exchange any of the bonds permitted as deliverable against their par value. Unlike bonds, whose risk spreads are assumed to be … delivered bond's face value. This paper addresses the implications of the difference between bond and CDS spreads and shows the … recovery rates from CDS and bond markets, using data from Brazil's distress in 2002-03. Results are related to the observation …

interest-rate derivative markets, and their use by governments. Their stabilizing properties imply that, when bond prices fall … gains from hedging long-term bonds with interest rate derivatives. These bonds can help develop interest-rate derivative …This paper analyzes the price stabilizing properties of puttable and extendible bonds, their potential to help develop …

for the 1990s, when sovereign bond markets emerged. In contrast to the 1980s, the 1990s are characterized by significant … define debt crises as events occurring when either a country defaults or its bond spreads are above a critical threshold. We …

issue of critical size can be addressed through an integrated regional market for local currency bonds that provides greater …

-currency-denominated corporate bonds. The main findings are: (i) sovereign risk appears to be the single most important determinant of corporate …

bond. This reflects the combined effect of the 1980s debt crisis and much higher returns during 1989-2000. Annual returns … high-yield bonds. However, unlike returns on these bonds, emerging market debt returns do not seem significantly correlated …