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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

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The pandemic has urged countries around the globe to mobilize financing to support the recovery. This is even more relevant in Central America, where the policy response to cushion the pandemic’s economic and social impact has accentuated pre-existing debt vulnerabilities. This paper documents the potential for local currency bond markets to diversify and expand financing for the recovery, lowering bond yields, funding volatility, and exposure to global shocks. The paper further identifies priority actions, both national and regional, to support market development.

Macroeconomics --- Economics: General --- Public Finance --- Banks and Banking --- Finance: General --- Investments: General --- Investments: Bonds --- Financial Markets and the Macroeconomy --- Fiscal Policy --- Debt --- Debt Management --- Sovereign Debt --- General Financial Markets: General (includes Measurement and Data) --- Interest Rates: Determination, Term Structure, and Effects --- Economic & financial crises & disasters --- Economics of specific sectors --- Finance --- Public finance & taxation --- Investment & securities --- Yield curve --- Financial services --- Securities markets --- Financial markets --- Government debt management --- Public financial management (PFM) --- Government securities --- Financial institutions --- Public debt --- Currency crises --- Informal sector --- Economics --- Debts, Public --- Interest rates --- Capital market --- Bonds --- El Salvador

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This Selected Issues paper discusses the options for financing the government fiscal deficit in Saudi Arabia. The Saudi government is working to develop a comprehensive strategy to meet its budget financing needs. Although external borrowing could alleviate pressure on the domestic market, it will also create new risks. Reliance on foreign investors may help further enhance transparency. Foreign investors’ demand for diversification could also allow the Saudi government to enjoy attractive yields. Broadening the investor base and ensuring that the government’s debt issuance supports the development of the private debt market could help alleviate some of the negative economic and financial effects of higher government debt.

Industrial productivity --- Economic development --- Labor market --- Productivity, Industrial --- TFP (Total factor productivity) --- Total factor productivity --- Industrial efficiency --- Production (Economic theory) --- Employees --- Market, Labor --- Supply and demand for labor --- Markets --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Supply and demand --- Banks and Banking --- Financial Risk Management --- Investments: Bonds --- Macroeconomics --- Public Finance --- Investments: General --- Debt --- Debt Management --- Sovereign Debt --- Comparison of Public and Private Enterprises and Nonprofit Institutions --- Privatization --- Contracting Out --- General Financial Markets: General (includes Measurement and Data) --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Energy: Demand and Supply --- Prices --- Public finance & taxation --- Investment & securities --- Labour --- income economics --- Government debt management --- Sovereign bonds --- Oil prices --- Public investment and public-private partnerships (PPP) --- Public financial management (PFM) --- Economic sectors --- Financial institutions --- Debt management --- Asset and liability management --- Debts, Public --- Bonds --- Public-private sector cooperation --- Saudi Arabia --- Income economics