IFC injects $6.8m into EMBonds
The International Finance Corporation (IFC) and the Digital East Fund of Earlybird Venture Capital this week injected $6.8-million into EMBonds, the first electronic trading platform for emerging market bonds, to allow for the London-based system’s expansion across Europe and beyond.
The move had bolstered the acceptance of the recently launched electronic marketplace, which allowed buyers and sellers to trade directly.
EMBonds had already signed on 16 institutions in Turkey, Hungary, South Africa and Poland.
“Developing local capital markets is a strategic priority for IFC, as we realize that deep, efficient local capital markets are the foundation of a thriving private sector, the key driver of jobs and growth,” said IFC TMT, venture capital and funds department director Atul Mehta.
“IFC's involvement plays a catalytic role for other investors in EMBonds and for the acceptance of the trading system by potential clients, which will allow us to establish a strong base and further expand our business in emerging markets,” added EMBonds CEO Mehmet Artun.
EMBonds' trading system enabled banks in emerging markets to directly trade local bonds and eurobonds with international clients, including pension funds, hedge funds and asset managers.
While increasing market efficiency and transparency, it also enabled governments and corporations in developing countries to benefit from a more liquid and transparent market for their debt, which could reduce borrowing costs.
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