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

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...

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Bibliographic Details
Main Author:	Ngobeni, Jason
Format:	Brief
Language:	English
Published:	World Bank, Washington, DC 2012
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 http://hdl.handle.net/10986/10609

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Summary:	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.

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