South Asian Bond Markets: Developing Long-term Finance for Growth

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World Bank Publications, 2008 - Business & Economics - 195 pages
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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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Contents

Table 21 Structure of Financial System Bangladesh 200406
28
Table 22 Selected Interest Rates Bangladesh September 2005June 2007
32
Figure 21 Trends in Selected Interest Rates Bangladesh March 2006December 2007
33
Table 23 Composition of Domestic Government Debt Bangladesh Fiscal 200007
34
Table 24 Results of Treasury Bill Auctions Bangladesh Week Ending December 30 2007
35
Table 25 Pattern of New Domestic Government Borrowing Bangladesh Fiscal 200407
36
Box 21 Islamic Bonds Offering a New Alternative for Issuers and Investors
37
Figure 22 Weighted Average Yield of Treasury Bills Based on Auction of December 30 2007 Bangladesh
38
Figure 23 Components of Bank Capital Bangladesh
40
Table 28 GovernmentSponsored Infrastructure Investment Projects in the Pipeline Bangladesh
41
Table 29 Holdings of Treasury Bills and Bonds by Investor Category Bangladesh 200206
42
Box 22 A Pioneering Securitization of Microcredit Receivables in Bangladesh
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Table 211 Regulators of the Capital Market and Market Participants Bangladesh
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Chapter 3 India
57
Table 31 Financial Market Profile India 2002September 2007
58
Table 32 Net Institutional Investments in Equity and Debt Securities India Fiscal 200207
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Table 33 Composition of Domestic Debt Securities Market India 200206
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Figure 31 Market Borrowing by Central Government India Selected Fiscal Years 19912007
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Table 35 Participants and Products in Debt Securities Market India
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Figure 32 YieldtoMaturity Curve in Government Bond Market India November 13 and 14 2007
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Table 36 Resource Mobilization by Mutual Funds India Fiscal 200607
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Table 37 Liquidity in Government Debt Securities Market India Fiscal 200308
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Box 31 A New Instrument for Indias Money Market
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Table 38 Costs of Bond Issuance through Private Placement India 2006
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Table 39 Resources Mobilized through Public and Private Placement India Fiscal 200507
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Table 310 Outstanding Issues of Corporate Bonds India August 25 2005
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Table 311 Disparities in Treatment of Bonds and Loans in Bank Regulations India
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Figure 33 Securitization Transactions India Fiscal 200307
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Table A31 Profile of Central Government Market Loans India Fiscal 19982008
102
Figure 41 Distribution of Holdings of Government Bonds and Treasury Bills Nepal 200206
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Table 48 Investment Portfolio of Citizen Investment Trust Nepal 200206
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Chapter 5 Pakistan
125
Table 51 Financial Market Profile Pakistan 200206
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Table 52 Composition of Debt Securities Market Pakistan 2006
128
Table 53 Trading Volume in Repo Market Pakistan Fiscal 200607
129
Table 55 Results of Treasury Bill Auctions Pakistan Fiscal 200207
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Figure 51 Issuance of Pakistan Investment Bonds Fiscal 200107
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Table 57 Outstanding Balance of National Savings Schemes Pakistan Fiscal 200206
133
Figure 52 Structure of Domestic Government Debt Pakistan Fiscal 200206
134
Table 59 New Equity and Corporate Debt Issuance Pakistan Fiscal 200006
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Table 510 New Issues of Term Finance Certificates Pakistan Fiscal 2007
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Table A51 Government Debt Pakistan Fiscal 200207
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Figure A51 Government Debt Pakistan Selected Fiscal Years 200207
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Chapter 6 Sri Lanka
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Table 61 Structure of Financial System Sri Lanka 200506
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Box 61 Chronology of Bond Market Development in Sri Lanka
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Table 62 Features of Government Debt Instruments Sri Lanka
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Table 63 Composition of Domestic Government Debt Sri Lanka 200006
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Figure 61 Maturity Structure of Treasury Bonds and Rupee Loans Sri Lanka
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Figure 62 YieldtoMaturity Curves for Government Debt Securities Sri Lanka Selected Dates December 2005June 2007
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Table 64 Targets Identified by Sri Lankas MediumTerm Strategy for Debt Management
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Table 65 Corporate Debt Securities Listed on the Colombo Stock Exchange 200206
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Table 66 Secondary Market Activity in Corporate Bonds and Equity Sri Lanka 200206
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Table 68 Total Government Debt and Domestic Government Debt by Investor Category Sri Lanka 200206
167
Table 610 Performance of Mutual Fund Industry Sri Lanka 200206
169
Table 611 Secondary Market Trading of Treasury Bills and Bonds Sri Lanka 2001October 2007
172
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