Tom briggs sovereign debt
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The panel will address the current state of sovereign capital markets, the realities of issuing government debt, and the future state of financing government expenditure.
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Tom briggs sovereign debt
- 2. Source: IMF Financial Stability Report, October 2009 World Financial Sector 2007: USD 241.1 Trillion Debt Instruments GDP Market Capitalization Public Private Total Debt Bank Assets Total Sector World 54841 65106 28629 51586 80215 95769 241089 Developed Economies EU 15741 14731 8778 19432 28211 48462 91404 US 13808 19922 6596 23728 30324 11194 61441 Japan 4384 4664 7148 2066 9214 10087 23964 Other 3637 4838 1106 3564 4670 7767 17276 Emerging Markets Asia 7680 13783 2646 1827 4473 11620 29876 L. America 3641 2292 1457 629 2085 2261 6638 Middle East 1558 1276 40 84 124 1336 2735 Africa 1102 1182 89 79 168 865 2214 Europe 3290 2418 770 177 947 2177 5542
- 3. Source: IMF Financial Stability Report, October 2009 World Financial Sector 2007: USD 241.1 Trillion Debt Instruments GDP Market Capitalization Public Private Total Debt Bank Assets Total Sector World 54841 65106 28629 51586 80215 95769 241089 Developed Economies EU 15741 14731 8778 19432 28211 48462 91404 US 13808 19922 6596 23728 30324 11194 61441 Japan 4384 4664 7148 2066 9214 10087 23964 Other 3637 4838 1106 3564 4670 7767 17276 Emerging Markets Asia 7680 13783 2646 1827 4473 11620 29876 L. America 3641 2292 1457 629 2085 2261 6638 Middle East 1558 1276 40 84 124 1336 2735 Africa 1102 1182 89 79 168 865 2214 Europe 3290 2418 770 177 947 2177 5542
- 4. World Capital Markets: Stocks vs. Bonds Source: IMF Financial Stability Report, October 2009
- 5. Total Bonds Outstanding: Public vs. Private Source: IMF Financial Stability Report, October 2009
- 6. World GDP 2007: USD 54.8 Trillion Source: IMF Financial Stability Report, October 2009
- 7. General Model: Bond Underwriting, Distribution, Payment and Accounting
- 8. Issuer Sovereign Finance Trading Sales Research Comprehensive View of Participants in the Underwriting and Distribution Process Intermediary Investor Ministry of Finance Line Ministry Issuer’s Counsel Underwriter's Counsel Financial Advisor Investment Advisor Rating Agencies Internal Counsel
- 9. Issuer In a Eurobond, four accounting functions are combined in a single relationship call a “Fiscal Agent.” Post-Issuance Operations Investor Ministry of Finance Paying Agent Transfer Agent Custodian Registrar Depository Trust Company (US) Clearstream, and Euroclear
Editor's Notes
- Stock market cap is about 118 percent of world GDP Total debt is 146 percent of world GDP Bank Assets are 175 percent of world GDP With the debt cat
- Globally, private debt, at 64 percent of total debt. Globally public debt is only 36 percent of the total. This picture changes dramatically, however, in the emerging markets, where public debt is larger than private debt. The point is that on the balance sheets of the developing world, public debt is the largest debt account. Total debt, however, is still small compared to bank assets and GDP. The indication is that development is likely to produce large increases in both public and private debt, but that growth rate of private debt will be much more rapid. For this occur, the sovereign debt situation must be stable, however. I can assure you that no one is keeping investments in Greece beyond the bare minimums necessary for transactions or which are large enough to justify the expense of moving the asset offshore.
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- Paying Agent: Receives principal and interest from the Issuer. makes payments to registered owners or their Custodian. Transfer Agent: Records the purchase and sale of bonds. Conducts transfer operations if bonds are moved from one Custodian to another. Registrar: Maintains the official record of ownership and amount of the bonds. Works closely with Transfer Agent, or often is the same organization. Custodian: Holds global bonds where ownership is recorded in book-entry form or physical securities on behalf of investors.