sovereign bonds
Collective action clauses in sovereign bonds
... of sovereign bonds governed by the laws of England, Japan, and Luxembourg (Liu 2002), which together accounted for less than 40% of the bonds outstanding in 2003 (IMF ...
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Intensity of default in sovereign bonds: Estimation of an unobservable process
... This paper proposes a new approach combining a semi-nonparametric estimator in the framework of the Efficient Method of Moments, Gallant and Tauchen (1996) and a reduced-form model for pricing sovereign ...
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Have Irish Sovereign Bonds Decoupled from the Euro Area Periphery, and Why?
... Area sovereign bond markets is addressed in three ways, and in separate sections, ...a sovereign stress measure provided by the ECB (the Composite Indicator of Sovereign Stress (CISS)) are plotted ...
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Trustees versus fiscal agents and default risk in international sovereign bonds
... to sovereign bond contract drafting to ease restructuring after ...whether sovereign bonds issued under a trust structure indeed carry a higher default ...for bonds with collective enforcement ...
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Trustees versus Fiscal Agents and Default Risk in International Sovereign Bonds
... opportunistic sovereign defaults, and that the reallocation of enforcement rights to a trustee would in consequence destroy this deterrent and would therefore cause a deterioration of market ...whether ...
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Who's afraid of sovereign bonds? Bruegel Policy Contribution 2012/02, February 2012
... domestic sovereign debt held by domestic banks increased signifi- cantly between 2007 and 2011 in all countries with bonds that have been shunned by non-resi- dents (Greece, Ireland, Italy, Portugal and ...
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Individual enforcement rights in international sovereign bonds
... time. Sovereign bonds were hardly designed to be ...of bonds outstanding did not provide for any orderly procedure by which the financial terms of the instrument could be altered in times of ...
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Individual Enforcement Rights in International Sovereign Bonds
... of sovereign debt ...into sovereign bond contracts that would later be called collective action ...of bonds issued under the laws of England for many decades but were generally not used for ...
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The Implied Benchmark Rate in the Credit Default Swap Market of Sovereign Bonds
... Possible reasons driving each of these situations are: the difference in liquidity across market, and/or the difference in market demands. Based on my data, liquidity reason is excluded, although it can explain the ...
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Default probability estimation in small samples with an application to sovereign bonds
... The data are from Standard & Poor’s (2011b) and consist of 130 sovereigns observed over a total of 23,014 country-months. The dataset may thus appear not that small but the sample size per rating class is of course ...
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Individual versus Collective Enforcement Rights in Sovereign Bonds
... in bonds governed by the laws of England, Japan and Luxembourg, but their effectiveness was limited by the fact that almost all countries continued to issue bonds that required unanimous consent, such as ...
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Low long-term rates: bond bubble or symptom of secular stagnation? Bruegel Policy Contribution Issue n˚15 | 2016
... The main factors behind secular stagnation are found on both the supply side and on the demand side for savings. On the supply side, the last two decades have seen an increase in savings concentrated in the hands of ...
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ECB non standard policies and collateral constraints Monetary Dialogue July 2018 CEPS Special Report, 13 July 2018
... Government bonds constitute the most important source of collateral, for use in inter-bank and repo ...of sovereign bonds and they have ample other collateral should they want to borrow more from the ...
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The Management of Greek Sovereign Risk
... to sovereign default risk; sellers can be banks, insurance companies, and financial and non-financial ...on sovereign bonds basing on reporting institution is not ...
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Disequilibrium Pricing—Greek Euro Crisis
... Financial instability in Greece began in 2009 when the interest rates on Greek sovereign bonds surged; and this can be graphed in a “price disequilibrium” model. To explain how this came about, we create a ...
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Correlation between Maltese and euro area sovereign bond yields
... long-term sovereign bonds are a fundamental metric in financial markets, as they act as benchmarks in the pricing of long-term financial assets as well as in financial decision ...long-term sovereign ...
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The European Central Bank, machinic enslavement, and the Greek public sector
... the sovereign debt crisis; the dangerous effects of the rise of sovereign bonds on corporate bonds; and the incapability of banks to issue bonds in the time of ...
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The Correlation of Sovereign Rating and Bonds’ Interest Rate in EU Member States
... is sovereign rating (RATING) established by the rating agency Standard & Poor’s as a measure of risks associated to the borrower ...to sovereign bonds close to 10 years ...government bonds ...
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Why Is Sovereign Debt Restructuring a Challenge? The Case of Greece. Bruges European Economic Policy (BEEP) Briefing 24/2012
... In their widely quoted paper, Bulow and Rogoff (1989) argued that participants in financial markets are characterised by a very short memory when it comes to sovereign debt defaults or debt restructuring. “Debts ...
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The sovereign debt crisis that isn't: Or, How to turn a lending crisis into a spending crisis and pocket the spread ACES Cases No 2014 1
... national bonds, Trichet just told global financial markets that the ECB did not stand behind banking-book asset values, even of AAA sovereign assets, and they would not act as a classic lender of last ...
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