The bond holders were, in effect, shafted out of their previous legal rights.
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Those with more than that were not so covered: nor were the shareholders in the banks, the bond holders or anyone else.
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One of the key questions now is, are the bond holders, the lenders, the money people, are they willing to make sacrifices, as well?
Interest on those bonds are paid back to the bond holders through the unlimited taxing powers of the US government, which is what makes them AAA rated.
As lawmakers handle the delicate possibility of helping Greece to achieve something of an orderly default on its sovereign debt payments, aggressive strategies are needed to cushion the blow for the bond holders.
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Vast wealth is destroyed for the bond holders and the rippling effects of this wealth destruction would most likely spill into currency and equity global markets in various degrees in the short term.
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Mr. LITAN: That should have comforted the bond holders and all the debt that's been issued by both Fannie and Freddie, but nonetheless there's still some nervousness out there because the spreads on their debt have gone up.
The specific cost to bond holders and the general cost to society would have been smaller.
Although new efforts are underway in Western capitals to make bonds more readily rescheduable -- by such methods as a dramatic reduction in the percentage of bond holders who must agree to a change in the maturity structure -- it may be too late for Russia.
Ironically, the party of fiscal righteousness believes dissing bond holders is the right thing to do.
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These are all ideas floating around off the side of the desks of bond holders and Euro-thinkers.
Knowing this may influence the decision about whether the EU and IMF should require Greek bond holders to share in the pain with some form of debt restructuring, re-profiling or default.
Yesterday, the Securities and Exchange Commission charged Illinois with securities fraud for misleading municipal bond holders about the scope of its pension obligations.
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Up until this point in the European debt crisis, bond holders have been held sacrosanct as no one has wanted to even consider the far-reaching consequences of a sovereign default.
On the Greece front, there is a growing call for private bond holders to share the burden of a second bailout.
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But the case commands a great deal of attention because it would transform the country's fixed income markets if the Court determines out-of-state bond holders should get refunds for the interest they've paid on these investments.
The ECB reportedly now wants to allow senior bank bond-holders to be the first to absorb losses.
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The US has never defaulted on its interest payments to bond holders, except once in the 1970s due to a technical error in delivering the bonds.
"In terms of their ability to pay bond holders, the emerging markets actually look in better shape than the United States over the next 5-10 years, at least, " Zervos says.
But if that rating was ever threatened, and it is not this year at least, bond holders like the Chinese government will ask for higher interest rates to make up for the risk.
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On top of the clause that allows a majority of a bond's holders to approve a restructuring, he wanted other clauses that lay out the procedures for initiating and managing a default.
In August last year, the Supreme Court upheld SEBI's 2011 order directing Sahara to repay its bond holders as it had flouted capital market rules while issuing the bonds.
Or rather the severity of the situation had to be impressed on bond holders.
Moreover, he's thus far failed to embrace a bold reform agenda to save money, improve services, and restore confidence among the state's beleaguered taxpayers and bond holders.
Thus, on average the Federal government subsidy disadvantages individual U.S. taxpayers, who are the main holders of municipal bonds, and benefits new entrants in the municipal bond market.
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Senior bond holders are higher up the pecking order and would walk away with some if not all capital returned should the company enter bankruptcy, while subordinated debt holders are left holding the bag and are on the hook for losses in the event that prospects worsen.
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Many bond fund holders only think about the yield not the potential for capital loss in bonds funds.
Rising currencies are good for bond holders, so long as the currency rises in strength from where it was purchased.
Italy and Spain are especially subject to social unrest which, if unleashed, would spook bond holders and reignite fear of the Eurozone splintering.
For local currency bond holders, Brazil offers some of the best investment grade yield around.
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