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Pricing Contract Terms in a Crisis : Venezuelan Bonds in 2016
Carletti, Elena - 2017
As of this writing in June 2016, the markets are predicting Venezuela to be on the brink of default. On June 1, 2016 …, the 6 month CDS contract traded at about 7000bps which translates into a likelihood of default of over 90%. Our interest … combination with its near-default status, have created a natural experiment. This experiment has the potential to shed light on …
Persistent link: https://www.econbiz.de/10012969055
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The Puzzle of PDVSA Bond Prices
Colla, Paolo - 2016
Market reports in the summer of 2016 suggest that Venezuela is on the brink of default on upwards of $65 billion in …
Persistent link: https://www.econbiz.de/10012985927
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Asset Securitization Sukuk and Islamic Capital Markets : Structural Issues in These Formative Years
McMillen, Michael J. T. - 2013
After introducing some fundamental concepts of relevance to Islamic finance, this article describes investment funds used to make investments in the United States, lease (ijara) investment structures used for real estate investments in different jurisdictions (including the early development of...
Persistent link: https://www.econbiz.de/10013080821
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Contractual Enforceability Issues : Sukuk and Capital Markets Development
McMillen, Michael J. T. - 2013
This article considers the development of sukuk as the mainstay element of the "debt" or finance side of the Islamic capital markets. The two general types of sukuk are described: whole-business securitization sukuk; and asset secrutization sukuk. Differences between the conventional...
Persistent link: https://www.econbiz.de/10013080951
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Sovereign bond spreads and credit sensitivity
Schefer, Ricardo - 2020
Expectations of risky bond payments are unobservable and recovery rates for sovereigns are hard to estimate because they have no contractual claims to defined assets and samples of defaults are limited. A geometric version of credit spread is used to derive expected payments, dependent on...
Persistent link: https://www.econbiz.de/10012307696
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Sukuk in its Infancy : Misstep and Sequel
McMillen, Michael J. T. - 2013
This article discusses the 2008 "clarification" of the Sukuk Standard of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). The clarification was issued by the Shariah Committee of AAOIFI in response to a review of all outstanding sukuk at the time. The...
Persistent link: https://www.econbiz.de/10013079117
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Sukuk in the First Decade : By the Numbers
McMillen, Michael J. T. - 2013
This article presents research on all sukuk issuances from inception of the sukuk markets (pre-2001) to November of 2008 in terms of US dollar volume and number of issuances. It presents an analysis of those issuances by industry, structural type, structural type in each year, and tenor, among...
Persistent link: https://www.econbiz.de/10013079119
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Critical Factors for Stimulating Private Sector Sukuk Markets
McMillen, Michael J. T. - 2016
Sukuk issuances remain the most rapidly growing area of Islamic finance, a trend that shows no signs of abating in the near future. True private sector sukuk issuances - particularly rated issuances - and those outside the financial services (particularly the banking) area - are rare. Those that...
Persistent link: https://www.econbiz.de/10012995546
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Maduro Bonds
Gulati, G. Mitu - 2018
For multiple decades, activists have sought to institute an international legal regime that limits the ability of despotic governments to borrow money and then shift those obligations onto more democratic successor governments. Our goal in this article is to raise the possibility of an alternate...
Persistent link: https://www.econbiz.de/10012910990
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The Voting Prohibition in Bond Workouts
Roe, Mark J. - 2016
The Trust Indenture Act prohibits a binding vote of bondholders to change any core term-principal amount, interest rate, or maturity date-of a bond issue. In this Article, I show how the prohibition on a collective action clause inhibits a troubled company's ability to reorganize outside of...
Persistent link: https://www.econbiz.de/10013006354