Despite the euphoria and hopes that followed the attainment of many Sub-Saharan African countries of the Heavily Indebted Poor Countries (HIPC) Initiatives, the region’s debt woe is at the center of global attention again less than 2 decades after the Heavily Indebted Poor Countries...

Sovereign debt restructurings are perceived as inflicting large losses to bondholders. However, many bonds feature high coupons and often exhibit strong post-crisis recoveries. To account for these aspects, we analyze the long-term returns of sovereign bonds during 32 crises since 1998, taking...

We examine effects of sovereign risk on bond duration in European and Latin American sovereign bond markets over the period 1996-2011. We compare the sovereign risk-adjusted duration for U.S. dollar-denominated sovereign bonds with their Macaulay duration for both investment- and...