South Asian Bond Markets: Developing Long-term Finance for Growth
World Bank Publications, 2008 - Business & Economics - 195 pages
The financial sectors in South Asia Region (SAR) are dominated by commercial banks, which account for the vast majority of the financial system's assets. The domestic debt markets including the government bond and corporate bond markets are at an early stage of development and there are few institutional investors. In recent years, countries in SAR have attempted to develop local debt markets, although the pace of development remains uneven and slow due to many regulatory and institutional impediments. With the notable exception of India, governments in SAR have yet to implement measures required for the proper development of the domestic bond markets. The book provides a comprehensive overview of the major bond markets in SAR (Bangladesh, India, Nepal, Pakistan and Sri Lanka) highlighting the areas which need further reforms. It is hoped that the book will contribute to our knowledge of bond markets in South Asian countries and create a broad based ownership of the recommendations made by the authors.
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Asia assets auctions Bangladesh Bank Bank’s benchmark beneﬁts billion borrowing capital market CBLO CCIL Central Bank Colombo Stock Exchange commercial banks companies corporate bond market corporate debt corporate governance country’s credit rating agencies debt instruments debt securities market deﬁcit domestic debt securities efﬁcient Exchange Commission ﬁnancial institutions ﬁnancial markets ﬁnancial sector ﬁnancial system ﬁrst ﬁscal ﬁve government debt securities government securities government’s growth improve India interest rates Investment Bonds investor base issuance issuers legal and regulatory liquidity loans long-term market infrastructure maturity ment Ministry of Finance Monetary money market mutual funds Nepal Rastra Bank Pakistan Investment Bonds pension percent of GDP portfolio primary dealers Provident Fund reﬂecting reforms regulation regulatory framework repo requirements Reserve Bank risk savings certiﬁcates SEBI secondary market Securities and Exchange securitization settlement system Source Sri Lanka Stock Exchange Total trading transactions treasury bills treasury bonds World Bank yield curve