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	Sovereign bond - Wikipedia, the free encyclopedia
		A sovereign bond is a bond issued by a national government denominated in a foreign currency.
		Bonds issued by national governments in the country's own currency are normally referred to as government bonds.
		Nations with very high or unpredictable inflation or with unstable exchange rates often find it uneconomic to issue bonds in their own currencies and so are forced to issue bonds denominated in more stable foreign currencies.
	en.wikipedia.org /wiki/Sovereign_debt (218 words)

	Sovereign bond (Site not responding. Last check: 2007-10-22)
		The risk of sovereign bonds varies widely with some bonds such as United States treasury bond s being considered among the safest investments known and others, such as the bonds of many developing nation s, are considered highly speculative.
		Sovereign Hill Sovereign Hill is an open-air museum, or historical park, situated in an early gold diggings area.
		Sovereign, USS The USS Sovereign, NCC-74222, is set in 2380, in the years following the end of Star Trek: Voyager universe, aboard the first Sovereign-class vessel to be built by Starfleet.
	www.serebella.com /encyclopedia/article-Sovereign_bond.html (631 words)

	Sovereign bond (Site not responding. Last check: 2007-10-22)
		A sovereign bond is a bond issued by a national government as opposed to a municipal bond which is issued by a subdivision of a national government.
		The risk of sovereign bonds varies widely with some bonds such as United States treasury bonds being considered among the safest investments known and others, such as the bonds of many developing nations, are considered highly speculative.
		Bonds issued by the UK government are called gilts.
	www.worldwidewebfind.com /encyclopedia/en/wikipedia/s/so/sovereign_bond.html (136 words)

	Sovereign_debt
		A sovereign bond is a bond issued by a national government as opposed to a municipal bond which is issued by a subdivision of a national government and as opposed to a corporate bond which is issued by a corporation.
		Sovereign bonds when denominated in the country's own currency are usually considered risk free when the risk is measured in the issuing currency.
		United States treasury bonds are denominated in US dollars and they are considered the safest US dollar investment known but most foreign investors in these bonds would have been disappointed in 2004 because the value of the dollar declined against most other currencies.
	www.tuxedo-shop.com /search.php?title=Sovereign_debt (341 words)

	"Sovereign Bonds"? Definition - DR1 Forums
		Bonds can be issued by a government or government agency.
		Government bonds are often referred to as sovereign bonds, examples of which are the Kingdom of Thailand bonds, Malaysia bonds and U.S. Government bonds (also known as Treasuries as they are issued by the U.S. Treasury).
		Within the sovereign category are quasi-sovereign bonds, which are securities issued by entities supported by the sovereign.
	www.dr1.com /forums/showthread.php?t=21570 (184 words)

	Sovereign bond (Site not responding. Last check: 2007-10-22)
		The risk of sovereign varies widely with some bonds such as States treasury bonds being considered among the investments known and others such as the of many developing nations are considered highly speculative.
		Common practice been that the government presents an exchange to its bond holders in an effort restructure the sovereign debt as has been case in Peru (1996) and Argentina (2001).
		It was only $3.97 when bundled with the "Best of Bond...James Bond, 40th Anniversary Edition" but that's $3.97 too much when you consider what this disk is. I took a chance thinking that it might contain some of the soundtrack the...
	www.freeglossary.com /Sovereign_bond (490 words)

	Sovereign Investment Bond
		If your bond is between $5,000 and $9,999 we can make one payment a year; between $10,000 and $24,999 we can make one payment a quarter; and $25,000 or over we can make regular payments every month.
		Sovereign Investment Bond has been designed to help your lump sum investment grow in the medium to long term, so it is best not to treat it as a short-term investment.
		Sovereign can change the provisions of the bond and its benefits if changes in the law affect the bond's liability for tax or the way in which the bond works.
	www.sovereign.co.nz /section54.asp (850 words)

	ArabDataNet.com news
		“Sovereign bonds bring into a country the financial resources of outsiders [if it’s a foreign-currency bond] and assuming these resources are put to practical use for the good of the country [e.g., infrastructure, replacing higher cost debt], then jobs and incomes can be created, benefiting the country,” Nye says.
		At the moment, Qatar leads the way in sovereign bond issues by being the first Arab issuer to offer a 10-year, $1 billion bond in 1999, which carried a spread of 395 basis points over US Treasuries and was oversubscribed.
		The $408.7 million bond, issued on May 27 of this year, has proven to be a milestone in the attempt to establish a local currency bond market.
	www.arabdatanet.com /news/DocResults.asp?DocId=5397 (1228 words)

	SSRN-Exit Consents in Sovereign Bond Exchanges by Lee Buchheit, Gaurang Gulati
		If a sovereign issuer finds it necessary to seek a restructuring of its bond indebtedness, it must therefore implement the restructuring by offering to exchange its old bonds for new debt instruments that reflect the new financial terms; a technique that inevitably risks leaving behind "holdout" creditors who may refuse to accept the proposed restructuring.
		This article suggests a less radical alternative: allowing the majority creditors to use the amendment clauses in their existing bonds to change certain non-payment terms contained in those bonds (such as financial covenants or waivers of sovereign immunity) as a means of encouraging prospective holdouts to participate in the exchange.
		Because the sovereign issuer solicits the consent of its creditors to amend the old bonds just as those lenders exchange their bonds for the sovereign's new debt instruments, this technique is referred to as an "exit" consent.
	papers.ssrn.com /sol3/papers.cfm?abstract_id=231511 (433 words)

	Sovereign bond (Site not responding. Last check: 2007-10-22)
		A sovereign bond is a bond issued by a national government as opposedto a municipal bond which is issued by a subdivision of a nationalgovernment.
		The risk of sovereign bonds varies widely with some bonds such as United Statestreasury bonds being considered among the safest investments known and others, such as the bonds of many developing nations, are considered highly speculative.
		Common practice has been that the government presents an exchangeoffer to its bond holders in an effort to restructure the sovereign debt, as has been the case in Peru (1996) and Argentina(2001).
	www.therfcc.org /sovereign-bond-29228.html (188 words)

	Sovereign bond - Open Encyclopedia (Site not responding. Last check: 2007-10-22)
		Hence situations when a nation defaults can be extremely complicated.
		Of course, default is very unlikely where a nation issues its bonds in its own currency as the government can simply print more of its own money if required.
		The Argentinian and Peruvian defaults were in bonds denominated in US dollars.
	www.open-encyclopedia.com /Government_bonds (226 words)

	Sovereign bond -- Facts, Info, and Encyclopedia article (Site not responding. Last check: 2007-10-22)
		Sovereign bonds when denominated in the country's own (The metal or paper medium of exchange that is presently used) currency are usually considered risk free when the risk is measured in the issuing currency.
		Nations with very high or unpredictable (A general and progressive increase in prices) inflation or with unstable (The charge for exchanging currency of one country for currency of another) exchange rates often find it uneconomic to issue bonds in their own currencies and so are forced to issue bonds denominated in more stable foreign currencies.
		Bonds issued by the (A monarchy in northwestern Europe occupying most of the British Isles; divided into England and Scotland and Wales and Northern Ireland) UK national government are called (A coating of gold or of something that looks like gold) gilts.
	www.absoluteastronomy.com /encyclopedia/s/so/sovereign_bond.htm (410 words)

	Sovereign bond (Site not responding. Last check: 2007-10-22)
		A sovereign bond is a bond issued by a national government as to a municipal bond which is issued by a subdivision a national government.
		Unlike a or even a municipal subdivision a nation file for bankruptcy.
		Capitol's "Best of James Bond -30th Anniversay" collection is still a definitive album...it is what an "anniversary" collection should be.
	www.freeglossary.com /Government_bond (490 words)

	Payback Time 2 (Site not responding. Last check: 2007-10-22)
		As a result, the impression that bonds are somehow safer--and for a time they were--has fueled a boom in the market for emerging market bonds.
		Investors in sovereign bonds now incorporate default risk into their pricing requirements, according to John Chambers, deputy head of sovereign ratings at Standard and Poor's.
		The bond restructurings by Pakistan, Ecuador and Ukraine were so small compared to the multi-trillion dollar global bond markets that they can't serve as a precedent for restructuring the bonds of much larger countries, warn some financial experts.
	www.jrn.columbia.edu /studentwork/reutersjournal/capmarts/pg27.html (701 words)

	The Constructive Role of Private Creditors (Site not responding. Last check: 2007-10-22)
		Sovereign governments, in contrast, do not operate under the threat of liquidation, and despite the strong rights that bondholders have on paper under New York, British, and other law, practical experience indicates that the enforcement of claims against sovereign governments is exceedingly difficult.
		Consequently, those in the business of issuing, underwriting, or investing in sovereign bonds are generally of the view that, if anything, international reforms should focus on making contracts easier to enforce and on facilitating the constructive involvement of bondholders and other private-sector creditors in debt-restructuring negotiations.
		According to the first deputy managing director of the IMF, a new approach to sovereign debt restructuring is needed because “in the current environment, it may be particularly difficult to secure high participation from creditors as a group, as individual creditors may consider that their best interests would be served by trying to free ride.
	www.cceia.org /viewMedia.php/prmID/1021 (3420 words)

	What Moves Sovereign Bond Markets? The Effects of Economic News on U.S. and German Yields - Federal Reserve Bank of New ...
		An analysis of the U.S. and German sovereign bond markets finds that the largest moves in yields are associated with U.S. announcements on labor market conditions, real GDP growth, and consumer sentiment.
		The announcements found to account for the biggest moves in yields in both the U.S. Treasury and German sovereign bond markets are the U.S. news releases on payrolls, the unemployment rate, and initial unemployment claims, as well as U.S. news on advance readings of real GDP and on reports of consumer sentiment.
		The largest effects on both the U.S. and German sovereign bond yields are associated with labor market news, advance readings of real GDP, and reports of consumer sentiment.
	www.ny.frb.org /research/current_issues/ci9-9/ci9-9.html (3564 words)

	Innovation in Boilerplate Contracts: An Empirical Examination of Sovereign Bonds
		Using a dataset of sovereign bond offerings from 1995 to early 2004, we test the importance of standardization for the modification provisions relating to payment terms.
		However, we provide evidence that after this initial lull (once investors and sovereign gained experience on the value of allowing modification of payment terms with less than unanimous consent), large shifts in contract terms followed, moving sovereign bond contracts even further away from UACs toward collective action clauses (CACs).
		We also report evidence that issuer's attorneys dealing with a high volume of sovereign offerings were the driving factor behind this delayed large shift in contract terms.
	repositories.cdlib.org /boaltwp/40 (276 words)

	GloriaMundi Resource Detail page (Site not responding. Last check: 2007-10-22)
		Recent experience has shown the importance of shocks in sovereign bond markets and the propagation of these shocks at the international level.
		Second, while most of emerging sovereign bond markets appear riskier than industrial stock markets, both share the fundamental asymmetry that extreme risks on the negative side (crashes) dominate extreme risks on the positive side (boom).
		Fifth, finally, we show that the main determinants of the probability of a co-crash are the geographical proximity, the similarity in financial situation (notably in terms of sustainability of debt) and the similarity in exchange-rate regimes.
	www.gloriamundi.org /detailpopup.asp?keywords=bond&ID=453055869 (210 words)

	New Straits Times : It's time to issue second sovereign bond, says bank @ HighBeam Research (Site not responding. Last check: 2007-10-22)
		IT is time for Malaysia to issue its second sovereign bond, a foreign institutional investor said.
		Fernandez said the market had been ready for new issues of sovereign bonds for more than 18 months and investors were looking for investment in line with the economic recovery.
		It is a question of when the sovereign bond wants to tap the market," he said during a media briefing prior to the Chase Asia Investor Conference 2000 in Kuala Lumpur yesterday.
	static.highbeam.com /n/newstraitstimes/february102000/itstimetoissuesecondsovereignbondsaysbank/index.html (226 words)

	Credit Sovereign Home Page
		In 1966, when Credit Sovereign opened its doors in Atlanta as a local real estate firm, the commercial real estate market was at the fraction of the current one.
		Credit Sovereign has grown with the industry, staying on the frontier, forming strategic and global alliances, providing premium service to its select group of clients and fortifying its position as a premium income property investment bank.
		Credit Sovereign's multi billion dollar truck record confirms that investment returns are direct result of proper capital structure of any real estate transaction.
	www.creditsovereign.com (309 words)

	Public Information Notice: IMF Board Discusses Collective Action Clauses in Sovereign Bond Contracts
		While collective action clauses remain the norm for bonds issued in the United Kingdom, roughly 70 percent of all outstanding bonds have been issued in jurisdictions (mainly New York and Frankfurt) where the use of majority restructuring provisions is not yet the norm.
		The first paper, "Collective Action Clauses in Sovereign Bond Contracts—Encouraging Greater Use," examined the reasons that collective action clauses have not been used in key jurisdictions, and assessed ways to overcome this resistance to change.
		Regarding the inclusion of innovative provisions in international sovereign bonds, many Directors noted that it is too early to draw conclusions, as a number of design features of these provisions are still unclear and the preliminary market reaction has been mixed.
	www.imf.org /external/np/sec/pn/2002/pn0277.htm (1733 words)

	Sovereign Bond Boom Seen Nearing the End (Site not responding. Last check: 2007-10-22)
		LONDON -- Russian sovereign bonds may be nearing the peak of a four-year rally that has reflected a turnaround in the country's economic fortunes since its August 1998 financial crisis, analysts said Tuesday.
		The country's international bonds have climbed steadily in price as Russia has restructured its economy in the wake of the crisis, which culminated in a devaluation of the ruble currency and a default on domestic debt.
		Russia's global bond due 2030 was trading at 86.125 percent of face value on Tuesday.
	dev.themoscowtimes.com /stories/2003/03/05/046.html (546 words)

	Tight Asian bond spreads blamed on default swaps
		Many Asian sovereign bond spreads are trading out of kilter with their ranking by the credit rating agencies and traders pin some of the blame on the rapid growth of the local credit derivatives market.
		They often cite Thailand's sovereign bond as the clearest example of a security now disconnected from its rightful place in the credit universe.
		The fact that Thai sovereign paper trades a little rich to its peers is often put down to supply and demand-- dollar-denominated sovereign Thai risk is relatively scarce.
	www.bradynet.com /bbs/thailand/100008-0.html (772 words)

	USCC Text Only Byrne Page (Site not responding. Last check: 2007-10-22)
		Although the analytical emphasis on sovereign ratings is primarily on default probability (or severity of loss for lowly rated countries such as Argentina), sovereign defaults are rare.
		Sovereign foreign currency securities are rated A3, indicating very low probability of default over a 5-10 year horizon, in Moody’s opinion.
		The number of issuers in a particular country having a rating by an international credit rating agency is a function of the existence of globalized corporations and the degree of development of the domestic capital markets and their integration into the world economy.
	www.uscc.gov /textonly/transcriptstx/txtesbyr.htm (1851 words)

	Australian Financial Review - China to issue sovereign bond (Site not responding. Last check: 2007-10-22)
		Because a sovereign bond is considered a nation's best credit risk, the pricing for China's issue will set a benchmark for future international fund-raising activities by Chinese companies.
		Indeed, the decision to press ahead with the new global bond offering suggests the government remains largely unfazed by the current debate surrounding the yuan.
		Demand is generally good for global bonds from China because they are rare and enthusiasm for China is running high.
	afr.com /articles/2003/09/28/1064687666906.html (587 words)

	Digital Chosunilbo (English Edition) : Daily News in English About Korea (Site not responding. Last check: 2007-10-22)
		Local institutional investors snapped up the 5-year KDIC bonds en masse, with heated competition for the new issues driving down the yield on 3-year government bonds to as low as 5.71% at one point.
		Meanwhile, with institutional investors trading corporate bonds, the yield rate on three-year corporate bonds dropped by 0.06% from the previous day to 7.67%.
		Consequently, the price of treasury bonds will remain strong for the time being.¡± Bond market experts forecasted that the expected cut in the call rate sometime next month would maintain the downward trend on the yield rate on treasury bonds.
	english.chosun.com /w21data/html/news/200101/200101170221.html (244 words)

	CSFB Launches Sovereign Bond (SBI) Index (Site not responding. Last check: 2007-10-22)
		NEW YORK, Dec. 1 /PRNewswire/ -- Credit Suisse First Boston is pleased to announce the launch of the Sovereign Bond (SBI) Index, comprised primarily of liquid, tradable Brady bonds, Eurobonds, and loans issued by Sovereign countries (Central Banks) which are rated A+ and lower by S&P and Moody's.
		The creation of this new index focuses on the diversification of the Sovereign bond asset class by constraining the par amount such that the largest percentage weight of any one Sovereign is no greater than 15%.
		For more information on CSFB's Sovereign Bond Index and related analytics, please contact Baldwin Smith at 212-325-5524 or Deepak Agnani at 212-325-1559 or visit the CSFB Research & Analytics website at http://www.csfb.com/research-and-analytics.
	www.forrelease.com /D20041201/nyw149.P2.12012004123614.11649.html (309 words)

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