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The Sovereign Debt Investor
An Essential Guide to Returns, Defaults, and Government Bond Investing

Lupin Rahman (Author)

9781394250530, Wiley

Hardback, published 9 December 2025

336 pages
24.6 x 17.8 x 3.6 cm, 0.612 kg

Expert overview of the sovereign debt asset class for investors

In The Sovereign Debt Investor: An Essential Guide to Returns, Defaults, And Government Bonds, veteran investor and sovereign debt expert Lupin Rahman delivers expert insight into global government debt markets, highlighting the unique risks and compelling opportunities of this asset class.

This book bring together expertise from the world of bond investing, policy making, academia and law to which bring to life specific issues and intricacies in sovereign debt investing. In this book, readers will learn about:

  • Instruments (bonds and derivatives) and vehicles (mutual funds, separate accounts) available for investing in sovereign debt
  • Sovereign credit risk analysis and what factors help identify “winners” and “losers”
  • Key factors in building sovereign debt portfolios
  • Recent changes in the asset class spurred by international financial trends, geopolitics, and global trends such as tackling climate change.

Delivering both foundational knowledge on sovereign debt and a review of the tools and strategies needed to generate and protect investment returns, The Sovereign Debt Investor: An Essential Guide to Returns, Defaults, And Government Bonds, earns a well-deserved spot on the bookshelves of portfolio and asset managers, institutional investors, economic policymakers and academics.

Introduction 1

Part I: the Investible Universe 3

Chapter 1: The Strategic Case for Sovereign Debt 5

Chapter 2: Instruments: Government Bonds and Loans 15

Chapter 3: Financial Derivatives Linked to Sovereign Risk 25

Part II: Credit and Contract Analysis 39

Chapter 4: Fundamental Sovereign Analysis 41

Chapter 5: Sovereign Credit Ratings 69

Chapter 6: Risk Indicators and Debt Sustainability 89

Chapter 7: Bond Contracts and Legal Considerations 101

Part III: Generating Risk-adjusted Returns 123

Chapter 8: Sovereign Bond Math and Portfolio Metrics 125

Chapter 9: Trading Sovereign Bonds 145

Chapter 10: Investment Objectives, Strategy, and Vehicles 159

Chapter 11: Constructing a Sovereign Debt Portfolio 169

Chapter 12: Active Investment Strategies 185

Chapter 13: Portfolio Maintenance, Risk Management, and Performance Attribution 197

Chapter 14: Trading a Portfolio Through Risk Events 209

Part IV: Managing Distressed Positions 221

Chapter 15: An Introduction to Sovereign Defaults 223

Chapter 16: The Debt Restructuring Process 241

Chapter 17: Navigating Portfolios Through Distress 257

Chapter 18: Outcomes of Sovereign Debt Restructurings 271

Part V: Innovations and Future Trends 287

Chapter 19: Sustainable Investing 289

Chapter 20: The Next Frontier: Digitization, AI, and Big Data 305

Acknowledgments 315

About the Author 317

Index 319

Subject Areas: Mathematics [PB]
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