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    ASEAN+3 Bond Market Guide 2017 Lao People's Democratic Republic
    ASEAN+3 Bond Market Guide 2017 Lao People's Democratic Republic
    ASEAN+3 Bond Market Guide 2017 Lao People's Democratic Republic
    Ebook193 pages1 hour

    ASEAN+3 Bond Market Guide 2017 Lao People's Democratic Republic

    By Asian Development Bank

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    About this ebook

    ASEAN+3 Bond Market Guide provides an in-depth look at the region's bond markets. It explains the markets' legal and regulatory frameworks, specific characteristics, trading and transactions (including settlement systems), and other relevant information and data. The Bond Market Guide 2017 for the Lao People's Democratic Republic is the result of comments and contributions from ASEAN+3 Bond Market Forum members and experts, particularly in the Lao People's Democratic Republic. A highlight of this guide is an update on the development of the country's securities market.
    LanguageEnglish
    PublisherAsian Development Bank
    Release dateOct 1, 2017
    ISBN9789292579548
    ASEAN+3 Bond Market Guide 2017 Lao People's Democratic Republic

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      Book preview

      ASEAN+3 Bond Market Guide 2017 Lao People's Democratic Republic - Asian Development Bank

      I. Overview

      A. Introduction

      The purpose of this Bond Market Guide is to provide an update to current and future domestic, regional, and international market participants on the tremendous developments in the Lao People’s Democratic Republic (Lao PDR) securities market.

      The bond market of the Lao PDR was constituted in 1994 when the Government of the Lao PDR issued Treasury bills for the first time to help finance the annual budget deficit. The issuance of Treasury bills continues on a regular basis with the primary objectives of financing the budget deficit and repaying public debt. Treasury bills have been issued into the primary market through an auction channel and through the so-called over-the-counter method, which is distinct from the typical over-the-counter (OTC) secondary market (see also Chapter IV). The primary participants are commercial banks.

      The central bank, the Bank of the Lao PDR (BOL), began issuing BOL bills and bonds in 1992 with the objectives of carrying out monetary policy and managing the exchange rate. BOL bills and bonds are sold to central bank constituents, such as commercial banks and other financial institutions, and may be bought and sold in the secondary market among constituents. In addition, BOL conducts open market operations through its Banking Operations Department on a manual basis, using written contracts for three types of transactions: (i) repurchase (repo) agreement, (ii) discount, and (iii) collateralized lending.

      In the context of the objectives of the 6th Five-Year National Socio-Economic Development Plan, 2006–2010—which were to promote economic development, increase competitiveness, utilize comparative advantages, and strengthen the positive linkages between economic growth and social development—the Lao Securities Exchange (LSX) was formally established on 10 October 2010 and launched on 11 January 2011. The launching of the LSX was a historic milestone for the capital market in the Lao PDR. The LSX is expected to help attract the huge amount of capital necessary to develop the country, raise the long-term funds needed by companies, and promote the integrity of the Lao PDR’s financial markets.

      As for the legislative and regulatory framework, the Law on Securities was approved by the National Assembly in 2012 and introduced into the market in 2013. Pursuant to the Law on Securities, other decrees and subsidiary regulations were improved or created. With regard to the bond market, the Lao Securities Commission (LSC) introduced the Corporate Bond Regulation in 2014 and subsequently issued the Decision on Issuance of Corporate Bonds Abroad in 2016. For government bonds, the Ministry of Finance, Lao PDR (MOF) led the drafting of the Decree on Government Bonds, which was released in March 2017; these new government bonds will be listed on and traded at the LSX. Correspondingly, the LSX is developing a dedicated bond listing and trading platform, and will be amending the existing Regulation on Bond Listing after enactment of the new decree.

      To support sustainable economic development in the country, and capital market development in particular, the Government of the Lao PDR has approved the Strategic Plan on the Lao Capital Market Development, 2016–2025 that focuses on eight objectives:

      B. The 8th Five-Year National Socio-Economic Development Plan, 2016–2020

      The 8th Five-Year National Socio-Economic Development Plan, 2016–2020, which is also referred to as the 8th NSEDP, is a means of implementing the National Strategy on Socio-Economic Development until 2025 and the Government of the Lao PDR’s Vision 2030.¹

      According to statements contained in the Public Finance, Banking, and Capital Market (Finance) section of the 8th NSEDP, significant efforts have been made in the area of domestic debt service, including discount and bond issuance, of which LAK5,379 billion was in the form of discount, and LAK3,872 billion was in the form of 2-year and 3-year bonds. These efforts have contributed significantly to the reduction of the government’s debt service and the creation of a smooth environment for business

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