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Understanding Corporate Bond Spreads Using Credit Default Swaps

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Much of the resistance in debt restructuring comes from the fear that restructuring will effectively be a bailout by countries of tighter fiscal discipline to countries with less fiscal discipline, and the moral hazard that this implies. The fear is that countries’ “bad” behavior in overspending and accumulating debt will be rewarded through a government bailout. In contrast to such a restructuring, there is no bailout associated with Trichet bonds. Old bonds will be exchanged at present market prices. The debtor does not receive higher value than what the present bonds are worth other than modest incentives designed to encourage participation in the exchange