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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.

Government securities --- Financial risk --- Debts, Public --- Default (Finance) --- Effets publics --- Risque financier --- Dettes publiques --- Défaillance (Finances) --- Valuation --- Evaluation --- Banks and banking. --- Debts, Public. --- Default (Finance). --- Development Economic policy. --- Economics. --- Finance. --- Financial risk. --- Government securities. --- Investment & Speculation --- Finance --- Business & Economics --- Mathematical models --- AA / International- internationaal --- 336.311.2 --- 339.115 --- 336.312.3 --- Buitenlandse leningen van de overheid. --- Buitenlandse schuld. Debt Equity Swap in LDC. --- Solvabiliteit, kredietwaardigheid van de landen. Risicolanden. --- Défaillance (Finances) --- EPUB-LIV-FT LIVECONO LIVGESTI SPRINGER-B --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Mathematics. --- Management science. --- Macroeconomics. --- Public finance. --- Economic policy. --- Economics, general. --- Mathematics, general. --- Finance, general. --- Macroeconomics/Monetary Economics//Financial Economics. --- Public Economics. --- Economic Policy. --- Finance, Public --- Repudiation --- Debt --- Bonds --- Deficit financing --- Economic nationalism --- Economic planning --- National planning --- State planning --- Economics --- Planning --- National security --- Social policy --- Cameralistics --- Public finance --- Currency question --- Funding --- Funds --- Math --- Science --- Economic theory --- Political economy --- Social sciences --- Economic man --- Government agency securities --- Government bonds --- Public securities --- Treasuries (Securities) --- Treasury bonds --- Securities --- Business risk (Finance) --- Money risk (Finance) --- Risk --- Valuation&delete& --- Buitenlandse leningen van de overheid --- Solvabiliteit, kredietwaardigheid van de landen. Risicolanden --- Buitenlandse schuld. Debt Equity Swap in LDC --- Public finances --- Quantitative business analysis --- Management --- Problem solving --- Operations research --- Statistical decision --- Mathematical models.