000			01200cam a2200169 4500500
005			20250112034100.0
041			_afre
042			_adc
100	1	0	_aOosterlinck, Kim _eauthor
700	1	0	_a Ureche-Rangau, Loredana _eauthor
245	0	0	_aMultiple Potential Payers and Sovereign Bond Prices
260			_c2008.
500			_a25
520			_aSovereign bonds are usually priced under the assumption that only the issuer may be responsible of their repayment. In some cases however, bondholders may legitimately expect to be repaid by more than one agent. This paper first discusses the theoretical financial implications stemming from an infrequent and challenging situation, namely the existence of multiple potential payers. Then, through a historical precedent, the 1918 Russian repudiation, the paper confirms that the existence of multiple payers has a diversification effect which lowers the volatility of the bond price and increases its value. These results are strengthened by a comparison with a closely related standard case of default.
786	0		_nFinance | 29 | 1 | 2008-06-01 | p. 31-52 | 0752-6180
856	4	1	_uhttps://shs.cairn.info/journal-finance-2008-1-page-31?lang=en
999			_c166627 _d166627