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Commodity-Linked Bonds: A Potential Means for Less-Developed Countries to Raise Foreign Capital

Stable income. The interest income earned by bond funds is generally higher and more stable than the interest earned by investments such as money market funds,** certificates of deposit (CDs), or bank passbook accounts.*** Accordingly, many investors—particularly retirees—who need current income use bond funds for a substantial part of their investment portfolios. | Bank of Canada Banque du Canada Working Paper 2004-20 Document de travail 2004-20 Commodity-Linked Bonds A Potential Means for Less-Developed Countries to Raise Foreign Capital by Joseph Atta-Mensah ISSN 1192-5434 Printed in Canada on recycled paper Bank of Canada Working Paper 2004-20 June 2004 Commodity-Linked Bonds A Potential Means for Less-Developed Countries to Raise Foreign Capital by Joseph Atta-Mensah Monetary and Financial Analysis Department Bank of Canada Ottawa Ontario Canada K1A 0G9 jattamensah@bankofcanada.ca The views expressed in this paper are those of the author. No responsibility for them should be attributed to the Bank of .