Asking the Right Questions : Johannesburg Completes a Groundbreaking Municipal Bond Issue

Ngobeni, Jason

World Bank, Washington, DC

关键词: ACCOUNTING;    AMORTIZATION;    APARTHEID;    ASSETS;    BANK LENDING;   

RP-ID  :  44398

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

In 2004 the city of Johannesburg soldtwo municipal bond issues, among the very few such issues inAfrica. The bond issues marked the city's recovery fromnear bankruptcy in the mid-1990s. They have been followed byseveral more as well as an even more ambitious capitalfinancing program. Preparing for a first-time bond issuanceis complicated and time consuming. Johannesburg navigatedits way with remarkable success by asking the rightquestions and insisting on credible answers. Its path offersguidance and insights to other local governments consideringthe use of municipal bonds to finance infrastructure.