I D BI D B IADB_seminar This comparative advantage presents itself opportunistically Credit priced more aggressive to the sovereign in the local market Local market swap market must be available and liquid Basis risk between bonds and swaps Wide USD swap spreads and narrow local swap spreads Limited credit availability to deal in swaps Credit pricing can erode this advantage 10 C O M P A R A T I V E F U N D I N G A D V A N T A G E A P P L I C A T I O NC O M P A R A T I V E F U N D I N G A D V A N T A G E A P P L I C A T I O N
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