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’From Quito, to Kingston, to Athens?
Moody’s 2011 sovereign default study is out — and it features this illuminating chart on recent sovereign bond recovery rates:
Odd serendipity this. The only two sovereign defaults since the financial crisis can’t have been more different as approaches to restructuring,
The Ecuadorian haircut and the philosophy of debt
Ecuador did a pretty bold thing this week, to put it mildly.
April 20 (Bloomberg) — President Rafael Correa offered to repay holders of Ecuador’s defaulted bonds as little as 30 cents on the dollar as the country’s foreign reserves plunge amid slumping oil prices.
CDS update: Deutsche, Citi rattle financials
This CDS report was written by Markit’s Gavan Nolan
Credit markets on both sides of Atlantic lost ground today in tandem with their equity counterparts, continuing a trend seen since the beginning of the week.
Ecaudor becomes ISDA’s first sovereign CDS credit event
Entirely preliminary, but worth mentioning (emphasis FT Alphaville’s):
NEW YORK–The International Swaps and Derivatives Association, Inc. (ISDA) today announced that it will launch a CDS auction protocol to facilitate the settlement of credit derivatives trades referencing Ecuador,
Sign of the times: Ecuador defaults on bond payment
From Bloomberg:
Ecuador won’t make a $30.6 million bond interest payment due next week, putting the South American country in default for a second time in a decade, President Rafael Correa said.
“The country is in default,” Correa told reporters in his office in Guayaquil.