sovereign debt

  • News

    Neutral Reinforcement: S&P Takes Charm Offensive Up A Notch

    Standard & Poor’s campaign to get back into the good graces of the U.S. government continues.

    / Jun 10, 2013 at 4:52 PM
  • The boat. At the very least, *a* boat.

    News

    Argentina Looking Forward To Reading, Ignoring U.S. Court’s Opinion

    Yesterday the Second Circuit held arguments in the Argentina sovereign debt case. This case is … I mean, you kind of had to be following along, but quick summary: back in the day Argentina defaulted on some old bonds, and exchanged most of them at a discount into new bonds, which it’s been making payments […]

    / Feb 28, 2013 at 5:37 PM
  • "Bull leapers" fresco from Knossos. There's all sorts of interesting archaeological debate about what exactly is going on here, but I confess I'd trade it all for a photograph of an actual cow standing next to a Greek temple. You can't win them all.

    News

    Greek Bonds Now Defaulted, Also Extra Attractive

    You can see why no one likes rating agencies. It’s not exactly a surprise to anyone that Greece’s debt situation is Not Good, so the fact that S&P just downgraded Greece to selective default is (1) not particularly helpful to anyone attempting to make an investment decision re: Greek bonds and (2) not particularly helpful […]

    / Dec 5, 2012 at 6:03 PM
  • Source: Bloomberg: obvs.

    News

    Greece Sells Low, Buys High

    Here is a thing that might be worth considering about this here Greek bond buyback: That’s the entire history of the shortest-dated of bonds targeted for a buyback at, you might notice, their all-time high price.1 Various people have various reactions to this but one reaction that no one can have is of the variety […]

    / Dec 3, 2012 at 3:44 PM
  • I am tempted, but have not yet succumbed to the temptation, to just use a picture of a troika. Which is a three-horse cart. On Google Images they look sort of unbalanced, like they'd go wandering off in all directions.

    News

    Greece’s Official-Sector Debt Cut In Half And/Or Left Unchanged

    I suppose we have to talk about Greece. Things occurred yesterday! The main things are here and here, basically the Troika is pleased that Greece has done everything right, to some approximation, and therefore they are disbursing some new loans and revising the terms of their old loans to make things even better, and all […]

    / Nov 27, 2012 at 5:25 PM
  • This appears to be the boat that Elliott took, which perhaps would have gotten away had they like unfurled their sails? Maybe? I'm not much of a sailor.

    News

    Argentina Can Make Its Problems The Snake’s Problems

    Oh Argentina. Still a mess! Basically all the bad things happened on Wednesday: Judge Griesa ruled that (1) Argentina really can’t pay holders of its exchange bonds without also paying off Elliott Associates on its old, unhaircut, defaulted bonds, and (2) neither can anyone else, including such luminaries as Bank of New York (the indenture […]

    / Nov 26, 2012 at 3:28 PM
  • it ate a bond payment

    News

    Argentina Beset By Pirates, Snakes

    Let’s check in on Argentina. It’s a lovable mess! You can read some background here or here or here. In brief: Argentina had some Old Bonds, decided not to pay them (in 2005, more or less), got most of their holders to exchange into New Bonds at pennies on the dollar, started paying the New […]

    / Nov 21, 2012 at 2:39 PM

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