Clearly, bond debt will have to come down which means a haircut for bondholders.
Spain returns to the bond debt market this Thursday, offering 15, 18, and 41-year paper.
The next four largest claims are all held by Deutsche Bank Trust Company Americas, and represent another billion dollars in bond debt.
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Meanwhile, the amount of bond debt per building lot in many of these projects is too high to make them competitive against non-CDD developments.
Yields on government bond debt for nearly all European countries, except German bunds, are rising, as investors sell over fears of eurozone sovereign debt contagion.
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It is not clear what the legal priority is among the Treasury's obligations, whether contractual such as bond debt or statutory such as social security.
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Under the reorganization plan, secured bank debt incurred before the bankruptcy as well as unsecured bond debt and certain general unsecured claims will be cancelled with those creditors receiving equity in the reorganized company.
If Sands can convince Wall Street that his is a growth story, the stock could rise enough to make an equity offering feasible and enable him to pay off a chunk of his junk-bond debt.
Using a combination of junk bond debt and bank financing, Singleton and his 87-year-old partner, Richard Scudder, are masters at bunching smallish suburban and hick-town papers around metro areas and skimming off advertising revenue that would otherwise go to the big paper in the city.
Since cities can't be liquidated, Stockton has attempted to restructure some debt by renegotiating labor contracts and cutting the health benefit for retirees, but creditors argued that by ignoring bond debt they haven't created a plan that shares the pain equitably, as required under bankruptcy code.
Ten years ago, an investor eager to play the two side by side had essentially one instrument: the convertible bond (debt switchable into equity).
Bond spreads are always higher on riskier debt because bond holders are being compensated through yield for future losses that may be incurred in a debt default.
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But most of the investors choosing emerging market debt are buying bond funds with local currency debt, rather than buying the sovereign or quasi-sovereign dollar denominated bonds that foreign countries like Brazil also issue.
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People say, oh, the interest rates went up on bond and in debt in the last couple of days.
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Unlike the Guggenheim offerings, which are broadly diversified, the iShares corporate-bond ETFs avoid debt issued by banks and other financial firms.
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Bond managers assess debt risk by performing discovery on what is the sustainable gross domestic growth for the country compared to its debt.
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Worries about default on debt payments by Greece and rising Italian bond yields are the EU debt crisis worries of the moment on this day.
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Essentially, the Debt Supercycle is the decades-long growth of debt from small and easily-dealt-with levels, to a point where bond markets rebel and the debt has to be restructured or reduced or a program of austerity must be undertaken to bring the debt back to manageable proportions.
The Franklin Templeton Emerging Market Debt Opportunities bond fund (FEMDX) rose 45.2% in 2009.
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They are driving up bond prices on Brazilian debt in a never ending search for yield.
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It is that trend that has led the European Central Bank to expand its bond purchasing to the debt of Italy and Spain in recent months.
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The boss of one European bank thinks the Basel rules will cause borrowers to move away from banks and into bond markets, boosting debt-origination business for some investment banks.
The whole situation boils down to this: because a nonperforming bond is worth less than 100% of its face value, the Brady bond replaces the defunct debt as a new asset.
Many of the mortgage companies would essentially take a mortgage, lending you money, and then sell that mortgage as a bond or basically as debt to Wall Street, and the Wall Street investor would then take the risk off the shoulders of the mortgage banker.
But for companies that do not have that kind of capital on hand, they will likely issue longer maturing debt, which is bad for corporate bond holders that are invested in shorter duration debt as demand will go towards the longer dated bonds yielding more interest.
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The misleading, or misguided, bond arrangements probably will not bury the cities in debt or wreak havoc on the municipal bond market.
And if the prices of your old debt are falling then the yields on that debt are rising (bond prices and yields move inversely) and thus you have to pay more for new borrowings: for the new debt is priced compared to the old.
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Most investors hold a sizable chunk of government debt in their bond portfolios, for safety more than the income the bonds generate.
The only benefit lately has been the pop in bond prices since the European debt crisis went into high gear in August.
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