logo_bulletin.png

Bulletin of
Vitebsk State
Technological
University

ru gb

ISSN: 2306-1774 (Online)

ISSN: 2079-7958 (Print)

раб. тел.  +375 212 495338

 
 

 

Поиск по сайту

vakRB_sm.png

logo-eLibrary.jpg

kit_bd.png

DOAJ_logo.jpg

OAJI Vestnik of VSTU

plus2.png

kiberleninka_sm.png

readera.png

index_copernicus.jpg

Google_Scholar.png

issn_sm.jpg

 
 

The position of developing countries and emerging markets in the Eurobond market


УДК 339.727

Авторы


 

The article examines trends in the global Eurobond market functioning, its dynamics, participation peculiarities in the market of developing countries and emerging markets. The article identifies the factors of the borrowing scale increase and objectives of sovereign and corporate borrowers on the Eurobond market. It is concluded that the main objectives of sovereign borrowers are: increasing of investment appeal and international image and enforcement of investors’ confidence; financing of current and unforeseen budget expenditures; refinancing and debt restructuring; satisfying domestic demand for currency resources. The principal aims of corporate borrowers’ (banks, non-financial institutions) entrance into the Eurobond market include the following: raising long-term debt capital market instruments; diversification of funding sources and investor base; searching for alternatives to traditional sources available on the domestic market; softer set of covenants as compared to bank financing; unsecured financing; crediting cost reduction, etc. The article analyses market dynamics of sovereign and corporate Eurobonds issued by CIS countries, along with features of the debut Eurobond issue of the Republic of Belarus. As a result the article concludes that it is necessary to consider characteristic aspects of the participation of developing countries and emerging markets when preparing for further entran rnational market by Eurobond issue.

The position of developing countries and emerging markets in the Eurobond market

keywords


Выходные данные


Жук, И.Н. Место развивающихся стран и стран с формирующимися рынками на рынке еврооблигаций / И.Н. Жук, А.М. Белковец // Вестник Витебского государственного технологического университета . ─ 2015 ─ № 29. ─ С. 121.