By Whitney Debevoise, Neil Goodman and Carlos Pelaez, Arnold & Porter Kaye Scholer LLP ( May 2, 2017, 1:58 PM EDT) -- In order to finance their budgets, raise funds for infrastructure projects, or otherwise raise needed resources beyond tax revenues, governments throughout the world turn to the local and international capital markets. The sovereign bond market for both local currency-denominated and foreign currency-denominated instruments includes both traditional, stable issuers with investment-grade ratings and more volatile emerging markets issuers. Sovereign issuers are typically active in the beginning of the calendar year as finance ministries begin to address their funding needs. Thereafter, sovereigns typically analyze market conditions throughout the year to identify the optimal time for issuance based on trends in their yield curve against U.S. Treasury bonds (U.S. Treasurys) or other benchmark securities....
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