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 h...
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| Format: | Other Financial Sector Study |
| Language: | English en_US |
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Washington, DC
2013
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| 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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okr-10986-13051 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
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 |
| spellingShingle |
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 World Bank Instruments to Tap Capital Markets for Funding in Housing and Related Considerations Concerning the Sistema Brasileiro de Poupança e Empréstimo |
| geographic_facet |
Latin America & Caribbean Brazil |
| description |
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. |
| format |
Economic & Sector Work :: Other Financial Sector Study |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Instruments to Tap Capital Markets for Funding in Housing and Related Considerations Concerning the Sistema Brasileiro de Poupança e Empréstimo |
| title_short |
Instruments to Tap Capital Markets for Funding in Housing and Related Considerations Concerning the Sistema Brasileiro de Poupança e Empréstimo |
| title_full |
Instruments to Tap Capital Markets for Funding in Housing and Related Considerations Concerning the Sistema Brasileiro de Poupança e Empréstimo |
| title_fullStr |
Instruments to Tap Capital Markets for Funding in Housing and Related Considerations Concerning the Sistema Brasileiro de Poupança e Empréstimo |
| title_full_unstemmed |
Instruments to Tap Capital Markets for Funding in Housing and Related Considerations Concerning the Sistema Brasileiro de Poupança e Empréstimo |
| title_sort |
instruments to tap capital markets for funding in housing and related considerations concerning the sistema brasileiro de poupança e empréstimo |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
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 |
| _version_ |
1764420441525452800 |
| spelling |
okr-10986-130512021-04-23T14:03:02Z Instruments to Tap Capital Markets for Funding in Housing and Related Considerations Concerning the Sistema Brasileiro de Poupança e Empréstimo World Bank 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 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. 2013-03-28T20:03:48Z 2013-03-28T20:03:48Z 2011-06-08 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 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Other Financial Sector Study Economic & Sector Work Latin America & Caribbean Brazil |