documents.worldbank.orgdocuments.worldbank.org/curated/en/535291468324010911/pdf/565520… · 181/793 owing in International pital Markets ign and International Bond Issues blicized

181/793

owing in International pital Markets

ign and International Bond Issues blicized Eurocurrency Credits

January 1980 This report may not be published nor may it be quoted as representing the views of the World Bank. The World Bank does not accept responsibility for the accuracy or completeness of the report.

the Di~i8ioD Chief LC2

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wb350881Typewritten Text56552

BORROWING IN INTERNATIONAL CAPITAL MARKETS

THIRD QUARTER 1979

CONTENTS

Preface

Note on Sources and Definitions

Borrowing During the Third Quarter 1979

Table 1

1.1 :

1. 2:

Table 2

2.1:

2.2:

Table 3

3.1:

3.2:

Table 4

Table 5

5.1:

5.2:

Borrowing 1n International Capital Markets By Type of Loan, Third Quarter, 1979

By Category of Borrowing Country

By Category of Borrowing Country and Borrowing Country ,

Borrowing 1n International Capital Markets ., By Type of Loan, 1975 to Third Quarter, 1979


By Category of Borrowing Country and Borrowing Country

Foreign Bonds by Market Country Third Quarter, 1979



Foreign Bonds by Market Country, 1976 to Third Quarter, 1979

International Bonds by Currency of Denomination, Third Quarter, 1979



PAGE

i

iii

1

12

13

16

20

65

68

73

76

79

CONTENTS

Table 6

Table 7

Table 8

Table 9

Table 10

Table 11

Table 12

Table 13

Table 14

International Bonds by Currency of Denomination, 1976 to Third Quarter, 1979

Eurocurrency Credits by Currency of Denomination, 1976 to Third Quarter, 1979

Borrowing in International Capital Markets By Type of Loan, Category of Borrowing Country and Type of Borrower, 1976 to Third Quarter, 1979

Borrowing ~n International Capital Markets By Type of Loan, Category of Borrowing Country and Purpose of the Borrower, 1976 to Third Quarter, 1979

Borrowing ~n International Capital Markets By Type of Loan, Category of Borrowing Country and Original Maturity, 1976 to Third Quarter, 1979

Eurocurrency Credits with Variable Interest Rates By Category of Borrowing Country and Weighted Spread, 1976 to Third Quarter, 1979

Summary of Borrowing in International Capital Markets, 1976 to Third Quarter, 1979

Initial Offering Yields of Publicly-Offered Foreign and International Bonds, 1976 to Third Quarter, 1979

Eurocurrency Deposit Rates - October, 1978 to September, 1979

List of Foreign and International Bonds by Market Country, Third

PAGE

84

87

88

107

126

145

151

160

161

Quarter, 1979 162

List of Eurocurrency Credits by Borrowing Country, Third Quarter, 1979 222

ANNEXES

Annex 1 List of CMS Countries and Entities 292

Annex 2 List of Countries by Income Group 295

Annex 3 List of CMS Currencies 297

PREFACE

1. Borrowing in International Capital Markets (Report EC-181) II is a quarterly publication prepared by the staff of the Financial Studie~ Division of the Programming and Budgeting Department. The purpose of this Report is to provide comprehensive information on publicized borrowing in international capital markets in the form of Eurocurrency credits and foreign and international bonds.

2. The data contained in this Report are preliminary. The particular 1 imi tat ions on the coverage and accuracy of data are set forth in the Note on Sources and Definitions.

3. Comparisons with earlier periods are included to give some perspective to the preliminary information on the quarter under review. Data on earlier periods are revised as new information becomes available, and thus may differ from those io earlier reports.

4. The data in this Report are based largely on public sources about the activity of lender~d borrowers as indicated in the Note on Souru~s and Definitions. They may be used in conjunction with external debt data' contained in reports received by the World Bank through its Debt Report ing System (DRS) from those deve loping countries which have received either IBRD loans or IDA credits. The system contains data on disbursements, service payments and debt outstanding as we 11 as data on commitments to which this Report is of necessity confined. The latest available compilation of data from that system is to be found in World Bank Report EC-167/78, World Debt Tables and its Supplements. I'!:..

5. Detailed information about these transactions is available on tape for the convenience of users who have access to a computer. Users are invited to inform the Financial Studies Division of their interest in receiving the information in this form. Requests for any particular informat ion or tabulat ions other than what is to be found ~n this Report should also be addressed to the Financial Studies Division.

(). The material in this Report was prepared by Iveta 1. Bebris, Karen S. Brown, George Edwards and Elizabeth A. Lewis. Contributions by other departments in the World Bank and by a large number of other official and private institutions have also been invaluable in the preparation of this material.

11 This Report may be obtained from the \\Todd Bank's Publications Unit, 1818 H Street, N.W., Washington, D.C., 20433, U.S.A.

12 These publications also may be obtained from the World Bank's Public-ations Unit.

- 11 -

7. In order to ensure the greatest possible coverage and accuracy, we would welcome additions, deletions and amendments to the lists as well as suggestions or comments.

Ami T. Fullerton Financial Studies Division

Programming and Budgeting Department

- 1.1.1. -

NOTE ON SOURCES AND DEFINITIONS

I. INTRODUCTION

1. The purpose of this Report is to provide comprehensive information on publicized borrowing in international capital markets in the form of Eurocurrency credits and foreign and international bonds. The data c.on-tained in this Report are produced by the Financial Studies Division of the Programming and Budgeting Department through its computer-based system, the World Bank Capital Markets System (CMS).

II. WORLD BANK CAP ITAL MARKETS SYSTEM

2. The CMS in its present form dates from the third quarter of 1974 when the World Bank began publishing joint statistics on foreign and inter-nationaL bond issues and on publicized Eurocurrency credits. Its origins, however, 1 ie as far back as 1946, when the Bank firs t began to compile information on foreign bond issues. Such information was first published in 1955. Subsequently, in 1967, the collection and publication of information was extended to include international bond issues. That same year, the World Bank agreed with the Group of Financial Statisticians sponsored by the Organization for Economic Cooperation and Development (OECD) to take the responsibility for' the collection and verification of data on foreign and international "and issues. The World Bank staff works closely with the Group and furnishes the statistics on foreign and international bonds pub-lished in OECD Financial Statistics. In 1972 the World Bank began compiling data or, publicized Eurocurrency bank credits and in 1974 this information, also, was published.

3. The CMS is a computer-based system that became operational at the end of 1976. The computerized data base contains information on foreign and international bonds and Eurocurrency credits from 1972 to present.

III. l\ATURE, CONTENT AND COVERAGE OF THE DATA

4. The data on foreign and international bonds and Eurocurrency credits contained in this Report are based on reports and announcements gathered by World Bank staff from the world financial press and from con-tacts ~rith other institutions. Information on bonds and credits is verified and supplemented by data obtained from other statistical compilations and from reports published by lending institutions, both official and other agencil:s. Information on bonds also is verified by special arrangements with the apppropriate authorities in the major capital market countries and with other _nternational organizations. Further details on publicly-issued bonds are oetained from prospectuses. As there is no legal requirement for individual loans in Eurocurrencies or privately-placed bonds to be publicly reportl~d or announced--and there are various reasons why a borrower or lender may not wish to publicize a particular transaction or its terms--the covera:~e of these data is not complete and probably varies considerably among borrowing countries and from year to year.

- l.V -

5. Foreign and international bonds are defined as bonds issued by a borrower who is of a nationality different from the country of the capital market in which the bonds are issued. Foreign bonds are defintd as those issued in a single nat ional market. Such issues are usually UI',der-written and sold by a group of banks of the market country and are denomi-nated in that country's currency. International (IIEurol!) bonds are those which are underwritten and sold in various national markets simultaneously, usually through international syndicates of banks.

6. Bonds are credit instruments which contain a promise to pay a specified amount of money at a fixed date and to pay interest periodically at stated intervals. They are usually issued in standard denominations and are negotiable. Bonds are deemed to be publicly-issued if (0 they are offered for sale to investors at large, including issues subscribed by an issuing house, or (2) the prospectus states that they will be quoted on a stock exchange. Issues are deemed to be privately-placed, if (l) they are entirely taken by institutional investors, or (2) will have no stock exchange quotation. The private placement data exclude bank loans, standby facilities in the form of bank deposits and certificates of deposit.

7. Eurocurrency credits are credits granted by banks out of Euro-currency funds on deposit with them or borrowed by them in the Eurocurrency market. The term "Euro" is used to refer to "offshore" markets outside, as well as inside, Europe. The term "credit" is used to refer to loans, lines of credit, and other forms of medium- and long-term credit. Eurocurrency credits included are those which are reported to have been completed (i.e., fully subscribed) or signed during the period. (Hence, there may be signi-ficant differences from data produced by other institutions prepared on the basis of announcement dates.) The amounts shown are gross commitments, as announced, by the lenders at the time of signature or completion and do not necessarily reflect either the extent to which these loans have actually been drawn down, or the extent to which they have been repaid or used for other purposes./l The Eurocurrency credit data exclude loans and export credits from or-guaranteed by official institutions, even if granted by banks with funds provided from offshore sources./l

11 In cases where effort is made separately.

a Eurocurrency borrowing contains several tranches, an to separate the various tranches and to record them

12 In financial packages which contain both Eurocurrency credits and other types of credits (e.g., official export credits), an effort is made to separate the Eurocurrency credit portion of the loan from the other components.

- v -

8. Since Eurocurrencies are defined as currencies on deposit outside their country of issue, a US dollar loan made by a foreign branch of a US bank would be included within the CMS statistics, and a loan made by a domestic office would not. Eurocurrency credits are typically (though not always) granted by syndicates of banks formed ad hoc for each loan. In pra

- Vl -

12. Developing countries are further class ified by income groups as defined by the World Bank in Report No. 700, World Economic and Social Indicators. /1 They are as follows: capital surplus oil exporting countries, high income countries (over $2,500 per capita), upper middle income coun-tries ($1,136 to $2,500 per capita), intermediate middle income countries ($551 to $1,135 per capita), lower middle income countries ($281 to $550 per capita) and low income countries ($280 or less per capita) based on 1976 GNP per capita in 1976 US dollars./2 In this Report, the five income groups have been consolidated into three income groups as follows: high and upper middle income countries (over $1,135 per capita), intermediate middle and lower middle income countries ($281 to $1,135 per capita) and low income countries ($280 or less per capita). Each group maintains the same countries for all years shown in the tables (i.e., the composi-tion does not change according to the per capita income of individual countries in particular years).

13. For credits, the date used is the completion (i.e., fully sub-scribed) or the signature date. For bonds, the date used is the date of offering or the date of the first day of subscription. When these dates are not known, the date of notification in the press is used.

14. Amounts shown in the tables are in millions of US dollar equiva-lents, and represent the total amounts announced, even though some bonds and credits may give borrowers or lenders a choice of currencies. For loans denominated in national currencies, the conversion is made using monthly average market rates in currency units per US dollar--series 'af' from the IMF's International Financial Statistics (IFS) File. For loans denominated in composite currencies (e.g., European unit of account), the conversion is made using rates derived by the Financial Studies Divi-sion. For a list of currencies used in the CMS and their classifications, see Annex 3.

15. Only bonds and credits with original and, in the case of credits, extended maturities exceeding one year are included. For bonds, the origi-nal maturity is calculated as the period between the expected settlement date and the date of final maturity. For credits, the original maturity is the period expected to elapse between the date of signature of the contract (i.e., the actual commitment) and that of final repayment.

/1 This Report may be obtained from the World Bank's Publications Unit, 1818 H Street, N.W., Washington, D.C., 20433, U.S.A.

/2 For the list of countries and their classifications, see Annex 2. For an account of methods used in computing per capita income in 1976 US dollars, see the 1978 World Bank Atlas (Washington, D.C.: World Bank, 1978), pp. 31-32. This publication may also be obtained from the World Bank's Publications Unit.

- Vll -

16. Interest rates on Eurocurrency credits are usually a fixed margin ("spread") over the London interbank offer rate (LIBOR) or some other interbank rate for the currency concerned and are adjusted periodically, usually at six-month intervals. Yields on bonds are initial offering yields to maturity. These are a function of the interest rate, offering price and life. Yields are calculated to the date of maturity and are discounted semi-annually for purposes of comparison.

17. Banks listed as lead and co-managers in the lists of Eurocurrency credits and foreign and internat ional bonds are those reported to have arranged or managed the loan. For credits, these managers are generally acting as agent for a syndicate of banks providing the funds. In the case of some lenders, the names of the banks do not distinguish between the home office and foreign branches or subsidiaries. Up to a maximum of ten lead and co-managers are listed for each loan. Lead and co-managers are not id i~nti fied separately, however, the first 1 ead manager is generally recorded as the first manager.

18. Commitment fees are gener ally charged to the borrower as a per-centagE per annum' of the undrawn portion of the loan. Other fees (e.g., particjpation or management fees), may be charged to the borrower as well. These are usually one-time charges calculated as a percentage of the prin-cipal of the loan.

19. Loan numbers in the lists are unlque identification numbers assigned to each bond and credit. Each loan number consists of three parts. The first part (two digits) refers to the last two digits of the year of the date of the loan. The second part (one prefix) indicates whetheJ" a loan is a bond (!iBIf) or a credit ("E"). The third part refers to four digits (0001-4999 reserved for bonds and 5000-9999 reserved for credits). These four digits are assigned to the loans as they are being proces:3ed during the year in the date of the loan.

20. The symbols (1) and (2) are used in the lists to indicate annual or semi-annual payments of interest. The symbol (WT) is used to indicate the weighted average of either the interest rate or the "spread". It is the averag'~ of the specified rate or "spread" weighted by the amount of time each rate is in effect. If the time period is unknown, a simple average is taken. The symbols (MIN) and (MAX) are used to indicate the guaranteed minimum interest rate and the guaranteed maximum interest rate. The symbol * followed by a reference number is used in the lists to indicate that the borrower (or guarantor) has changed its name.

BORROWING DURING THE THIRD QUARTER 1979

1. Borrowing in international capital markets during the third quarter of 1979 totaled $30.0 billion, 20 percent above the $25.0 billion borrowed during the second quarter, and 16 percent above the average for the preceding four quarters ($26.0 billion)' Of this total, $20.3 billion (68 percent) was raised in the Eurocurrency credit market. The remaining $9.7 billion (32 percent) was raised in foreign and international bond markets; $5.2 billion in foreign bond markets and $4.6 billion in the international market. During the previous four quarters, funds raised in the Eurocurrency credit market on the average accounted for 64 percent ($16.6 billion), and funds raised in the foreign and international bond markets accounted for 36 percent ($9.4 billion).

2. The distribution of borrowing during the third quarter was as follO\07s: industrialized countries--$10.4 billion (35 percent); developing countries--$13.3 billion (44 percent); centrally planned countries and organizations--$3.2 billion (11 percent); international organizations--$2.8 billion (9 percent); and borrowers unallocated by country--$0.2 billion (1 percent).

Industrialized Countries

Developing Countries

Oil Exporters Others

Sub-Total

Other Borrowers

Centrally Planned Countries/Orgs.

International Orgs. Una llocated

Sub-Total

Total

TOTAL BORROWING / a 1977 - 1979

(U8$ bi llions)

1977 1978 1978 1979 Year Year 4th Qtr. Ist.Qtr. 2nd.Qtr. 3rd Qtr.

33.8

1.6 23.3 24.9

2.9 7.4 1.2

11.5 = 70.3 --

52.8

1.4 42.3 43.7

3.8 8.6 0.5

12.9 --109.3

14.2

0.3 12.5 12.8

0.9 2.0 0.1 3.0 --

29.9 --

0.1 9.4 9.5

1.7 1.6 0.2 3.5 --

23.2 --

10.8

0.2 10.3 10.5

1.5 2.1 0.1 3.7 --

25.0 --

10.4

0.5 12.8 13.3

3.2 2.8 0.2 6.2 --

30.0 --

/a Details may not add to totals because of rounding.

- 2 -

I. FOREIGN AND INTERNATIONAL BONDS

3. Foreign and international bonds issued during the third quarter of 1979 totaled $9.7 billion, slightly above both the $9.6 billion raised in the second quarter of 1979 and the $9.4 billion quarterly average for the preceding four quarters. 11 Borrowing in foreign bond markets in-creased from $4.1 billion in-the third quarter to $5.2 billion in the fourth quarter. This increase mainly occurred in the Swiss and German capital markets. During the same period international bonds declined from $5.5 billion to $4.6 billion, primarily due to a decrease in activity in the US dollar-denominated sector of the market. Public offerings accounted for 57 percent of total bond issues. The amounts for total borrowing inc lude 'special placements' which are issues by internat ional development institutions which are placed with central banks, monetary authorities and governments./!

FOREIGN AND INTERNATIONAL BOND ISSUES

Foreign Bonds

Public Private

Sub-Total

International Bonds

Public Private

Sub-Total

Total Bonds

Public Private

Sub-Total

1977 - 1979 (US$ billions)

1977 1978 Year Year

8.9 12.4 7.7 9.0

16.6 21.4

15.4 11. 7 4.1 4.3

19.5 15.9

24.3 24.1 11.8 13.2 36.1 37.3 -- --

1978 4th Qtr.

2.8 2.2 5.1

2.3 0.6 3.0

5.2 2.9 8.0 --

1st Qtr.

3.4 2.2 5.5

3.8 1.0 4.8

7.0 3.2

10.3 --.

la Details may not add to totals because of rounding.

la

1979 2nd Qtr.

1.9 2.2 4.1

5.4 0.1 5.5

7.3 2.3 9.6 --

3rd Qtr.

2.5 2.7 5.2

3.0 1.6 4.6

5.5 4.2 9.7 --

11 The data for 1979 are preliminary and are likely to be increased by the addition of transactions about which information is only now becoming available.

12 The amount was $611 million for the third quarter of 1979.

- 3 -

Foreign Bonds

4. Foreign bonds issued during the third quarter of 1979 totaled $5,183 million and consisted of public offerings of $2,506 million and private placements of $2,677 million. About 55 percent of all foreign bonds ($2,848 million) were issued by industrialized countries, while developing countries raised $394 million (8 percent), centrally planned countri~~s $18 million Oess than 1 percent), international organizations $1,875 million (36 percent), and borrowers unallocated by country $48 mi 1 Lion 0 percent). The quarterly average for the previous four quarters shows b.)rrowing by industrialized countries to be $2,883 million (56 per-cent); developing countries $583 million (11 percent); international organizations $1,617 million (32 percent); and borrowers unallocated by country $38 million (1 percent).

5. Foreign bonds issued in the United States totaled $1,178 million, 7 percE'nt below the quarterly average for the preceding four quarters ($1,260 million). Two-thirds of the total borrowing in the US market, $780 mi llion, was completed by industrialized countries. Canadian bor-rowers were the most active, raising $550 million. Among international organiz!ltions the largest amount was secured by the European Investment Bank ($200 million). The average initial offering yield for public offer-ings by industrialized countries was 9.86 percent, compared to the 9.82 percent average for the second quarter.

6. Foreign bonds issued in the Swiss capital market totaled $2,654 million, 42 percent more than the $1,870 million borrowed during the second quarter. Over three-fourths of tot al issues in the Swiss market, $2,041 million, were raised by industrialized countries. Japanese borrowers were tl-e most active raising $897 million. Almost all issues by Japanese borrowers were private placements and the majority were convertible into common stocks of the borrower. Large amounts were also raised by borrowers from FI:ance ($283 million) and New Zealand ($259 million). Developing countries raised $229 million in the Swiss market. Funds were obtained by borrowers from South Africa ($73 million); Spain ($61 million); Malaysia ($50 million); and Brazil ($46 million). International organizations borrowEd $336 million of which $215 million was raised by the World Bank. The aVE,rage initial offering yield on public offerings was 4.43 percent for industrialized countries and 5.04 percent for developing countries.

7. A considerable decline in borrowing occurred in the Japanese market where $92 mi llion was raised, compared to $1, 000 mi llion in the th i.rd quarter and a quarterly average of $983 mi llion in the preceding four quarters. The two issues completed during the fourth quarter con-sisted of $46 million public offerings by Brazil and Thailand.

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8. A total of $1,124 million was raised in the German capital ma~ket during the third quarter. Over 90 percent of all borrowing ($1,014 mililon) was completed by the World Bank. During the third quarter of 1979 for,~ign bonds were also issued in the following capital markets: Belgium ($87 million); Luxembourg ($34 million); and Finland ($13 million).

9. Over 60 percent of all foreign bonds were issued by international organizations $1,875 million (36 percent) and private non-financial enter-prises $1,315 million (25 percent). The quarterly average for the previous four quarters shows most borrowing was completed by central government s $1,580 million (31 percent); international organizations $1,617 million (32 percent); and private non-financial enterprises $791 mi 11ion (15 per-cent).

10. The purpose of most borrowers during the third quarter was inter-national organizations $1,875 million (36 percent); 'general' $911 million (18 percent); and industry $911 million (18 percent). This can be compared with the quarterly average for the four preceding quarters when most borrow-ing was done by those whose purpose was 'general' $1,811 million (35 per-cent); international organizations $1,617 million (32 percent); and industry $628 million (r2 percent).

11. Original maturities of foreign bonds were concentrated in the over 3-5 year range ($1,303 million) and the over 7-10 year range ($1,072 mil-lion). Foreign bonds with an original maturity of over 25 years totaled $550 million and consisted entirely of Canadian offerings in the US bond market.

International Bonds

12. During the third quarter of 1979 international bonds totaled $4,561 million, 7 percent above the quarterly average for the previous four quarters ($4,274 million) but 17 percent below the amount raised in the second quarter ($5,517 million). Public offerings totaled $2,998 million and private placements $1,563 million.

13. Sixty-one percent of all international bonds ($2,780 million) were issued by industrialized countries. The largest amounts were raised by borrowers from the United States $487 million (18 percent); Japan $367 million (13 percent); Canada $311 million (11 percent); and Belgium $274 million (10 percent). The quarterly average for the preceding four quarters shows that most borrowing was completed by borrowers from the United States $604 million (21 percent); Japan $476 million (17 percent); Canada $274 million (10 percent); and France $274 million (10 percent).

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14. Borrowing by developing countries during the third quarter in-creased by 19 percent, totaling $680 million as compared to $572 million in the second quarter. Eleven developing countries raised funds during the third quarter, the largest amounts obtained by borrowers from Brazil $152 million (22 percent); Panama $115 million 07 percent); Mexico $100 million (15 percent); and the Philippipnes $100 million (15 percent).

15. Five international organizations raised $928 million, 34 percent above the quarterly average for the previous four quarters ($694 million). The mos tact ive borrowers were the World Bank and the European Investment Bank, w:"th $474 million and $312 million respectively.

16. Borrowers unallocated by country raised $143 million. Over 80 percent of the funds were obtained by Eurofima ($118 million), the Euro-pean rallway company.

17. The volume of international bonds denominated in US dollars declined from $3,653 million in the second quarter to $2,535 million in the third quarter. However, the third quarter total 1S still somewhat above the quarterly average for the preceding four quarters ($2,354 mil-lion). Over half of all dollar-denominated bonds ($1,520 million) were issued by borrowers from industrialized countries. Floating rate notes continued to play an important role in the dollar sector of the market. Floating rate notes issued by industrialized countries totaled $675 million. Spread:; ranged from the average of the 3-month London bid and offered rates to 7/8 percent above LIBOR and original maturities from 3 1/2 to 12 years. Float ing r ate notes issued by deve loping countries totaled $305 mi Ilion. Spreads were 1/4 to 3/4 percent above LIBOR and original maturi-ties 5 to 8 years. The average initial offering yield on straight dollar-denominated public offerings by industrialized countries during the third quarter was 9,65 percent.

18. Deutsche mark-denominated bonds accounted for 29 percent, $1,312 mi llion, of all internat ional bonds, slightly be low the quarterly average for th,," preceding four quarters ($1,378 mi llion) . The i"argest amounts were obtained by borrowers from Belgium ($274 million) and Brazil ($152 million). The average initial offering yield on DM-denominated public offerings by industrialized countries was 7.05 percent, slightly above the 6.99 percent recorded during the second quarter.

19. During the third quarter other currencies used in the inter-national market were: the Canadian dollar ($77 million); French franc ($29 million); Japanese yen ($69 million); Kuwaiti dinar ($160 million); Netherlands guilder ($171 million); British pound sterling ($34 million); the Swiss franc ($124 million);/l the European unit of account ($34 million); and the Special Drawing Right ($17 million).

/1 This amount represents a 'special' placement by the World Bank.

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20. The major types of borrowers in the third quarter were inter-national organizations $928 million (20 percent) and private non-financial enterprises $815 million (18 percent). The quarterly average for the preceding four quarters shows that most borrowing was completed by private non-financial institutions $1,223 million (29 percent); international organizations $694 million (16 percent); and deposit money banks $649 million (15 percent).

21. The most active borrowers in the international market were those whose purpose was bank and finance $1,393 million (33 percent); interna-tional organizations $928 million (20 percent); and 'general' $774 million (17 percent). This compares with the preceding four quarters when the most active borrowers were those whose purpose was bank and finance $1,352 million (32 percent); industry $1,042 million (24 percent); international organizations $694 million (16 percent); and 'general' $642 million (15 percent) .

22. Original maturities of international bonds were concentrated in the over 3-5 year range ($1,215 million) and over 7-10 year range ($1,764 million). The majority of international bonds with original maturities over 10 years w~re issued by borrowers from industrialized countries.

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II. PUBLICIZED EUROCURRENCY CREDITS

23. Publicized Eurocurrency credits completed during the third quarter of 1979 totaled $20.3 billion, up 32 percent from the previous quarter ($15.4 billion), and 23 percent higber than tIte average for the preceding four quarters ($16.6 billion)./l Of the total amount of Eurocurrency credi ts, 24 percent ($4.8 billion) went to industrialized countries, 60 percent ($12.2 billion) to developing countries, 16 percent ($3.2 billion) to centrally planned countries and organizations, and less than 1 percent ($56.7 million) to borrowers unallocated by country. Eurocurrency credits accounted for 68 percent of the total amount raised in the international capital markets ($30.0 billion), an increase over the preceding four quar-ters when on the average they accounted for 64 percent ($16.6 billion)'

PUBLICIZED EUROCURRENCY CREDITS la 1977 - 1979

(US$ billions)

1977 1978 1978 1979 Year Year 4th Qtr. lst.Qtr. 2nd.Qtr. 3rd Qtr.

Industrialized Countries


Oil Exporters Others

Sub-Total

Other B:Jrrower s

Centrally Planned Countries/Orgs.

International Orgs. Unallocated

Sub-Total

Total

11.1 30.4

1.6 1.3 18.5 36.3 20.1 37.6

2.7 3.7 0.2 0.2 0.1 0.2 3.0 4.1 -- -

34.2 72.0 = ==*=

9.5

0.3 11.0 IT:3

0.9 0.2

* IT --21.9 ~

2.9

0.1 8.0 8.1

1.7 0.2

* 1.9 -

12.9 -===:

I~ Details may not add to totals because of rounding.

* Less than $50 million

4.3

0.1 9.5 9.6

1.5

0.1 1.6 --

4.8

0.5 11.7 12.2

3.2

0.1 3.3

20.3 =

II The data for 1979 are preliminary and are likely to be increased by the addition of transactions about which information is only now be~oming available.

- 8 -

24. Terms negotiated on Eurocurrency credits continue to be chdrac-terized by decreasing spreads. However, unlike previous quarters, maLur i-ties appear to be shortening. Approximately 59 percent ($11.9 billion) of the loans completed during this quarter carried interest rate spreads of 3/4 percent or below, compared to the previous four quarters when on the aVt~rage 42 percent ($7.0 billion) fell into this category. In regard to maturities, approximately 61 percent ($12.4 billion) of the loans carried maturi ties over 7 years which is lower than the 66 percent ($10.9 billion) average for the preceding four quarters. Although loans with maturities in the over 5-7 year range fell to 12 percent ($4.8 billion), more than 16 percent ($3.2 billion) of the loans carried maturities in the 3-5 year range. During the preceding four quarters loans with maturities in the over 5-7 year range accounted for 16 percent ($2.7 billion) and those in the over 3-5 year range accounted for only 6 percent ($1 billion).

25. The interest rate for Eurodollar deposits showed an increase over last quarter. The six-month Eurodollar deposit rate, based on prime banks' bid rates in London at or near end-of-month, rose from 11.12 percent in July, to l2.12'percent in August and 12.75 percent in September.

Industrialized.Countries

26. Industrialized countries borrowed $4,806 million in the Euro-currency credit market during the third quarter, an amount 13 percent higher than the previous quarter ($4,254 million), but 18 percent lower than the average for the preceding four quarters ($5,850 million).

27. Among the 14 industrialized countries which borrowed tn the Eurocurrency credit market this quarter, US borrowers raised the largest amount ($1,288 million). They are reportedly turning to the Eurocurrency credit market as an alternative source of funds as a result of a domes-tic credit squeeze. US borrowers who raised large amounts were: Associates Corp. of North America ($300 million); Amdahl Corp. ($260 million); and American Petrofina Exploration Co. ($180 million).

28. In Italy, 13 borrowers raised close to $1,000 million. A $200 million loan was secured by Finsider, Italy's state-owned steel company. The loan, increased from an original $100 million due to oversubscription, carries a term of 8 years with interest rate spreads over LIBOR of 5/8 to 3/4 percent. Also raising a $200 million loan at identical terms was Istituto per la Ricostruzione Industriale. The loan will be used to finance the borrower's overall industrial investment program. Meriting attent ion 1S the fac t that the loan was totally managed and provided by J apaeese banks. This loan appears to be an exception to the Japanese Ministry of Finance 30 percent participation guidelines for Japanese banks. A third $200 million loan was raised by the state-owned industrial holding company, Ente Partecipazioni e Finanziamento Industria Manifaturiera. The loan was negotiated at a term of 10 years with interest rate spreads over LIBOR ranging from 1/2 to 7/8 percent, and will be used for general capical expenditure purposes.

- 9 -

29. Four borrowers in Denmark raised a total of $731 million. The largest amount, for $600 million, was raised by the Kingdom of Denmark. The 10-year loan carries a spread of 1/2 percent over LIBOR.

30. purposes. a term of

The Republic of Ireland raised $400 million for general budgetary Like the Kingdom of Denmark, this borrower was able to secure

10 years with an interest rate spread over LIBOR of 1/2 percent.

31. Among the industrialized countries, private non-financial enter-prises borrowed $2,178 million (45 percent). Large amounts were also raised by central governments $1,000 million (21 percent); other public financi.1l institutions $585 million (12 percent); and public non-financial enterprises $543 million (11 percent).

32. Borrowers raising the largest amount of funds during the third quarter were those whose main purpose is bank and finance $803 million (32 percent). Large amounts were also raised by borrowers whose main purpose is classified as industry $744 million (29 percent); 'general' $469 mi llion (18 percent); and pubIc and community services $274 million (11 pere ent).


33. Publicized Eurocurrency credits to developing countries totaled $12,24 I t million during the third quarter, an amount 28 percent higher than lHst quarter ($9,565 million), and 30 percent higher than the aver-age fot the preceding four quarters ($9,433 mi 11 ion). Of the total amount borrowed by developing countries intermediate and lower middle income countries raised the largest amount $6,513 million (53 percent), followed by high and upper middle income countries $4,443 million (36 percent), low income countries $747 million (6 percent), and capital surplus oil-exporting countries $540 million (4 percent). A total of 43 developing countries borrowed during the third quarter. Large amounts were raised by borrowers in Mexico ($2,599 million); Brazil ($1,159 million); the Republic of Korea ($911 million); Yugoslavia ($845 million); Venezuela ($768 million); and Spain ($666 million).

34. In Mexico, nlne borrowers raised a total of $2,599 million. The copper mining company, Cia Mexicana del Cobra SA raised a $660 million two-tranche loan. The first tranche, for $500 million, is guaranteed by Nacional Financiera SA and will be used to refinance two previous loans. The second tranche, for $160 million, carries no official guarantee but is secured by copper sales. This second tranche is to be used to finance the development of La Caridad copper mine. Both tranches carry identical terms of 10 years at 3/4 percent over LIBOR. These same terms were also secured by two other Mexican borrowers this quarter, Banco Nacional de Obras y Servicios Publicos SA for $600 million and Banco Nacional de Credito Rural SA for $500 million.

- 10 -

35. Eleven Brazilian borrowers raised $1,159 million. Light-Servicos de Electricidade SA raised a $200 million two-tranche loan to finance capital expenditures. The first tranche, for $100 million, was negotiated at 12 years and a 3/4 percent spread over LIBOR. The second tranche carries a term of 15 years with interest rate spreads of 1 to 1-1/8 percent. Both tranches are guaranteed by the Brazilian government. Also raising a two-tranche loan was Itaipu Binacional for $160 million. The evenly split tranches carry terms of 12 years at 3/4 to 7/8 percent and 15 years at 1 to 1-1/8 percent. Itaipu Binacional, a hydroelectric project jointly owned by Brazil's Centrais Electricas Brasileiras SA and Paraguay's Admin-istracion Nacional de Electricidad SA, has borrowed approximately $230 million in the Eurocurrency credit market in the past two years. The City and State of Rio de Janeiro each raised $150 million. Both loans carry ident ical terms (12 years at 3/4 percent over LIBOR) and both were lead-managed by the Bank of Montreal.

36. In Korea, the Korean Development Bank raised a loan for $600 mi Ilion (10 years at 5/8 to 3/4 percent). The loan, increased from an original $300 million, will be used to provide foreign exchange funds for on-lending to Korean industries.

37. ~orrowers in Yugoslavia raised $845 million during the third quarter. The largest amount, for $305 million, was secured by a group of Yugoslav banks to refinance earlier credits. A $200 million loan was obtained by Udruzena Beogrodska Banka. The loan is part of a $700 mi I-lion loan package to finance a large-scale steel development project. The remaining portion of $500 million was provided by UK's Export Credit Guarantee Department.

38. Also meriting attention this quarter is the $487 million in loans raised by borrowers in Nigeria. During the past few months, Nigeria has completed quite a number of smaller project-related credits, rather than raising one jumbo loan as was done in the past. This is reportedly due to the difficulties Nigeria experienced in raising its $750 million jumbo loan last year. In the third quarter, funds were obtained by the Republic of Nigeria for $140 million; Sokoto-Rima River Basin Development Authority for $100 million; State of Lagos for $90 million; and Benue Cement Co. for $50 mi llion. Terms secured by these borrowers were, for the mos t part, in the range of 8 years with a 1 percent spread over LIBOR.

39. Two countries which entered the Eurocurrency credit market for the first time were Ethiopia and Lesotho. The Ethiopian Airlines raised a $14 million loan for the purchase of Boeing aircraft. The 10-year loan was negot iated at a spread of 1-7/8 percent. The funds were raised as part of a $30 million financing package which includes a $16 million loan from the US Eximbank. The Kingdom of Lesotho obtained a $10 million 5-year loan managed by Bank of America. The loan was secured at a spread of 1-3/4 percent over LIBOR.

- 11-

40. Among the developing countries, public non-financial enterprises borrowed $4,212 million (34 percent), and private non-financial enter-prises borrowed $2,312 million (19 percent). Large amounts were also raised by other public financial institutions $1,940 million (16 percent) and central governments $1,860 million (15 percent).

41. During the third quarter 6 borrowers whose main purpose is classi-fied as bank and finance borrowed the largest amount $3,366 million (28 percent). Large amounts were also raised by those borrowers whose main purpose is classified as public utilities $2,672 million (22 percent); 'general' $2,160 million (18 percent); and industry $1,313 million (11 percent).

Other Borrowers

42. Centrally planned countries and organizat ions borrowed $3,193 million during the third quarter, twice the amount raised in the last quarter ($1,484 million), and more than twice the average for the pre-ceding four quarters ($1,165 million). In the People's Republic of China, the Ba~k of China raised $2,150 million. Most of this, approximately $2,000 million, came from a syndicate of Japanese banks. Terms negotiated on the loan (4-1/2 years at 1/2 percent) were generous for this relatively new bOl~rower in the Eurocurrency credit market. Comecon's International Invest~ent Bank raised a $600 million loan to refinance a 1911 loan. Also raising funds for refinancing was Poland's Bank Handlowy w Warszawie SA. The DMIOO million ($55 million) loan carries a term of 3 years and an interest rate spread over LIBOR of 1/8 percent.

TABLE 1.1

CA TEGORY OF BORROWING COUNTRY

INDUSTRIALl ZED

DEVELOPING

OIL EXPORTING HIGH & UPPER MIDDLE INfER. & LOWER MIDDLE LOW

CENTRALLY PLANNED INT. ORGANIZATIONS OTHERS

ALL CATEGOPI ES

INDUSTRIALIZED

DEVELOPING

01 L EXPORTING HIGH & LIPPER MIDDLE * INTER & LOWER MIDDLE* LOW

CENTRALLY PLANNED INT. ORGANIZATIONS OTHERS

ALL CATEGOPI ES

PERCENT OF DEVELOPING

*

BORROWING IN INTERNATIONAL CAPITAL MARKETS BY TYPE OF LOAN, CATEGORY OF BORROWING COUNTRY AND BORROWING COUNTRY

THIRD OTR 1979

FOREIGN BONDS INTERNATIONAL BONDS

PUBLIC PRIVATE TOTAL PUBLIC PRIVATE TOTAL

AMOUNT BORROWED (US$ MILLIONS OR EQUIVALENT)

1,377.1

187.3

91.5 95.8

18'. 1 875.6

48. 1

1,470 9 2,848.0

206.3 393.6

133.3 224.8 73.0 168.8

18. 1 999.3 1,874.9

48.

1.964.0

669.0

316.8 326 8 '25.4

30.0 310.1

25 0

815 9 2~779.9

11.0 680.0~

11 .0 327.8 326.8 25.4

30.0 617.6 927.7 118.0 143.0

2.506.2 2.676.5 5.182.7 2.998.1 1.562.5 4.560.6

54.9

7.5

) 48.9) 51 . 1 )

I

0.7 34.9

1.9

100.0

55.0

7.7

- ) 64.6) 35.4)

- )

37.3

100.0

DISTRIBUTION OF AMOUNT BORROWED (PERCENT OF TOTAL)

55.0

7.6

- ) 57. 1 ) 42.9)

)

0.3 36.2 o 9

100.0

65.5

22.3

- ) 47.4) 48.8) 3.8)

1.0 10.3 o 8

100.0

52.2

0.7

( -) (100.0) ( ) ( )

39.5 7.6

100 0

61.0

14.9

) 48.2} 48. 1 ) 3.7)

0.7 20.3

3.1

100.0

TOTAL BOf.JDS

PUBLIC PRIVATE TOTAL

3.341. 1

856.3

408.3 422.6

25.4

48.1 1,185.7

73.1

2.286.8 5,627.9

217.3 1.073.6

144.3 552.6 73.0 495.6

25 4

48. 1 1.616.9 2.802.6

118.0 191.1

5.504.3 4.239.0 9.743.3

60.7

15.6

} 47.7) 49.4) 3.0)

0.9 21.5

1.3

100.0

53.9

5. 1

- ) 66.4) 33.6)

- )

38. 1 2.8

100.0

57.8

11.0

- ) 51.5) 46.2) 2.4)

0.5 28.8

2 0

100.0

COMPONENTS MAY NOT ADD TO THE TOTAL BECAUSE OF ROUNDING

EURO-CURRENCY CREDITS

4.806.2

12,243.7

540.2 4.443 4 6,513.4

746.7

3. 192.6

55.7

20.298.2

23 7

60.3

4.4) 36.3) 53.2) 6.1)

15.7

0.3

100.0

TOTAL BONDS

AND CREDITS

10,434.1

13.317.3

540.2 4,996.0 7,009.0

772 1

3,240.7 2,802.6

246.8

30,041.5

34.7

44.3

4.1) 37.5) 52.6) 5.8)

10.8 9.3 o 8

100.0

I-' N

TABLE 1.2

CATEGORY OF CORROWING COUNTRY

BORROWING COUNTRY

INDUSTRIALIZED AUSTRALIA AUSTRIf, BELGIUM CANADA DENM~RK FINLAN[' FRANCE GERMANI, FED.REP. ICELAND IRELAND lfALY .JAPAN LUXEMBOURG NETHERLANDS NEW ZEALAND NORWAY SWEDEN UNITED KINGDOM UNITED STATES

TOTAL INDUSTRIALIZED

DEVELOPING OIL EXPORTING

OMAN SAUDI ARABIA

OF

UNITED ARAB EMIRATES

HIGH & UPPER MIDDLE ARGENTINA BRAZIL GREECE HONG KONG PANAMA PORTUGt,L SINGAPORE SOUTH AFRICA SPAIN URUGUA,'

BORROWING IN INTERNATIONAL CAPITAL MARKETS BY TYPE OF LOAN. CATEGORY OF BORROWING COUNTRt AND BORROWING COUNTRY

THIRD QTR 1979

(US$ MILLIONS OR EQUIVALENT)

FOREIGN BONDS

PUBLI

TABLE 1.2

CATEGOR'{ OF BORROWING COUNTRY

BORROWING COUNTRY

VENEZUELA YUGOSUVIA

INTER. & LOWER MIDDLE ALGERIf, CAMEROON CHILE CHINA. REP. OF COLOMBIA COSTA RICA ECUADOR HONDURAS IVORY COAST JORDAN KOREA. REP. OF M.4LA.YSI A MEXICO MOROCCO N1GERIA PAPUA NEW GUINEA PARAGUAY PERU PHILIPPINES THAILAND TUNISIA TURKEY

LOW BURMA ETHIOPIA INDONESIA KENYA LESOTHO MADAGASCAR MALAWI YEMEN ARAB REP.

TOTAL DEVELOPING

CENTRALLY PLANNED BULGARIA CHINA. P.R. OF


THIRD QTR 1979


FOREIGN BONDS INTERNATIONAL BONDS TOTAL BONDS ---- ------- --- ------- - - -------

PUBLIC PRIVATE TOTAL PUBLIC PRIVATE TOTAL PUBLIC PRIVATE TOTAL

25.0 25.0 25.0 25.0

35.0 35.0 35.0 35.0

49.6 49.6 49.6 49.6 73 0 73.0 100.0 100.0 100.0 73.0 173.0

21.8 21.8 21.8 21.8

100.0 100.0 100.0 100.0 46.2 46.2 45.0 45.0 91.2 91.2

25.4 25.4 25.4 25.4

187.3 206.3 393.6 669.0 11.0 680.0 856.3 217.3 1,073.6


767.7 844.8

53.5 204.0 50.0 51.0 10.0

253.5 20.0 13.5 15.0

910.7 97.3

2.599 0 250.0 487.1

35.0 7.0

408.0 445.3 184.8

11.7 407.0

18.4 14.0

425.0 200.0

10.0 11.3 50.0 18.0

12,243.7

82.2 2,150.0

TOTAL BONDS

AND CREDITS

767.7 844.8

25.0 53.5

239.0 50.0 51.0 10.0

253.5 20.0 13.5 15.0

910.7 146.9

2,772.0 271.8 487.1

35.0 7.0

408.0 545.3 276.0

11 .7 407.0

18.4 14.0

450.4 200.0

10.0 11 .3 50.0 18.0

13,317.3

82.2 2,150.0

I-' .p..

TABLE 1.2

CATEGORY OF BORROWING COUNTRY

BORROWING COUNTRY

CZECHOSLOVAKIA INT. INVESTMENT BANK POLAND

TOTAL CENTRALLy PL~NNED

INT. ORGAN!ZATIONS ASIAN DEV. BANK COUNCIL OF EUROPE ECSC EUROPEAN INVEST BANK IBRD lOB NORDIC INVEST BANK

TOTAL INT. ORGAN! lA T IONS

OTHERS EUROFIMA UNALL. BORROWERS

TOTAL OTHERS

ALL BORROWERS

BORROWING IN INTERNATIONAL CAPITAL MARKETS BY TYPE OF LOAN. CATEGORY OF BORROWING COUNTRY AND BORROWING COUNTRY

THIRD OTR 1979

(USS MILLIONS OR EQUIVALENT)

FOREIGN BONDS INTERNATIONAL BONDS TOTAL BONDS


18. 1 18. 1 30.0 30.0 48.1 48.1

18 1 18. 1 30.0 30.0 48 1 48.1

55.7 55.7 54.7 54.7 54.7 55 7 110.4 69.6 69.6 69.6 69.6

142.3 142.3 142.3 142.3 347.1 347 1 168.8 143.6 312.4 515.9 143.6 659.5 312.3 916.2 1.228.5 474.0 474.0 312.3 1.390.2 1,702.5 60.8 27.4 88.2 60.8 27.4 88 2 13. 1 13. 1 17.0 17.0 30.1 30.1

875.6 999.3 1.874.9 310.1 617.6 927.7 1.185.7 1.616.9 2.802.6

48.1 48.1 118.0 118.0 48.1 118.0 166.1 25.0 25.0 25.0 25.0

48.1 48.1 25.0 118.0 143.0 73.1 118.0 191. 1

2.506.2 2.676.5 5.182.7 2.998. 1 1.562.5 4.560.6 5.504.3 4.239.0 9,743.3


250.0 600.0 110.4

3.192.6

55.7

55.7

20.298.2

TOTAL BONDS

AND CREDI TS

250.0 600.0 158.5

3.240.7

110.4 69.6

142.3 659.5

1.702.5 88.2 30.1

2.802.6

166.1 80.7

246.8

30.041.5

I-' V"I

I

TABLE 2.1


INDUSTRIALIZED 1975-1976-1977'-1978"

1978-II 1978-111 1973 IV 1979-1 1979-11 1979- 1 II

DEVELOPING 1975* 1976* 1977* 1978*

1978 II 1978-JII 1978 IV 19791 1979- II 1979 III

OIL EXPORTING 1975* 1976* 1977* 1978*

1978-JI 1978 III 1978-!V 1979 - J 1979 II 1979-111

BORROWING IN INTERNATIONAL CAPITAL MARKETS BY TYPE OF LOAN. CATEGOR~ OF BORROWING COUNTRY AND BORROWING COUNTRY

1975 TO THIRD QUARTER, 1979



PUBLIC PRIVATE

4.366.8 4,945.1 4.662.2 8.172.7

2.737.2 914.6

1 .873 4 2,421.3 1,151. 6 1.377.1

317.8 700.6

1.226.4 1.459.8

533 6 279.8 449.2 402.6 111. 4 187.3

3.226.2 7.381 .5 5,153.7 4,535.9

1.293.8 1 . 354 .3

947.5 1,685.4 1.184.7 1.470 9

309 0 318 9 723.0

1.305.0

206.2. 212.2 308.4 295.4 271.2 206.3

14.7

TOTAL

7,593.0 12,326.6 9.815.9

12,709.6

4.031.0 2.268.9 2.820.9 4.106 7 2.336.3 2.848.0

617.8 1.019.5 1,949.4 2.765.8

739.8 492.0 757.6 698.0 382 6 393.6

14.7

PUBLIC PRIVATE

5.485 4 9,205.4

10.673.9 7.566 7

2.509.7 1.767.9 1,441.3 2,707.2 4.184.9 1,964.0

425. 1 1.123.5 2.405.2 2,408.5

434.7 470 5 697.4 526.6 541.6 669.0

9.9 25.0

25.0

2.605 7 1,598.2 2,302.9 2.123.8

881.3 296.8 410.8 452.5

44.7 815.9

236.6 193 2 401.3 916.6

374.3 264.7

10 0 205.9 30.0 11.0

42 2 36.6

36.6

TOTAL

8.0920. 1 10,803 6 12,976.8 9.690.5

3.391.0 2.064.7 1,852. 1 3,159.7 4.229.6 2.779.9

661.7 1.316.7 2,806.5 3.325.1

809.0 735.2 707.4 732.5 571.6 680 0

52. 1 61.6

61.6

PUBLIC PRIVATE

9.852.2 14. 150.5 15-.336.1 15,739.4

5.246.9 2.682.5 3.314.7 5.128.5 5.336.5 3.341.1

742.9 1.824.1 3.631.6 3,868.3

968.3 750.3

1,146.6 929.2 653.0 856.3

9.9 25.0

25.0

5,832 9 8.979 7 7,456.6 6,660.7

2.175.1 1.651. 1 1,358.3 2,137.9 1,229.4 2.286.8

536.6 512 1

1. 124.3 2,222.6

580.5 476.9 318 4 501.3

. 301.2 217.3

42.2 36.6

36.6

14.7

TOTAL

15,685.1 23. ho. 2 22.'792.7 22.400.1

7.422.0 4.333.6 4.673.0 7.266.4 6.565.9 5.627.9

1.279.5 2.336.2 4.755.9 6.090.9

1.548.8 1.227.2 1.465 0 1.430.5

954.2 1.073.6

52. 1 61.6

61.6

14.7

* INCLUDES LOANS WHICH HAVE NOT BEEN ALLOC~TED TO A SPECIFIC MONTH


4,521 8 7,434.9

11 .055. 1 30.351.5

7.984.2 6,716.9 9,536.7 2,891.1 4,253.7 4.806.2

13.004.9 18,131.4 20.145.2 37,583 3

8.736.1 8,760 6

11,312.2 8,094.4 9,564 6

12,243.7

70.4 243.6

1,572 6 1.322.1

628.6 80.0

321.5 74.9

146.3 540.2

TOTAL BONDS

AND CREDITS'

20,206.9 30,565.1 33,847.8 52.751.6

15.406.2 11.050.5 14.209.7 10,157.5 10,819.6 10.434.1

14.284.4 20,467.6 24,901. 1 43.674.2

10.284.9 9,987.8

12,777.2 9,524.9

10.518.8 13,317.3

70.4 243.6

1.624.7 1,383.7

628.6 141.6 321 .5 74.9

161 .0 540.2

I-' (j\

TABLE 2.1

CATEGORY OF RORROWING COUNTRY

HIGH & UPPER ~IDDLE 1975* 1976* 1977 1978*

1978-11 1978-111 1978 IV 1979-1 1979-11 1979-111

INTER. & LOWER MIDDLE 1975

LOW

1976 1977* 1978*

1978-11 1978-III 1978-IV 1979-1 1979 I I 1979 II I

1975* 1976-1977* 1978*

1978 II 1978 III 1978 IV 1979-1 1979- II 1979-111

BORROWING I~ INTERNATIONAL CAPITAL MARKETS BV TYPE OF LOAN. CATEGORY OF BORROWING COUNTRY AND BORROWING COUNTRY

1975 TO THIRD QUARTER. 1979

(iJst MILLIONS OR FQtJIVAl FNT I

FOREIGN BONOS INTERNATIONAL BONDS TOTAL BONDS

PUBLIC PRIVATE

242 8 300.0 968.6

1.127.6

465.9 279.8 291.0 209.3 82.4 91.5

75.0 400.6 257.8 332 2

67.7

158.2 156.0 29.0 95.8

37 3

121. 0 200 7 345 2 714.8

147.5 82.1

197.6 181.9 210.2 133.3

161 5 118.2 377 8 541.2

58.7 80 1

110.8 113.5 46.3 73.0

17.5

50.0

50.0

TOTAL

363.8 500.7

1.313.8' 1.842.4

613.4 361.9 488.6 391.2 292 6 224.8

236.5 518.8 635.6

. 873 4

126.4 80.1

269.0 269.5 75.3

168.8

17.5

50.0

50.0

37.3

PUBLIC PRIVATE'

269.3 641.7

1,396.5 1.442.2

226.5 257 7 411. 6 3Q3.0 401.6 316.8

155.8 481.8 998.8 862.1

208.2 162.8 231.6 223.6 140.0 326.8

79.2

25.0 54.2

25.4

208.3 39.2

100.3 424.5

57.0 114.5

10 0 205.9 30.0 11.0

28.3 154.0 258.8 455.5

317.3 113.6

TOTAL

477 6 680.9

1,496.8 1.866.7

283.5 372.2 421 6 509 9 431.6 327.8

184.1 635.8

1.257.6 1.317.6

525 5 275.4 231.6 223.6 140.0 326.8

79.2

25 0 54.2

25.4

PUBLIC PRIVATE

512 1 941.7

2.365.1 2.569.8

692.4 537.5 702.6 512.3 484.0 408.3

230.8 882.4

1.256.6 1.194.3

275.9 162.8 389.8 379.6 169.0 422 6

79.2

25.0 54.2 37 3

25.4

329 3 239.9 445.5

1.139.3

204.5 196 207.6 387.8 240.2 144.3

189.8 272.2 636.6 996.7

376.0 193.7 110.8 113.5 46.3 73 0

17.5

50.0

50.0

TOTAL

841.4 1.181.6 2.810.6 3.709.1

896.9 734.1 910.2 900.1 724.2 552.6

420.6 1.154 6 1.893.2 2.191.0

651.9 356.5 500.6 493.1 215.3 495.6

17.5

129.2

75.0 54 2 37.3

25.4

INCLUDES LOANS WHICH HAVE NOT BEEN ALLOCATED TO A SPECIFIC MONTH


5.859.9 10,346.4 9.665.0

15,442.4

2,809.9 4,317.3 4,015.2 3,067.4 4,927.3 4,443.4

5.393.9 6.899.3 8,352.0

18,972.9

4,881.9 4, 176. 1 6.389.0 4,877.1 3,768.4 6.513.4

1,680 7 642.1 555.6

1,845.9

415.7 187.2 586.5

75.0 722 .. 6 746.7

TOTAL BONDS

AND CREDITS

6.701 3 11,528.0 12.475.6 19.151.5

3.706.8 5,051.4 4,925.4 3,967.5 5,651.5 4,996.0

5,814.5 8,053.9

10,245.2 21,163.9

5,533.8 4,532.6 6,889.6 5,370.2 3,983.7 7,009.0

1,698.2 642.1 555.6

1,975.1

415.7 262.2 640.7 112.3 722.6 772.1

I-' -...J

TABLE 2.1


CENTRALLY PLANNED 1975* 1976* 1977* 1978

1978 II 1978-III 1978-IV 1979-1 1979-11 1979-III

INT. ORGANIZATIONS 1975*

OTHERS

1976* 1977* 1978*

1978 II 1978-III 1978-IV 1979-1 1979-11 1979-111

1975' 1976* 1977* 1978~

1978-II 1978-111 1978-IV 1979-1 1979 II 1979-III

BORROWING IN INTER~ATIONAL CAPITAL MARKETS BY TYPE OF LOAN. CATEGORY OF BORROWING COUNTRY ANO BORROWING COUNTRY

1975 TD THIRD QUARTER. 1979



PUBLIC PRIVATE

18. 1

2,0536 3 3.220 5 2.966.3 2.63807

26805 1.29100

501.0 515.2 651.5 875.6

176 6 165.0 5609

14 L 3

59.9 4405

41.7

48. 1

6.3

1. 35B. 2 1.972.1 1.782 1 3.067.3

333.7 1.630.4

960.2 168.5 749.0 999.3

lB.9 239.6 33.3 53.9

5.8 36.1 12.0 16.3

TOTAL

6.3

18. 1

3.894.5 5.192.6 4.748 4 5.706.0

602.2 2.921.4 1.461.2

683.7 1.400.5 1.874.9

195.5 404.6 90.2

195.2

65.7 80.6 12.0 58.0

48.1

PUBLIC PRIVATE TOTAL

140 5 47.0 93 5 3000

30.0

30.0

602.7 1,174.6 1.549.7 1.528.8

231. 5 517 .0 210.4 366.5 599.6 310.1

780 7 ,112 3 702.9 132.2

20 0 :t 4 . 0

154.5 46.3 25 0

60.0 25.0

15507

832.4 1.88B.6

B61.9 1.189.8

45.0 4BO.3 172.5 357.6

70 0 617.6

200 5 72.0

249.2 30.0

3000

3000

j. 435.1 3.063.2 2.411,6 2.718 6

276.5 997.3 382.9 724.1 669.6 927.7

5202 130.9 112.3

337.1 1.040.0 4304 175.6

20 0 24.0

43.4 43.4 154.5 46.3

118.0 143.0

PUBLIC PRIVATE

140.5 47.0 93.5 30.0

30.0

4B. 1

3,139.0 4,393.1 4.516 0 4.167.5

60.0 25 0

162.0

2,190 6 3.860.7 2.644.0 4.257.1

500.0 378 7 1.808.0 2.110. 7

711.41,132.7 881.7 526.1

1.251 1 819.0 1.185.7 1.616.9

255.3 277 3 759.8 273.5

79.9 68 5

196.2 46.3 73 1

71 . 1 239.6 370.4

9 7 03

5.8 36.1 55.4 16.3

l1B.0

TOTAL

200.5 72.0

255.5 30.0

30.0

48. 1

5.329.6 8.255.8 7.160.0 8.424.6

878.7 3,918.7 1.844. 1 1,407.8 2.070 1 2.802.6

326.4 516 9

1,130.2 370.8

85.7 104.6 55.4

212.5 46.3

191 . 1



2,663.4 2,371.4 2.691.0 3,743.7

801.8 600 0 895.0

1.680.0 1,484.2 3.192.6

65 0 377.0 197.0 181.7

31.7

150 0 160.0

298.5 388.6 97.0

165.0

40.0 25.0 5.0

30.0 100.5 55.7

TOTAL BONDS

AND CREDITS

2,863.9 2.443.4 2,946.5 3,773.7

831.8 600.0 895.0

1,680.0 1,484.2 3,240.7

5,394.6 8,632.8 7,357 0 8,606.3

910.4 3,918.7 1,994.1 1.567.8 2,070 1 2,802.6

'624.9 905.5

1,227.2 535 8

125.7 129.6 60 4

242.5 146.8 246.8

I-' 00

TABLE 2.1

CATEGORY OF bURROWING COUNTRY

ALL CATEGORIES 1975* 1976* 1977. 1978

1978-11 1978 II I 1978-IV 1979-1 1979-11 1979 III

BORROWING IN INTERNATIONAL CAPITAL MARKETS BY TYPE OF LOAN. caTEGORY OF BORROWING COUNTRY AN~ BORROWING COUNTRY


(US! MILLIONS OR [QUIVAL~Nr\


PUBLIC PRIVATE TOTAL PUB LI C PR I V ATE TOTAL PUBLIC PRIVATE TOTAL

7,397 5 4,903.3 12.300.8 6,732.4 3,787.9 10,520.3 14,129.9 8,691.222,821.1 9,031.2 9,912.1 18,943.3 11,662.8 3,705.0 15,367 8 20,694.0 13,617. 1 34,31 1 1 8,911.8 7.698.4 16,610.2 15,425.2 4.058.9 19.484.1 24,337.0 11.757.3 36,094.3

12,412.5 8.964. 1 21, 376.6 11 ,666 2 4.273.6 15,939.8 24.078.7 13.237.7 37.316.4

3.599.2 1,839.5 5.438.7 3.225.9 1.300.6 4.526.5 6.825.1 3.140 1 9.965.2 2,529.9 3.2330 5.762.9 2.779.4 1.041.8 3.821.2 5,309.3 4.274.8 9.584.1 2.823.6 2.228. 1 5.051.7 2,349.1 636.7 2.985 8 5.172.7 2.864.8 8.037.5 3,380 8 2, 165 6 5,546.4 3.754 8 1,016.0 4,770.8 7,135 6 3,181.6 10,317.2 1,914.5 2,204.9 4,119.4 5,372.4 144 7 5.517. 1 7,286.9 2,349 6 9,636.5 2.506.2 2,676.5 5.182 7 2.998.1 1.562 5 4,560 6 5,504.3 4,239.0 9,743.3



20,553.6 28,703.3 34,185.3 72.025.2

17 ,593 8 16.102.5 21.898.9 12,855.5 15.403.0 20.298 2

TOTAL BONDS

AND CREDITS

43.374.7 63,014.4 70.279.6

109.341.6

27.559.0 25,686.6 29,936.4 23.172.7 25.039.5 30.041.5

f-'

'"

TABLE 2.2

CA TEGORY OF BORROWING COUNTRY

BORROWING COUNTRY

INDUSTRIALIZED

AUSTRALIA 1975' 1975-1977' 1978*

1978 II 1978 III 1978-IV 1979 1 1979-II 1979 III

AUSTRIA 1975 1976'" 1977-1978*

1978-II 1978 III 1978-IV 1979-1 1979-II 1979- II I

BELGIUM 1975-1976' 1977* 1978*

1978-11 1978-III 1978 IV 1979-1 1979 II 1979 III

BORROWING IN INTERNATIONAL CAPITAL MARKETS B TYPE OF LOAN. CATEGORY OF BORROWING COUNTRY AND BORROWING COUNTRY


(US~ MILLIONS OR EOUIVALENT)



124.3 439.0 266.6 719.4

250 0

261.3 148.8

142.2 199. 1 349.4 444.4

181 . 1 150.9 59.9 95.2

170.7 71.3

18.5

38.4

17 2

202.5 15.0 42. 1

270.2

26.3 243.9

149.4

2013.8 188.4 301.9 487.8

69.4 88.0

192 3 125.5 26.5

124.6

19.2 205.4

326.8 454.0 308.7 989.6

276.3 243 9 251.3 298.2

349.0 387.5 651.3 932.2

250.5 238.9 252.2 220.7 197.2 195.9

18.5 19.2

205.4 38.4

17.2

252 3 483.8 576.1 476.9

126.9

100.0 30.0

236.9 235.9 509.6 218.9

50.0 134.5

80.0 40.0

29.2

110 5 118.4 138.8

10.0

373.6 82.5

271.9 222. 1

81.3 58 9

75.8

81.9

114.7 33.9

274.1

362.8 602.2 714.9 476 9

126.9

110 0 30.0

610.5 318.4 781.5 441.0

81.3 108.9 134.5 75.8 80.0

121.9

114.7 33.9

49.2

274.1

376.6 922.8 842.7

1.196.3

250 0 126 9 261.3 148.8 100.0 30.0

379 1 435.0 859.0 663 3

181. 1 200.9 194.4 95.2

250.7 111. 3

18.5

38.4

17.2 29.2

313.0 133.4 180.9 270.2

26.3 243.9

149.4 10 0

689.6 1.056.2 1.023.6 1.466.5

276.3 370.8 261.3 298.2 110 0 30.0

580.4 959.5 270.9 705.9 573.8 1.432.8 709.9 1.373.2

150.7 146.9 192.3

201.3 26.5

206.5

133.9 239.3

274.1

331.8 347.8 386 7 296.5 277.2 317.8

18 5 133.9 239 3

38.4

17.2 29.2

274.1



111. 5 20.0 49.0

799.2

164.2 168.0 55.0 20.0

131. 7 90.8

376.0

154 4 150.0

150.0

40.0

40.0

TOTAL BONDS

AND CRED.! TS

801. 1 1.076.2 1.072.6 2.265.7

440.5 538.8 316.3 318.2 241.7 126.8

1.335.5 705.9

1.587.2 1,523.2

481.8 347.8 386.7 296.5 277 2 317.8

18.5 133.9 239.3

78.4

57.2 29,2

274.1

N o I

TABLE 2.2

CATEGORY Of BORROWING COUNTRY

BORROWING COUNTRY

CANADA 1975' 1976' 1977* 1978*

1978- II 1978-111 978-IV

1979-{ 1979-11 1979-111

DFNMARK 1975~

1976+ 1977' 1978*

1978-11 1978-111 978-IV

1979-1 1979-11 1979-III

FINLAND 1975' 1976' 1977* 1978*

1978 II 1978- I II 1978-IV 979 I

1979 II 1979-111





PUBLIC PRIVATE

2.556.7 2.023 7 1.602.0 2.943.6

585.1 225.0

1,000.0 1.203 9

200.0 550.0

92.8 122.2 203.3 469.9

48.7 234.3

126.7 69.4 85.5

61.1 106.0 157.7 557 5

209 7 100.0 101.8

100.0

852 0 4.061.4 1,826 5

985 9

591 4 126.8 76.2

427 2

376 1 256.7

71.4

6.3

65.

44.1

174.5 132.4 89.9

115.6

36.4 53

2 0 22.1

125.0

TOTAL

3.408.7 6.085.1 3.428.:' 3.929.5

1.176.5 351.8

1,076.2 1.631.1

200.0 550.0

92.8 498.3 460.0

.541.3

55.0 234.3 65.1

126.7 113.5 85.5

235.6 238.4 247 6 673.

246 153 1 103 8 22.1

225 0

PUBLIC PRIVATE

829 2 2.857.9 1.880.7

443.5

393.5

350 0 6,15.8 277 1

93. 1 326.3 215.7 245 3

66 4

59.5 108.2 39.8 33.8

229.4 134.9 148.5 334.1

74.7

127.5 118.2 93.9 25.3

315.0 147.0 64.6

384.9

284.9

100.0

33.4

37.8 33.6

123.3 167.5

97 5 25.0 45 0

28 9 39 4

10 8

5.6

TOTAL

1.144.2 3.004.9 1.945.3

828.4

678.4

100.0 350.0 6L15.8

310.5

120.9 359.9 339.0 412.8

163.9 25.0

104.5 108.2 39.8 33.8

258.3 174.3 148.5 334.1

74.7

127 5 129.0 93.9 30 9

PUBLIC PRIVATE

3.385.9 4.881 6 3.482.7 3.387.1

978.6 225.0

1.000.0 1.553 9

845 8 827. 1

175.9 448.5 419.0 715.2

115.1 234.3 59.5

234.9 109.2 119.3

290.5 240.9 306.2 891 6

284.4 100 (\ 229.3 118.2 193.9 25.3

1.167.0 4,208.4 1.891. 1 1.370.8

876.3 126.8 176.2 427.2

33.4

37.8 409.7 380.0 238.9

103.8 25.0

110.1

44.1

203.4 171. 8 89.9

115 6

36.4 53 1

2 0 32.9

125.0 5.6

TOTAL

LI.552.9 9.090 0 5.373.8 4.757.9

1.854.9 351.8

1,176.2 1.981.1

845.8 860.5

213 7 858.2 799.0 954.1

218.9 259.3 69.6

234 9 153.3 119.3

493 9 412.7 396 1

1.007.2

320 8 153.1 231.3 151.1 318.9

30.9



88.0 935 0 512.0

9.580.6

3,306.0 722.9

3,301.7 300.0 405.0 95.0

341.0 802.7 873.2

2,334.6

224.9 45 5

1,540.1 250.0 140.0 730.7

399.0 300.0 314.0 550.5

208.5

142.0

30.0

TOTAL BONDS

AND CREDITS

4,640.9 10,025.0 5,885.8

14,338.5

5.160 9 1,074.7 4.477.9 2.281 1 1.250.8

955.5

554.7 1,660.9 1,672.2 3.288.7

443 8 304.8

1,709.7 484.9 293.3 850.0

892.9 712.7 710.1

1,557.7

529.3 153 1 373.3 151 1 318.9 60.9

N I-'

TABLE 2.2


BORROWING COUNTRY

FRANCE 1975-1976* 1977* 1978<

'97 '3-11 1978-111 1973-1V 1979 - I 1979 II 1979 III

GERMANY. FED.REP. OF 1975 1976* 1977-1978*

1978-11 1978-111 1978 IV 1979-1 1979-11 1979 III

ICELAND 1975~

1976* 1977* 1978*

1978-II 1978-III 1978-fV 1979 I 1979 II 1979-111

BORROWING IN INTERNATIONAL CAPITAL MARKETS BY TYPE OF LOAN. CATEGORY OF BORROWING COUNTRY AND BORROWING CUUNTRY


(USS MILLIONS OR EQUIVALENT'


PUBLIC PRIVATE

333.0 826 6 530.3 399.7

197 4

47.8 57.9

131. 3

92 2 80.7

62.0

9.6

240.7 674.6 262.9 129.0

17 4 65. 1 46.5 89.6

202.0

47.9 154.2 49.7 20.8

13.1 7.7

65.5

22.5 24.7

4.0

TOTAL

573.7 1.501.2

793.2 528.7

214.8 65. 1 46.5

137.4 57.9

333.3

140. 1 234 9

49.7 20.8

13. 1 7.7

65.5

62.0

32.1 24.7

4.0

PUBLIC PRIVATE:

1 . 126 2 1.225 7

960 7 645.2

255.0 210.0

34.4 220.2 520.3 209.8

80.0 150.0 218.7

118.7

100.0 200.0 125 0

13.6 33.9 40.9

\

102 6 90.0

152.4 1?9 4

110. 1

87.3 58.9 90.4

105.0

85.0

26.9

11.5

10.0

TOTAL

1.228 8 1.315 7 1 . 1 13. 1

774.6

255 0 320.1 34.4

220.2 520.3 209.8

87.3 138 9 240.4 323.7

203.7

100.0 226.9 125.0

25.1 33.9 40.9

10 0

PUBLIC PRIVATE

1.459.2 2.052.3 1.491.0 I,O~4 9

452 4 210.0

34.4 268.0 578.2 341.1

92.2 160.7 150.0 218.7

118.7

100.0 200.0 125.0 62.0

13.6 33.9 50.5

343 3 764.6 415.3 258

BORROWING IN INTERNATIONAL CAPITAL MARKETS BY TYPE OF LOAN. TABLE 2.2 CATEGORY OF BORROWING COUNTRY AND BORROWING COUNTRY

1975 TO THIRD QU6RTER. 1979

(US$ MILLIONS OR EQUIV6LENT)

tOTAL CATEGORY OF FOREIGN BONDS INTERNATIONAL BONDS TOTAL BONDS EURO- BONDS BORROWING COUNTRY - - - - - - -- ---- - -- - - ---- CURRENCY AND

BORROWING COUNTRY PUBLIC. PRIVATE TOTAL PUBLIC PRIVATE TOTAL PUBLI C PRIVATE TOTAL CREDITS CREDITS

IRELAND 1975' 34.4 34.4 34.4 34.4 351.1 385.5 1976- 20.2 20.2 38.4 38.4 38.4 20.2 58.6 460.5 519. 1 1977* 56.6 56.6 30.0 30.0 86.6 86.6 508.5 595.1 1978~ 83.3 83 3 83 3 83.3 676.2 759.5

1978 II 366.0 366.0 1978-111 83.3 83.3 83 3 83.3 83.3 1978-IV 310 2 310.2 1979-1 1979-11 39.3 39.3 39.3 39.3 39.3 1979-II1 437.5 437.5

ITALY 1975* 9.9 34.1 44.0 17.0 17 .0 9.9 51.1 61.0 120.0 181. 0 1976* 85.0 85.0 95.0 85.0 20.0 105.0 I'..) w 1977- 7.8 6' 8 69 6 230.0 230.0 237 8 61.8 299.6 778.6 1.078.2 1978" 64.2 26.2 90.4 135.0 135.0 199 2 26.2 225.4 2,567.0 2.792.4

1978-11 88.2 38.2 85.0 85.0 123.2 123 2 588.6 711 .8 1978-111 611.3 611. 3 1978 IV 26.0 26.0 26.0 26.0 889.5 915.5 1979 I 35.8 35.8 35.8 35.8 436.9 472.7 1979 II 149.1 j 49. 1 149.1 149.1 1,010.0 1.159.1 1979-II1 100 0 100.0 100.0 100.0 999.6 1.099.6

,JAPAN 1975< 172 9 340.1 513.0 958.8 179.6 1. 138.4 1,131.7 519.7 1.651.4 331.8 1,983.2 1976' 346.4 505.7 852.1 971.3 184.5 1, 155.8 1,317.7 690.2 2,007.9 369.4 2,376.3 1977* 421.5 312.4 733.9 1,078.4 116.2 1,194 6 1,499.9 428.6 1,928.5 67.5 1,996.0 1978- 70.0 1.224.3 1.294.3 1,285.4 214.2 1,499.6 1.355 4 1,438.5 2,793.9 86.2 2.880.1

1978-11 70.0 340.0 410 0 203.6 203.6 273.6 340 0 613 6 613.6 1978-III 238.4 238.4 453 5 85.3 538.8 453.5 323.7 777.2 15.0 792.2 1978-IV 304 7 304.7 444.1 108.9 553 0 444.1 413.6 857.7 857.7 1979 I 438 2 438.2 357.7 78.1 435.8 357.7 516.3 874.0 874.0 1979-11 757.4 757'.4 365 6 10.5 376.1 365.6 767.9 1.133.5 1.133.5 1979-111 202.4 774. 1 976 5 337.1 30.0 367.1 539.5 804.1 1.343.6 1,343.6

'* INCLUDES LOANS WHICH HAVE NOT BEEN ALLOCATED TO A SPECIFIC MONTH

TABLE 2.2


BORROWING COUNTRY

LI ECHTENSTE I N 1975 t 1976t 1977-1978*

1978-11 1978-111 1978-IV 1979-1 1979- II 1979-III

LUXEMBOURG 1975* 1976' 1977* 1978*

1978-11 1978-111 1978 IV 1979-1 1979-11 1979-111

NETHERLANDS 1975" 1976' 1977' 1978*

1978-11 1978-111 1978 IV 1979 I 1979-II 1979-III



IUSS MILLIONS OR EQUIVALENT)

FOREIGt~ BONDS INTERNATIONAL BONDS TOTAL BONDS

PUBLIC PRIVATE TOTAL PUBLIC PRIVATE TOTAL PUBLIC PRIVATE

,lB.9

13. 1

13. 1

32.7

43.3

31.8

74.6

126'. 1 180.3

180 3

198. 1 171.0

7 1 .1 7.6

7 6

59.0 74.7

18.9

13. 1

13.1

32.7 126. 1 180.3

180.3

241.4 171.0 102.9

7.6

7.6

59.0 149.3

108.0 455.2 48.0

48.0

40.0

181 8 135.9 155.0

100 0

24.9

217.2

98.0

119.2

27.8

256.3 189.5 254.6 228 3

lPO.9

37.7 26.9 24.2

175.5

132.9 455.2 265.2

146.0

119.2

67.8

438.1 325.4 409.6 228.3

100.9

37.7 26.9

124.2 175.5

lB.9

13'. 1

13. 1

140.7 455.2 48.0

48 0

40.0

225. 1 135.9 186.8

174 6

24.9 126. 1 397.5

98.0 180.3 119.2

27 .8

454.4 360.5 325.7 235.9

108.5

37.7 85.9 98.9

175 5

1< INCLUDES LOANS WHICH HAVE NOT BEEN ALLOCATED TO A SPECIFIC MONTH

TOTAL

lB.9

13. 1

13.1

165.6 5B 1.3 445.5

146.0 180.3 119.2

67.8

679 5 496 4 512.5 235.9

1OB.5

37.7 85.9

273 5 175 5


75.9 99.0

565.0

50.0 440.0 75.0

230.9 19.9

TOTAL BONDS

AND CREDITS

18.9

13. 1

13. 1

165.6 581.3 445.5

146.0 180:3 119.2

67.8

755.4 595.4 512.5 800.9

158.5 440.0 112.7 85.9

504.4 13S. 1

N +"-

TABLE 2.2

CArEGORY OF SORROWING COUNTRY

BORROWING COUNTRY

NEW ZEALAND 1975* 1976* 1977-1978'"

1978 II 1978-IIl 1978-IV 1979-1 1979- II 1979-1 II

NORWAY 1975* 1976-1977* 1978*

1978-Il 1978-II1 1978-IV 1979-1 1979 II 1979-III

SWEDEN 1975* 1976* 1977* 1978*

1978-11 1978-II I 1978 IV 1979-1 1979-11 1979-III



(l!S$ MILLIONS OR FQUIVAI.ENT,


PUBLIC PRIVATE TOTAL PUBLIC PRIVATE TOTAL PUELIC PRIVATE TOTAL

57. 1 32.2

250.5 63 0

71.8

60.4

252.4 377.3 402.1

1.095.3

388.7 95.5

286.0 316.2 137.5 214.2

118.0 178.4 349.5 491.8

352.1 15.9 55.3 60.0

291.7

57.5 100.5 154.2 250 1

155.6

198.4

259.5 281.0 768 5 408 4

12.3 226.0 65. 1

119.6

80.6

389.7 344.0 348.6

7.8

7.8

159.5 117.7 50.8

114.6 132.7 404.7 313. 1

155 6 71.8

258.8

511 9 658.3

1. 170.6 1.503.7

401.0 321.5 351.1 435.8 137.5 294.8

507.7 522.4 698.1 499.6

359.9 15 9 55 3

219.5 409.4 60.8

192.3 280.3 109.8 391.8

140.0

106 3

111. 4

336.0 656.2

1.046.7 955.9

451.0 174.8 86 6

316 3 273.0 100.0

512.0 476.6 820.1 241 9

74.0 20.0 82.8 25.0

231.2 114.5

235.8

29.9 33.6

33.6

54. 1

474.1 130.5 344.1 164.6

.60.6

49.9

116.4

48.5 11 1. 1 45.0

20.0

54.8

428 1 280.3 139.7 425.4

173.6

106.3 54 1

111. 4

810 1 786.7

1.390.8 1.120 5

511. 6 174.8 86 6

366.2 273.0 216.4

560.5 587.7 865.1 241 9

74.0 20.0 82.8 45.0

231.2 169.3

249.4 312.5 360.3 454.8

140.0

106.3 71.8

171. 8

588.4 1.033 5 1.448.8 2.051.2

839 7 2 7 0.3 372.6 632.5 410.5 314.2

630.0 655.0

1.169.6 733.7

426.1 35.9

138. 1 85.0

522.9 114.5

293.3 100.5 184. 1 283.7

33.6

155.6 54.1

198.4

542.7 413.0 544 4 738.5

173 6

261.9 125.9

370.2

733.6 1.322 0 411.51.445.0

1 . 112.6 2.561.4 573.0 2.624.2

72.9 226.0 65.1

169.5

197.0

438 2 455. 1 393.6

7.8

7.8

179.5 117 7 115.6

912 6 496.3 437.7 802.0 410.5 511. 2

1.068.2 1. 110. 1 1.563.2

741.5

433.9 35.9

138. 1 264.5 640.6 230.1



113'.0 200.0 538.8 460.0

350.0

15.0

207.5 470.0 623.4

1.189.8

443.9 331.9 299 0 629.2

15.0 350.0

281.8 439.7

1.375.7 1,861.0

615.0 176.3

1.059 7 132.0 155.0 50.5

TOTAL BONDS

AND CREDITS

655.7 613.0

1,083.2 1,198.5

173 6 350.0 261.9 140.9

370 2

1.529.5 1.915.0 3,184.8 3.814.0

1,356.5 828.2 736.7

1,431 2 425.5 861.2

1,350.0 1,549.8 2.938 9 2,602.5

1,048.9 212.2

1.197.8 396.5 795 6 280.6

N V1

BORROWING IN INTERNATIONAL CAPITAL MARKETS BY TYPE OF LOAN.

TABLE 2.2 CATEGORY OF BORROWING COUNTRY AND 80RROWING COUNTRY


(US$ MILL!ONS OR EOUIVALENT)

TOTAL CATEGORY .OF FOREIGN BONDS INTERNATIONAL BONDS TOTAL BONDS EURO BONDS BORROWING COUNTRY - - - - ------ - -- - ~----- --~--- - - - ------ CURRENCY AND

BORROWING COUNTRY PUBLIC PR1VATE TOTAL PUBLIC PRIVATE;. TOTAL PUBLIC PRIVATE TOTAL CREDI TS. CREDITS

SWITZERLAND 1975- 31.3 31.3 102.8 36. 1 138.9 102.8 67.4 170.2 170.2 1976' .164.0 28.2 192.2 164.0 28 2 192.2 192 2 1977' 22.5 22.5 22.5 22.5 22 5 1978* 84.0 84.0 84.0 84 0 84.0

1978-11 1978 III 1978-IV 84.0 84.0 84.0 84.0 84.0 1979-1 99.9 99.9 99.9 99.9 99.9 1979 II 100.0 100.0 100.0 100.0 100.0 1979-III

UNITED KINGDOM 1975- 250.0 72.6 322 6 165.5 210.0 375 5 415.5 282.6 698.1 601.9 1,300.0 1976' \80.8 310.2 491.0 626.3 125.0 751.3 807.1 435.2 1.242.3 2,179.0 3,421.3

N 0\

1977* 53 4 53.4 1,400.1 183.4 1,583.5 1,400. 1 236.8 1,636.9 2,476.2 4,113.1 1978* 578. 1 93.5 671.6 745.8 59.5 805.3 1.323.9 153.0 1 ,476 9 4,721.7 6,198.6

1978-11 403.1 15.8 418.9 284.8 9.5 294.3 687.9 25.3 713.2 1 . 427 . 1 2.140.3 1978-111 37.7 37 7 322.6 322.6 322.6 37.7 360.3 2,116 0 2,476.3 1978 1 V 40 0 40.0 22 9 22.9 22.9 40.0 62.9 854.5 917.4 1979 1 158.4 29.8 188.2 192.5 192.5 350.9 29.8 380.7 352.0 732 7 1979-II 49.8 49.8 321.1 321 1 370.9 370.9 368.8 739.7 1979 I II 30.4 :30.4 ,75.0 75.0 75.0 30 4 105.4 290.2 395.6

UN1 TED 5T A TES 1975' 23.5 118.9 142.4 231 . 1 82 1 313.2 254.6 201.0 455.6 572.2 1,027.8 1976* 27.6 27.6 285.0 120.0 405.0 285.0 147.6 432.6 406.8 839.4 1977'" 23.5 200 0 223.5 866 4 431.9 1.298.3 889.9 631 .. 9 1,521.8 848.0 2,369.8 1978* 224.3 150.0 374.3 1,096.3 197.5 1.293.8 1,320.6 347.5 1 ,668. 1 2,214.7 3,882.8

1978-11 150.0 150.0 315.0 30.0 345.0 315 0 180 0 495.0 320.0 815.0 1978-II I 93.0 93.0 410. 1 17.5 427.6 503.1 17.5 520. '3' 1.140.0 1,660.6 1978 IV 65.9 65.9 158.7 158.7 224.6 224.6 345.0 569.6 1979 I 156.7 156.7 690 0 100.0 790.0 846.7 100.0 946.7 711. 0 1,657.7 1979-11 1,040.1 1.040 1 1,040.1 1.040. 1 282.3 1,322.4 1979-1II 470.0 16.4 4R6 4 .170 0 j 6.1 ,180.4 1.287. S l,;i.""


TABLE 2.2

CATEGORY OF SORROWI~G COUNTRY

BORROWING COUNTRY

OIL EXPORTING

KUWAIT 1975* 1976 1977-1978-

1978 I I 1978 III 1978-IV 1979 I 1979-11 1979-111

OMAN 1975* 1976* 1977* 1978*

1978-11 1978-111 1978-IV 1979-1 1979 II 1979 I I I

QATAR 1975* 1976-1977-1978-

1978-11 1978-III 1978 IV 1979-1 1979-11 1979-IIl

BORROWING IN INTERNATIONAL CAPITAL MARKETS BY TYPE OF LOAN. CATEGORY OF BORROWING C00NTR, AND BORROWING COUNTRY

1975 TO THIRD QUARTER 1979

illS'!' M! LrnN' nR F0liTVAI F~H)

FOREIGN BONDS INTERNATIONAL BO~DS TOTAL BONDS

PUBLIC PRIVATE TOTAL PUBLIC PRIvATE TOTAL PUBLIC PRIVATE

25.0 36.6 61.6 25 0 36.6

25.0 35 6 61.6 25.0 35.6


TOTAL

61.6

61.6


20.0 lI6 0

186 0

69.0 80.0

64.1

13.0

150.0

350.0 275.0

100.0

175.0

TOTAL BONDS

AND CREDITS

20.0 46 0

247.6

69.0 141.6

64.1

13.0

150.0

350.0 275.0

100.0

175.0

N -..J

TABLE 2.2


BORROWING COUNTRY

SAUDI ARABIA 1975* 1976' 1977 i 1978'

1978-11 1978 III 1978-IV 1979-1 1979 II 1979-1 II

UNITED ARAB EMIRATES 1975* 1976* 1977 1978~

1978-11 1978-III 1978 IV 1979-1 1979 II 1979-III

HIGH & UPPER MIDDLE

ARGENTINA 1975-1976* 1977* 19 7 8*

1978- I I 1978 I II 1978-IV 1979-1 1979 II



(USS MILLIONS OR EQUIVALENT)


PUBLIC PRIVATE TOTAL PUBLIC PRIVATE TOTAL PUBLI C DR IVA TE

14.7 14.7

16.0 16 0

67.7 67 7

67.7 67.7

47. 1 20.3 67.4

9.9

43.0 183 7

30.0 81.4

103 e 108.6

42.2

15.0

9.9

42 2

43.0 198.7

30.0 81,4

103.8 108.6

9.9

43 0 251.4

6 7 .7 300 81.4

103.8 155.7

14.7

42.2

16 0

15.0

20.3


TOTAL

9.9

14.7

-:t2.2

16 0

43 0 :'66 4

67.7 30.0 81.4

1()3.8

176 0


36.6 126.8 179.9

137.9

42.0 74 9

130.0 40.2

6.3 187.0

1,036.8 681.2

321.7

104.5

16.3 350.0

34.4 895 5 828. 1

1,273 0

357.0 255.0 571 0 601.5 220.0

TOTAL BONDS

AND CREDI.TS

36 6 136.7 179.9

137.9

42.0 74.9

144.7 40.2

6.3 187.0

1,079.0 681.2

321.7

104.5

16.3 350.0

50.4 895.5 871.1

1,539.4

424.7 285.0 652.4 705.3 396 0

N 00

TABLE 2.2

CATEGORY OF RORROWING COUNTRY'

BORROWING COUNTRY

1979 III

BAHAMAS 1975* 1976* 1977* 1978*

1978 II 1978-III 1978 IV 1979-1 1979- II 1979-III

BAHR.A IN 1975* 1976'" 1977'" 1978~

1978-II 1978-111 1978-IV 1979-1 1979 I I 1979-III

BARBADOS 1975* 1976* 1977* 1978*

1978 I I 1978 III -1978 IV 1979-1 1979-11 1979-III

BORROWING IN INTERNATIONAL CAPITAL MARKETS B~ TYPE OF LOAN, CATEGORY OF BORROWING COUNTRY AND BORROWING COUNTRY


US$ MILLIONS OR EQUIVALENT)


PUBLIC PRIVATE TOTAL PUBLIC PRI VATE TOTAL PUBLIC PRI VATE

50.0 50.0 50.0

-",

INCLUD~S LOANS WHICH HAVE NOT BEEN ALLOCATED TO A SPECIFIC MONTH

TOTAL

50.0


221.3

10.0

20.5 60.0

60.0

10.0

10.0

TOTAL BONDS

AND CREOnS

271.3

10.0

20.5 60 0

60.0

10.0

10.0

N \0

TABLE 2.2


BORROWING COUNTRY

BRAZIL 1975-1976-1977* 1978'

1978-11 1978-III 1978 IV 1979 I 1979-11 1979 II I

CYPRUS 1975' 1976* 1977' 1978

1978- II 1978 III 1978-IV 1979 I 1979 I I 1979-III

FIJI 1975* 1976-1977* 1978*

1978-II 1978-II1 1978-1V 1979-1 1979 II 1979-111

BORROWING IN INTERNATIONAL CAPITAL MARKETS BY TYPE OF LOAN. CATEGOR' OF BORROWING COUNTRY AND BORRGWING COUNTRY

1975 TO THIRO QUARTER. 1979

(US$ MILLIONS OR EOUIVALENT)


PUBLIC PRIVATE TOTAL PUBLIC PRIVATE TOTAL PUBLIC PRIVATE

35 0 35.0 35.0 34.4 34.4 158.9 158.9 193.3

214.9 37.4 252.3 559.6 43.9 603.5 774 5 81.3 352 2 43 2 395.4 507.4 33.3 540 7 859.6 76.5

70.7 70.7 73.5 33.3 106.8 144.2 33.3 195.2 195.2 50.7 50 7 245.9 59.9 59.9 116.8 116.8 1'6 7

149.6 149.6 90.4 90.4 240.0 50.0 50 0 50.0

91 .5 91 5 151 8 151. 8 243 3

INClUDES LOANS WHICH HAVE NOT BEEN ALLOCATED TO A SPECIFIC MONTH

TOTAL

35.0 193.3 855.8 936.1

177.5 245.9 176.7 240.0

50.0 243.3


2.119.8 3,288.3 2,341 1 4.902.9

832.3 1,282.4 1,801.0 1,071.0 1.611.0 1,158.8

30.0 50.0

40.0 10.0

10.0

TOTAL BONDS

AND CREDITS

2. 154 8 3.481.6 3.196 9 5.839.0

1.009.8 1,528.3 1,977.7 1,311.0 1.661.0 1,402.1

30.0 50 0

40.0 10.0

10.0

w 0

EORROWINS IN INTERNATIC~A~ CAPITAL ~ARKETS BY TYPE OF LOA~.

TABLE 2.2 CATEGORy OF BORROWING CO~NTRY AND BORROWING COUNTR ;)75 TO THIR8 CCJARTER. 1979

~L!S

BORROWING IN INTERNATIONAL CAPITAL MARKETS BY TYPE OF LOAN, TABLE 2.2 CATEGORY OF BORROWING COUNTRY ANO BORROWING COUNTRY



TOTAL CATEGORY OF FOREIGN BONDS INTERNATIONAL BONDS TOTAL BONDS EURO- BONDS BORROWING COUNTRY - - - - - - - - - CURRENCY AND

BORROWING COUNTRY PUBLIC PRIVATE TOTAL PUBLIC PRIVATE TOTAL PUBLIC PR!VATE TOTAL CREDITS CRED'ITS

IRAN 1975~ . - . 245.0 245.0 1976- 30.0 30 0 30.0 30.0 931.9 961.9 1977' 81.0 81.0 81.0 81.0 1.760.5 1.841.5 1975- 42.2 43 2 25.4 25.4 6S.6 68.6 1 . 178. 1 1,246.7

1978- II 496.7 496.7 1978 II I 25.4 25.4 25.4 25.4 352.4 377 .8 19i5-IV 60.0 60.0 1979-1 1979- II 1979-111

IRAQ 1975* 500 0 500.0 1976 w N 1977' 1975* 180.0 180.0

1975-II 1975 II I 180.0 180.0 1978 IV 1979-1 1979-11 1979-111

ISRAEL 1975* 242.8 242.8 2.5 2.5 242.8 2.5 245.3 245.3 1976"" 231.7 !lS.S 320.5 30.0 30.0 261.7 SB.S 350.5 350.5 1977" 280.0 280.0 60 0 60 0 340.0 340.0 340.0 1975* 306.0 306.0 110.0 10.0 120.0 416.0 10.0 426.0 426.0

1975-II 78.6 78.6 78.6 78.6 78.6 1978 III 62.4 62.4 50.0 50.0 112.4 112.4 1 12.4 1978-IV 100 5 100 5 60.0 10 0 70.0 160.5 10.0 170.5 170.5 1979-1 30.0 30.0 30.0 30.0 30 0 1979-II 125 0 30.0 155.0 125.0 30.0 155.0 155.0 1979-111


BORROWING IN INTERNATIONAL CAPITAL MARKETS BY T~PE OF LOAN. CATEGORY OF BORROWING COUNTRY AND BORROWING COUNTRY

TABLE 2.2 1975 1'0 THIRD QUARTER. 1979

luSS MILLIONS OR EOUIVALENT)

TOTAL CATEGORY OF FOREIGN BONDS INTERNATIONAL BONDS TOTAL BONDS EURO- BONDS BORROWING COUNTRY ------ - - - - - CURRENCY AND

BORROWING COUNTRY PUBLIC PRIVATE TOTAL PUBLIC PRIVATE TOTAL PUBLIC PRIvATE TOTAL CREDITS CREDITS

LEBANON 1975* 4.9 4 9 4.9 4.9 22.5 27.4 1976,.. 1977 1978' 150 0 150.0

1978-11 150.0 150.0 1978 III 1978-IV 1979-1 1979- II 1979-111

NAURU. REP. OF 1975* 1976' 1977* 25.0 25.0 1978* 25.0 25.0 w

w 1978-11 1978-111 1978 IV 25.0 25.0 1979 I 1979 II 1979 III

PANAMA 1975- 130.0 130.0 1976* 13 9 13.9 13 9 13.9 151. 9 165.8 1977' 2.0 2.0 25.0 25.0 25.0 2.0 27.0 147 0 174.0 1978* 43.2 43.2 171. 9 171. 9 171. 9 43.2 215. ~ 553.5 768.6

1978 II 4.0 4.0 1978 III 102.0 102.0 102.0 102.0 315.0 417.0 1978 IV 22.0 22.0 22.0 22.0 22 0 1979- I 60 7 60.7 60.7 60.7 60.7 1979- II 50.0 50.0 50.0 50.0 135.0 185.0 1979-111 115.0 115.0 115 0 115.0 20.0 135.0

INCLUDES LDANS WHICH HAVE NOT BEEN ALLOCATED TO A SPECIF1C MONTH

BORROWING IN INTERNATIONAL CAPITAL MARKETS BY TYPE OF LOAN. TABLE

Documents

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