these thirty years, as the global financial environment evolved and structural shifts took place in the region, the market for Latin American and Caribbean tradable debt opened, deepened and broadened, developing from an unsecuritized loan market in the 1980s to a robust and improved securitized bond market by the end of the period. The study highlights how bond financing today is very different from what it was in the 1980s and 1990s and how access to external bond financing has become more widespread and less costly. Through the analysis of the forces behind the evolution of spreads, issuance and credit ratings, the report shows that by the end of 2012, debt spreads had declined considerably from the high levels prevalent in the late 1990s and early 2000s; the composition of debt issuance had shifted from sovereigns to the corporate sector and to local markets; debt was issued on a broader range of currencies; credit quality had improved substantially; and Latin American and Caribbean external debt attracted a larger and more diversified investor base. From 1982 to 2012, several countries in the region moved from facing a shortage of funds to learning how best to manage available financing options. Access to external debt financing is not universal, however, and despite increased resilience, vulnerability to external financial shocks can still be a threat. I. The origins of the asset class: the debt crisis of the 1980s .-- II. Brady bonds .-- III. Emerging market tradable debt: the maturing of the asset class .-- IV. Developments in new debt issuance .-- V. Debt spreads rollercoaster: evolution and performance .-- VI. The long road to improved credit quality .-- VII. Unequal access: a closer look at Central America and the Caribbean .-- VIII. Looking ahead: are emerging and developed debt markets converging? 135 páginas. en ECLAC Libros de la CEPAL 119 Debt financing rollercoaster: Latin American and Caribbean access to international bond markets since the debt crisis, 1982-2012 Texto Documento Completo Disponible Santiago 135 p. : grafs., tabls. S2013301 E 13.II.G.12 LC/G.2570-P Libros de la CEPAL no. 119 Santiago La montaña rusa del financiamiento externo: El acceso de América Latina y el Caribe a los mercados internacionales de bonos desde la crisis de la deuda, 1982-2012 http://hdl.handle.net/11362/35887 DEUDA EXTERNA FINANCIACION GESTION DE LA DEUDA BONOS INDICADORES ECONOMICOS SISTEMAS MONETARIOS RECURSOS FINANCIEROS EXTERNAL DEBT FINANCING DEBT MANAGEMENT BONDS ECONOMIC INDICATORS MONETARY SYSTEMS FINANCIAL RESOURCES AMERICA LATINA Y EL CARIBE LATIN AMERICA AND THE CARIBBEAN Libros y documentos institucionales MACROECONOMÍA FINANCIAMIENTO Y DEUDA EXTERNA SECTOR FINANCIERO Y MONETARIO MACROECONOMICS FINANCING AND EXTERNAL DEBT FINANCIAL AND MONETARY SECTOR 51001 DESARROLLO ECONÓMICO ESTADÍSTICAS ECONOMIC DEVELOPMENT STATISTICS Amazon Barnes and Noble Itunes http://www.amazon.com/dp/B00O1AAOEW http://www.barnesandnoble.com/s/2940151606059 https://itunes.apple.com/book/id978371797 gráficos, tablas |
| elec_str_mv |
Comisión Económica para América Latina y el Caribe(CEPAL) |
| collection |
Comisión Económica para América Latina y el Caribe(CEPAL) |
| title |
Debt financing rollercoaster: Latin American and Caribbean access to international bond markets since the debt crisis, 1982-2012 |
| spellingShingle |
Debt financing rollercoaster: Latin American and Caribbean access to international bond markets since the debt crisis, 1982-2012 Velloso, Helvia Bustillo, Inés DEUDA EXTERNA FINANCIACION GESTION DE LA DEUDA BONOS INDICADORES ECONOMICOS SISTEMAS MONETARIOS RECURSOS FINANCIEROS EXTERNAL DEBT FINANCING DEBT MANAGEMENT BONDS ECONOMIC INDICATORS MONETARY SYSTEMS FINANCIAL RESOURCES I. The origins of the asset class: the debt crisis of the 1980s .-- II. Brady bonds .-- III. Emerging market tradable debt: the maturing of the asset class .-- IV. Developments in new debt issuance .-- V. Debt spreads rollercoaster: evolution and performance .-- VI. The long road to improved credit quality .-- VII. Unequal access: a closer look at Central America and the Caribbean .-- VIII. Looking ahead: are emerging and developed debt markets converging? |
| title_short |
Debt financing rollercoaster: Latin American and Caribbean access to international bond markets since the debt crisis, 1982-2012 |
| title_full |
Debt financing rollercoaster: Latin American and Caribbean access to international bond markets since the debt crisis, 1982-2012 |
| title_fullStr |
Debt financing rollercoaster: Latin American and Caribbean access to international bond markets since the debt crisis, 1982-2012 |
| title_full_unstemmed |
Debt financing rollercoaster: Latin American and Caribbean access to international bond markets since the debt crisis, 1982-2012 |
| title_sort |
debt financing rollercoaster: latin american and caribbean access to international bond markets since the debt crisis, 1982-2012 |
| author |
Velloso, Helvia Bustillo, Inés |
| author_facet |
Velloso, Helvia Bustillo, Inés |
| topic |
DEUDA EXTERNA FINANCIACION GESTION DE LA DEUDA BONOS INDICADORES ECONOMICOS SISTEMAS MONETARIOS RECURSOS FINANCIEROS EXTERNAL DEBT FINANCING DEBT MANAGEMENT BONDS ECONOMIC INDICATORS MONETARY SYSTEMS FINANCIAL RESOURCES |
| topic_facet |
DEUDA EXTERNA FINANCIACION GESTION DE LA DEUDA BONOS INDICADORES ECONOMICOS SISTEMAS MONETARIOS RECURSOS FINANCIEROS EXTERNAL DEBT FINANCING DEBT MANAGEMENT BONDS ECONOMIC INDICATORS MONETARY SYSTEMS FINANCIAL RESOURCES |
| publishDate |
2013-09 |
| language |
English |
| publisher |
ECLAC |
| physical |
135 páginas. |
| format |
Texto |
| description |
This report examines how the access of Latin American and Caribbean countries to external debt financing has evolved in the three decades since the debt crisis of 1982. In these thirty years, as the global financial environment evolved and structural shifts took place in the region, the market for Latin American and Caribbean tradable debt opened, deepened and broadened, developing from an unsecuritized loan market in the 1980s to a robust and improved securitized bond market by the end of the period. The study highlights how bond financing today is very different from what it was in the 1980s and 1990s and how access to external bond financing has become more widespread and less costly. Through the analysis of the forces behind the evolution of spreads, issuance and credit ratings, the report shows that by the end of 2012, debt spreads had declined considerably from the high levels prevalent in the late 1990s and early 2000s; the composition of debt issuance had shifted from sovereigns to the corporate sector and to local markets; debt was issued on a broader range of currencies; credit quality had improved substantially; and Latin American and Caribbean external debt attracted a larger and more diversified investor base. From 1982 to 2012, several countries in the region moved from facing a shortage of funds to learning how best to manage available financing options. Access to external debt financing is not universal, however, and despite increased resilience, vulnerability to external financial shocks can still be a threat.
|
| contents |
I. The origins of the asset class: the debt crisis of the 1980s .-- II. Brady bonds .-- III. Emerging market tradable debt: the maturing of the asset class .-- IV. Developments in new debt issuance .-- V. Debt spreads rollercoaster: evolution and performance .-- VI. The long road to improved credit quality .-- VII. Unequal access: a closer look at Central America and the Caribbean .-- VIII. Looking ahead: are emerging and developed debt markets converging? |
| isbn |
9789211218350 (printed) |
| url |
http://hdl.handle.net/11362/2635 |
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