Historical Experience with Bond Financing to Developing CountriesThe paper reviews the historical experience of developing countries with bond issues in international markets in order to put the recent wave of bond financing by these countries in some perspective. It examines developments in the early part of this century and during the mid-1970s and early 1980s. The sources and the role played by bond financing during these periods are discussed. The payments problems associated with these bonds that emerged during the 1930s and during the latter half of the 1980s and the ways in which these problems were resolved are also examined. |
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1/2 percent 1970s and early access to international Amount and Original Argentina basis points billion bond defaults Bond financing flows bond offer Bond Restructurings Country bondholders that accepted bonds issued Borchard bought back Brazil Buenos Aires Chile committees corporate bonds Costa Rica debt crisis debt service debtor countries Developing country bonds dollar floating rate early redemption options ECU denominated bonds Eichengreen 1991 Eurobond exchange Experience with Bond external bonds face value FBPC fell due Financing to Developing fixed interest rate floating rate notes grace period Guatemala instruments interest arrears interest rates ranging international capital markets Japanese yen Jorgensen and Sachs Latin American bonds lenders market access Nigeria obligations offers to bondholders old bonds original bonds Original Terms Panama payments difficulties permanent settlement promissory notes put recent developments rate of Libor re-establish access rescheduling agreement Samurai market Selected Bond Restructurings settlements included sinking fund syndicated loans took U.S. dollar floating unilateral offers