A continuacion, presentamos una formula en la que se denota la importancia del EMBIG en la tasa de emision del Bono Soberano.
Dadas las caracteristicas de la economia nacional, el cual se refleja en el EMBIG, y en otros indicadores macroeconomicos, el escenario proyecta fortalezas suficientes para emprender los programas de emisiones de bonos gubernamentales.
dollar or EUR IFS line 60C; the German treasury bill rate rate is used for the Euro Area [(t = 1).summation Fixed rate share Calculated as 1- over (s = 0)] [t - 1.summation over [w.sub.s] (s = 0)] [v.sub.s] [S.sub.t] Spread Average of daily EMBIG
spreads from J.P.
Countries in the Sample Emerging market countries (a) Industrial countries (b) Argentina Mexico Australia Norway Brazil Morocco Austria Portugal Bulgaria Nigeria Belgium Spain Chile Pakistan Canada Sweden China Panama Denmark Switzerland Colombia Peru Finland United Kingdom Cote d'Ivoire Philippines France United States Dominican Republic Poland Germany Ecuador Russia Greece Egypt South Africa Iceland El Salvador Thailand Ireland Hungary Tunisia Italy India Turkey Japan Indonesia Ukraine Luxembourg Korea Uruguay Netherlands Malaysia Venezuela New Zealand (a.) All countries in the JP Morgan Emerging Market Bond Index Global (EMBIG
) as of August 31, 2005, excluding Serbia and Montenegro and Lebanon because of data availability, and adding India and Korea.
Most of these countries are planning to raise at least $500 million each, which will make them eligible to be included in JP Morgan's Emerging Market Bond Index (EMBIG
Declining risk The extra yield investors demand to own Lebanese bonds instead of Treasuries contracted seven basis points since April 4 to 442, according to JPMorgan's EMBIG
Os spreads soberanos foram obtidos do indice Emerging Market Bond Index Global -- EMBIG
do banco de investimentos J.P Morgan (2004).
Risk premium The premium investors demand to hold Jordan's dollar- denominated debt over US Treasuries rose 18 basis points, or 0.18 percentage point, to 417 in the week ended January 18, according to JPMorgan Chase's EMBIG
Jordan Sovereign Spread index.