To counter the demand for dollars, the Central Bank swapped short term treasury bills to one to two year treasury bills.

Bond holders are to receive 456 million in bonds due in 2011 (with the same coupon of 9.5 per cent) and 574 million in bonds due in 2018 (with the same coupon of 9.04 per cent).

(c) The allocation of bonds and other non equity investments, including determination of the nature, term and credit rating of appropriate bonds portfolios.

CAMBRIDGE Six months ago, I wrote that long term interest rates in the United States would rise, causing bond prices to fall by so much that an investor who owned ten year Treasury bonds would lose more from the decline in the value of the bond than he would gain from the difference between the bonds interest rate and the interest rates on short term money funds or bank deposits.

Investors are buying long term bonds at the current low interest rates because the interest rate on short term investments is now close to zero. In other words, buyers are getting an additional 2 current yield in exchange for assuming the risk of holding long term bonds.

Furthermore, the type of debt that required restructuring was different in the case of Mexico, debt took the form of short term government bonds, while in the three most affected Asian countries, it was short term debt contracted by the private sector from foreign banks.

The first option offered par bonds carrying a low interest rate, a long grace period of 26 years and a final maturity of 33 years (until 2038).

The liquidity problems faced by those countries are also reflected by a maturity structure of external debt that is excessively heavily concentrated in short term maturities.

Holders of both state and federal bonds were thus offered a basket of long dated bonds, some with an interest rate of 3 , and others with 6 (with a ten year grace period). The basket was designed in such a way as to result in an average debt service cost of 4 .

Creditor's right transferred to a securities firm from its creditor during business operation of the securities firm is not subject to the provision of item 1 of this article.

The US sovereign debt market shows no similar evidence of having reached a limit yet. But bond markets do not issue many early warning signals witness the sudden run up of yields in Italy and Spain a year ago.

The contractual arrangements cover existing appointments, such as short term, temporary, term limited, fixed term short duration, monthly short term, daily short term, special short term and other types of short term appointments, such as appointments of limited duration.

In the eurozone, lower long term rates for government bonds are thus unlikely to improve the corporate sector s financing conditions and boost investment demand. By contrast, in the US, a much larger proportion of investment is financed by issuing bonds, which can have a longer maturity than bank loans.

Here is how the arithmetic works for an investor who rolls over ten year bonds for the next five years, thus earning 2 more each year than he would by investing in Treasury bills or bank deposits. Assume that the interest rate on ten year bonds remains unchanged for the next five years and then rises from 2 to 5 .

Investors tendered 91.2 per cent of the 500 million in bonds due in 2006 and 95.7 per cent of the 600 million in bonds due in 2013.

In 1996, Mexico and the Philippines swapped 4.4 billion of their Brady bonds for uncollateralized long term bonds.

The public sector was at the time running a broadly balanced budget, although government expenditure was partly funded by short term dollar denominated bonds (tesobonos).

With total short term obligations estimated at 68.4 billion,14 the package thus covered 88 per cent of those obligations.

Bond

In 2000 a Division on Integration of Society and Gender Equality was established.

1 women apos s consumption portfolio for 129,076 bonds, consolidated to March 1995

The ratio of short term debt to reserves indicated no short term liquidity difficulty.

The ratio of short term debt to the stock of foreign exchange reserves,3 which measures the ability of a country to meet its foreign obligations that mature fairly soon out of liquid sources of foreign exchange, is better suited for that purpose.

Overall, short term debt and total debt service also declined.

The authorities will issue 35.2 billion in new securities, comprising 15 billion in par bonds, 11.9 billion in discount bonds and 8.3 billion in quasi par bonds.

The Government also rolled over US 400 million of short to medium term foreign credit by placing a new Eurobond issue for the same amount, for a 10 year period, in October.

The application of funds of an insurance company is limited to bank deposits, trading of government and financial bonds and other forms of fund application stipulated by the State Council.

Upon the issuance of the bonds, the United Nations would invest the bond proceeds in a project construction fund account to be invested over the period of construction.

The mechanics of debt restructuring are straightforward. Governments can offer a menu of new bonds worth some fraction of the value of their existing obligations.

Governments can offer a menu of new bonds worth some fraction of the value of their existing obligations. Bondholders can be given a choice between par bonds with a face value equal to their existing bonds but a longer maturity and lower interest rate, and discount bonds with a shorter maturity and higher interest rate but a face value that is a fraction of existing bonds face value.

Bonds? Real estate?

And we came up with this idea of issuing bonds, press freedom bonds.

The Battle of the Bonds

Debt service coverage and bond interest

41. His delegation appreciated the Heavily Indebted Poor Countries Debt Initiative, but was still of the view that the criteria for eligibility must be made more flexible by reducing the time frame for implementation and lowering the threshold of debt sustainability.

Sierra Leone would issue iron ore bonds and Mongolia would issue copper bonds. Investors would be able to buy Guatemala s coffee bonds, Côte d Ivoire s cocoa bonds, Liberia s rubber bonds, Mali s cotton bonds, and Ghana s gold bonds.

Jamaica, for example, would issue aluminum bonds Nigeria would issue oil bonds Sierra Leone would issue iron ore bonds and Mongolia would issue copper bonds. Investors would be able to buy Guatemala s coffee bonds, Côte d Ivoire s cocoa bonds, Liberia s rubber bonds, Mali s cotton bonds, and Ghana s gold bonds.

(i) Reduction in the duration of the liquidation process

The bulk of that amount comprised long term debt (80 per cent), while short term debt accounted for 18 per cent of the total.

The Fund apos s bond portfolio was helped by its overweighting in United States and United Kingdom bonds and an underweight position in yen bonds.

Bond offering

They might choose to do so, but mostly they just roll them over by issuing new bonds. The longer the bonds maturities, the less frequently governments have to come to the market for new loans.

South Africa was the only country in sub Saharan Africa to issue on international bond or equity markets in 1997.

Article 41 A securities firm engaged in securities business for its own account is limited to trading of legally issued stocks, bonds, warrants, securities investment funds or other securities recognized by the securities regulatory agency under the State Council.

(a) Nature and term of the liabilities