Insight
Reading a Eurobond term sheet
A line-by-line walk through the items you will see on a new-issue term sheet.
Insight
What is a new-issue premium?
Why new bonds usually price slightly cheaper than the issuer's existing bonds.
Insight
Yield curves explained
Normal, flat and inverted curves and what they say about interest-rate expectations.
Insight
Fallen angels and rising stars
What happens to a bond when it crosses the investment-grade line.
Insight
Collective action clauses in sovereign bonds
How CACs work and why they matter in a sovereign restructuring.
Insight
Defaults and recovery rates
What bondholders typically get back after a default and why it varies so much.
Insight
Ten questions to ask before buying a bond
A practical checklist for anyone being offered a bond or bond-like product.