Chapter

Statistical Appendix

Author(s):
International Monetary Fund
Published Date:
January 1992
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Table A1.Amounts of Medium- and Long-Term Bank Debt Restructured, 1985–September 19921(In millions of U.S. dollars; by year of agreement in principle)
19851986198719881989199019911992

First Three

Quarters
Argentina29,500230,9503,4
Bolivia47332003,4
Brazil6,671561,000249,3003,4
Chile6,0075,90221,8006
Congo217
Costa Rica4401,5703
Côte d’lvoire69122,2112
Dominican Republic7872
Ecuador4,6832
Gabon39157
Gambia, The19
Guinea43
Guyana(47)7(57)7103
Honduras24821322
Jamaica1952852332
Jordan
Madagascar8821
Malawi352
Mexico(950)943,70023,671348,2313
Morocco5382,1743,150
Mozambique253312410
Nicaragua
Niger5211110
Nigeria4,2505,82425,8113
Panama579
Peru
Philippines9,01027811339104,8003,4
Poland1,9708,4412(351)7
Romania800
Senegal2037
Sierra Leone
South Africa(9,800)710,9002
Sudan920
Togo492
Trinidad and Tobago4702
Uruguay1,95821,77021,6083
Venezuela20,338219,7003
Yugoslavia4,01226,8952
Zaïre(61)7(65)7(61)7(61)7
Zambia
Total1120,13960,52587,22180,15550,71427,98711,00380,553
Sources: Restructuring agreements, and IMF staff estimates.

Including short-term debt converted into long-term debt and debt exchanges involving interest or principal reduction. Amounts represent face value of old claims restructured. Does not include the March 1991 preliminary agreement with Nigeria and the May 1991 arrears agreement with Brazil.

Multiyear rescheduling agreement (MYRA) entailing the restructuring of all eligible debt outstanding as of a certain date.

Financing packages involving debt and debt-service reduction.

Estimates of eligible debt.

Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

Amendments to previous restructuring agreements.

Deferment agreement.

Agreements in 1985 and 1987 modified debt-service profiles on debt rescheduled under the 1984 agreements; the amounts involved are not shown because repayments made during 1985–87 have not been identified.

Agreement was reached with creditor banks in this year to amend certain terms of previous restructuring agreements. The amounts involved, however, were not modified in relation to those shown for the previous year.

Face value of debt extinguished in buy-back.

Totals exclude amounts deferred, given in parentheses.

Sources: Restructuring agreements, and IMF staff estimates.

Including short-term debt converted into long-term debt and debt exchanges involving interest or principal reduction. Amounts represent face value of old claims restructured. Does not include the March 1991 preliminary agreement with Nigeria and the May 1991 arrears agreement with Brazil.

Multiyear rescheduling agreement (MYRA) entailing the restructuring of all eligible debt outstanding as of a certain date.

Financing packages involving debt and debt-service reduction.

Estimates of eligible debt.

Excluding $9.6 billion in deferments corresponding to maturities due in 1986.

Amendments to previous restructuring agreements.

Deferment agreement.

Agreements in 1985 and 1987 modified debt-service profiles on debt rescheduled under the 1984 agreements; the amounts involved are not shown because repayments made during 1985–87 have not been identified.

Agreement was reached with creditor banks in this year to amend certain terms of previous restructuring agreements. The amounts involved, however, were not modified in relation to those shown for the previous year.

Face value of debt extinguished in buy-back.

Totals exclude amounts deferred, given in parentheses.

Table A2.Terms and Conditions of Bank Debt Restructurings and Financial Packages, 1989–September 19921
Country, Date of Agreement, and Type of Debt RescheduledBasisAmount

Provided
Grace

Period
MaturityInterest Rate
(In millions of U.S. dollars)(In years, unless otherwise noted)(In percent spread over LIBOR/U.S. prime, unless otherwise noted)
Argentina
Preliminary agreement on April 7; term sheet June 23, 1992
Collateralized debt exchangeDebt reduction (Table A3)
Bolivia
Agreement in principle of April 1992; term sheet on July 10, 1992
Waiver to allow debt buy-back and exchangesDebt reduction (Table A3)
Brazil
Preliminary agreement on July 8, 1992; term sheet on September 22, 1992Old debt (equal to 5.5 times the new money provided) to be exchanged at par for new noncollateralized bonds.715
New money bonds
Restructuring loanDifference between interest rate in years 1–6 and LIBOR plus to be capitalized.1020years 1–2: 4 percent

years 3–4: 4.5 percent

years 5–6: 5 percent

years 7–20:
Capitalization bondDifference between interest rate in years 1–6 and 8 percent to be capitalized. Back-loaded amortization schedule.1020years 1–2: 4 percent

years 3–4: 4.5 percent

years 5–6: 5 percent

years 7–20: 8 percent
Collateralized debt exchangesDebt reduction (Table A3)
Costa Rica
Preliminary agreement of November 16, 1989; final agreement on May 21, 1990Debt reduction (Table A3)
Gabon
Agreement in principle of December 11, 1991; final agreement on Mav 12, 1992:
Rescheduling of principal due January 1, 1989–December 31, 1992.100 percent of principal157313
Guyana
Agreement on term sheet on August 27, 1992Debt reduction (Table A3)
Honduras
Agreements of August 17, 1989
Bilateral concessional rescheduling of debt to Lloyds Bank
Principal outstanding at end-October 1989100 percent4627206.25 percent fixed rate3
Interest arrears at end-October 1989100 percent222,47206.25 percent fixed rate3
Bilateral concessional rescheduling of debt to Bank of America
Principal outstanding100 percent47210206.5 percent
Interest arrears at end-October 1989100 percent174204 percent fixed rate
Jamaica
Agreement of June 26, 1990
Refinancing of debt previously rescheduled in 1987
Tranche A100 percent of principal14410½
Tranche B100 percent of principal188814½
Jordan
Agreement in principle of November 20, 1989
Restructuring of medium-term loans maturing between January 1, 1989 and June 30, 1991100 percent of principal580511½
New medium-term money facilityNew money5033
Madagascar
Agreement in principle in October 1989 and signed on Anril 10, 1990
Rescheduling100 percent of principal falling due on December 15, 1989, and 50 percent of principal falling due in 1990–93.21.19⅞−1
Mexico
Agreement of February 4, 1990
New money facilityNew money1,0905715
Collateralized debt exchangesDebt reduction (Table A3)
Restructuring of maturities of eligible debt not subject to debt and debt-service reduction100 percent of principal6,400715
Morocco
Agreement in principle of April 1990; final agreement of September 1990
Restructuring of the entire debt outstanding at end-1989100 percent of pre-cutoff debt3,1507–1015–20
Debt buy-backs authorized
Mozambique
Agreement in principle of November 1, 1991; operation completed December 27, 1991
Waivers to allow debt buy-backDebt reduction (Table A3)
Niger
Agreement in principle of January 14, 1991; operation completed March 8, 1991
Waivers to allow debt buy-backDebt reduction (Table A3)
Nigeria
Agreement in principle September 1988; final agreement April 1989
Restructuring of debt outstanding at end-1987
Not previously rescheduled medium-term debt100 percent of principal1,256320
Debt covered by the November 1987 rescheduling agreement100 percent of principal1,635320
Debt (letters of credit) covered by the November 1987 refinancing agreementArrears on interest, fees, and commissions on letters of credit.2,448315
100 percent49063non-interest-bearing
Agreement in principle March 1991; final agreement December 20, 1991, and closing of agreement January 21, 1992
New money bond exchangeBanks would provide new money in an amount equivalent to 20 percent of debts exchanged for noncollateralized new bonds.7151
Buy-back and debt exchangeDebt reduction (Table A3)
Philippines
Agreement in principle October 1989; final agreement February 1990
New money bonds or loans7New money710815
Rescheduling of maturities falling due in 1990-93100 percent of principal781815
Change in spread on previously restructured debtUnchangedUnchangedUnchanged
Waivers to allow debt buy-backs and exchangesDebt reduction (Table A3)
Preliminary agreement August 1991; term sheet February 1992, final agreement July 1992
New money bondsOld debt (equal to four times the new money provided) to be exchanged at par bond for new noncollateralized bonds.1298517
Collateralized debt exchangesDebt reduction (Table A3)
Poland
Agreement in principle of June 16, 1989
Deferment of amortization payments falling due between May 1989 and December 19909100 percent206Unchanged
Agreement in principle of October 1989
Rescheduling of interest falling due in the fourth quarter of 19891085 percent145
Senegal
Agreement of September 1990379
Trinidad and Tobago
Agreement in principle of November 1988; final agreement December 1989
Medium- and long-term maturities falling due September 1, 1988–August31, 1992100 percent of principal44612½
Uruguay
Agreement in principle of November 1990; final agreement January 1991
New Money Bond Exchange20 percent increase in exposure via purchase of new bonds would entitle banks to exchange at par old debt for noncollateralized “debt conversion notes.”897151.0
Buy-back and debt exchangeDebt reduction (Table A3)
Venezuela
Agreement in principle of March 20, 1990; final term sheet of June 25. 1990: final agreement of December 5. 1990
New money bond exchangeOld debt (equal to five times the new money provided) to be exchanged at par for new, noncollateralized bonds.1,1977151 and ⅞11
Collateralized debt exchangesDebt reduction (Table A3)
Sources: Restructuring agreements, and IMF staff estimates.

Arrangements approved in principle before January 1, 1989 are reported in previous background papers.

Voluntary amortization payments made during the grace period would be matched on a 1:1 basis by debt forgiveness (equivalent to a buy-back option at 50 cents on the dollar).

Interest rate would be increased by a maximum of 3 percentage points if GDP growth exceeds a threshold rate.

Seventy percent of these arrears to be forgiven in 1990 upon downpayment equal to 5 percent of these arrears. Beginning at the end of 1990 and provided that Honduras remains current on interest due on all rescheduled amounts under the agreement, the creditor bank would further forgive interest arrears by a yearly amount equal to 5 percent of the arrears outstanding at end-October 1989.

New money options include medium-term loan, new money bonds, on-lending facility, and medium-term trade facility. As of end-March 1992, $952 million had been disbursed.

Includes $112 million of previously capitalized interest arrears on letters of credit.

Allowance for re-lending for up to 366 days of up to 20 percent of the new money on a revolving basis, of which one half would be available in any one calendar year and one half would be available to the private sector.

Committed to the new money option at end-June 1992, with 95 percent of eligible debt tendered under the package.

Payment is to be deferred until December 30, 1991. Alternatively, banks may receive payments according to the original schedule in return for an equal increase in the short-term revolving trade facility.

Payment was deferred until the second quarter of 1990.

The interest rate of LIBOR plus ⅞ applies to the new money bonds issued by the central bank (as opposed to the Republic of Venezuela).

Sources: Restructuring agreements, and IMF staff estimates.

Arrangements approved in principle before January 1, 1989 are reported in previous background papers.

Voluntary amortization payments made during the grace period would be matched on a 1:1 basis by debt forgiveness (equivalent to a buy-back option at 50 cents on the dollar).

Interest rate would be increased by a maximum of 3 percentage points if GDP growth exceeds a threshold rate.

Seventy percent of these arrears to be forgiven in 1990 upon downpayment equal to 5 percent of these arrears. Beginning at the end of 1990 and provided that Honduras remains current on interest due on all rescheduled amounts under the agreement, the creditor bank would further forgive interest arrears by a yearly amount equal to 5 percent of the arrears outstanding at end-October 1989.

New money options include medium-term loan, new money bonds, on-lending facility, and medium-term trade facility. As of end-March 1992, $952 million had been disbursed.

Includes $112 million of previously capitalized interest arrears on letters of credit.

Allowance for re-lending for up to 366 days of up to 20 percent of the new money on a revolving basis, of which one half would be available in any one calendar year and one half would be available to the private sector.

Committed to the new money option at end-June 1992, with 95 percent of eligible debt tendered under the package.

Payment is to be deferred until December 30, 1991. Alternatively, banks may receive payments according to the original schedule in return for an equal increase in the short-term revolving trade facility.

Payment was deferred until the second quarter of 1990.

The interest rate of LIBOR plus ⅞ applies to the new money bonds issued by the central bank (as opposed to the Republic of Venezuela).

Table A3.Debt and Debt-Service Reduction in Commercial Bank Agreements, 1987–September 19921(By year of agreement in principle)
Face Value of Debt

to Commercial

Banks
RetiredIssuedResources UsedTermsEnhancements for New InstrumentsSpecial Features
(In millions of U. S. dollars)
Argentina (1987)
Noncollateralized debt exchange with interest reduction1515Old claims exchanged at par for new exit bonds with 25-year maturity (12 years’ grace) and 4 percent fixed rate.New bonds excluded from future new money base.
Argentina (1992)
Principal reduction}Old claims exchanged for new bonds, with a 30-year bullet maturity and interest at LIBOR plus , at prenegotiated exchange ratio of 1:0.65.Principal fully collateralized and 12-month rolling interest guarantee based on 8 percent rate.}Part of PDI settled prior to closing date through cash payments ($400 million) and the issuance of medium-term zero-coupon collateralized notes ($300 million). The balance refinanced as uncollateralized 12-year bonds (three years’ grace) bearing interest of LIBOR plus and semiannual amortization payments rising from 1 percent of the original face value in payments 1–7,5 percent in payment 8, and 8 percent in payments 9–19.
Interest reductionOld claims exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 4 percent in year one, to 6 percent in year seven, and remaining at that level until maturity.Principal fully collateralized and 12-month rolling interest guarantee based on 6 percent rate.
Interest on PDI capitalized at respective monthly LIBOR through end-1991, and at LIBOR minus 43.75 basis points thereafter.
Bonds eligible for debt conversions.
Bolivia (1987)
Cash buy-back25328 (bilateral donations)At pre-announced price of 11 cents on the dollar.
Collateralized debt exchange with principal reduction204227 (bilateral donations)Old claims exchanged for new zero-coupon 25-year bond carrying 9.25 percent yield at a pre-announced exchange ratio of 1:0.11.Principal and interest fully collateralized.}PDI cancelled under all options. New bonds eligible for debt conversions.
Debt forgiveness16Includes $0.6 million of debt-for-nature swap.
Bolivia (1992)
Cash buy-back}At pre-announced price of 16 cents on the dollar.}PDI cancelled under all options.
Interest reductionOld claims exchanged at par for non-interest-bearing new bonds with a 30-year bullet maturity.Principal fully collateralized.Value recovery clause based on the world price of tin.
Principal reductionOld claims exchanged for new short-term bonds at prenegotiated exchange ratio of 1:0.16.Upon maturity, bonds exchanged into domestic-currency-denominated assets at prenegotiated ratio of 1:1.5 for investment in special projects.
Brazil (1988)
Noncollateralized debt exchange with interest reduction1,1001,100Old claims exchanged at par for new exit bonds with 25-year maturity (10 years’ grace) and 6 percent fixed rate.New bonds excluded from future new money base. Eligible for debt-equity conversion program.
Brazil (1992)}
Principal reductionOld claims exchanged for new bonds with a 30-year bullet maturity and interest at LIBOR plus , at prenegotiated exchange ratio of 1:0.65.Principal fully collateralized and 12-month rolling interest guarantee.}Cash payment of $2.0 billion paid during May-December 1991. The PDI remaining at end-1990 converted into a 10-year bond (3 years’ grace) at LIBOR plus . Interest in 1992 reduced to LIBOR minus 43.75 basis points.

Remaining PDI accumulated in 1991 and 1992 is converted into 12-year bonds (3 years’ grace) at LIBOR plus ; semiannual amortization payments of 1 per-1 cent of original principal for payments 1–7,5 percent for payment 8, and 8 percent for payments 9–19.

Bonds eligible for debt conversions.
Interest reductionOld claim exchanged at par for new bonds with a 30-year bullet maturity and interest increasing gradually from 4 percent in the first year, to 6 percent in the seventh year, and remaining at that level until maturity.Principal fully collateralized and 12-month rolling interest guarantee.
Temporary interest reductionOld claim exchanged at par for new bonds with a 15-year maturity (9 years’ grace) and an interest rate of 4 percent in the first two years, 4.5 percent in years 3–4, 5 percent in years 5–6, and LIBOR plus from years 7 to 15.Twelve-month rolling interest guarantee for the first 6 years.
Chile (1988)
Cash buy-backs439248 (own resources)$299 million bought back in November 1988 at average price of 56 cents on the dollar; $140 bought back in November 1989 at average price of 58 cents on the dollar. Price determined in Dutch auction.Resources used for buy-backs subject to aggregate limit of $500 million; debt to be extinguished subject to aggregate ceiling of $2 billion.
Costa Rica (1989)
Cash buy-back991}At pre-announced price of 16 cents on the dollar.Includes $223 million of PDI
Collateralized debt exchanges with interest reduction290290225 (from bilateral and multilateral sources and Costa Rica’s own reserves)(a) Old debt exchanged at par for new 20-year bond (10 years’ grace) carrying 6.25 percent fixed, negotiated rate.(a) Eighteen-month interest guarantee (excess enhance-funds to be applied to increase coverage up to 18 months).(a) and (b) available only to banks tendering at least 60 percent of their exposure to the buy-back option. Value recovery clause linked to GDP growth. Converted PDI equaled $53 million.
(b) Past-due interest, after 20 percent cash downpayment, exchanged at par for a new claim with a 15-year maturity (no grace period) and LIBOR plus .(b) Thirty-six-month interest guarantee.(c) and (d) optional to banks tendering less than 60 percent of their exposure (including past-due interest) to the buy-back option. Converted PDI equaled $61 million.
Noncollateralized debt exchange with interest reduction289289(c) Old claims (including past-due interest) exchanged at par for a new 25-year bond (15 years’ grace) carrying 6.25 percent fixed, negotiated rate.(a), (b), (c), and (d): new bonds eligible for debt-equity conversion program.
(d) Past due interest, after a 20 percent cash downpayment, exchanged at par for a new claim with a 15-year maturity (no grace period) and LIBOR plus .Value recovery clause activated if GDP exceeds 1989 GDP by 120 percent in real terms.
Guyana
Cash buy-back103At pre-announced price of 10.8 cents on the dollar.Includes PDI and export credit debt.
Mexico (1988)
Collateralized debt exchange with principal reduction3,6712,556555 (own resources)Old claims exchanged for new bond with 20-year bullet maturity and LIBOR plus 1⅝; average exchange ratio 1:0.7 (determined in Dutch auction).Principal fully collateralized.New bonds excluded from future new money base.
Mexico (1989)
Collateralized debt exchanges with principal reduction20,54613,3541}7,122 (including resources from IMF and World Bank)Old claims exchanged for new bond with 30-year bullet maturity and LIBOR plus ; exchange ratio 1:0.65 (negotiated).Principal fully collateralized and 18-month rolling interest guarantee.}Recovery clause in case real oil prices exceed threshold real price of $14 a barrel. New bonds excluded from future new money base and eligible for debt-equity conversion.
Interest reduction22,42722,427Old claims exchanged at par for new bond with 30-year bullet maturity and 6.25 percent fixed, negotiated interest rate.Same as above
Mozambique (1991)
Cash buy-back12412 (including resources from IDA debt reduction facility and French, Swiss, Swedish, and Dutch grants)At the pre-announced price of 10 cents on the dollar.Buy-back price applied to principal, PDI canceled.
Niger (1991)}
Principal reduction11123 (including resources from IDA debt reduction facility and French and Swiss grants)Old claims exchanged for new 60-day notes with face value equivalent to 18 percent of outstanding face value of principal.Principal fully guaranteed by BCEAO.Buy-back price applied to principal, PDI canceled. Operation has been structured as a novation, that is, the exchange of a new obligation for an old obligation to avoid seeking waivers from certain provisions in existing loan contracts.
Interest reductionOld claims exchanged at par for 21-year non-interest-bearing notes.Principal fully collateralized by zero coupon bonds purchased by the BCEAO.
Nigeria (1991)}
Cash buy-back3,3901,3561,708 (own resources)At pre-announced price of 40 cents on the dollar.Principal fully collateralized by U.S. Treasury bonds with a 12-month rolling interest guarantee, based on rate of 6.25 percent.All PDI cleared prior to closing date. Recovery clause in the event that oil prices exceed threshold of $28 a barrel in 1996, adjusted for inflation thereafter. New bonds eligible for debt conversions.
Interest reduction2,0482,048Old claims exchanged at par for new registered bonds with a 30-year bullet maturity and a fixed interest rate of 5.5 percent for 3 years and 6.25 percent thereafter.
Philippines (1989)
Cash buy-back1,339670 (including resources from IMF and World Bank)At pre-announced price of 50 cents on the dollar.Included waiver for second round of buy-backs.
Philippines (1992)
Cash buy-back1,263}As pre-announced price of 52 cents on the dollar.
Temporary interest rate reduction8578572Old claims exchanged at par for new bonds with 15-year maturity (7 years’ grace) and an interest rate of 4 percent in the first two years, 5 percent in years three-five, 6 percent the sixth year, and LIBOR plus from year seven and on.Twelve-month rolling interest guarantee based on a 6 percent a year rate for the first six years.
Principal collateralized interest reduction1,8531,8532Old claims exchanged at par for new bonds with a 25-year bullet maturity and an interest rate that gradually rises from 4.25 percent in the first year to 6.5 percent in the sixth year and remains at that level until maturity.Principal fully collateralized and 14 months rolling interest guarantee based on a rate of 6.5 percent.
Uruguay (1991)
Cash buy-back633}463 (including resources from the IDB)At pre-announced price of 56 cents on the dollar.
Interest reduction530530Old claims exchanged at par for new bonds with a 30-year bullet maturity and a fixed interest rate of 6.75 percent.Principal fully collateralized and an 18-month rolling interest guarantee.Value recovery clause allowing for larger payments in the event of favorable performance of an index of Uruguay’s terms of trade.
Venezuela (1990)
Collateralized debt exchanges Principal reduction1,411647}Old claims exchanged for new three-month notes with present value equal to 45 percent of face value of old claims.Face value of notes fully collateralized by short-term U.S. Treasury securities.
Principal reduction1,8081,2652,5853 (including resources from IMF and World Bank)Old claims exchanged for new bond with 30-year maturity and LIBOR plus at prenegotiated exchange ratio of 1:0.70.Principal fully collateralized and 14-month rolling interest guarantee.}Eligible for debt-equity conversion. Includes warrants to be triggered in case oil prices exceed threshold price of $26 a barrel in 1996, adjusted for inflation thereafter through 2020.
Interest reduction7,4507,450Old claims exchanged at par for new bond with 30-year maturity and fixed interest rate of 6.75 percent.Principal fully collateralized and 14-month rolling interest guarantee.
Temporary interest reduction3,0183,018Old claims exchanged for new bond with 17-year maturity and interest rate of 5 percent for the first and second years, 6 percent for the third and fourth years, 7 percent for the fifth year, and LIBOR plus ⅞ of 1 percent thereafter.Twelve-month rolling-interest guarantee for the first five years.Eligible for debt-equity conversion.
Sources: Debt restructuring agreements, and IMF staff estimates.Note: BCEAO = Banque Centrale des Etats de l’Afrique de l’Ouest; IDA = International Development Association.

Includes $2,447 million of debt of domestic commercial banks, for which no enhancements were provided (the Gurria bonds).

Commitments at end-July 1992, at which time 95 percent of eligible bank debt tendered.

Including about $210 million used to offer comparable collateral for bonds issued prior to 1990.

Sources: Debt restructuring agreements, and IMF staff estimates.Note: BCEAO = Banque Centrale des Etats de l’Afrique de l’Ouest; IDA = International Development Association.

Includes $2,447 million of debt of domestic commercial banks, for which no enhancements were provided (the Gurria bonds).

Commitments at end-July 1992, at which time 95 percent of eligible bank debt tendered.

Including about $210 million used to offer comparable collateral for bonds issued prior to 1990.

Table A4.Debt-For-Development Conversions

(Completed through end-June 1992)1

Country NameDateSectorPurchaser/

Fundraiser/

Administrator
Face Value

of Debt

(1)
Cost

(2)
External Discount

(In percent)

(1)/(2)
Conservation

Bonds Generated2

(3)
Internal Discount

(In percent)

(1)/(3)
(In thousands of U. S. dollars)
BoliviaAugust 1987EnvironmentCI6501001525038
BoliviaJune 1992EnvironmentTNC, WWF, FONAMA11,50032,80024
BrazilMay 1992EnvironmentTNC, FUNATRA2,200850392,200100
Costa RicaFebruary 1988EnvironmentNPF5,400918174,05075
Costa RicaJuly 1988EnvironmentThe Netherlands33,0005,000159,90030
Costa RicaJanuary 1989EnvironmentTNC5,600784141,68030
Costa RicaApril 1989EnvironmentSweden24,5003,5001417,10070
Costa RicaMarch 1990EnvironmentSweden, WWF, TNC10,7541,953189,60389
Costa Rica4January 1991EnvironmentRA, MCL, TNC6003606054090
Dominican RepublicMarch 1990EnvironmentPRCT, TNC58211620582100
Dominican RepublicJuly 1990EducationMUCI2,000500252,000100
EcuadorDecember 1987EnvironmentWWF1,000354351,000100
EcuadorApril 1989EnvironmentWWF, TNC, MBG9,0001,069129,000100
EcuadorApril 1989EnvironmentCARE3,500500141,74050
EcuadorApril 1990HealthWorld Mercy Fund5,000700142,50050
EcuadorJuly 1990EducationHarvard5,000750152,50050
GhanaNATourismDDC1,000250251,000100
Guatemala4October 1991EnvironmentTNC10075759090
GuineaMarch 1990EducationIFESH1,000500501,000100
JamaicaOctober 1991EnvironmentTNC, US AID, PRCT43730069437100
Jamaica– 1992HealthUNICEF4,0002,877724,000100
KenyaNAEnvironment/HealthDDC58344877583100
MadagascarJuly 1989EnvironmentWWF2,111950452,111100
MadagascarAugust 1990EnvironmentWWF91944649919100
MadagascarJanuary 1991EnvironmentCI11959501195100
Madagascar– 1992HealthUNICEF4,0002,000504,000100
MexicoFebruary 1991HealthRockefeller1,000350351,000100
MexicoApril 1991EducationHarvard2,900200692,900100
MexicoApril 1991EnvironmentCI250180722505100
NigerMarch 1990EducationIFESH1,000500501,000100
NigeriaMarch 1990EducationIFESH3,5001,000352,00058
NigeriaJuly 1991EnvironmentNCF15065449362
PhilippinesJanuary 1989EnvironmentWWF39020051390100
PhilippinesAugust 1990EnvironmentWWF90043949900100
PhilippinesJanuary 1992EnvironmentWWF10,1505,0006499,33292
PolandJanuary 1990EnvironmentWWF50122350100
Sudan– 1989HealthUNICEF6,26425499
Sudan– 1990HealthUNICEF7,023280111
Sudan– 1991HealthUNICEF8,00027369
ZambiaAugust 1989EnvironmentWWF2,270454202,270100
Total178,40233,75919103,97558
Sources: The Debt for Development Coalition, The Nature Conservancy, the World Bank, and UNICEF.Note:

CABEI:Central American Bank for Economic Integration
CI:Conservation International
DDC:Debt-For-Development Coalition
FONAMA:Bolivian National Environmental Fund
FUNATURA:Fundaçao Pro Natureza, a Brazilian private conservation group.
IFESH:International Fund for Education and Self-Help
MBG:Missouri Botanical Garden
MCL:Monteverde Conservation League
MUCIA:Midwest Universities Consortium for International Activities
NCF:Nigerian Conservation Fund
NPF:National Parks Foundation of Costa Rica
PRCT:Puerto Rican Conservation
RA:Rainforest Alliance
TNC:The Nature Conservancy
WWF:World Wildlife Fund

The list is not comprehensive.

Does not include interest earned over the life of the bonds.

Funds donated.

Conversion included debt of CABEI.

Debt exchanged for cash.

Includes a donation.

Sources: The Debt for Development Coalition, The Nature Conservancy, the World Bank, and UNICEF.Note:

CABEI:Central American Bank for Economic Integration
CI:Conservation International
DDC:Debt-For-Development Coalition
FONAMA:Bolivian National Environmental Fund
FUNATURA:Fundaçao Pro Natureza, a Brazilian private conservation group.
IFESH:International Fund for Education and Self-Help
MBG:Missouri Botanical Garden
MCL:Monteverde Conservation League
MUCIA:Midwest Universities Consortium for International Activities
NCF:Nigerian Conservation Fund
NPF:National Parks Foundation of Costa Rica
PRCT:Puerto Rican Conservation
RA:Rainforest Alliance
TNC:The Nature Conservancy
WWF:World Wildlife Fund

The list is not comprehensive.

Does not include interest earned over the life of the bonds.

Funds donated.

Conversion included debt of CABEI.

Debt exchanged for cash.

Includes a donation.

Table A5.International Bond Issues by Selected Developing Country Borrowers, July 1991–June 1992
IssuerType of BorrowerLaunch

Date
AmountCouponInitial

Yield
Yield

Spread
Maturity

(Years)
ListingComments
ARGENTINA
Republic of ArgentinaSovereign9/91US$300 mn11.0011.065102Luxembourg, Buenos AiresPut option
SidercaPrivate steel company10/91US$50 mn10.0010.123805Luxembourg, Buenos AiresCall option
Banco de Galicia y Buenos AiresPrivate commercial bank11/91US$75 mn10.0011.526001.8LuxembourgAmortizing bond
Compania Naviera Perez Companc.Private oil producer11/91US$100 mn9.0010.484104.5LuxembourgAmortizing bond, call option
Republic of ArgentinaSovereign11/91US$200 mn9.509.623752LuxembourgRule 144A
IBM ArgentinaPrivate computer company12/91US$30 mn9.509.002735
PasaPrivate petrochemical company12/91US$25 mn10.135Amortizing bond
Alto ParanoPrivate paper manufacturer2/92US$40 mn12.0013.036073Luxembourg
Bonex 89 TrustSovereign2/92US$75 mn8.5010.341527LuxembourgAmortizing bond
Bridas SAPICPrivate oil producer2/92US$50 mn11.7512.095395Amortizing bond secured by oil fields
Banco Rio de la Plata SAPrivate bank3/92US$100 mn9.139.263753Luxembourg
Sociedad Comercial de La PlataPrivate bank4/92SwF15 mn9.509.502704Private placement, call option
Alto ParanaPrivate paper manufacturer5/92US$20 mn12.0012.806872.8Luxembourg,
Buenos Aires
Banco de Galicia y Buenos AiresPrivate commercial bank5/92US$50 mn8.758.804871
AstraPrivate oil company6/92US$100 mn9.259.703505Buenos Aires, LuxembourgPut and call options
Bonex 89 TrustSovereign6/92US$100 mn8.759.903844Amortizing bond
BRAZIL
PetrobrasPublic oil company7/91US$250 mn10.0013.506252LuxembourgCall at 1 year
8/91US$200 mn10.0012.255005Call at 2 years; put at 3 years
BNDESPublic development bank9/91US$55 mn6.0011.663.5
Companhia Vale do Rio Doce (CVRD)Public iron ore producer9/91US$200 mn10.0014.455003LuxembourgPut at 2 years
PetrobrasPublic oil company9/91ECU50 mn12.0012.553Luxembourg
TelebrasPublic telephone company9/91US$200 mn10.0010.444955Amortization after 2 years
PetrobrasPublic oil company11/91US$250 mn10.0010.215001Luxembourg
Ripasa SA Cellulose e PapelPrivate paper company11/91US$40 mn12.0013.007502Unlisted
Banco Bradesco SAPrivate financial institution12/91US$50 mn10.0010.366972.5Luxembourg
Banco Frances y BrasilieroPrivate bank12/91US$50 mn11.0011.185952
Copene SA-Petroquimica do Nordeste SAPrivate petrochemical company12/91US$50 mn11.0011.005962Luxembourg
TelebrasPublic telephone company12/91US$100 mn10.2510.635882LuxembourgPut option
Cia HeringPrivate food and textile company1/92US$50 mn10.0010.545542Private placement, guaranteed by country’s major banks
PetrobrasPublic oil company1/92US$300 mn10.009.415001Luxembourg
Telecomunicacoes de Sao PaoloSubsidiary of public phone company1/92US$100 mn10.00 LIBOR10.486503Put option
VarigPrivate airline1/92US$55 mn+ 1.755.811755Securitized by credit cards receivable
Banco Frances e BrasileiroPrivate bank2/92US$100 mn11.0011.005702Luxembourg
Banco Itamarati SAPrivate bank2/92US$20 mn12.002Private placement
Citibank NA, BrazilPrivate bank2/92US$100 mn9.259.304002.5LuxembourgAmortizing bond
Branch
Sanbra International FinancePrivate food producer2/92US$70 mn10.0010.447003LuxembourgAmortizing bond secured by export contracts
Banco CidadePrivate bank
Tranche 13/92US$15 mn10.0010.274552Private placement
Tranche 23/92US$15 mn10.0010.224502Private placement
Banco PactualPrivate bank3/92US$40 mn10.0010.364642
CredibancoPrivate bank3/92US$50 mn11.0011.195582
Petroquímica do NordestePrivate petrochemical co.3/92US$50 mn11.0011.195472Luxembourg
TelebrasPublic telephone company3/92US$90 mn10.0010.194505LuxembourgPut option
Uniao de BancosPrivate bank3/92US$100 mn10.0010.094622Luxembourg
Brasilieros
Banco do Brasil SAPublic bank4/92US$200 mn9.509.503953Luxembourg
Banco HolandesPrivate bank4/92US$50 mn10.0010.204602.5Amsterdam
Banco Multiplic SAPrivate bank4/92US$50 mn10.0011.806182.5Luxembourg
BNDESPublic bank4/92US$100 mn9.259.703703Luxembourg
Banco RealPrivate bank4/92US$70 mn9.509.604752London
Ceval AlimentosPrivate soybean producer4/92US$80 mn10.5010.85972Luxembourg
Companhia Petroquimica CamacariPrivate petrochemical company4/92US$75 mn3 mos L +. 755Private placement
CVRDPublic iron ore producer4/92US$150 mn9.009.003183
Sanbra InternationalPrivate food producer4/92US$50 mn10.0011.405473LuxembourgAmortizing bond, securitized by export contracts
UnibancoPrivate bank4/92US$100 mn10.0010.204853Luxembourg
Banco do BahiaPrivate bank5/92US$50 mn10.0010.205312
Banco CidadePrivate bank5/92
Tranche 1US$25 mn8.009.304051
Tranche 2US$25 mn8.009.304051
Banco NacionalPrivate bank5/92US$100 mn10.5011.05362.5Luxembourg
Lloyds Bank plc, Brazil branchPrivate bank5/92US$50 mn9.509.64403LuxembourgAmortizing bond
TelebrasPublic telephone company5/92US$100 mn10.0010.103655LuxembourgRule 144A
Tintas Coral SAPrivate corporation5/92US$40 mn11.0011.306402.5Private placement
Autolatine Brazil SAPrivate auto manufacturer6/92US$100 mn7.507.15805AmsterdamGuaranteed by ABNAmro Bank
CHINA
CiticPublic investment holding company10/91¥15 bnLIBOR+ 50 bp5UnlistedFloating-rate note
TiticPublic investment company1/92¥10 bn6.506.461095
CiticPublic investment company3/92¥20 bn6.406.31945Luxembourg
SitcoPublic investment company5/92¥15 bn6.406.40955
CZECHOSLOVAKIA
Statni BankaSovereign11/91US$200 mn9.009.153003LuxembourgRule 144A
Statni BankaSovereign11/91¥10 bn8.508.502306
Corfin ASPrivate leasing company5/92DM25 mn11.5011.703003FrankfurtGuaranteed by Obchodni Banka
HUNGARY
National Bank of HungarySovereign9/91DM500 mn10.7510.712207Frankfurt
9/91ECU200 mn12.0012.113055Luxembourg
10/91¥20 bn8.708.662707Tokyo
11/91¥30 bn8.008.0721710Tokyo
1/92DM600 mn10.2510.222407
1/92¥30 bn7.006.9316410
4/92S600 mn10.3811.701907Vienna
INDONESIA
PT Japfa ComfeedPrivate animal feed producer10/91SwF50 mn5.005.00−214
PT Pabrik KertasPrivate paper manufacturer2/92SwF50 mn5.005.001575.3Convertible

bond

Luxembourg
Call and put options

Rule 144A Zero coupon

convertible bond
3/92US$40 mn5
PT Inti IndorayonPrivate paper and pulp company6/92SwF60 mn4.754.75−155Euro-convertible
MEXICO
Petróleos Mexicanos (Pemex)Public oil company7/91ECU 100 mn10.7510.482403Luxembourg
Banco Nac. de Obras y (Banobras) Servicios PúblicosPublic bank7/91US$100 mn10.7510.602395Luxembourg
United Mexican StatesSovereign7/91Ptas10bn14.2514.881755Madrid
Desturcar (subsidiary of Grupo Sidek)Private sector8/91US$25 mn8.0011.755602
Petróleos Mexicanos (Pemex)Public oil company9/91US$150 mn10.2510.252457Luxembourg
First Mexican Acceptance Corp SAPublic steel production property development10/91US$40 mn8.758.872155LuxembourgCall option, collateralized by mortgages
NafinsaPublic development bank10/91US$150 mn10.6210.7028010Private placement under Rule 144A
Banco Nacional de Comercio ExteriorPublic exim bank10/91Can$60 mn11.0011.042385LuxembourgSwap arrangement
ApascoPrivate cement company11/91US$100 mn10.2510.383575LuxembourgCall and put options
United Mexican StatesSovereign11/91£100 mn12.2512.162277LuxembourgSwap arrangement
BanamexPrivatized bank11/91US$181 mnBacked by credit card receivables
PemexPublic oil company11/91S500 mn10.7510.7125010Vienna
NafinsaPublic development bank12/91US$100 mn6.006.00−305LuxembourgWarrants
BancomextPublic exim bank1/92Ptas 10 bn13.0013.001555
Banca SerfinPublic bank1/92US$22 mn5.79382.7Securitized by Mexican-U.S. export loans
PemexPublic oil company2/92US$150 mn8.758.602155
NafinsaPublic development bank2/92ECU 100 mn10.2510.051905Luxembourg
3/92US$100 mn9.389.452057Luxembourg
Banca SerfinPrivate bank3/92US$90 mn5Securitized by credit card receivables
PemexPublic oil company4/92US$38 mnPrivate Placement in JapanSecured against assets
Aerovías de MexicoPrivate airline5/92US$100 mn9.759.84373LuxembourgCall option
NafinsaPublic development bank5/92US$100 mn9.389.5719010Luxembourg
PemexPublic oil company5/92F500 mn10.7510.841722Paris, Luxembourg
Banco Internacional, Cayman IslandsPublic bank6/92US$50 mn8.138.002593London
International BondPrivate6/92
Investments
Senior noteUS$26.5 mn6.67902
Junior noteUS$23.9 mn13.612
Mexico City-TolucaPrivate6/92US$207.5 mn11.0011.174447Backed by the prospective revenue of a toll road
PANAMA
BladexPrivate sector10/91US$50 mnFRNLIBOR + 100bp243Private placement, put and call option
SOUTH AFRICA
Republic ofSovereign9/91DM400 mn10.5010.501905Frankfurt
1/92ECU250 mn10.3810.381985Luxembourg
Development bank of South AfricaPublic development bank2/92DM200 mn10.009.721667Frankfurt, MunichGuaranteed by the Republic of S.A.
ESKOMPublic utility company3/92DM300 mn10.009.901505FrankfurtCall option solely for tax reasons
Industrial Development Corp of SAPublic bank4/92DM50 mn10.0010.001805Private placement, call option for taxes
Telkom SAPublic phone company5/92DM120 mn10.0010.101605FrankfurtGuaranteed by the government
THAILAND
Thai Petrochemical IndustriesPublic petrochemical company11/91SwF25 mn4.504.50−2807
Kingdom ofSovereign2/92US$300 mn8.258.310010New York
TURKEY
Republic ofSovereign10/91DM500 mn10.7510.642305Frankfurt
Turk Ekonomi BankasiPrivate bank1/92¥10 bn7.707.702336Private placement guaranteed by the Republic of Turkey
City of AnkaraPublic sector3/92¥4.6 bn7.607.602205
Ram Dis Ticaret ASPrivate trade bank3/92DM50 mn10.884.002964Private placement, call option solely for tax reasons
Republic ofSovereign3/92US$200 mn8.508.502605LuxembourgPut option
Republic ofSovereign4/92US$50 mn8.508.502387LuxembourgPut option, fungible w/March issue
Republic ofSovereign4/92ECU 150 mn11.5011.502003Luxembourg
Republic ofSovereign6/92¥50 bn7.507.502095Tokyo
Republic ofSovereign6/92US$250 mn2227New YorkFirst “Yankee” placement by Turkey
URUGUAY
Republica OrientalSovereign5/92US$100 mn8.258.602753Luxembourg
VENEZUELA
Republic of VenezuelaSovereign8/91US$150 mn9.759.652355
Vencemos InternationalPrivate cement company8/91
Tranche AUS$35 mn9.009.783302
Tranche BUS$40 mn10.0011.203905Callable in 1994 and 1995
BarivenSubsidiary of public oil company11/91US$230 mn9.509.442755Luxembourg
Republic of VenezuelaSovereign11/91DM200 mn10.510.302255Dusseldorf, Frankfurt SE
Bariven SASubsidiary of public oil company1/92US$200 mn9.008.892585Luxembourg
BarivenSubsidiary of public oil5/92DM250 mn10.7510.702545Frankfurt SE
Collateralized DCB Corporationcompany5/92US$75 mn8.758.793752LuxembourgCall option, secured by DCB bonds
Sources: International Financing Review, Euroweek, Latin Finance, and Financial Times.Note: S = Austrian schilling; bn = billion; Can$ = Canadian dollar; DM = deutsche mark; ECU = European currency unit; F = French franc; £ = pound sterling; mn = million; Ptas = Pesetas; SwF = Swiss franc; US$ = U.S. dollar; ¥ = Japanese yen.
Sources: International Financing Review, Euroweek, Latin Finance, and Financial Times.Note: S = Austrian schilling; bn = billion; Can$ = Canadian dollar; DM = deutsche mark; ECU = European currency unit; F = French franc; £ = pound sterling; mn = million; Ptas = Pesetas; SwF = Swiss franc; US$ = U.S. dollar; ¥ = Japanese yen.
Table A6.International Bond Issues by Developing Countries, 1987–First Half 19921(In millions of U.S. dollars)
First Half
1987198819891990199119911992
Developing countries23,711.46,436.75,810.76,609.510,696.33,981.48,392.1
Capital importing developing countries23,711.46,436.75,810.76,609.510,696.33,981.48,392.1
Africa49.2470.9159.0338.374.8724.2
Of which:
Algeria49.2433.3159.0
South Africa37.6338.374.8724.2
Asia2,410.82,631.12,217.93,113.43,554.52,394.62,298.4
Of which:
China1,415.2911.6150.4263.0335.9
India377.0714.6668.3523.0150.4150.4
Indonesia50.0221.1175.0825.0294.1260.0111.1
Korea332.3130.0328.21,515.42,446.41,720.01,476.4
Malaysia215.6360.7428.5200.0190.2190.2
Pakistan20.7
Philippines
Thailand261.0231.750.031.4375.0
Other235.8179.074.0
Europe866.12,438.03,433.82,342.52,155.9565.5950.6
Of which:
Czechoslovakia129.574.0437.5278.315.5
Hungary554.6816.2942.6946.91,237.8302.8416.5
Turkey311.51,159.41,195.8660.5639.8262.7518.6
Former U.S.S.R.332.9891.5297.6
Other329.9
Middle East35.020.0
Of which:
Egypt
Israel35.020.0
Western Hemisphere350.3876.61,153.64,647.6946.54,418.9
Of which:
Argentina195.0725.0594.9
Brazil1,211.62,145.0
Chile
Colombia50.0
Mexico769.92,129.7946.5748.6
Venezuela757.7203.1581.3830.4
Other180.6100.0
Memorandum
Offshore banking centers228.0285.1199.0214.9111.1111.1
Bahamas
Bahrain80.625.0
Hong Kong204.574.0114.9111.1111.1
Panama
Singapore228.0125.075.0
Developing countries, including
offshore banking centers3,939.46,259.46,009.76,824.410,807.44,092.58,392.1
Industrial countries163,928.1212,207.4224,428.0190,213.9244,397.0125,820.6135,343.5
Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

Foreign bonds and Eurobonds.

Excludes offshore banking centers.

Source: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

Foreign bonds and Eurobonds.

Excludes offshore banking centers.

Table A7.International Bond Issues by Developing Countries by Type of Borrower1(In millions of U.S. dollars)
(First Half)19911992
1989199019911992IIIIIIIVIII
Sovereign borrowers2,4221,4803,6382,6315003741,4601,3051,5091,122
Argentina50017530020075100
Chile200200
Czechoslovakia277277
Hungary8798881,1866679717368523161651
Malaysia425
Mexico47020389178
South Africa236318236318
Thailand300300
Turkey8555934971,071201296200871
Uruguay100100
Venezuela263273150123
Other public sector1,5552,7173,6373,4099473001,2811,1092,2061,203
Algeria15990
Brazil1,2861,04025911350490550
Bulgaria101
China115347115232115
Czechoslovakia375
India450274227227
Indonesia10680
Mexico4201,8511,762825695300370397545280
South Africa408304104
Thailand1717
Turkey3193535
Venezuela127230754230600154
Private sector1666111,7852,765704902509751,1301,635
Argentina2129541015280190220
Brazil1901,590190665925
Czechoslovakia1515
Indonesia34116347442
Mexico1504551,1414487047517542190358
Panama5050
Turkey16111111
Venezuela13575757575
Total4,1444,8089,0608,8051,5171,1642,9913,3894,8443,961
Memorandum
Share in total issues by developing countries
Sovereign issues58.5%30.8%40.2%29.9%32.9%32.1%48.8%38.5%31.1%28.3%
Other public issues37.5%56.5%40.1%38.7%62.4%25.8%42.8%32.7%45.5%30.4%
Private-sector issues4.0%12.7%19.7%31.4%4.6%42.1%8.4%28.8%23.3%41.3%
Sources: International Financing Review, Euroweek, and Financial Times.

Excluding the four newly industrialized countries: Hong Kong, Singapore, South Korea, and Taiwan.

Sources: International Financing Review, Euroweek, and Financial Times.

Excluding the four newly industrialized countries: Hong Kong, Singapore, South Korea, and Taiwan.

Table A8.Yield Spread at Launch for Unenhanced Bond Issues by Developing Countries1(In basis points)
199219911992
198919901991(First half)IIIIIIIVIII
Sovereign borrower171181265194210246293260191198
Argentina730456510375
Chile210210
Czechoslovakia281281
Hungary116176250209250254261217210190
Mexico201190175227
South Africa190198190198
Thailand100100
Turkey193166234221240230260212
Uruguay275275
Venezuela185230235225
Other public sector200250361260204267441340252271
Algeria149100
Brazil523401523525440365
Bulgaria160
China6798679995
Czechoslovakia96
India101127140140
Mexico820366264195320267242266194197
South Africa159156166
Thailand
Turkey184220220
Venezuela260275256275258254
Private sector738530526453430674435476452453
Argentina447430500444441421
Brazil655480655497469
Czechoslovakia300300
Mexico800555566442430680466459442
Panama2424
Turkey160250250
Venezuela496362362
Total216254347290224421368337270313
Sources: International Financing Review, Euroweek, and Financial Times.

Yield spread measured as the difference between the bond yield at issue and the prevailing yield for industrial country government bonds in the same currency and of comparable maturity. All figures are weighted averages. Excludes the four newly industrialized countries: Hong Kong, Singapore, South Korea, and Taiwan.

Sources: International Financing Review, Euroweek, and Financial Times.

Yield spread measured as the difference between the bond yield at issue and the prevailing yield for industrial country government bonds in the same currency and of comparable maturity. All figures are weighted averages. Excludes the four newly industrialized countries: Hong Kong, Singapore, South Korea, and Taiwan.

Table A9.International Bond Issues by Developing Countries by Currency of Denomination1(In millions of U.S. dollars)
199219911992
198919901991(First half)IIIIIIIVIII
U.S. dollar2,3292,9645,9015,7769908901,8002,2212,9702,806
African borrowers
Asian borrowers606205340340
European borrowers890550300500100200200300
Latin American borrowers8332,2095,6014,9369907901,8002,0212,4302,506
Deutsche mark9071,5581,523981300274530419708274
African borrowers15990236408236304104
Asian borrowers149
European borrowers7489839614199727429429640315
Latin American borrowers337326154203123154
Yen7221917991,090227149423590500
African borrowers
Asian borrowers375342347227115232115
European borrowers347191457743149308358385
Latin American borrowers
ECU83423630423444186
African borrowers318318
Asian borrowers
European borrowers83242186242186
Latin American borrowers181127181127
Other currencies10417541532789326132196
African borrowers
Asian borrowers5177513442
European borrowers1041325151
Latin American borrowers433642008927597102
Total4,1444,8889,0608,8051,5171,1642,9913,3894,8443,961
Memorandum
U.S. dollars56%61%65%66%65%76%60%66%61%71%
DM22%32%17%11%20%24%18%12%15%7%
Yen17%4%9%12%15%0%5%12%12%13%
ECU2%0%5%7%0%0%14%0%9%5%
Other3%4%5%4%0%0%3%10%3%5%
Share in total issues in global bond market:
U.S. dollars48%32%30%31%25%33%31%29%28%34%
DM6%8%7%9%5%7%6%9%10%8%
Yen9%14%14%12%11%12%12%21%13%11%
ECU6%9%11%12%20%7%10%3%16%8%
Other31%38%39%36%38%41%41%36%33%39%
Sources: International Financing Review, Euroweek, and Financial Times.

Excluding the four newly industrialized countries: Hong Kong, Singapore, South Korea, and Taiwan.

Sources: International Financing Review, Euroweek, and Financial Times.

Excluding the four newly industrialized countries: Hong Kong, Singapore, South Korea, and Taiwan.

Table A10.Issues Under Euro-Medium-Term Note Programs April 1991–June 1992
IssuerType of

Borrower
Launch

Date
AmountCoupon

(In %)
Issue

Price

(In %)
Initial

Yield

(In %)
Yield

Spread

(In basis

points)
Maturity

(Years)
CommentsArranger
Argentina
Banco Rio de la PlataPrivate bankMay 1992US$40 mn8.0100.159.912802US$300 mn program; Multicurrency option, Paper maturities: 9 months to 7 years. Underwritten facility.Bankers Trust International
Brazil
BancoPrivate bankApril 1992US$30 mnLIBOR

+

425 bp
97.558.843532US$50 mn program;

Currency option: US$

Paper maturities: 1–5 years.
Merrill Lynch International
Sumitomo
Brazileiro S.A.
Banco Inter-Private bankMay 1992US$5 mn10.0099.9610.005921US$30 mn program;ABN-Amro Bank
Atlantico S.A.May 1992US$5 mn10.0097.5410.255152Currency option: US$
May 1992US$10 mn10.0094.7310.564833Paper maturity: 1–5 years.
Mexico
BancomextPublic exim bankApril 1991US$75 mn10.099.311.02601US$100 mn facility; increased to US$500 mn in January 1992, when a multicurrency option was added. Maturity: 1–5 years.Merrill Lynch
CemexPrivate cement producerSeptember 1991US$50 mn10.6399.910.644472US$250 mn facility; Multicurrency options, Paper maturities: 5 years US private placement option under Rule 144A.Citicorp
September 1991US$50 mn10.8897.811.124663
September 1991US$50 mn11.1396.411.554944
November 1991US$100 mn11.7696.212.225615Citicorp
Banca SerfinPublic bankDecember 1991US$50 mn9.0096.849.303743US$250 mn program, Multicurrency options, Paper maturities: 1–5 years. Provision for Rule 144A securities.Citicorp Investment Bank
TamsaPrivate oil equipment companyJanuary 1992US$50 mn9.7599.549.804223US$125 mn program Currency options: US$, ECU, £

Paper maturities: 9 months to 7 years.

Provision for Rule 144A securities.

Underwritten issue.
Bankers Trust International
Venezuela
BarivenSubsidiary of public oil companyFebruary 1992US$200 mn8.2599.808.332403US$1 bn program, Multicurrency options, 90 days–10 year maturities, Provision for Rule 144A securities. Underwritten issues.Chase Investment Bank
February 1992US$200 mn10.6399.9210.6429710
Sources: International Financing Review, Euroweek, and Financial Times.
Sources: International Financing Review, Euroweek, and Financial Times.
Table A11.International Borrowing Facilities for Developing Countries1(In millions of U.S. dollars)
Jan–May
19891990199119911992
Developing countries2,6813,1652,7559272,870
Capital importing developing countries2,6813,1152,7559272,870
Committed borrowing facilities9002,0001,300727140
Asia4001,200500402140
Of which:
Indonesia200700300217122
South Korea20050020040
Thailand14518
Western Hemisphere100300325
Of which:
Brazil25
Mexico100300300
Other400800500
Euro-commercial paper programs1,101775925200825
Asia45577575
Of which:
Indonesia50550
South Korea10522575
Thailand300
Europe100100
Of which:
Cyprus100100
Western Hemisphere546750200825
Of which:
Argentina75
Bermuda250
Brazil250200
Mexico46550750
Venezuela
Other200
Other nonunderwritten facilities26803405301,905
Asia8034030
Of which:
Indonesia80340
Thailand30
Western Hemisphere6005001,905
Of which:
Argentina300
Bermuda600
Brazil80
Mexico500525
Venezuela1,000
Memorandum
Offshore banking centers20018395069552
Industrial countries78,40068,80079,60025,53536,476
Other3001,0921,875700300
Total81,58173,24085,18027,23140,198
Sources: Organization for Economic Cooperation and Development, Financial Market Trends.

Total commitments under committed borrowing facilities, Euro-commercial programs, and other nonunderwritten facilities.

Includes Euro-medium-term note programs.

Sources: Organization for Economic Cooperation and Development, Financial Market Trends.

Total commitments under committed borrowing facilities, Euro-commercial programs, and other nonunderwritten facilities.

Includes Euro-medium-term note programs.

Table A12.Bank Credit Commitments by Country of Destination, 1987–First-Half 1992(In billions of U.S. dollars)
19871988198919901991First

half

1991
First

half

1992
Industrial countries54.395.797.695.576.632.531.3
Developing countries125.119.517.721.727.212.58.1
Capital-importing developing countries125.019.216.321.616.78.05.2
Africa0.70.40.50.60.40.2
Côte d’lvoire
Morocco0.10.1
Nigeria0.20.2
South Africa
Other0.70.30.50.50.2
Asia8.57.88.212.013.66.74.2
China3.32.71.61.52.31.20.9
India1.81.61.40.70.10.10.1
Indonesia1.60.52.33.95.12.00.7
Korea0.91.20.72.03.11.80.8
Malaysia0.30.80.10.50.20.6
Philippines0.7
Thailand0.30.80.81.31.70.80.7
Other0.30.21.31.41.10.80.4
Europe5.44.44.14.91.80.10.8
Bulgaria0.30.10.3
Czechoslovakia0.20.20.3
Hungary1.40.20.80.10.1
Turkey2.61.71.71.81.50.10.7
Former U.S.S.R.0.82.20.93.0
Other0.10.10.10.2
Middle East0.30.20.60.1
Egypt0.5
Jordan0.20.2
Other0.10.10.1
Western Hemisphere10.16.53.04.01.00.90.2
Argentina2.1
Brazil5.20.1
Chile0.20.3
Colombia0.11.01.60.20.2
Mexico7.70.21.60.60.60.1
Venezuela0.11.40.1
Other0.21.10.70.20.1
Other developing countries0.10.80.110.04.52.9
Kuwait0.10.15.5
Saudi Arabia0.70.14.54.52.9
Offshore banking centers0.30.42.42.91.71.10.7
International organizations and unallocated11.710.03.34.410.41.91.9
Total91.4125.6121.1124.5115.948.042.0
Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

Excludes offshore banking centers.

Sources: Organization for Economic Cooperation and Development, Financial Statistics Monthly.

Excludes offshore banking centers.

Table A13.Concerted Lending: Commitments and Disbursements, 1983–July 19921(In millions of U.S. dollars; by year of agreement in principle)
1983–1988198919901991Jan-July 1992
CommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursementsCommitmentsDisbursements
Argentina7,6506,500
Brazil16,10014,900
Chile3,1653,165__
Colombia1,000970
Congo60
Costa Rica277277
Côte d’lvoire255104
Ecuador981631
Jordan50
Mexico16,50014,2721,09026402081043
Nigeria320
Panama338338
Peru450350
Philippines92592571526001101292,3
Poland763819
Uruguay24024092289
Venezuela1,2002606295296
Yugoslavia900900
Total49,92444,3911,8556001,2921,846702129400
Sources: Restructuring and new money agreements, and IMF staff estimates.

These data exclude bridging loans.

New money commitments in the context of bank debt restructuring agreements.

Estimate.

Sources: Restructuring and new money agreements, and IMF staff estimates.

These data exclude bridging loans.

New money commitments in the context of bank debt restructuring agreements.

Estimate.

Table A14.Terms of Long-Term Bank Credit Commitments, 1986–May 19921
Jan-May
19861987198819891990199119911992
Average maturity (in years)6.78.35.76.26.85.35.25.2
OECD countries6.37.55.15.85.85.25.25.1
Eastern Europe7.88.18.48.311.9
Developing countries8.210.89.07.39.86.25.36.6
Other6.85.66.58.87.73.33.93.0
Average spread (basis points)4143355654768180
OECD countries3734315451778482
Eastern Europe2624304950
Developing countries6169656866706976
Other3353423266718175
Memorandum (in percent)
Six-month Eurodollar interbank rate (average)6.857.308.139.278.356.086.614.30
U.S. prime rate (average)8.358.219.3210.9210.018.469.016.50
Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and IMF, International Financial Statistics (for Eurodollar and prime rates).

The country classification and loan coverage are those used by the OECD.

Sources: Organization for Economic Cooperation and Development, Financial Market Trends; and IMF, International Financial Statistics (for Eurodollar and prime rates).

The country classification and loan coverage are those used by the OECD.

Table A15.Terms on Syndicated Bank Credits for Selected Developing Countries, 1989–May 19921
198919901991Jan-May 1991Jan-May 1992
MaturitySpreadMaturitySpreadMaturitySpreadMaturitySpreadMaturitySpread
(In years)(In basis

points)
(In years)(In basis

points)
(In years)(In basis

points)
(In years)(In basis

points)
(In years)(In basis

points)
Bahrain10.5518.6434.8673.765
Bulgaria7.040
China9.35310.86110.711611.91359.595
Colombia12.8875.01505.0150
Hong Kong5.6315.3528.8699.7715.6114
Hungary8.8538.0826.0138
India10.4309.1321.0100
Indonesia8.09510.5769.11006.61013.2124
Korea7.13810.2487.9647.3577.078
Kuwait4.0885.050
Malaysia5.82213.3589.510210.0117
Mexico3.230014.489
Pakistan2.29213.01001.0901.0901.090
Saudi Arabia6.0133.0383.0386.846
Singapore4.2739.3343.81343.7137
Thailand8.0518.8547.7806.5895.686
Turkey3.2992.2652.4852.1845.8111
U.S.S.R.6.24950.049
Source: Organization for Economic Cooperation and Development.

Excludes concerted commitments.

Source: Organization for Economic Cooperation and Development.

Excludes concerted commitments.

Table A16.Provisioning Regulations Against Claims on Developing Countries
CountryProvisioning RegulationsProcess for GraduationActual Range of

Provisioning1

(end-1990)
Trade/Interbank Claims

Guaranteed OECD Export

Credit Agency
Collateralized

Claims2
Sub-Participation

of Official Agency/

IFIs
Country

Discrimination3
BelgiumMandatory:60% on a basket of 46 countriesFive-year period since nonobservance of original terms of loan.40–50%Trade credits to limit of 12 months exposure base (provisioning required on non-performing trade credits with arrears of more than 6 months).No
CanadaMandatory: Minimum 35 % to 46 countriesCountry removed after lapse of 5 years since previous rescheduling4.62–100%No specific guidance on allocation of provisioning by type of credit.Exclusion for OECD government securities used as collateral on principal5.No specific guidanceNo
FranceMandatory: 55% to about 80 countries6Country considered for removal from basket if banks consistently reduce provisioning for the country.55–60%Exposure base includes short-term interbank claims but excludes short-term trade credits and those guaranteed by OECD export credit agencies.For collateralized principal, provisioning considered unwarranted.On a selective basis, some loans with sub-participation are excluded for provisioning purposes.No
GermanyVoluntary7Not applicable56–66%Case-by-case8Case-by-case8Case-by-case8Yes8
JapanIndicative:30% to undisclosed basket of countries9Country removed from basket after 5 years lapse since previous rescheduling.30%No specific guidance on allocation of provisioning by type of credit.Present value of collateral on interest or principal taken into consideration.No specific guidanceNo
NetherlandsMandatory: 10–90% against approximately 40 countriesProvisioning levels reviewed semiannually.40–50%Case-by-caseYes
SwitzerlandIndicative:65% on a basket of about 70 countries60%Banks may individually decide on the level of provisions for short-term credit.For collateralized principal provisioning considered unwarranted.Case-by-caseNo
United KingdomIndicative: Bank of England guideline; 5–100% on approximately 55 countries10The matrix allows for regular re-assessment which can lead to lower recommended provisioning range.53–81%If a credit is considered to have a higher probability of repayment, notably in the case of short-term credits and interbank claims, these are treated more favorably or can be excluded altogether from the calculated exposure base.Case-by-caseSome loans with sub-participation are excluded for provisioning purposes.Yes
United StatesIndicative/Mandatory: On loans that are evaluated value impaired.The ICERC meets 3 times a year to review country rankings and status of value-impaired countries.50–60%Provisioning is required on all loans except performing trade and interbank credits.Collateralized principal is factored into calculation for reserve requirement.Considered on a case-by-case basis.Yes
Source: National authorities, press reports, and World Bank Technical Paper No. 158.

In percent of relevant exposure; numbers indicate range for major banks.

Indicates under what circumstances the assessment of exposure is adjusted for collateralized claims for provisioning purposes.

Indicates which regulatory authorities assess the exposure base by individual country performance.

The time period can be reduced to two years if the country can demonstrate an ability to raise new funds on a voluntary unsecured basis on the international capital markets.

A one-for-one adjustment is made (that is, if collateral only partially covers asset, the uncovered portion is factored into the calculation for total exposure requiring provisioning).

Mandatory target is set by industry average of previous fiscal year.

Adequacy judged against industry average.

Banks individually determine the requirement for provisions in liaison with their external auditors. In this context, allowance can be made by credit type and by country risk.

Until March 1991, the 25 percent level represented a maximum statutory cap. Although this is no longer the case, level is set to provide an indicative guideline.

The Bank of England does not instruct provisioning against a set list of countries; this is left up to individual banks to determine using the Banks matrix criteria.

Source: National authorities, press reports, and World Bank Technical Paper No. 158.

In percent of relevant exposure; numbers indicate range for major banks.

Indicates under what circumstances the assessment of exposure is adjusted for collateralized claims for provisioning purposes.

Indicates which regulatory authorities assess the exposure base by individual country performance.

The time period can be reduced to two years if the country can demonstrate an ability to raise new funds on a voluntary unsecured basis on the international capital markets.

A one-for-one adjustment is made (that is, if collateral only partially covers asset, the uncovered portion is factored into the calculation for total exposure requiring provisioning).

Mandatory target is set by industry average of previous fiscal year.

Adequacy judged against industry average.

Banks individually determine the requirement for provisions in liaison with their external auditors. In this context, allowance can be made by credit type and by country risk.

Until March 1991, the 25 percent level represented a maximum statutory cap. Although this is no longer the case, level is set to provide an indicative guideline.

The Bank of England does not instruct provisioning against a set list of countries; this is left up to individual banks to determine using the Banks matrix criteria.

Table A17.Gross Public-Sector Disbursements

(In percent of GDP)1

1978–821983–891990–92
Argentina7.43.42.1
Official0.81.11.5
Bonds1.70.6
Commercial bank3.82.1
Other1.20.30.1
Brazil8.12.30.9
Official1.10.80.5
Bonds0.50.2
Commercial bank5.41.10.1
Other1.20.30.2
Chile10.47.02.5
Official0.62.71.9
Bonds0.20.30.4
Commercial bank8.32.90.1
Other1.41.00.1
Mexico7.92.93.1
Official0.81.01.7
Bonds0.60.20.5
Commercial bank6.41.30.4
Other0.10.40.5
Venezuela7.01.93.6
Official0.10.21.6
Bonds0.50.10.8
Commercial bank5.80.90.7
Other0.50.70.5
Philippines6.04.13.7
Official2.22.63.2
Bonds0.40.3
Commercial banks2.70.80.2
Other0.71.6
Sources: World Bank, World Debt Tables (1978–90), and IMF staff estimates (1991–92).

Dollar GDP is calculated on the basis of fixed purchasing-power-parity with the United States.

Sources: World Bank, World Debt Tables (1978–90), and IMF staff estimates (1991–92).

Dollar GDP is calculated on the basis of fixed purchasing-power-parity with the United States.

Table A18.Nonfinancial Public-Sector Balances(In percent of GDP)
1978–8211983–8921990–92
Overall balance
Argentina−11.9−9.5−0.9
Brazil3−5.6−4.7−1.2
Chile1.9−0.63.0
Mexico−11.7−11.0−1.2
Venezuela−5.4−4.7−0.2
Philippines4−2.2−2.7−2.0
Primary balance
Argentina−7.3−3.52.6
Brazil0.52.1
Chile2.71.95.3
Mexico−6.53.65.9
Venezuela−3.4−0.65.4
Philippines4−1.31.04.4
Sources: National authorities, and IMF staff estimates.

1979–82 for Argentina, Brazil, Chile, Mexico.

1990–91 for Chile, Venezuela.

Operational deficit.

Deficit of the national government.

Sources: National authorities, and IMF staff estimates.

1979–82 for Argentina, Brazil, Chile, Mexico.

1990–91 for Chile, Venezuela.

Operational deficit.

Deficit of the national government.

Table A19.Gross National Savings and Investment(In percent of GDP)
1978–821983–891990–92
Argentina
Savings19.210.510.5
Investment21.013.411.6
Brazil
Savings17.219.324.2
Investment21.720.025.1
Chile
Savings9.09.917.8
Investment18.115.119.6
Mexico
Savings22.121.418.0
Investment26.220.421.5
Venezuela
Savings31.720.622.7
Investment32.919.418.7
Philippines
Savings25.519.016.7
Investment30.118.519.8
Source: IMF, World Economic Outlook, October 1992.
Source: IMF, World Economic Outlook, October 1992.
January 1988International Capital Markets: Developments and Prospects, by Maxwell Watson, Donald Mathieson, Russell Kincaid, David Folkerts-Landau, Klaus Regling, and Caroline Atkinson.
February 1988Officially Supported Export Credits: Developments and Prospects, by K. Burke Dillon and Luis Duran-Downing, with Miranda Xafa.
April 1988World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
May 1988Multilateral Official Debt Rescheduling: Recent Experience, by Peter M. Keller, with Nissanke E. Weerasinghe.
May 1988Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.
July 1988Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
October 1988World Economic Outlook: Revised Projections, by the Staff of the International Monetary Fund.
April 1989World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
April 1989International Capital Markets: Developments and Prospects, by a Staff Team from the Exchange and Trade Relations and Research Departments.
July 1989Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.
August 1989Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
September 1989Developments in International Exchange and Trade Systems, by a Staff Team from the Exchange and Trade Relations Department.
October 1989World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
April 1990International Capital Markets: Developments and Prospects, by a Staff Team from the Exchange and Trade Relations and Research Departments.
May 1990Officially Supported Export Credits: Developments and Prospects, by G.G. Johnson, Matthew Fisher, and Elliott Harris.
May 1990World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
July 1990Primary Commodities: Market Developments and Outlook, by the Commodities Division of the Research Department.
September 1990Staff Studies for the World Economic Outlook, by the Research Department of the International Monetary Fund.
October 1990World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
November 1990Multilateral Official Debt Rescheduling: Recent Experience, by Michael G. Kuhn with Jorge P. Guzman.
May 1991International Capital Markets: Developments and Prospects, by a Staff Team from the Exchange and Trade Relations and Research Departments.
May 1991World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
October 1991World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
December 1991Private Market Financing for Developing Countries, by a Staff Team from the Exchange and Trade Relations Department.
May 1992World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
May 1992Developments in International Exchange and Payments Systems, by a Staff Team from the Exchange and Trade Relations Department.
August 1992Issues and Developments in International Trade Policy, by a Staff Team led by Margaret Kelly and Anne Kenny McGuirk.
September 1992International Capital Markets: Developments, Prospects, and Policy Issues, by Morris Goldstein, David Folkerts-Landau, Mohamed El-Erian, Steven Fries, and Liliana Rojas-Suarez.
October 1992World Economic Outlook: A Survey by the Staff of the International Monetary Fund.
December 1992Private Market Financing for Developing Countries, by a Staff Team from the Policy Development and Review Department.
Note: For information on the titles and availability of World Economic and Financial Surveys published prior to 1988, please consult the most recent IMF Publications Catalog or contact IMF Publication Services.
Note: For information on the titles and availability of World Economic and Financial Surveys published prior to 1988, please consult the most recent IMF Publications Catalog or contact IMF Publication Services.

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