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LATVIA and Iceland successfully issued sovereign bonds at yields approaching Spain's last week.
To answer these questions we exploit a unique experiment whereby, after January 1 , 2013 newly issued sovereign bonds of Eurozone countries under domestic law had to include Collective Action Clauses (CACs) specifying the minimum vote needed to modify payment terms.
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In June Britain became the first western country to issue sovereign sukuk; its £200m ($322m) sale attracted orders of £2.3 billion.Western firms are also beginning to use sukuk to raise money.
The next step would be issuing sovereign bonds like Kazakhstan does.
In that area, the government has already started to issue sovereign bonds dominated in yuan in Hong Kong; yuan-denominated corporate bonds have already been issued.
So far, Saudi Arabia is making ends meet by cutting fuel subsidies, introducing sales taxes, issuing sovereign debt, and dipping into its cash reserves.
There is no European sovereign to issue European sovereign bonds.
When the going gets tough, investors generally get going to debt issued by sovereign governments, whose default is for the most part considered unthinkable.
Such a move would probably be a condition of further ECB support for Spanish banks, which are currently the main buyers of newly issued Spanish sovereign debt, they say.
They used to be dominated by junk bonds issued by sovereign nations and denominated in dollars.
And one of the slides in his presentation listed a host of other issues: sovereign debt crises, "Eurogeddon," a hangover from the financial crisis.
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