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recovery rate = ποσοστό ανάκτησης | sovereign recovery swaps = ανταλλάξιμα προϊόντα ανάκτησης δημόσιου χρέους


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recovery rate The proportion of a bad debt that can be recovered.

Η απόδοσή του στα ελληνικά είναι ποσοστό ανάκτησης, είτε πρόκειται για χρέος είτε για απορρίμματα.

Τι είναι τα recovery swaps; Δεν είναι καινούργιο προϊόν, αλλά φαίνεται (ποιος ξέρει γιατί...) ότι τώρα στη μόδα είναι τα sovereign recovery swaps, που έχουν να κάνουν με κρατικό χρέος.

In finance, recovery swaps, recovery locks, or recovery default swaps (RDS) are derivative contracts related to credit default swaps, and reference a bond issuance as its underlying. They are designed to provide a hedge against the uncertainty of recovery in default.

The International Swaps and Derivatives Association does not keep records on the size of the recovery swap market because there has not yet been sufficient member demand.


A recovery swap is an agreement between two parties to swap a real recovery rate (whenever it is ascertained) with a fixed recovery rate that can be locked in today. The parties are speculating on whether a company that is no longer liquid will pay out more or less than a certain percentage for each bond. The reference price is set to the fixed recovery rate rather than 100, chosen such that the RDS prices at zero on issue. Since the swap is issued at a price of zero, if the reference entity does not default in the term of the swap, then the swap expires with no cashflows having taken place.

Because the swap only has value (to either counterparty) during a default, the main market in RDS involves bonds that pose a high risk of default, when the reference entity (company) is in financial difficulty.

Αυτά και λίγα ακόμα στο recovery swap της Wikipedia.

Για τα sovereign default swaps παίρνω ένα δημοσίευμα των Financial Times (26/4/2011):

Default risks spark recovery swaps interest
By David Oakley

Investor unease over the eurozone has returned. Yields on Greek two-year bonds have jumped 10 percentage points in the past month, and fear of contagion spreading to Spain has risen.

The deterioration in sentiment has encouraged banks and investors to find ways of hedging risk to Europe’s so-called peripheral economies. And, as European policymakers have moved to curb trading of credit default swaps, the established way to hedge against the risk of a debt restructuring, new markets are emerging.

The first trades on sovereign recovery swaps, where bets are made on how much money will be retrieved in a default, were only made last year. But already these swaps are estimated to be a third of the size of CDS for some sovereign markets.
(Συνέχεια εκεί.)

Ποια θα ήταν μια καλή γρήγορη απόδοση για τα recovery swaps;

Πρώτο εύρημα: Ανταλλάξιμα προϊόντα ανάκτησης εθνικού χρέους.
6/5/2013: Καλύτερα: Ανταλλάξιμα προϊόντα ανάκτησης δημόσιου χρέους

Και οπωσδήποτε να πούμε ότι δεν είναι ασφάλιστρα ανάκαμψης, όπως το είδα σε ιστότοπο με οικονομικά θέματα.
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