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Full Description
Expert overview of the sovereign debt asset class for investors
In The Sovereign Debt Investor: An Essential Guide to Returns, Defaults, And Government Bonds, veteran investor and sovereign debt expert Lupin Rahman delivers expert insight into global government debt markets, highlighting the unique risks and compelling opportunities of this asset class.
This book bring together expertise from the world of bond investing, policy making, academia and law to which bring to life specific issues and intricacies in sovereign debt investing. In this book, readers will learn about:
Instruments (bonds and derivatives) and vehicles (mutual funds, separate accounts) available for investing in sovereign debt
Sovereign credit risk analysis and what factors help identify "winners" and "losers"
Key factors in building sovereign debt portfolios
Recent changes in the asset class spurred by international financial trends, geopolitics, and global trends such as tackling climate change.
Delivering both foundational knowledge on sovereign debt and a review of the tools and strategies needed to generate and protect investment returns, The Sovereign Debt Investor: An Essential Guide to Returns, Defaults, And Government Bonds, earns a well-deserved spot on the bookshelves of portfolio and asset managers, institutional investors, economic policymakers and academics.
Contents
Introduction 1
Part I: the Investible Universe 3
Chapter 1: The Strategic Case for Sovereign Debt 5
Chapter 2: Instruments: Government Bonds and Loans 15
Chapter 3: Financial Derivatives Linked to Sovereign Risk 25
Part II: Credit and Contract Analysis 39
Chapter 4: Fundamental Sovereign Analysis 41
Chapter 5: Sovereign Credit Ratings 69
Chapter 6: Risk Indicators and Debt Sustainability 89
Chapter 7: Bond Contracts and Legal Considerations 101
Part III: Generating Risk-adjusted Returns 123
Chapter 8: Sovereign Bond Math and Portfolio Metrics 125
Chapter 9: Trading Sovereign Bonds 145
Chapter 10: Investment Objectives, Strategy, and Vehicles 159
Chapter 11: Constructing a Sovereign Debt Portfolio 169
Chapter 12: Active Investment Strategies 185
Chapter 13: Portfolio Maintenance, Risk Management, and Performance Attribution 197
Chapter 14: Trading a Portfolio Through Risk Events 209
Part IV: Managing Distressed Positions 221
Chapter 15: An Introduction to Sovereign Defaults 223
Chapter 16: The Debt Restructuring Process 241
Chapter 17: Navigating Portfolios Through Distress 257
Chapter 18: Outcomes of Sovereign Debt Restructurings 271
Part V: Innovations and Future Trends 287
Chapter 19: Sustainable Investing 289
Chapter 20: The Next Frontier: Digitization, AI, and Big Data 305
Acknowledgments 315
About the Author 317
Index 319
