02108cas a2200277 a 4500 AALejournalIMF016482 230101c9999 xx r poo 0 0eng d 5.00 USD 9781513581729 1018-5941 BD-DhAAL BD-DhAAL Presbitero, Andrea. International Sovereign Bonds by Emerging Markets and Developing Economies : Drivers of Issuance and Spreads / Andrea Presbitero, Dhaneshwar Ghura, Olumuyiwa Adedeji, Lamin Njie. Washington, D.C. : International Monetary Fund, 2015. 1 online resource (27 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students What determines the ability of low-income developing countries to issue bonds in international capital and what explains the spreads on these bonds? This paper examines these questions using a dataset that includes emerging markets and developing economies (EMDEs) that issued sovereign bonds at least once during the period 1995-2013 as well as those that did not. We find that an EMDE is more likely to issue a bond when, in comparison with non-issuing peers, it is larger in economic size, has higher per capita GDP, and has stronger macroeconomic fundamentals and government. Spreads on sovereign bonds are lower for countries with strong external and fiscal positions, as well as robust economic growth and government effectiveness. With regard to global factors, the results show that sovereign bond spreads are reduced in periods of lower market volatility. Mode of access: Internet Adedeji, Olumuyiwa. Ghura, Dhaneshwar. Njie, Lamin. IMF Working Papers; Working Paper ; No. 2015/275 Full text available on IMF http://elibrary.imf.org/view/journals/001/2015/275/001.2015.issue-275-en.xml IMF e-Library