Business/Investing Sovereign Default Risk Valuation: Implications of Debt Crises and Bond Restructurings (3540374485)

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Jochen Andritzky, "Sovereign Default Risk Valuation: Implications of Debt Crises and Bond Restructurings"

Past cycles of sovereign lending and default suggest that debt crises will recur at some point. In addressing debt crises, it has proven helpful to distinguish between situations of liquidity and insolvency. Solutions range from a voluntary debt swap to a soft or hard restructuring. This book shows why investors should reckon with similar credit events in the future. Insights gained from recent restructurings inspire the design of a valuation model for sovereign bonds. Using the distinction between hard and soft restructurings, the model draws parallels to the concepts of face value and market value recovery. An extension into credit default swap markets explains why bond and CDS spreads diverge during distress. This survey of the sovereign bond market provides investors with a useful toolkit for analyzing sovereign bonds and foreseeing trends in the international financial architecture. The result should be a better understanding of debt crises and more deliberate investment decisions.

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	Economics/Finances Stochastic Optimal Control, International Finance, and Debt Crises Jerome L. Stein “Stochastic Optimal Control, International Finance, and Debt Crises" Oxford University Press, USA \| 2006-06-01 \| ISBN: 0199280576 \| 304 pages \| PDF \| 1,2 Mb
	Business/Investing Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today Emerging Markets and Financial GlobalizationOxford University Press, USA \| 2006-06-01 \| ISBN: 0199272697 \| 208 pages \| PDF \| 1,7 MBBy examining data on sovereign bonds issued by borrowing developing countries in this earlier period and in t ...
	Business/Investing The Management of Bond Investments and Trading of Debt Dimitris N. Chorafas “The Management of Bond Investments and Trading of Debt" Butterworth-Heinemann \| 2005-06-30 \| ISBN: 0750667265 \| 448 pages \| PDF \| 1,1 MB Written for managers and professionals in business and industry, and using a ...
	Economics/Finances Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt Crisis Sovereign Debt at the Crossroads: Challenges and Proposals for Resolving the Third World Debt CrisisPublisher: Oxford University Press, USA \| ISBN: 0195168011 \| edition 2006 \| PDF \| 352 pages \| 1,17 mb Recent world events have created a com ...
	Economics/Finances Emerging Markets and Financial Globalization: Sovereign Bond Spreads in 1870-1913 and Today (Repost) Emerging Markets and Financial GlobalizationOxford University Press, USA \| 2006-06-01 \| ISBN: 0199272697 \| 208 pages \| PDF \| 1,7 MBBy examining data on sovereign bonds issued by borrowing developing countries in this earlier period and in t ...
	Economics/Finances Debt Defaults and Lessons from a Decade of Crises Author: Federico Sturzenegger (Author), Jeromin Zettelmeyer (Author)Publisher: The MIT PressPublish Date: January 31, 2007ISBN: 0262195534Pages: 397Product DetailsHardcover: 397 pagesPublisher: The MIT Press; 1 edition (January 31, 2007)Lan ...

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