Sovereign

Sovereign

Exposure is constrained within 40% maximum of any sovereign.

L’esposizione è limitata entro il massimo di 40% di qualsiasi sovrano.

The Asian credit market staged a nice recovery in December, led by Sovereign credits.

Il mercato del credito asiatico ha registrato nel mese di dicembre una buona ripresa, guidato dai crediti sovrani.

Credit risk is managed by ensuring the Sub-Fund invests across a range of investment grade and high yield corporate and sovereign credits.

Il rischio di credito è gestito accertandosi che il comparto investa su una gamma di crediti sovrani e aziendali ad alto rendimento e investment grade.

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A sovereign entity, as well as a private debtor, that fails to pay back a loan will find it difficult to attract new funding in the future.
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That is why countries sometimes seem to prefer an economic downturn, with all its hardships, to a situation of default".
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In this way, the Portfolio Manager can ensure the bonds that they purchased are generally liquid, whilst without sacrificing the chance of investing into undervalue assets by restricting investment exclusively into government or sovereign issuance.

In questo modo, il Gestore del Portafoglio può garantire che le obbligazioni acquistate siano generalmente liquide, senza nel contempo sacrificare la possibilità di investire in attività sottovalutate limitando l’investimento esclusivamente ad emissioni governative o sovrane.

ABI afferma inoltre che per emissioni di titoli sovereign con rating Aa il tasso di default a 10 anni è pari a 0, mentre per obbligazioni corporate con la stessa classe di rating è pari a 0,59.
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Over the last 10 years, the default rate of Aa-rated sovereign bonds had been 0, whilst the default rate of Aa-rated corporate bonds had been 0,59.
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Il secondo approccio, di natura istituzionale, consiste nel creare un assetto giuridico internazionale per la ristrutturazione del debito sovrano, noto come meccanismo di ristrutturazione del debito sovrano( Sovereign Debt Restructuring Mechanism, SDRM).
http://www.ecb.int/

The second approach, which is statutory, consists of creating an international legal framework for the restructuring of sovereign Soundness of domestic economic policies The ESCB has taken a strong interest in the work of the IMF on ways to promote the stability of the global economic and financial system.
http://www.ecb.int/

Sovereign Debt Restructuring Mechanism( SDRM): iniziativa dell' FMI finalizzata all' istituzione di un quadro di riferimento statutario per la ristrutturazione del debito sovrano. L' SDRM faciliterebbe accordi rapidi e di ampia portata tra debitori e creditori in casi di forte indebitamento.
http://www.ecb.int/

It also includes nontransferable deposits that are convertible on demand or by close of business on the following day. Pension fund reserves of non-financial corporations: provisions or similar funds set aside by non-financial corporations to pay for their employees » pensions( so-called nonautonomous pension funds).
http://www.ecb.int/

The Sub-Fund maintained a weighted average maturity of no more than 60 day and invested in non-government short term obligations (such as commercial paper), obligations of banks or other depository institutions (such as certificates of deposit and bankers acceptances), securities issued or otherwise backed by supranational organisations or by sovereign governments, their agencies, instrumentalities and political sub-divisions.

Il Compartoha mantenuto una scadenza media ponderata non superiore a 60 giorni e ha investito in obbligazioni non governative a breve termine (quali ad esempio i titoli di credito), obbligazioni bancarie o di altre istituzioni di deposito (quali ad esempio certificati di deposito e accettazioni bancarie), titoli emessi o altrimenti sostenuti da organizzazioni sovranazionali o da governi sovrani, dalle loro agenzie, strumenti e suddivisioni politiche.

(203) In terzo luogo, anche se vengono rilevati dati sugli spread tra titoli sovereign, finanziari e corporate (aventi rating AA), la Commissione ritiene che questi investimenti sono esposti anche ad altri rischi, inesistenti invece nel caso del deposito presso il Tesoro in base alla Convenzione.
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(203) Third, even if some data are provided on the spreads between government, financial and corporate bonds (with an AA rating), the Commission considers that these investments are also exposed to other risks which do not exist in the case of the deposit with the Treasury provided for in the Agreement.
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That is why countries sometimes seem to prefer an economic downturn, with all its hardships, to a situation of default" (Jeremy Bulow and Kenneth Rogoff, Sovereign Debt: Is to Forgive to Forget?, 79 American economic review 43-50, 1989)."In the same vein, the French government benefits from a reputation for honouring the commitment it makes regarding its management of many commercial enterprises, and matters affecting the fiscal position of the government.
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(Jeremy Bulow and Kenneth Rogoff, Sovereign Debt: Is to Forgive to Forget?, 79 American EConomic review 43-50 (1989))."In the same vein, the French government benefits from a reputation for honouring the commitment it makes regarding its management of many commercial enterprises, and matters affecting the fiscal position of the government.
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(201) In primo luogo, è opportuno notare che l'Italia indica in un altro caso di aiuti di Stato relativo a PI [80] che la differenza di pricing fra diversi tipi di emittenti (Stati, emittenti finanziari, bancari e corporate) è estremamente ridotta (la differenza di cost of funding tra i due range estremi - sovereign e corporate - a parità di rating è pari a circa 5-6 bp laddove quella tra finanziari e corporate è quantificabile in 2-3 bp).
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(201) It should be pointed out, first of all, that in another State aid case relating to PI [80] Italy has indicated that the difference in pricing between different types of issuer (State, financial, banking and corporate) is very small: at the same risk rating, the difference in the cost of funding between the two extreme ranges, sovereign and corporate, is about 5-6 bp, and the difference between financial and corporate is about 2-3 bp.
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(91) L'Italia rileva che, al momento attuale, la differenza di pricing fra i diversi emittenti - sovereing (Stati o enti sopranazionali), finanziari, bancari e corporate (industriali in senso stretto) -, a parità di rating, si attesta su livelli dell'ordine di qualche centesimo di punto (la differenza di cost of funding tra i due range estremi (sovereign e corporate) è pari a circa 5/6 basis point laddove quella tra finanziari e corporate è quantificabile in 2/3 basis point).
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(91) Italy argued that the difference in pricing between different issuers having the same risk rating - sovereign (State and international bodies), financial, banking and corporate (industrial in the narrow sense) - was of the order of a few hundredths of one per cent: the difference in the cost of funding between two extreme ranges - sovereign and corporate - was about 5-6 basis points, and the difference between financial and corporate was 2-3 basis points.
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Fitch Ratings offers insightful and comprehensive ratings on more than 3,500 banks around the world. Our financial institution analysts consult with our structured finance and sovereign analysts to ensure a consistent and holistic view of an issuer. It’s that teamwork combined with well-tested, proprietary rating scales that have established Fitch Ratings as the global leader in bank ratings. We are committed to providing investors with the insight and context necessary to assess the credit quality of global and local banks. The team's rating process utilizes a set of rating scales that are unique to Fitch Ratings. The Viability Rating, which expresses Fitch Ratings' view of a bank's stand-alone financial profile, is combined with the Support rating to arrive at the more traditionally recognized rating from the 'AAA' scale that is assigned to the issuer and its debt issues. Fitch Ratings' Support rating provides important insight relative to the likelihood and nature of external support should the financial institution experience financial difficulties. Ratings guidelines are applied to long and short-term foreign currency ratings; long and short-term local currency ratings; and National ratings for emerging markets (non-comparable across borders). Quantitative aspects of a bank's strengths and weaknesses are reviewed, such as balance sheet integrity, profitability, and risk management. The analysts also evaluate qualitative factors of the institution, such as strategy and quality of management, the environment in which it operates, and the most likely future development of its business. Final rating determinations are made by committees comprised of lead analysts and seasoned independent committee members, including Fitch Ratings senior management. From our collaborative approach to our distinct rating types, at Fitch Ratings there’s a world behind our bank credit opinions. Coveragetoolbar traduttore x mozzilla fair fox