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International bond issuance by debut issuers has risen in recent years. The uptick was a result of both demand and supply factors. The search for yield and demand for portfolio diversification have resulted in demand-driven easy financing conditions. At the same time, rising financing needs for many debut issuers, coupled with reduced access to concessional financing, relatively undeveloped domestic markets, and a favorable interest rate environment have made international bonds an attractive financing alternative for many countries. As bonds issued in the international markets are typically denominated in hard currencies, have large volumes and a bullet structure, exposure to exchange rate and refinancing risk has increased. Therefore, risk-mitigating policy actions are needed to prepare for redemption, support debt sustainability, and secure adequate debt management capacity.

Bonds --- International economic relations. --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- International relations --- Economic sanctions --- Bond issues --- Debentures --- Negotiable instruments --- Securities --- Debts, Public --- Stocks --- Exports and Imports --- Finance: General --- Investments: Bonds --- Money and Monetary Policy --- Interest Rates: Determination, Term Structure, and Effects --- International Financial Markets --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- International Lending and Debt Problems --- General Financial Markets: General (includes Measurement and Data) --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Investment & securities --- Finance --- Monetary economics --- International bonds --- Emerging and frontier financial markets --- Currencies --- Debt sustainability --- Financial institutions --- Financial markets --- Money --- External debt --- Financial services industry --- Debts, External --- United States