of collective action clauses (CACs) in international bonds. This decision was shaped partly by Mexico's successful launch … of a bond subject to New York law but featuring CACs, and by subsequent issues with similar provisions from other … the future. It asks whether we can expect to see additional issuance by emerging markets of bonds featuring CACs, whether …

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 …

We estimate sovereign bond spreads of 28 emerging economies over the period January 1998-December 2011 and test the … ability of the model in generating accurate in-sample predictions for emerging economies bond spreads. The impact and … significance of country-specific and global explanatory variables on bond spreads varies across regions, as well as economic …

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 …

A structural vector autoregression model is developed to analyze the dynamics of bond spreads among a sample of mature … contribution on bond spreads from global market conditions (including funding liquidity, market liquidity, as well as credit and … changes in bond spreads over the sample, global market risk factors are fundamental driving forces during periods of stress …