Market survey of subnational finance in Asia and the Pacific

ADB Survey Team ADB's Asian Asian Development Bank asset classes billion bond markets borrowing capital flows capital markets cash flow central government clients collateralized debt obligation corporate credit default swaps currency debt decentralization demand for infrastructure developing countries Development Bank Development Finance emerging market enabling environment estimated feasible Framework global hedge funds IBRD income countries increasingly India infrastructure demand Infrastructure Development infrastructure investment infrastructure projects infrastructure services institutional investors Instruments and Modalities International Investment Bank LGUs LMIC loans long-term Manila market for SNF MDBs Modern Portfolio Theory multilateral national government nonsovereign public sector operational pension funds Philippines Pilot Financing portfolio players potential preferred infrastructure private sector Public Sector Financing public-private regulatory requirements SOEs sources SPVs Standard & Poor's Strategic subnational entities Subnational Finance sustainability systematic risk three tier groups transactions trends urban Uzbekistan Washington DC World Bank