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Determinants of Eurobond Spreads in Emerging Market Economies

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The International Monetary Fund (IMF) has released a report on “Determinants of Eurobond Spreads in Emerging Market Economies” with a focus on Macedonia. The report explores various factors that influence the spreads on Eurobonds issued by emerging market economies.

Key Findings

• Eurobond Spreads: The report analyzes Eurobond spreads for 15 emerging market economies, including Macedonia.
• Global Credit Conditions: The EMBI index is found to be a significant determinant of Eurobond spreads in emerging markets, including Macedonia.
• Macro Indicators: Macroeconomic indicators such as GDP growth, inflation rates, and current account balances are also found to influence Eurobond spreads.
• Idiosyncratic Factors: Idiosyncratic factors, such as country-specific risks and market sentiment, can also impact Eurobond spreads.
• Macedonia’s Spreads: Macedonia’s Eurobond spreads are found to be highly sensitive to global credit conditions and macroeconomic indicators.

Data Sources

The report uses various data sources, including:

• Dealogic
• Bloomberg
• Datastream
• IMF staff estimates

Country Sample

The country sample includes emerging market economies that have issued Eurobonds, with a focus on the comparator group for Macedonia.

References

Some potential references mentioned in the report include:

• Alexopoulou, Ioana, Irina Bunda and Anna lisa Ferrando (2009), “Determinants of Government Bond Spreads in EU Countries,” ECB Working Paper No. 1093.
• Baldacci, Emanuele, Sanjeev Gupta and Amine Mati (2008),
• IMF (2010), “Spillovers from the Euro Area Sovereign Debt Crisis,” World Economic Outlook.

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