I immediately sell that bond in the market, for 0.91, so I get 9.1 million ( 0.91 x 10 million at face value).

I borrow, at face value, 10 million of the Greek government s 2016 bond, which is then trading at 0.91, from Goldman Sachs for six months.

By June 30, when I am due to return the 10 million in face value Greek 2016 bonds to Goldman Sachs, the bond is trading at only around 0.72.

So I go into the market, buy 10 million at face value for at 0.72, or 7.2 million, and return the bond certificates to Goldman Sachs as per our agreement.

Although accounting rules often permit banks to price these assets at face value, it is generally believed that the fundamental value of many toxic assets has fallen significantly below face value.

The alternative is to cut the face value of Greece s debt.

Inflation has caused the face value of coins to fall below the hard currency value of the historically used metals.

The ECB s latest program of bond purchases will be big enough to ensure that Draghi does not lose face.

If we take this metaphor at face value, there is a surprising consequence.

Suppose that the bank has assets with long maturity and a face value of 1.2 billion but whose current economic value is only 1 billion.

Alternatively, the debt holders can agree to reduce the face value of debt, in exchange for some warrants.

And, with the face value of the debt unchanged, the psychological drag on expectations and investment might linger.

The original copper coins ( as ) had a face value of one Roman pound of copper, but weighed less.

Bond offering

The indispensible first step, however, is a deep write down of Greek debt to less than half its face value.

America s credibility, already low in Yemen, has hit rock bottom its leaders words are no longer taken at face value.

The value of improvisation in the face of novel threats does not imply that existing rules should be peremptorily discarded.

Japan s ability to trudge on in the face of huge adversity is admirable, but the risks of crisis ahead are surely greater than bond markets seem to recognize.

These bonds may be seen as a hybrid of a single bond and a double bond, each bond in the ring identical to every other.

The Stock Bond Disconnect

America s Bond Market Blues

Bond is also told that the 'sex maniac' who was given the name of 'James Bond' when the original Bond retired has gone to work in television.

If there is 120 of collateral guaranteeing a 100 bond, the bond is safer, no doubt.

This can be accomplished in two ways sharply cutting the interest rate paid by Greece, or reducing the face value of the debt.

And others have been far too willing to accept at face value submissions from countries where the rule of law is routinely abused.

So, if Latin American countries wanted to export higher value added goods, they would face significantly higher tariffs, undermining their competitiveness in Asian markets.

Italian bond rates had already been falling before ECB President Mario Draghi announced the conditional bond buying plans.

Bond lending involves diversified groups of bond holders, including domestic residents, and can be issued under different jurisdictions.

Attempts by a bevy of beauties to seduce Bond fail, but Mimi Lady Fiona becomes so impressed with Bond that she changes loyalties and helps Bond to foil the plot against him.

Diana might have had a better life in the US, where people and the media are more ready to accept good intentions at face value.

China, meanwhile, with foreign reserves worth half its total output, denies with a straight face that it is deliberately manipulating the value of the renminbi.

How Scary Is the Bond Market?

But the bond markets want more.

I will not compromise our bond.

And many others bound in bond .

And many others bound in bond .

Debt service coverage and bond interest

French government bond interest rates fell 30 to record lows, less than 50 basis points above German government bond rates.

a An option was included to convert US 30 year bond into a US 12 year bond with debt reduction.

Taken at face value, it seems to suggest that governments have all but abandoned their commitments to the World Trade Organization and the multilateral trade regime.

And yet, in the end, Greece had little choice but to restructure its debt, cutting the value of private claims by about 75 relative to their face value (although even this is probably not enough to make the country s debt burden sustainable).

The US bond market agrees with me.

Turmoil in bond markets began to abate.

Nor shall any bind with His bond .

Nor shall any bind with His bond .