World Bank Group2016-04-192016-04-192015-05https://hdl.handle.net/10986/24087This background note is intended to assist debt management offices (DMOs) in assessing whether a bond placement scheme combining auctions and syndications is an appropriate strategy in their markets and, if so, to assist them in designing the corresponding procedures.en-USCC BY 3.0 IGOCAPITAL GAINAUCTIONBOND INDICESAUCTION SYSTEMCAPITAL MARKETSHOLDINGBORROWERBASIS POINTSPROFIT OPPORTUNITYLIABILITYDERIVATIVES MARKETSCHECKSMARKET DISTORTIONSPUBLIC DEBT MANAGERSBOND PRICESECONDARY MARKET PRICESFOREIGN INVESTORSMARKET DEVELOPMENTSFUND MANAGERSREPOINTERESTINSTITUTIONAL INVESTORSINTERNATIONAL SECURITYGUARANTEESEXCHANGEHEDGE FUNDSTREASURIESISSUANCESSETTLEMENT PROCEDURELIQUIDITYDEBT MANAGEMENTINVESTOR DEMANDDOMESTIC MARKETTYPE OF INVESTORSETTLEMENT PROCEDURESPORTFOLIOBENCHMARK MATURITIESFOREIGN EXCHANGE RISKBONDSBENCHMARK BONDBORROWERSLIQUIDITY PREMIUMDEBT ISSUANCEGOVERNMENT BONDRESERVELEVEL PLAYING FIELDINVESTOR BASECENTRAL BANKSMATURE MARKETSINFLATIONINTERNATIONAL BANKPENSIONINSTRUMENTSDEBT INTERESTCREDIBILITYPRICE DISCOVERYMARKET PARTICIPANTSCENTRAL BANKFLOATING-RATE NOTEMATURITYDEBT ISSUESMARKET LIQUIDITYDERIVATIVESBOND INVESTORSPUBLIC DEBT MANAGERCURRENCYBOND ISSUESMARKET DEVELOPMENTSECURITIES MARKETMARKET-MAKINGPRIMARY MARKETMARKET PRACTICEBUYBACKMARKET MAKERSBOND ISSUANCETRADINGPRIMARY DEALERSREPO MARKETSINTERNATIONAL BONDEMERGING MARKETMARKET MECHANISMFINANCIAL INSTITUTIONSMARKETSDEBTMARKET MAKERBOND ISSUESETTLEMENTPUBLIC DEBT MANAGEMENTSECONDARY MARKET LIQUIDITYRESERVESTYPE OF INVESTORSPENSION FUNDSGOVERNMENT SECURITIES MARKETSBENCHMARK BONDSBANK FINANCINGFINANCEFOREIGN CURRENCYGOVERNMENT SECURITIES MARKETCOMPETITIVE AUCTIONSGOVERNMENT SECURITIESTRANSACTIONSAUCTIONSEMERGING MARKETSTRANSACTIONSECURITIES MARKETSINVESTORSBOND MARKETSGOODGLOBAL BONDUNIFORM PRICEINVESTOR INTERESTDOMESTIC MARKETSTRANSPARENCYBOND AUCTIONGOVERNMENT BOND MARKETSTRANCHEPRIVATE PLACEMENTMARKET CONDITIONSMARKET PRICESFUTURESECONDARY MARKETSLOCAL MARKETFOREIGN INVESTMENTEXCHANGESUNIFORM PRICE AUCTIONFINANCIAL INSTRUMENTSFINANCIAL INSTRUMENTPRICE STABILITYCOUNTRY CREDITISSUANCEBIDSPRICE FORMATIONMARKETLOCAL CURRENCYCREDIT RATINGFOREIGN EXCHANGEMARKET RISKLIQUID SECONDARY MARKETDOMESTIC SECURITIESSECURITIESPUBLIC DEBTTREASURYHOLDINGSINSURANCEGOVERNMENT DEBTDEBT MARKETINVESTORBUYBACKSMARKET SHARESECURITYPRIMARY DEALERFINANCIAL MARKETLIQUID MARKETINVESTMENTPRIMARY DEALER SYSTEMSBONDSHAREBALANCE SHEETSINDEXED BONDCOUPONBIDBONDHOLDERSDEBT MARKET DEVELOPMENTEXTERNAL DEBTPROFITOUTSTANDING AMOUNTLENDINGCHECKGLOBAL FINANCEMARKET PRACTICESMATURITIESLONG-TERM INVESTORSINSURANCE COMPANIESINSTRUMENTLIABILITY MANAGEMENTARBITRAGESECONDARY MARKETGOVERNMENT ACCOUNTSHEDGEINTERNATIONAL INVESTORSINTERNATIONAL BANKSGUARANTEEOLD BONDSWAPPORTFOLIO MANAGEMENTASSET MANAGERSINVESTMENT RISKWorking PaperWorld Bank10.1596/24087