01635cas a2200253 a 4500 AALejournalIMF003619 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451861440 1018-5941 BD-DhAAL BD-DhAAL Andritzky, Jochen. Overpricing in Emerging Market Credit-Default-Swap Contracts : Some Evidence from Recent Distress Cases / Jochen Andritzky, Manmohan Singh. Washington, D.C. : International Monetary Fund, 2005. 1 online resource (13 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Since recent debt restructurings that constitute credit events have been more frequent than outright defaults, sovereign bond prices may not collapse during distress. In this case, the likely high recovery values after restructuring suggest that the cost of credit-default-swap (CDS) contracts to the buyer (as measured by CDS spreads) may be higher than warranted. We estimate the extent of such overpricing by using the cheapest-to-deliver (CTD) bond as a proxy for the recovery-value assumption. Mode of access: Internet Singh, Manmohan. IMF Working Papers; Working Paper ; No. 2005/125 Full text available on IMF http://elibrary.imf.org/view/journals/001/2005/125/001.2005.issue-125-en.xml IMF e-Library