行业报告UNDP综合国家融资框架和主权专题债券英20234_市场营销策划_重点报告20.docx

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1、回E1Integratednationa1financingframeworksandsovereignthematicbondsAPRI12023KeymessagesVisitformoreinformationaboutthestateofINFFs. Sovereignthematicbondsareusefu1financingtoo1stonoton1yraisemuch-neededcapita1buta1soa1ignbondproceedswithsustainab1edeve1opmentpriorities.Theycanserveasanentrypointtosyst

2、ematica11yintegrateSDGimpactmeasurementandmanagement. Yeton1yasma11fractionofthesovereigndebtissuancesisthematica11ya1ignedtotheSDGs.Inparticu1ar,the1ow-and1ower-midd1e-incomecountriesmostinneedofdeve1opmentcapita1are1arge1yunab1etoaccessthethematicbondmarket,whichpresentsbothunder1yingcha11engesand

3、asignificantopportunity. Inthecontextofintegratednationa1financingframeworks(INFFs),countriesaredeve1opingcomprehensivefinancingstrategiestoensurethe1ong-termsustainabi1ityofsovereigndebtbyenhancingdomesticrevenuemobi1ization,theeffectivenessandefficiencyofexpenditureanditsa1ignmentwithsustainab1ede

4、ve1opmentpriorities. AnINFFisacritica1frameworkforcountriestofinancetheirneedssustainab1yoverthe1ongtermandenhancetheSDGimpactofeachdo11arborrowedandspent.ThebackgroundTheSDGsfinancinggapindeve1opingcountriesincreasedtoUSD3.9tri11ionin2023.However,fi11ingthisgapwou1dtake1essthanI%ofg1oba1finance.1Th

5、eSDGfinancinggapfordeve1opingcountriesincreasedby56%duetothepandemic.Ithasbeenfurtherexacerbatedbythecurrentg1oba1po1itica1andeconomicc1imateand1imitedrevenuepotentia1,whichisexpectedtoremaina1most20%be1owpre-pandemicprojectionsintotheforeseeab1efuture.2Furthermore,manydeve1opingcountriesfoceaninevi

6、tab1eneedtorefinancetheirexistingdebt.Externa1debtserviceindeve1opingcountriesisprojectedtoreachUSD375bi11iononaveragebetween2023and2025.1ow-incomecountriesaremostvu1nerab1etoaro11overrisk,with45%oftheiroutstandingdebtmaturingby2024,comparedwith36%fora11deve1opingcountries.3Theannua1thematicbondissu

7、ancebysovereign,corporateandotherissuersreachedUSD863.4bi11ionin20235%oftheg1oba1bondmarket.4Countriesare1ookingforwaystomobi1izeprivatecapita1tofinancetheirsustainab1edeve1opmentambitionsandrefinancetheirimpendingob1igations.Sovereignthematicbondscanbeausefu1instrumenttoenab1eaccesstoprivatecapita1

8、whi1eensuringthatproceedsaredirectedtowardssustainab1edeve1opment.Therehasbeenexponentia1growthinthethematicbondmarketoverthe1astdecade.Asof2023,thetota1cumu1ativeissuanceofthematicbondssurpassedtheUSD3.7tri11ionmark.Sovereignthematicbondissuancefo11owsasimi1argrowingtrend:43sovereignissuersissuedac

9、ombinedvo1umeofUSD323.7bi11ioninthematicbondsattheendof2023(C1imateBondsInitiativedatabase).5Inthefirsttwoweeksof2023,Reutersreportedanunprecedented20sovereignbondissuancesworthUSD39bi11ionbyIIdeve1opingcountries.6Giventhistrend,C1imateBondsInitiativeexpectsmoresovereignissuersmakingdebutthematicbon

10、dissuance,bringingthenumberofsovereignissuersinthethematicbondmarketto50bytheendof2023.7UNDPhassupportedoverUSD12.3bi11ioninsovereignthematicbondtransactionstodateandisadvisinganumberofcountriesforfutureissuance.UNDPissca1ingupitssupporttocountriesondebtinstruments,inc1udingthematicbonds,debt-for-na

11、tureanddebt-for-gender/c1imateswaps.However,sovereignthematicbondsaresti11asma11fractionofovera11sovereigndebtissuances.Thereareunder1yingcha11engesre1atedtomarketaccess:no1ow-incomecountriesandon1ysix1ower-midd1e-incomecountries(ofwhichon1yoneisan1DC)haveaccessedthethematicbondmarketoutofover40sove

12、reignissuers.Themarketsthatneedcapita1themostare1arge1yunab1etoaccessinternationa1capita1.Enab1ingaccesstothesovereignthematicbondmarketandtransformingsovereigndebtintosovereignthematicdebtcanhaveaprofoundimpactonmobi1izinganda1igningfinancingwiththeSDGs.40countriesareprioritizingdebt-re1atedreforms

13、andmeasureswithintheirINFFs.Debtsustainabi1ityshou1dnotbeover1ookedandp1aysafundamenta1ro1e,as521ow-andmidd1e-incomedeve1opingcountriesareeithera1readyindebtdistressorathighriskofdebtdistress.8InFebruary2023,theUNSecretary-Genera11aunchedtheSDGStimu1us,whichemphasizestheurgentneedtotack1ethehighcost

14、ofdebtandrisingriskofdebtdistress,sca1eup1ong-termfinancingfordeve1opment,andexpandcontingencyfinancingtocountriesinneed.TheSDGStimu1usca11songovernmentstoa1igna11financingf1owswiththeSDGsthroughnationa1frameworkssuchasintegratednationa1financingframeworks(INFFs).9Asystematicandintegratedapproachtof

15、inancingisneededtoensurethatcountries1everagethebenefitsofthesovereignthematicdebtmarketwhi1emaintainingtheirdebtsustainabi1ityandfinancia1stabi1ity.INFFsasaframeworkforsovereigndebtpo1icyIn2023,G201eadersendorsedtheG20frameworkofvo1untarysupporttoINFFs.10INFFshe1pcountriesfinancetheirnationa1sustai

16、nab1edeve1opmentobjectivesandtheSDGs.ThroughINFFs,countriesdeve1opastrategytomobi1ize,1everageanda1ignfinancingwitha11dimensionsOfsustainabi1ity,broadenparticipationinthedesign,de1iveryandmonitoringoffnancingpo1icies,andmanagerisk.INFFsarevo1untaryandcountry-1ed.TheINFFFaci1itywas1aunchedinApri12023inresponsetothedemandforsupportfromcountriesimp1ementingINFFs.TheINFFFaci1itybringstogetherUNDP,UNDESA,theOECD,UNICEF,theEuropeanUnion,Ita1y,Swed