Recovery Rates From Distressed Debt : Empirical Evidence From Chapter 11 Filings, International Litigation, and Recent Sovereign Debt Restructurings /

On a credit rating-adjusted basis, spreads on U.S. high-yield debt have typically been regarded as a lower bound for emerging market debt. However in the C-rated and defaulted segment, emerging market debt has traded at lower spreads than similarly rated U.S. high yield debt. We show that the lower...

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Bibliografiska uppgifter
Huvudupphovsman: Singh, Manmohan
Materialtyp: Tidskrift
Språk:English
Publicerad: Washington, D.C. : International Monetary Fund, 2003.
Serie:IMF Working Papers; Working Paper ; No. 2003/161
Länkar:Full text available on IMF
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245 1 0 |a Recovery Rates From Distressed Debt :   |b Empirical Evidence From Chapter 11 Filings, International Litigation, and Recent Sovereign Debt Restructurings /  |c Manmohan Singh. 
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300 |a 1 online resource (24 pages) 
490 1 |a IMF Working Papers 
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500 |a <strong>On-Campus Access:</strong> No User ID or Password Required 
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520 3 |a On a credit rating-adjusted basis, spreads on U.S. high-yield debt have typically been regarded as a lower bound for emerging market debt. However in the C-rated and defaulted segment, emerging market debt has traded at lower spreads than similarly rated U.S. high yield debt. We show that the lower spreads reflect the fact that the total returns from defaulted debt in the emerging markets have been significantly higher than returns from similarly rated high yield defaulted debt under Chapter 11. 
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830 0 |a IMF Working Papers; Working Paper ;  |v No. 2003/161 
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