(52)-CFA固定收益證券

CFA固定收益證券Chapter6.5SovereignDebtandNon-SovereignGovernmentDebt第六章第五節(jié)：主權(quán)債券與非主權(quán)政府債SovereignDebtSovereigndebtisissuedbynationalgovernment.Sovereigncreditanalysisincludestheassessmentofbothgovernment’sabilitytoservicethedebtanditswillingnesstoservicethedebt.Theassessmentofwillingnessismoreimportantbecausebondholdershavenolegalresourcesifanationalgovernmentrefusestopayitsdebt.9/13/2023Page1SovereignDebtFrameworkforevaluatingcreditqualityofsovereigndebt:Institutionaleffectivenessincludessuccessfulpolicymaking,absenceofcorruption,andcommitmenttohonordebts.Economicprospectincludegrowthtrends,demographics,incomepercapita,andsizeofgovernmentrelativetoprivateeconomy.Internationalinvestmentpositionincludecountry’sforeignreserves,externaldebt,andstatusofitscurrencyintheinternationalmarket.Fiscalflexibility

includesgovernment’swillingnessandabilitytocutexpenditureorincreaserevenue,aswellastrendsindebtasapercentageofGDP.Monetaryflexibilityincludestheabilitytousemonetarypolicytoachievetheeconomicobjectives.9/13/2023Page2SovereignDebtCreditratingagenciesassigneachnationalgovernmenttworating:1)alocalcurrencydebtrating2)aforeigncurrencydebtrating.Theratingsareassignedseparatelybecauseforeigncurrencydebtissuanceismorelikelytodefault.Foreigncurrencydebthasahigherdefaultratebecausegovernmentmuchpurchaseforeigncurrencyintheopenmarkettomakeinterestandprincipalpayments,whichexposesittoriskoflocalcurrencydepreciation.Sovereigndefaultscanbealsocausedbyeventssuchaswar,politicalinstability,severedevaluationoflocalcurrency,orlargedeclineinpricesofcountry’sexportedcommodities.9/13/2023Page3Non-SovereignGovernmentDebtNon-sovereigngovernmentdebtisissuedbylocalgovernment(cities,states,orcounties)andquasi-governmententities.MunicipalbondsareasignificantpartoftheoverallUSbondmarket.Interestpaymentsfrommunicipalbondsareoftenexemptfromfederalincometaxes.Mostmunicipalbondscanbeclassifiedasgeneralobligationbondsandrevenuebonds.Generalobligationbonds(GO)areunsecuredbondsbackedbyfullfaithofcreditofissuinggovernmentalentity,whicharesupportedbytaxpower.Revenuebondsareissuedtofinancespecificprojects,suchasairports,tollbridges,hospitals,orpowergenerationfacilities.9/13/2023Page4Non-SovereignGovernmentDebtUnlikesovereigndebt,localgovernmentscannotusemonetarypolicytoservicetheirdebtandusuallymustbalancetheiroperatingbudgets.Theirabilitytopaythedebtdependsonthelocaleconomy.Economicfactorsareusedtoevaluatethecreditworthinessoflocalgovernment,includingunemploymentrate,incomepercapita,demographics,taxbasedimensions,etc.Localgovernmentswithlong-termobligation,suchasunderfundedpensionaccount,couldsignalhighercreditrisks.RevenuebondsoftenhavehighercreditriskthanGObondsbecausetheprojectisthesolesourceoffun