Sovereign Default Risk Valuation

Name: Sovereign Default Risk Valuation
Brand: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
SKU: 9783540374480
Price: 276.01 RON
Availability: InStock

Implications of Debt Crises and Bond Restructurings

Autor: Jochen Andritzky

Limbă:

Legare: Carte broșată

Editura: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG

Disponibilitate: În depozitul extern

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Past cycles of sovereign lending and default in emerging markets suggest that debt crises will...

Informații despre carte

Autor

Jochen Andritzky

Limbă

engleză

Legare

Carte - Carte broșată

Publicat

2006

Pagini

251

EAN

9783540374480

ISBN

3540374485

Enbook ID

01562487

Editura

Springer-Verlag Berlin and Heidelberg GmbH & Co. KG

Greutate

392

Dimensiuni

164 x 14 x 16

Descriere completă

Past cycles of sovereign lending and default in emerging markets suggest that debt crises will recur at some point. In addressing debt crises it has proven helpful to distinguish between situations of illiquidity 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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Sovereign Default Risk Valuation

Implications of Debt Crises and Bond Restructurings

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Descriere completă

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