macroeconomic fundamentals and sectoral net worth can affect the likelihood of undergoing default …

literatures on the costs and causes of defaults. It describes the adverse impact of sovereign default risk on the issuing …

This paper explores how selective default expectations affect the pricing of sovereign bonds in a historical laboratory …: the German default of the 1930s. We analyze yield differentials between identical government bonds traded across various … selective default probability can be priced in bond yield spreads. Selective default risk accounted for one third of the yield …