Sovereign Investor Relations Programs: 2011 Update of Key Borrowing Countries
September 23, 2011 — This report provides a broad overview of the Investor Relations (IR) and data dissemination practices of the most active emerging market borrowers, offering investors a comprehensive comparative evaluation of communication and data dissemination practices for 38 countries and a guide to locating available information relevant to investors.
The number of countries with formal IR programs in place increased from 5 in 2004 to 15 as of September 2011. Panama and Uruguay institutionalized their IR activities in 2011 and have reinforced their outreach practices to investors. South Africa launched an IR website in the summer of 2011, enhancing further the country’s strong data transparency practices and IR practices The report also documents that, over the last year, Colombia, the Dominican Republic, Lebanon, and Morocco also improved investor relations practices.
The Dominican Republic Further Refines IR Practices
September 21, 2011 — In the context of gradual improvement in public debt management and transparent policy with international investors, the Dominican Republic is taking proactive measures aimed at enhancing sovereign IR practices. Authorities’ commitment to report their policy actions and intentions to the international financial community is demonstrated by recent non-deal roadshows conducted in major financial centers, including New York and London, with related presentation and background information available in the website of the Public Credit (PC) Unit.
Panama Institutionalizes Sovereign Investor Relations Program
September 15, 2011 — Panama is one of the most stable credits among Latin American sovereigns. Despite the relatively slow global recovery, the Panamanian economy continues to perform strongly, driven by private and public consumption and strong investment. Panama’s sovereign credit rating was elevated to investment grade in 2010. Positive rating actions and removal of the OECD Grey List reaffirm the Republic’s commitment to sound economic management while further consolidates Panama as a major financial center. Building on these achievements, the authorities launched an Investor Relations Program (IRP) in 2011 under the Public Credit Directorate of Panama’s Ministry of Economy and Finance (MEF) to deepen communication and develop relations with the investor community.
Group of Trustees of the Principles for Emerging Markets Meet in Istanbul, Turkey
October 4, 2009 —
Statement by the Co-Chairmen on behalf of the Group of Trustees.
Mr. Jean-Claude Trichet, President, European Central Bank
Mr. Henrique de Campos Meirelles, Governor, Central Bank of Brazil
Mr. Toshihiko Fukui, President of the Canon Institute for Global Studies and Former Governor of the Bank of Japan
IIF Publishes New Report on Investor Relations
April 28, 2008 — The Institute of International Finance (IIF) today published a new survey of investor relations and transparency in emerging markets. The report highlights the importance of good communications between market participants and public authorities.
The IIF work on sovereign Investor Relations (IR) and Data Transparency supports other initiatives of the Institute related to crisis prevention in financial markets, most notably the Principles for Stable Capital Flows and Fair Debt Restructuring in Emerging Markets. The Principles, agreed between sovereign issuers and investors in 2004, created a vital framework for strengthening emerging markets finance. A key component of this new framework is improved investor relations and data release by sovereign issuers.
The Dominican Republic Improves Data Transparency and Investor Relations Practices
March 10, 2008 — In a welcome step towards enhancing transparency in the country, the newly enhanced Ministry of Finance (MoF) website of the Dominican Republic has improved the organization and availability of economic information relevant to investors.
Comprehensive data on the country's external and public sector liabilities and central government operations is now available to investors interested in the Dominican Republic.
Morocco Launches Investor Relations Unit
December 31, 2007 — The government of Morocco has launched an Investor Relations Unit (IRO). The IRO has been established by the Department of Treasury and External Finance (DTEF) at the Ministry of Economy and Finance of Morocco to enhance Morocco's relationship with institutional investors. Building on investment grade status assigned last year, the newly created IRO strengthens authorities' efforts to support Morocco's standing in the international capital markets.
Gerin Improves Website Content
March 8, 2007 — The investor relations office, Gerin, at the Central Bank of Brazil has enhanced the content of its website to make information important to investors more easily accessible. With these improvements, Gerin has become the first individual office to score 38 out of 38 in prioritized terms. Brazil has been a market leader in investor relations practices for many years. In 2006, Brazil became the first sovereign to score 38 out of 38 in prioritized terms.
Belize Subscribes to GDDS
October 11, 2006 — On September 27, 2006, Belize began to participate in the IMF's General Data Dissemination System (GDDS). Belize's subscription to international standards supports the government's reform efforts to enhance its statistical capacity. Authorities have indicated a commitment to make continued progress in the quality, timeliness and coverage of Belize's statistics; however, Belizean authorities have not established a timeframe for SDDS subscription.
The Institute of International Finance Assesses Investor Relations and Data Transparency Practices in Emerging Markets
September 15, 2006 — Today, the Institute of International Finance (IIF) is publishing a new report Investor Relations: An Approach to Effective Communication and Enhanced Transparency, which provides detailed analysis of investor relations and data transparency practices by the most active emerging market borrowing countries.
Indonesia Launches Investor Relations Unit
February 7, 2006 — The government of Indonesia, in cooperation with the Institute's Sovereign Investor Relations Advisory Service (SIRAS), has launched an Investor Relations Unit (IRU). The IRU is a coordinated effort by relevant government agencies, including but not limited to Bank Indonesia, the Ministry of Finance, and the Coordinating Ministry for Economic Affairs to facilitate communication with the market.
Emerging market sovereign bond issuers strengthen investor relations & release more key data, but numerous countries still fall short of market needs
December 8, 2005 — The Institute of International Finance (IIF), the global association of financial institutions, today released a detailed report on the investor relations (IR) and data release practices of 30 leading emerging market borrowers. The IIF report found that a number of countries are now following best practice in data transparency and IR amid a generally improving overall trend. However, the report noted that gaps remain between the information and IR activities that investors are seeking and that many debtors are pursuing.
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