Documents and Publications

Background Notes

Primary Dealer Systems: Provides guidance on how to design a primary dealer system so as to best meet the development needs of the market as well as the legitimate expectations of the parties involved. 

Repo Markets: Reviews the various types of repo instruments, and analyzes the different issues involved in its functionality in terms of the legal structure, market structure, accounting treatment, taxation and regulation. 

Liability Management: Reviews the various functions of liability management and illustrates usage of the main liability management instruments, especially buy backs and exchanges, with some country examples.

Securities Lending [Draft]: Provides an overview of items that need to be considered by debt management offices (DMOs) planning to provide a securities lending facility (SLF) to their Primary Dealers (PDs). *This note is still a work in progress*

Other Publications

• Euromoney Note 2011-2012 (PDF): Foreword by Anderson Caputo Silva, Catiana Garcia-Kilroy and Otaviano Canuto. “This article was originally published in The Euromoney Emerging Markets Handbook 2012. For further information, please visit www.euromoney-yearbooks.com/handbooks”
• Euromoney Note 2010-2011 (PDF): Foreword by Anderson Caputo Silva, Catiana Garcia-Kilroy and Otaviano Canuto. “This article was originally published in The Euromoney Emerging Markets Handbook 2011. For further information, please visit www.euromoney-yearbooks.com/handbooks”
• Public Debt Management in Emerging Market Economies: Has This Time Been Different? by Anderson Caputo Silva, Philip Anderson and Antonio Velandia-Rubiano. World Bank Policy Research Paper (August 2010)
• Reforming Government Debt Markets in MENA by Anderson Caputo Silva and Catiana Garcia-Kilroy. MENA Financial Flagship (January 2010)
• Euromoney Note 2009-2010 (PDF): "Unlocking debt market development in times of crisis"
  by Catiana Garc¡a-Kilroy and Anderson Caputo Silva. “This article was originally published in The Euromoney Emerging Markets Handbook 2009/10. For further information, please visit www.euromoney-yearbooks.com/handbooks”
• Gemloc Advisory Services Survey - "Key Priorities for Debt Market Development" (PDF) aims to capture a more refined map of TA demand through the survey questions that are organized along two dimensions: TA priority topics and types of TA. (June 2009)
• Government and Corporate Bond Market Development and the Crisis Impact (May 2009) (PDF)
• Euromoney Note 2008-2009 (PDF): "The Development of Deeper and more Liquid Local Currency Bond Markets" by Silva, A. C. and Garcia-Kilroy, C (2008) The Euromoney Emerging Markets Handbook 2008/09, pages 37-42.

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