| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14575 |
| DP14575 Make-Wholes in Sovereign Bonds (Not sure why they are there, but they may be free) | |
| Mitu Gulati; Ugo Panizza | |
| 发表日期 | 2020-04-06 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | Unnoticed in the literature on sovereign bonds, an innovation has been taking place over the past decade and a half. Starting with a single issuance in 2006 by Mexico and two issuances by Brazil in 2007, a small number of issuers have been using what are known as “doomsday” or “make whole” call provisions. These are call options set deep out of the money at issuance, and therefore unlikely to ever be triggered. We report the birth and evolution of the clause over the past fifteen years and ask what drove its application to sovereign bonds. We also estimate its cost for the issuing country. It turns out, at least thus far, that it is free. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Make-whole call Doomsday call Sovereign bonds |
| URL | https://cepr.org/publications/dp14575 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543482 |
| 推荐引用方式 GB/T 7714 | Mitu Gulati,Ugo Panizza. DP14575 Make-Wholes in Sovereign Bonds (Not sure why they are there, but they may be free). 2020. |
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