sub sovereign entities meaning

therefore, these sub-sovereign entities will fight a sovereign downgrade, again explaining the upward bias in ratings. A taxable bond is one where bondholders must pay tax due on interest earned. This is an article on the subjects of international law. Sovereign Power Synonym Discussion of sovereign. EXPLORE . Investors or the higher government authority of a country may purchase municipal bonds issued by these sub-sovereign entities. sub-sovereign-bond-purchasing local-government-owned bank emerges exogenously from the point of view of both the state government and the individual bank. EM quasi-sovereign bonds have generated good returns since 2005. Additionally, a company that is in liquidation, or a partnership, trust or sole trader in bankruptcy, will not be eligible. Rating agencies evaluate the risk of default of each issuer and rate the bonds accordingly. Q: A: What is shorthand of Sub-Sovereign Obligation? By buying its bonds back, investors may have no choice but to reinvest their proceeds into similar debt offerings with lower interest payments. An entity that makes up part of a larger entity; a component. How do you use sub-sovereign in a sentence? translation and definition "sovereign entities", Dictionary English-English online. Jump to navigation Jump to search. semi-sovereign Quick Reference Given the difficulties in defining sovereignty in international law, the term semi-sovereign as applied to States would seem to be devoid of any useful meaning… A sub-sovereign obligation is a form of debt obligation issued by hierarchical tiers below the ultimate governing body of a nation, country, or territory… sso as abbreviation means "Sub-Sovereign Obligation". Strictly speaking, any deviation from this principle constitutes a revolution or a coup d'état, regardless of the intentions. sub-+‎ entityNoun []. supreme; preeminent; indisputable: a sovereign right. A number of North African and Middle Eastern sub-investment-grade sovereigns have issued debt since the crisis, including Bahrain (B+/Stable), Egypt (B+/Stable) and Oman (BB-/Negative), but SSA issuers have lagged returning to markets after the shock. imf.org. EXPLORE . Q: A: What does sso mean? An investor has an added tax-exemption benefit at the state or local level if they reside in the state of issue. sovereign entities definition in English dictionary, sovereign entities meaning, synonyms, see also 'Community of Sovereign Republics',sovereignly',sovereignty',sovereigntist'. Sub-sovereign obligations are taxable if the project for which proceeds of the bond finances has no obvious public benefits. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments. Of or relating to commercial lending to a sub-sovereign government body. De très nombreux exemples de phrases traduites contenant "sub sovereign level" – Dictionnaire français-anglais et moteur de recherche de traductions françaises. Cote d’Ivoire’s issuance was the first by an SSA sovereign since the escalation of the pandemic. Information and translations of Sovereign state in the most comprehensive dictionary definitions resource on the web. in the relevant sector, meaning that investors are unable to take comfort from a history of past performance of similar projects. Meaning of Sovereign state. Related Fitch Ratings Content: Sub-Saharan Africa Sovereign Credit Overview: 3Q20 Fitch Ratings-London/Hong Kong-27 October 2020: Median GDP growth among sovereigns in sub-Saharan Africa (SSA) will contract by 2.4% in 2020, with growth expected to recover to 4% in … Sovereign definition is - one possessing or held to possess supreme political power or sovereignty. What Is a Sub-Sovereign Obligation (SSO)? Moody's has taken rating actions on 58 sub-sovereign entities after UK's sovereign action. It gets its meaning from within a legal system, and is theoretical. For this reason, municipal bonds are typically issued with lower yields than corporate bonds. In an economy with declining interest rates, an issuer may seize the opportunity to buy back its existing bonds and reissue the bonds at a lower interest rate. DICTIONARY ; THESAURUS ; GRAMMAR . Many translated example sentences containing "sub-sovereign entities" – Italian-English dictionary and search engine for Italian translations. The issuers are obligated to pay interest periodically on the bonds until the securities mature, at which point the principal amount of investment is repaid. 2Finance Of or relating to commercial lending to a sub-sovereign government body. However, non-sovereign bonds usually trade at higher yield and lower price than their sovereign counterparts. 1 Subordinate to a sovereign authority, body, etc. WORD ORIGINS ; LANGUAGE QUESTIONS ; WORD LISTS; SPANISH DICTIONARY; More. A number of North African and Middle Eastern sub-investment-grade sovereigns have issued debt since the crisis, including Bahrain (B+/Stable), Egypt (B+/Stable) and Oman (BB-/Negative), but SSA issuers have lagged returning to markets after the shock. The municipal debt obligations are callable, which means that an issuer that hopes to refinance its outstanding debt with a lower interest rate, seeks a more favorable payment schedule, or wants a better debt covenant can redeem the bonds prior to maturity. The rating process takes about two to three weeks, depending on the complexity of the assignment and the flow of information from the client. The 2006 non-sovereign loan expansion to sub-national entities was based on expectations of a large and growing market for non-sovereign sub-national loans. Local financing for sub-sovereign infrastructure in developing countries: case studies of innovative domestic credit enhancement entities and techniques (English) Abstract This paper reviews innovative local credit enhancement entities and techniques that help mobilize domestic commercial debt resources for sub-sovereign infrastructure finance. Learn more. WORD ORIGINS ; LANGUAGE QUESTIONS ; WORD … WORD ORIGINS ; LANGUAGE QUESTIONS ; WORD LISTS; SPANISH DICTIONARY; More. For its non-sovereign guaranteed borrowers, the IDB provides private and state-owned companies and financial institutions in Latin America and the Caribbean with the financing necessary to help meet the region's growing demands. Sovereign Power Synonym Discussion of sovereign. What are synonyms for sub-sovereign? of entities. 14 examples: We have inherited, as a sovereign entity, certain overseas responsibilities… (sovereigns plural) 1 adj A sovereign state or country is independent and not under the authority of any other country. Issuing bodies are responsible for their own debt issues, which can carry significant risk depending on the financial health of the municipality. Subordinate to a sovereign authority, body, etc. 45.4% of the Pfandbriefbank's on balance sheet and interest earning exposures represents direct or indirect obligations of sub-sovereigns. The offers that appear in this table are from partnerships from which Investopedia receives compensation. A sub-sovereign obligation is also referred to as a municipal debt obligation. Sovereign definition is - one possessing or held to possess supreme political power or sovereignty. Committee’s discussions on revisionspossible to the definition of sovereign entities to ensure greater consistency across jurisdictions. Most taxable sub-sovereign obligations are issued to finance the shortfalls of state and local pension funds. sovereign entities. "Sub-Sovereign Obligation" can be abbreviated as sso. These bonds are generally issued to finance schools, hospitals, highways, bridges, etc. subentities. hyporealestate.com Für 69% dieser Aktiva gilt nach BIZ-Vorschriften eine Risikogewichtung von 0%, was die Konzentration auf staatliche Institutionen und den oberen Bereich unterstaatlicher Institutionen widerspiegelt. 1Subordinate to a sovereign authority, body, etc. Non-Sovereign Financing. Thus, sub-sovereigns that fulfill these criteria receive a 0% risk weight if their central government is 0% risk weighted. Refunded bonds are bonds that have their principal cash amount already held aside by the original issuer of the debt. Enrich your vocabulary with the English Definition dictionary Strictly speaking, any deviation from this principle constitutes a revolution or a coup d'état, regardless of the intentions. The review follows the placement of the Belgium's sovereign rating on review for downgrade Moodys places Belgium's Aa1 ratings on review for possible downgrade, reflecting the strong fiscal linkages between sub-sovereign entities in Belgium and the national government. A call provision is a provision on a bond or other fixed-income instrument that allows the issuer to repurchase and retire its bonds. Still, the default rates for non-sovereign bonds are low and their credit ratings are relatively high. What is the meaning of sub-sovereign? English [] Noun []. And, facilitated by low rates, they have been able to fill themselves up. For other uses, see State (disambiguation). These criteria apply to issuer credit and issue ratings. The main transmission channel to sub-sovereign ratings would be through potential sovereign rating actions rather than the direct impact, but this will vary between local and regional governments (LRGs) and government-related entities (GREs). Our SSA clients issue debt consistently throughout the year to support important local government projects, sovereign and multilateral budgets, export financing, and international development programmes. Definition of Sovereign state in the Definitions.net dictionary. Meanwhile, sub-sovereign, quasi-sovereign and state-owned enterprises in many jurisdictions have been asked to take on more of their own funding responsibilities in recent decades. For example, while SriLankan Airlines, … Q: A: What is the meaning of sso abbreviation? entity definition: 1. something that exists apart from other things, having its own independent existence: 2…. For the purpose of these criteria, we define a sovereign as a state that administers its own government and is not subject to or dependent on another sovereign for all or most prerogatives. Emanations of a sovereign entity, such as regional, provincial and municipal governments and state owned enterprises. Sovereignty and power are not the same. Interest earned on these bonds is not subject to tax at the federal level. A sub-sovereign obligation is a form of debt obligation issued by hierarchical tiers below the ultimate governing body of a nation, country, or territory. Concern that sub-national operations would crowd out pure private operations led to the placing of an upper limit on such lending: up to a maximum of one third of total NSG sub-sovereign-bond-purchasing local-government-owned bank emerges exogenously from the point of view of both the state government and the individual bank. subentity (plural subentities) . Given the negative outlook on Catalunya's rating, an upgrade is unlikely over the next 12 to 18 months. Poorly performing entities are also the beneficiaries of explicit and implicit subsidies and loan bailouts. ; specifically designating a regional or local government body. They can also lend directly to sub-national entities with a sovereign guarantee. To achieve these goals, they require a capital markets partner with global reach and proven debt expertise. One of the definitions of sso is "Sub-Sovereign Obligation". Non-state actors are - as stated - organizations powerful enough to impact politics and policy. As all EU cen-tral governments have a 0% risk weight, regional governments and local authorities based in the EU and fulfilling the above-mentioned criteria receive a 0% risk weight. this evaluation examines the idb's non-sovereign operations with sub-national entities during the 2007-2010 period. Late 18th century (in an earlier sense). Of or relating to commercial lending to a sub-sovereign government body. having supreme rank, power, or authority. It then outlines ideas related to revising the regulatory treatment of sovereign exposures. According to JP Morgan, they generated an annualised return of 6.05%** between 2005 and 2014. belonging to or characteristic of a sovereign or sovereign authority; royal. Sovereign law constitutes a true state of law, meaning the letter of the law (if constitutionally correct) is applicable and enforceable, even when against the political will of the nation, as long as not formally changed following the constitutional procedure. In some countries, the lowest ratings remain unaffected, as they display greater tolerance within their rating categories. Definition from Wiktionary, the free dictionary. European government, the U.S. government, a sub sovereign entity or borrowing authority, a company or a [...] special purpose entity that holds assets such as mortgages. How to use sovereign in a sentence. Tue 08 Dec, 2020 - 7:25 AM ET. sovereign definition: 1. a king or queen 2. a British gold coin that was in use in Britain from 1817 to 1914 and was…. Power is not theoretical, it is always manifest in the actions of people. Are You Learning English? Rating Action: Moody's takes action on 9 sub-sovereign entities following South African sovereign action 25 Nov 2020 Johannesburg, November 25, 2020 -- Moody's Investors Service has today taken rating action on 7 South African local governments and 2 Government-Related issuers (GRIs). Does English Have More Words Than Any Other Language? Q: A: What is sso abbreviation? This form of debt comes from bond issues made by states, provinces, cities, or towns in order to fund municipal and local projects. WORD ORIGINS ; LANGUAGE QUESTIONS ; WORD … Meaning of sovereign entity A sovereign entity is any of the following: (a) a body politic of a foreign country, or a part of a foreign country; (b) a * foreign government agency; (c) an entity: (i) in which an entity covered by paragraph (a) or (b) holds a * total participation interest. d. Other Incentive problems: While it is possible that some of the analysts who work for S&P and Moody’s may seek work with the governments that they rate, it is uncommon and thus should not pose a problem with conflict of interest. Sovereign definition, a monarch; a king, queen, or other supreme ruler. Team rates all sub sovereign entities in accordance with the DEPFA internal grading system. Power is not theoretical, it is always manifest in the actions of people. Reading 43 LOS 43f: Describe securities issued by non-sovereign governments, quasi-government entities, and supranational agencies A downgrade of Spain's sovereign rating leading to indications of weakening government support for the regions, or a deterioration in their fiscal performance, would likely lead to a downgrade of sub-sovereign entities. GRAMMAR A-Z ; SPELLING ; PUNCTUATION ; WRITING TIPS ; USAGE ; EXPLORE . Learn more. Example sentences with "sovereign entities", translation memory. For the purpose of these criteria, we define a sovereign as a state that administers its own government and is not subject to or dependent on another sovereign for all or most prerogatives. A tax-exempt bond is issued to fund a project that directly impacts the community positively. of entities. These criteria apply to issuer credit and issue ratings. GRAMMAR A-Z ; SPELLING ; PUNCTUATION ; WRITING TIPS ; USAGE ; EXPLORE . A double-barreled bond is a municipal bond in which the interest and principal payments are pledged by two distinct entities—revenue from a defined project and the issuer and its taxing power. sovereign Bedeutung, Definition sovereign: 1. a king or queen 2. a British gold coin that was in use in Britain from 1817 to 1914 and was…. These Foreign Words And Phrases Are Now Used In English. adjective. Investors who purchase debt issued by a sub-sovereign body are exposed to call risk. EurLex-2 . What are synonyms for sub-sovereign? Power is the actual ability for a political entity to do as it wishes and to influence others to comply with it. Fitch Ratings-Paris/London-25 March 2020: The coronavirus pandemic will put pressure on sub-sovereign issuers’ financial profiles, Fitch Ratings says. Interest payment on the obligation can be funded from the revenue that will be generated from the project or from the revenue account of the municipal issuer. See more. A sovereign state in international law is a political entity that is represented by one centralized government that has sovereignty over a geographic area. These can be grouped into three broad categories. For sub-national entities called states, see Federated state. Emanations of a sovereign entity, such as regional, provincial and municipal governments and state owned enterprises. Understanding Sub-Sovereign Obligation (SSO), How a Call Provision Benefits Investors and Companies. How do you use sub-sovereign in a sentence? Build America Bonds (BABs) are an example of taxable bonds; they were created under the American Recovery and Reinvestment Act (ARRA) of 2009 and, although taxable, have special tax credits and federal subsidies for the bond issuer and holder. Jump to navigation Jump to search. Therefore, bond investors must make sure they carefully examine bond documentations to assess whether or not they are invested in a bond explicitly guaranteed at the sovereign level. Conduit financing is funding provided to organizations for large scale projects through the issuance of municipal bonds. With a Sharpe ratio of 0.51 during the same period, this sub-asset class has delivered the best risk-adjusted return within EM (hard-currency) debt over the past decade. Once a bond is retired from the market on a call date, the bondholder stops receiving interest payments. Sovereignty and power are not the same. Challenges. What does Sovereign state mean? usu ADJ n (=autonomous) The Russian Federation declared itself to be a … In most instances, a quasi-sovereign usually has a so-called ‘implicit’ guarantee from its government, but that does not mean it will necessarily obtain an ‘explicit’ guarantee on its bonds. How to use sovereign in a sentence. What is the meaning of sub-sovereign? A sub-sovereign obligation is a form of debt obligation commonly created by municipalities in order to meet funding requirements. Sovereign entities (including foreign governments and their agencies, and all wholly owned entities - noting that this was changed in the legislative instrument made 1 May 2020 to now exclude both Australian resident and non-resident wholly owned entities). They promote fiscal responsibility laws governing sub-national debt, which require the budgets of sub-national entities to be balanced. Types of Financing. Non-sovereign bonds are not guaranteed by the national government. What Is a Sub-Sovereign Obligation (SSO)? Arbitrage bonds refinance a municipal bond to a lower interest rate. ; specifically designating a regional or local government body. Examples of sovereign entity in a sentence, how to use it. While some sub-sovereign debt obligations are taxable, others are not. English [] Etymology []. Credit Rating . in the relevant sector, meaning that investors are unable to take comfort from a history of past performance of similar projects. plural of subentity However, given that these bonds are backed by a small governmental body, the risk of default is lower than that of corporate bonds. The magnitude of Moody's actions on European sub-sovereign ratings broadly reflects the scale of the sovereign actions and the relative position of the credits on the rating scale. Emerging Europe Sovereign Outlook Stable in 2021. Non-sovereign bonds usually trade at a higher yield and lower price than sovereign bonds. of 100%; and 1.1 Scope’s definition of sub-sovereigns Under our methodology, a sub-sovereign is a particular level of regional or local government that is assigned the responsibility to provide a certain range of public services along with sources of revenue to fund these mandates. Other situations in which taxable sub-sovereign debt may be issued include financing local sports facilities, financing investor-led housing, or refinancing debt. Local financing for sub-sovereign infrastructure in developing countries: case studies of innovative domestic credit enhancement entities and techniques (Inglês) Resumo This paper reviews innovative local credit enhancement entities and techniques that help mobilize domestic commercial debt resources for sub-sovereign infrastructure finance. The meaning of sso abbreviation is "Sub-Sovereign Obligation". ; specifically designating a regional or local government body. Entity definition: An entity is something that exists separately from other things and has a clear identity... | Meaning, pronunciation, translations and examples A BIS risk weighting of 0% applies to 69% of these assets, reflecting the focus on sovereign and the upper level of sub-sovereign entities. Hence, CARE believes it is important to study their performance to assess expected revenues, expected financial liabilities and prospects for their restructuring and divestment. A debtholder faced with the risk that his or her bond could be called, also faces reinvestment risk. From sub- + sovereign [adjective]. Here Are Our Top English Tips, The Best Articles To Improve Your English Language Usage, The Most Common English Language Questions. Since international law applies to equal, sovereign entities “with the same claims to the exercise of absolute sovereignty”, it constitutes a vital means of regulating the coexistence of these sovereign entities while also being the necessary corollary thereof. Sovereign law constitutes a true state of law, meaning the letter of the law (if constitutionally correct) is applicable and enforceable, even when against the political will of the nation, as long as not formally changed following the constitutional procedure. An entity that … International law defines sovereign states as having a permanent population, defined territory, one government and the capacity to enter into relations with other sovereign states. It gets its meaning from within a legal system, and is theoretical. DICTIONARY ; THESAURUS ; GRAMMAR . Sovereign definition: A sovereign state or country is independent and not under the authority of any other... | Meaning, pronunciation, translations and examples For a general article on the state, see State (polity). Sub-sovereign obligations are issued to raise capital to finance a project that would add value to a region or community after completion. Provinces, regions, states, and cities issue bonds called non-sovereign bonds or non-sovereign government bonds. Power is the actual ability for a political entity to do as it wishes and to influence others to comply with it. The previous posts clarified what state actirs are - reognized countries. Sovereigns, Supranationals and Agencies. 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