Broadening the Offering Choice of Corporate Bonds in Emerging Markets : Cost-Effective Access to Debt Capital
The development of corporate bond markets has been constrained in many emerging economies, partly because the regulatory model is implicitly designed for stand-alone public offerings. Corporate bonds are intrinsically more suitable for non-retail i...
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| Format: | Policy Research Working Paper |
| Language: | English |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2008/06/9596891/broadening-offering-choice-corporate-bonds-emerging-markets-cost-effective-access-debt-capital http://hdl.handle.net/10986/6864 |
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okr-10986-6864 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English |
| topic |
ACCOUNTANT ACCOUNTING ACCOUNTING STANDARDS AGENCY PROBLEMS AUCTION BALANCE SHEETS BANK BORROWING BANK DEPOSITS BANK LOAN BANK LOANS BANKING SECTORS BANKRUPTCY BANKRUPTCY LAWS BENEFICIARIES BID BOND CERTIFICATE BOND INVESTORS BOND ISSUE BOND ISSUES BONDHOLDER BOOK-ENTRY BORROWER BROKERS CAPITAL MARKET CAPITAL MARKETS CASH FLOW CASH FLOWS CASH INFLOWS CASH MANAGEMENT CASH OUTFLOWS COLLATERAL COLLATERALIZATION COMMERCIAL BANKS COMMON LAW COMPANY LAWS COMPETITIVE MARKET CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS CORPORATE BOND CORPORATE BOND INVESTMENT CORPORATE BOND ISSUANCE CORPORATE BOND ISSUERS CORPORATE BOND ISSUES CORPORATE BOND MARKET CORPORATE BOND MARKET DEVELOPMENT CORPORATE BONDS CORPORATE DEBT CORPORATE GOVERNANCE COUPON COUPON PAYMENTS COUPON RATE CREDIT QUALITY CREDIT RATING CREDIT RATINGS CREDIT RISK CREDITORS CREDITWORTHINESS DEBT DEBT CAPITAL DEBT ISSUANCE DEBT ISSUES DEBT MANAGEMENT DEBT MARKET DEBT SECURITIES DEVELOPING COUNTRIES DEVELOPMENT OF CORPORATE BOND MARKETS DISCLOSURE REQUIREMENTS DISCLOSURE STANDARDS DUE DILIGENCE ECONOMIC DEVELOPMENT EMERGING DEBT MARKETS EMERGING ECONOMIES EMERGING ECONOMY EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUITIES EQUITY CAPITAL EQUITY SECURITIES EURO MARKET EUROBOND EXCHANGE COMMISSION FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR INDICATOR FINANCIAL STATEMENTS FIXED INCOME FIXED INCOME SECURITIES FIXED INTEREST FOREIGN INVESTORS FRAUD GLOBAL ECONOMY GOVERNMENT BOND GOVERNMENT BOND MARKETS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEBT MARKETS HOLDING INDIVIDUAL INVESTORS INFORMATION ASYMMETRY INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INTEREST COST INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKET INVESTING INVESTMENT BANK INVESTMENT DECISION INVESTMENT OPPORTUNITIES INVESTMENT OPPORTUNITY INVESTMENT POLICIES INVESTMENT PORTFOLIO INVESTMENT PORTFOLIOS INVESTOR BASE INVESTOR PROTECTION ISLAMIC FINANCE ISSUANCE OF BONDS JUNIOR CREDITORS LEGAL PROTECTION LEGAL SYSTEM LEGAL SYSTEMS LIABILITY LIQUID MARKET LIQUID MARKETS LIQUID MONEY LIQUIDATION LIQUIDITY LIQUIDITY PREMIUM LOAN MARKETS LOAN PROCESSING LOCAL CURRENCIES LOCAL CURRENCY LOCAL MARKET LONG-TERM DEBT LONG-TERM INVESTMENT LONG-TERM INVESTORS MACROECONOMIC ENVIRONMENT MARKET CONDITIONS MARKET EFFICIENCY MARKET INFRASTRUCTURE MARKET INTERMEDIARIES MARKET MICROSTRUCTURE MARKET PARTICIPANTS MARKET PRACTITIONERS MARKET REGULATOR MARKET RISK MARKET RISKS MARKET STRUCTURE MATURITY MATURITY MISMATCHES MONETARY AUTHORITY MONEY MARKET MONEY MARKET INSTRUMENTS MORAL HAZARDS MUTUAL FUNDS OPPORTUNITY COST OPPORTUNITY COSTS OUTSTANDING AMOUNT OWNERSHIP STRUCTURE PENSION PENSION FUNDS PRIMARY DEALER PRIMARY DEALER SYSTEM PRIMARY MARKET PRIVATE PLACEMENT PRIVATE PLACEMENTS PUBLIC DEBT PUBLIC DEBT MARKETS PUBLIC MARKET PUBLIC OFFERING PUBLIC OFFERINGS PURE DEBT RATE OF RETURN REGISTRATION FEE REGISTRATION STATEMENT REGULATORY FRAMEWORK REGULATORY SYSTEM REINVESTMENT REINVESTMENT RISKS RENEGOTIATION REPAYMENT REPAYMENTS RETAIL INVESTORS RETURNS RISK MANAGEMENT SECONDARY MARKET SECONDARY MARKET LIQUIDITY SECONDARY MARKET TRADING SECURITIES LAW SECURITIES LAWS SECURITIES MARKET SECURITIES REGISTRATION SECURITIES REGULATION SECURITIES REGULATIONS SHAREHOLDER SHAREHOLDERS STAMP DUTY STOCK EXCHANGE TAX TAX REGIME TRADING TRADING COST TRADING COSTS TRADING SYSTEMS TRANSACTION TRANSFER AGENT TRUST INDENTURE TRUSTEE TYPE OF INVESTORS UNDERWRITER |
| spellingShingle |
ACCOUNTANT ACCOUNTING ACCOUNTING STANDARDS AGENCY PROBLEMS AUCTION BALANCE SHEETS BANK BORROWING BANK DEPOSITS BANK LOAN BANK LOANS BANKING SECTORS BANKRUPTCY BANKRUPTCY LAWS BENEFICIARIES BID BOND CERTIFICATE BOND INVESTORS BOND ISSUE BOND ISSUES BONDHOLDER BOOK-ENTRY BORROWER BROKERS CAPITAL MARKET CAPITAL MARKETS CASH FLOW CASH FLOWS CASH INFLOWS CASH MANAGEMENT CASH OUTFLOWS COLLATERAL COLLATERALIZATION COMMERCIAL BANKS COMMON LAW COMPANY LAWS COMPETITIVE MARKET CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS CORPORATE BOND CORPORATE BOND INVESTMENT CORPORATE BOND ISSUANCE CORPORATE BOND ISSUERS CORPORATE BOND ISSUES CORPORATE BOND MARKET CORPORATE BOND MARKET DEVELOPMENT CORPORATE BONDS CORPORATE DEBT CORPORATE GOVERNANCE COUPON COUPON PAYMENTS COUPON RATE CREDIT QUALITY CREDIT RATING CREDIT RATINGS CREDIT RISK CREDITORS CREDITWORTHINESS DEBT DEBT CAPITAL DEBT ISSUANCE DEBT ISSUES DEBT MANAGEMENT DEBT MARKET DEBT SECURITIES DEVELOPING COUNTRIES DEVELOPMENT OF CORPORATE BOND MARKETS DISCLOSURE REQUIREMENTS DISCLOSURE STANDARDS DUE DILIGENCE ECONOMIC DEVELOPMENT EMERGING DEBT MARKETS EMERGING ECONOMIES EMERGING ECONOMY EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUITIES EQUITY CAPITAL EQUITY SECURITIES EURO MARKET EUROBOND EXCHANGE COMMISSION FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR INDICATOR FINANCIAL STATEMENTS FIXED INCOME FIXED INCOME SECURITIES FIXED INTEREST FOREIGN INVESTORS FRAUD GLOBAL ECONOMY GOVERNMENT BOND GOVERNMENT BOND MARKETS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEBT MARKETS HOLDING INDIVIDUAL INVESTORS INFORMATION ASYMMETRY INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INTEREST COST INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKET INVESTING INVESTMENT BANK INVESTMENT DECISION INVESTMENT OPPORTUNITIES INVESTMENT OPPORTUNITY INVESTMENT POLICIES INVESTMENT PORTFOLIO INVESTMENT PORTFOLIOS INVESTOR BASE INVESTOR PROTECTION ISLAMIC FINANCE ISSUANCE OF BONDS JUNIOR CREDITORS LEGAL PROTECTION LEGAL SYSTEM LEGAL SYSTEMS LIABILITY LIQUID MARKET LIQUID MARKETS LIQUID MONEY LIQUIDATION LIQUIDITY LIQUIDITY PREMIUM LOAN MARKETS LOAN PROCESSING LOCAL CURRENCIES LOCAL CURRENCY LOCAL MARKET LONG-TERM DEBT LONG-TERM INVESTMENT LONG-TERM INVESTORS MACROECONOMIC ENVIRONMENT MARKET CONDITIONS MARKET EFFICIENCY MARKET INFRASTRUCTURE MARKET INTERMEDIARIES MARKET MICROSTRUCTURE MARKET PARTICIPANTS MARKET PRACTITIONERS MARKET REGULATOR MARKET RISK MARKET RISKS MARKET STRUCTURE MATURITY MATURITY MISMATCHES MONETARY AUTHORITY MONEY MARKET MONEY MARKET INSTRUMENTS MORAL HAZARDS MUTUAL FUNDS OPPORTUNITY COST OPPORTUNITY COSTS OUTSTANDING AMOUNT OWNERSHIP STRUCTURE PENSION PENSION FUNDS PRIMARY DEALER PRIMARY DEALER SYSTEM PRIMARY MARKET PRIVATE PLACEMENT PRIVATE PLACEMENTS PUBLIC DEBT PUBLIC DEBT MARKETS PUBLIC MARKET PUBLIC OFFERING PUBLIC OFFERINGS PURE DEBT RATE OF RETURN REGISTRATION FEE REGISTRATION STATEMENT REGULATORY FRAMEWORK REGULATORY SYSTEM REINVESTMENT REINVESTMENT RISKS RENEGOTIATION REPAYMENT REPAYMENTS RETAIL INVESTORS RETURNS RISK MANAGEMENT SECONDARY MARKET SECONDARY MARKET LIQUIDITY SECONDARY MARKET TRADING SECURITIES LAW SECURITIES LAWS SECURITIES MARKET SECURITIES REGISTRATION SECURITIES REGULATION SECURITIES REGULATIONS SHAREHOLDER SHAREHOLDERS STAMP DUTY STOCK EXCHANGE TAX TAX REGIME TRADING TRADING COST TRADING COSTS TRADING SYSTEMS TRANSACTION TRANSFER AGENT TRUST INDENTURE TRUSTEE TYPE OF INVESTORS UNDERWRITER Endo, Tadashi Broadening the Offering Choice of Corporate Bonds in Emerging Markets : Cost-Effective Access to Debt Capital |
| relation |
Policy Research Working Paper No. 4655 |
| description |
The development of corporate bond
markets has been constrained in many emerging economies,
partly because the regulatory model is implicitly designed
for stand-alone public offerings. Corporate bonds are
intrinsically more suitable for non-retail investors than
for retail investors. Nonetheless, the prevailing regulatory
model puts an excessive emphasis on disclosure and investor
protection as well as government oversight, regardless of
targeted investors. Such a non-differentiating regulatory
approach disconnects issuers from investors by considerably
raising opportunity costs to issuers. Broadening the choice
of offering methods would lower corporate bond issuance
costs, thereby allowing more issuers to finance their
investments with bond issues. Additional forms of offerings
are traditional private placements, institutional offerings,
and shelf registration facilitated by integrated disclosure. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Endo, Tadashi |
| author_facet |
Endo, Tadashi |
| author_sort |
Endo, Tadashi |
| title |
Broadening the Offering Choice of Corporate Bonds in Emerging Markets : Cost-Effective Access to Debt Capital |
| title_short |
Broadening the Offering Choice of Corporate Bonds in Emerging Markets : Cost-Effective Access to Debt Capital |
| title_full |
Broadening the Offering Choice of Corporate Bonds in Emerging Markets : Cost-Effective Access to Debt Capital |
| title_fullStr |
Broadening the Offering Choice of Corporate Bonds in Emerging Markets : Cost-Effective Access to Debt Capital |
| title_full_unstemmed |
Broadening the Offering Choice of Corporate Bonds in Emerging Markets : Cost-Effective Access to Debt Capital |
| title_sort |
broadening the offering choice of corporate bonds in emerging markets : cost-effective access to debt capital |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2008/06/9596891/broadening-offering-choice-corporate-bonds-emerging-markets-cost-effective-access-debt-capital http://hdl.handle.net/10986/6864 |
| _version_ |
1764401010885787648 |
| spelling |
okr-10986-68642021-04-23T14:02:32Z Broadening the Offering Choice of Corporate Bonds in Emerging Markets : Cost-Effective Access to Debt Capital Endo, Tadashi ACCOUNTANT ACCOUNTING ACCOUNTING STANDARDS AGENCY PROBLEMS AUCTION BALANCE SHEETS BANK BORROWING BANK DEPOSITS BANK LOAN BANK LOANS BANKING SECTORS BANKRUPTCY BANKRUPTCY LAWS BENEFICIARIES BID BOND CERTIFICATE BOND INVESTORS BOND ISSUE BOND ISSUES BONDHOLDER BOOK-ENTRY BORROWER BROKERS CAPITAL MARKET CAPITAL MARKETS CASH FLOW CASH FLOWS CASH INFLOWS CASH MANAGEMENT CASH OUTFLOWS COLLATERAL COLLATERALIZATION COMMERCIAL BANKS COMMON LAW COMPANY LAWS COMPETITIVE MARKET CONTRACTUAL SAVINGS CONTRACTUAL SAVINGS INSTITUTIONS CORPORATE BOND CORPORATE BOND INVESTMENT CORPORATE BOND ISSUANCE CORPORATE BOND ISSUERS CORPORATE BOND ISSUES CORPORATE BOND MARKET CORPORATE BOND MARKET DEVELOPMENT CORPORATE BONDS CORPORATE DEBT CORPORATE GOVERNANCE COUPON COUPON PAYMENTS COUPON RATE CREDIT QUALITY CREDIT RATING CREDIT RATINGS CREDIT RISK CREDITORS CREDITWORTHINESS DEBT DEBT CAPITAL DEBT ISSUANCE DEBT ISSUES DEBT MANAGEMENT DEBT MARKET DEBT SECURITIES DEVELOPING COUNTRIES DEVELOPMENT OF CORPORATE BOND MARKETS DISCLOSURE REQUIREMENTS DISCLOSURE STANDARDS DUE DILIGENCE ECONOMIC DEVELOPMENT EMERGING DEBT MARKETS EMERGING ECONOMIES EMERGING ECONOMY EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUITIES EQUITY CAPITAL EQUITY SECURITIES EURO MARKET EUROBOND EXCHANGE COMMISSION FINANCIAL CRISIS FINANCIAL INSTITUTIONS FINANCIAL MARKET FINANCIAL SECTOR DEVELOPMENT FINANCIAL SECTOR INDICATOR FINANCIAL STATEMENTS FIXED INCOME FIXED INCOME SECURITIES FIXED INTEREST FOREIGN INVESTORS FRAUD GLOBAL ECONOMY GOVERNMENT BOND GOVERNMENT BOND MARKETS GOVERNMENT BONDS GOVERNMENT DEBT GOVERNMENT DEBT MARKETS HOLDING INDIVIDUAL INVESTORS INFORMATION ASYMMETRY INSTITUTIONAL INVESTOR INSTITUTIONAL INVESTORS INSURANCE INSURANCE COMPANIES INTEREST COST INTEREST PAYMENTS INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKET INVESTING INVESTMENT BANK INVESTMENT DECISION INVESTMENT OPPORTUNITIES INVESTMENT OPPORTUNITY INVESTMENT POLICIES INVESTMENT PORTFOLIO INVESTMENT PORTFOLIOS INVESTOR BASE INVESTOR PROTECTION ISLAMIC FINANCE ISSUANCE OF BONDS JUNIOR CREDITORS LEGAL PROTECTION LEGAL SYSTEM LEGAL SYSTEMS LIABILITY LIQUID MARKET LIQUID MARKETS LIQUID MONEY LIQUIDATION LIQUIDITY LIQUIDITY PREMIUM LOAN MARKETS LOAN PROCESSING LOCAL CURRENCIES LOCAL CURRENCY LOCAL MARKET LONG-TERM DEBT LONG-TERM INVESTMENT LONG-TERM INVESTORS MACROECONOMIC ENVIRONMENT MARKET CONDITIONS MARKET EFFICIENCY MARKET INFRASTRUCTURE MARKET INTERMEDIARIES MARKET MICROSTRUCTURE MARKET PARTICIPANTS MARKET PRACTITIONERS MARKET REGULATOR MARKET RISK MARKET RISKS MARKET STRUCTURE MATURITY MATURITY MISMATCHES MONETARY AUTHORITY MONEY MARKET MONEY MARKET INSTRUMENTS MORAL HAZARDS MUTUAL FUNDS OPPORTUNITY COST OPPORTUNITY COSTS OUTSTANDING AMOUNT OWNERSHIP STRUCTURE PENSION PENSION FUNDS PRIMARY DEALER PRIMARY DEALER SYSTEM PRIMARY MARKET PRIVATE PLACEMENT PRIVATE PLACEMENTS PUBLIC DEBT PUBLIC DEBT MARKETS PUBLIC MARKET PUBLIC OFFERING PUBLIC OFFERINGS PURE DEBT RATE OF RETURN REGISTRATION FEE REGISTRATION STATEMENT REGULATORY FRAMEWORK REGULATORY SYSTEM REINVESTMENT REINVESTMENT RISKS RENEGOTIATION REPAYMENT REPAYMENTS RETAIL INVESTORS RETURNS RISK MANAGEMENT SECONDARY MARKET SECONDARY MARKET LIQUIDITY SECONDARY MARKET TRADING SECURITIES LAW SECURITIES LAWS SECURITIES MARKET SECURITIES REGISTRATION SECURITIES REGULATION SECURITIES REGULATIONS SHAREHOLDER SHAREHOLDERS STAMP DUTY STOCK EXCHANGE TAX TAX REGIME TRADING TRADING COST TRADING COSTS TRADING SYSTEMS TRANSACTION TRANSFER AGENT TRUST INDENTURE TRUSTEE TYPE OF INVESTORS UNDERWRITER The development of corporate bond markets has been constrained in many emerging economies, partly because the regulatory model is implicitly designed for stand-alone public offerings. Corporate bonds are intrinsically more suitable for non-retail investors than for retail investors. Nonetheless, the prevailing regulatory model puts an excessive emphasis on disclosure and investor protection as well as government oversight, regardless of targeted investors. Such a non-differentiating regulatory approach disconnects issuers from investors by considerably raising opportunity costs to issuers. Broadening the choice of offering methods would lower corporate bond issuance costs, thereby allowing more issuers to finance their investments with bond issues. Additional forms of offerings are traditional private placements, institutional offerings, and shelf registration facilitated by integrated disclosure. 2012-06-01T15:55:26Z 2012-06-01T15:55:26Z 2008-06 http://documents.worldbank.org/curated/en/2008/06/9596891/broadening-offering-choice-corporate-bonds-emerging-markets-cost-effective-access-debt-capital http://hdl.handle.net/10986/6864 English Policy Research Working Paper No. 4655 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |