| 摘要 |
The present invention is directed to methods related to liability management structures for sovereigns, in particularly those of emerging market countries. The liability management structures disclosed herein are particularly attractive to sovereigns of emerging market countries as they provide the capability for the sovereign to lock in benefits owing to an anomaly in the pricing of foreign currency debt and local currency debt for the sovereign. A number of variations of the liability management structure for monetizing this pricing anomaly are disclosed. In one structure, the sovereign enters into a synthetic swap transaction to exchange local currency proceeds raised from issuance by the sovereign of local currency debt instruments to foreign currency in order to purchase previously issued global bonds of the sovereign. In another variation of the structure, the sovereign enters into a swap contract with a swap counterparty where the sovereign swaps local currency cash flows for foreign currency cash flows, which the sovereign uses to repurchase the global bonds of the sovereign. Also, in another variation, instead of the sovereign purchasing the global bonds, it may sell credit protection in the credit default swap market with the sovereign as the reference credit. In another variation, the sovereign may purchase a credit linked note with the sovereign as the reference credit.
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