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Municipal Bonds for Infrastructure Development in South …

1 Discussion paper Municipal Bonds for Infrastructure Development in South Africa Dr Juergen Goebel GIZ and SALGA May 2017 Contents Foreword .. 2 What are Municipal Bonds ? .. 2 The Green Bond as a Special Type .. 6 What are Their Strengths and Weaknesses? .. 7 How have Municipal Bonds been Doing in the USA? .. 9 The History .. 9 Market Regulation: The Municipal Securities Rulemaking Board (MSRB) .. 10 The Electronic Municipal Market Access (EMMA ) Platform .. 10 Market Performance: The S&P Municipal Bond Index .. 11 How are They Doing in South Africa? .. 14 Regulation .. 14 The Policy Framework for Municipal Borrowing and Financial Emergencies .. 16 Current Debt Policy.

6 issuance risk. This means that it will keep those bonds which could not be sold under the terms and conditions suggested by it. Broker: The broker is the organizer and executor of the bond transaction.

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  Development, Infrastructures, Infrastructure development

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