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This paper examines the current stage of development of government securities markets in the non-GCC MENA region focusing in five countries that have government bond markets with a minimum size and greater potential for market development: Egypt, Jordan, Lebanon, Morocco and Tunisia. The analysis focuses on the five key building blocks that normally sustain deep and liquid public debt markets: money markets; primary market (issuance policy and placement mechanisms); secondary market organization; investor base; and clearing and settlement infrastructure. The paper shows that despite country differences, several common weaknesses in the key building blocks explain the underdevelopment of MENA bond markets.
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