Course Aim
To assist policy makers and practitioners from emerging economies to plan for long term challenges, in a fast changing international borrowing and debt management environment..
Course Description:
This course explores key topics with respect to international borrowing and debt management.
Course Content:
- International Market Access
- World Bank, IMF, and other multilateral development banks - Lending policies, legal constraints, pitfalls & advantages
- Direct sovereign lending
- Public syndicated bank loans
- Term structure of external debt
- Currency denomination issues
- Domestic Bond Markets
- Substitution of domestic debt for international borrowing
- Bond auctions and the issuance calendar
- Creation and uses of a sovereign yield curve
- Accounting and transparency
- Developing local currency bond markets
- Credit Risk and Analysis
- International country-risk analysis
- Ratings and rating agencies
- Project analysis
- Corporate credit analysis
- Negotiations and Debt Restructuring
- Negotiating techniques
- Sovereign-debt renegotiation
- Debt reduction strategies
- Key financial and legal clauses
- Disclosure
- Role of outside advisors
- Negotiating and renegotiating debt with Chinese State-owned enterprises
- Debt Management Capacity and Risk Management
- Developing the domestic institutions for debt management
- Accountability and transparency
- Interactions with other domestic institutions
- The term structure and roll-over risks
- Currency risk
- Inflation risk and indexation
- Output risk and GDP-linked debt
- Government guarantees and contingent debt
- Debt and Development
- Managing a balance between the sovereign borrower and the investing public
- Fiscal planning and management
- Balance-of-payments management
- Sources of payments imbalances: monitoring their indicators
- Comparison of developing country fiscal management and borrowing strategies
- Understanding debt sustainability
