sub sovereign entities meaning

Other situations in which taxable sub-sovereign debt may be issued include financing local sports facilities, financing investor-led housing, or refinancing debt. Moody's has taken rating actions on 58 sub-sovereign entities after UK's sovereign action. Sovereign Power Synonym Discussion of sovereign. 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. GRAMMAR A-Z ; SPELLING ; PUNCTUATION ; WRITING TIPS ; USAGE ; EXPLORE . Investors who purchase debt issued by a sub-sovereign body are exposed to call risk. sovereign entities. 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. translation and definition "sovereign entities", Dictionary English-English online. To achieve these goals, they require a capital markets partner with global reach and proven debt expertise. 1Subordinate to a sovereign authority, body, etc. Example sentences with "sovereign entities", translation memory. 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. English [] Noun []. DICTIONARY ; THESAURUS ; GRAMMAR . For a general article on the state, see State (polity). 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. However, given that these bonds are backed by a small governmental body, the risk of default is lower than that of corporate bonds. 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 A sub-sovereign obligation is a form of debt obligation commonly created by municipalities in order to meet funding requirements. This form of debt comes from bond issues made by states, provinces, cities, or towns in order to fund municipal and local projects. Power is the actual ability for a political entity to do as it wishes and to influence others to comply with it. What is the meaning of sub-sovereign? 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. 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). A call provision is a provision on a bond or other fixed-income instrument that allows the issuer to repurchase and retire its bonds. How do you use sub-sovereign in a sentence? The meaning of sso abbreviation is "Sub-Sovereign Obligation". An entity that makes up part of a larger entity; a component. EM quasi-sovereign bonds have generated good returns since 2005. 1 Subordinate to a sovereign authority, body, etc. of entities. sovereign definition: 1. a king or queen 2. a British gold coin that was in use in Britain from 1817 to 1914 and was…. Subordinate to a sovereign authority, body, etc. entity definition: 1. something that exists apart from other things, having its own independent existence: 2…. In some countries, the lowest ratings remain unaffected, as they display greater tolerance within their rating categories. Learn more. 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. ; specifically designating a regional or local government body. Sovereign definition is - one possessing or held to possess supreme political power or sovereignty. sub-+‎ entityNoun []. One of the definitions of sso is "Sub-Sovereign Obligation". What are synonyms for sub-sovereign? 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. 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. Emerging Europe Sovereign Outlook Stable in 2021. According to JP Morgan, they generated an annualised return of 6.05%** between 2005 and 2014. therefore, these sub-sovereign entities will fight a sovereign downgrade, again explaining the upward bias in ratings. What are synonyms for sub-sovereign? subentities. 45.4% of the Pfandbriefbank's on balance sheet and interest earning exposures represents direct or indirect obligations of sub-sovereigns. From sub- + sovereign [adjective]. Sovereignty and power are not the same. ; specifically designating a regional or local government body. They can also lend directly to sub-national entities with a sovereign guarantee. Given the negative outlook on Catalunya's rating, an upgrade is unlikely over the next 12 to 18 months. sub-sovereign-bond-purchasing local-government-owned bank emerges exogenously from the point of view of both the state government and the individual bank. A debtholder faced with the risk that his or her bond could be called, also faces reinvestment risk. 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. usu ADJ n (=autonomous) The Russian Federation declared itself to be a … ; specifically designating a regional or local government body. GRAMMAR A-Z ; SPELLING ; PUNCTUATION ; WRITING TIPS ; USAGE ; EXPLORE . This is an article on the subjects of international law. Non-sovereign bonds usually trade at a higher yield and lower price than sovereign bonds. this evaluation examines the idb's non-sovereign operations with sub-national entities during the 2007-2010 period. of 100%; and Non-Sovereign Financing. "Sub-Sovereign Obligation" can be abbreviated as sso. 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. What does Sovereign state mean? However, non-sovereign bonds usually trade at higher yield and lower price than their sovereign counterparts. Reading 43 LOS 43f: Describe securities issued by non-sovereign governments, quasi-government entities, and supranational agencies Power is not theoretical, it is always manifest in the actions of people. Provinces, regions, states, and cities issue bonds called non-sovereign bonds or non-sovereign government bonds. The previous posts clarified what state actirs are - reognized countries. A taxable bond is one where bondholders must pay tax due on interest earned. Power is not theoretical, it is always manifest in the actions of people. Tue 08 Dec, 2020 - 7:25 AM ET. Conduit financing is funding provided to organizations for large scale projects through the issuance of municipal bonds. 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. 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. These criteria apply to issuer credit and issue ratings. It gets its meaning from within a legal system, and is theoretical. They promote fiscal responsibility laws governing sub-national debt, which require the budgets of sub-national entities to be balanced. 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. 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. in the relevant sector, meaning that investors are unable to take comfort from a history of past performance of similar projects. 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. Q: A: What is sso abbreviation? Refunded bonds are bonds that have their principal cash amount already held aside by the original issuer of the debt. belonging to or characteristic of a sovereign or sovereign authority; royal. Issuing bodies are responsible for their own debt issues, which can carry significant risk depending on the financial health of the municipality. Emanations of a sovereign entity, such as regional, provincial and municipal governments and state owned enterprises. What Is a Sub-Sovereign Obligation (SSO)? 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…. WORD ORIGINS ; LANGUAGE QUESTIONS ; WORD LISTS; SPANISH DICTIONARY; More. Jump to navigation Jump to search. 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. Sovereigns, Supranationals and Agencies. Q: A: What is the meaning of sso abbreviation? 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. Q: A: What is shorthand of Sub-Sovereign Obligation? Of or relating to commercial lending to a sub-sovereign government body. A tax-exempt bond is issued to fund a project that directly impacts the community positively. Q: A: What does sso mean? Are You Learning English? Sovereign definition, a monarch; a king, queen, or other supreme ruler. 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. It gets its meaning from within a legal system, and is theoretical. 14 examples: We have inherited, as a sovereign entity, certain overseas responsibilities… Non-sovereign bonds are not guaranteed by the national government. 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. Understanding Sub-Sovereign Obligation (SSO), How a Call Provision Benefits Investors and Companies. Team rates all sub sovereign entities in accordance with the DEPFA internal grading system. 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. Definition of Sovereign state in the Definitions.net dictionary. (sovereigns plural) 1 adj A sovereign state or country is independent and not under the authority of any other country. in the relevant sector, meaning that investors are unable to take comfort from a history of past performance of similar projects. Information and translations of Sovereign state in the most comprehensive dictionary definitions resource on the web. Additionally, a company that is in liquidation, or a partnership, trust or sole trader in bankruptcy, will not be eligible. How to use sovereign in a sentence. Credit Rating . 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. Here Are Our Top English Tips, The Best Articles To Improve Your English Language Usage, The Most Common English Language Questions. It then outlines ideas related to revising the regulatory treatment of sovereign exposures. For this reason, municipal bonds are typically issued with lower yields than corporate bonds. subentity (plural subentities) . WORD ORIGINS ; LANGUAGE QUESTIONS ; WORD … An entity that … Sovereign Power Synonym Discussion of sovereign. Thus, sub-sovereigns that fulfill these criteria receive a 0% risk weight if their central government is 0% risk weighted. For sub-national entities called states, see Federated state. These criteria apply to issuer credit and issue ratings. Challenges. sub-sovereign-bond-purchasing local-government-owned bank emerges exogenously from the point of view of both the state government and the individual bank. Sovereign definition: A sovereign state or country is independent and not under the authority of any other... | Meaning, pronunciation, translations and examples 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. Most taxable sub-sovereign obligations are issued to finance the shortfalls of state and local pension funds. Investors or the higher government authority of a country may purchase municipal bonds issued by these sub-sovereign entities. 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. Still, the default rates for non-sovereign bonds are low and their credit ratings are relatively high. Sovereign definition: A sovereign state or country is independent and not under the authority of any other... | Meaning, pronunciation, translations and examples Strictly speaking, any deviation from this principle constitutes a revolution or a coup d'état, regardless of the intentions. For other uses, see State (disambiguation). EXPLORE . 2Finance Of or relating to commercial lending to a sub-sovereign government body. 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. Committee’s discussions on revisionspossible to the definition of sovereign entities to ensure greater consistency across jurisdictions. For example, while SriLankan Airlines, … De très nombreux exemples de phrases traduites contenant "sub sovereign level" – Dictionnaire français-anglais et moteur de recherche de traductions françaises. 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. Many translated example sentences containing "sub-sovereign entities" – Italian-English dictionary and search engine for Italian translations. 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. 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. Enrich your vocabulary with the English Definition dictionary supreme; preeminent; indisputable: a sovereign right. 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. EurLex-2 . adjective. Strictly speaking, any deviation from this principle constitutes a revolution or a coup d'état, regardless of the intentions. sovereign entities definition in English dictionary, sovereign entities meaning, synonyms, see also 'Community of Sovereign Republics',sovereignly',sovereignty',sovereigntist'. Sub-sovereign obligations are issued to raise capital to finance a project that would add value to a region or community after completion. Does English Have More Words Than Any Other Language? Non-state actors are - as stated - organizations powerful enough to impact politics and policy. What is the meaning of sub-sovereign? English [] Etymology []. What Is a Sub-Sovereign Obligation (SSO)? Cote d’Ivoire’s issuance was the first by an SSA sovereign since the escalation of the pandemic. These Foreign Words And Phrases Are Now Used In English. These can be grouped into three broad categories. Of or relating to commercial lending to a sub-sovereign government body. WORD ORIGINS ; LANGUAGE QUESTIONS ; WORD LISTS; SPANISH DICTIONARY; More. The rating process takes about two to three weeks, depending on the complexity of the assignment and the flow of information from the client. WORD ORIGINS ; LANGUAGE QUESTIONS ; WORD … EXPLORE . Power is the actual ability for a political entity to do as it wishes and to influence others to comply with it. 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 BIS risk weighting of 0% applies to 69% of these assets, reflecting the focus on sovereign and the upper level of sub-sovereign entities. While some sub-sovereign debt obligations are taxable, others are not. Types of Financing. Arbitrage bonds refinance a municipal bond to a lower interest rate. The offers that appear in this table are from partnerships from which Investopedia receives compensation. An investor has an added tax-exemption benefit at the state or local level if they reside in the state of issue. 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. Sub-sovereign obligations are taxable if the project for which proceeds of the bond finances has no obvious public benefits. sso as abbreviation means "Sub-Sovereign Obligation". Meaning of Sovereign state. Poorly performing entities are also the beneficiaries of explicit and implicit subsidies and loan bailouts. Sovereignty and power are not the same. Jump to navigation Jump to search. 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). 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. plural of subentity Learn more. 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. 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). 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. Late 18th century (in an earlier sense). 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. And, facilitated by low rates, they have been able to fill themselves up. Definition from Wiktionary, the free dictionary. imf.org. How do you use sub-sovereign in a sentence? Once a bond is retired from the market on a call date, the bondholder stops receiving interest payments. These bonds are generally issued to finance schools, hospitals, highways, bridges, etc. A sovereign state in international law is a political entity that is represented by one centralized government that has sovereignty over a geographic area. of entities. How to use sovereign in a sentence. Rating agencies evaluate the risk of default of each issuer and rate the bonds accordingly. 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… DICTIONARY ; THESAURUS ; GRAMMAR . 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 … Emanations of a sovereign entity, such as regional, provincial and municipal governments and state owned enterprises. Definition from Wiktionary, the free dictionary. Examples of sovereign entity in a sentence, how to use it. Fitch Ratings-Paris/London-25 March 2020: The coronavirus pandemic will put pressure on sub-sovereign issuers’ financial profiles, Fitch Ratings says. 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. By buying its bonds back, investors may have no choice but to reinvest their proceeds into similar debt offerings with lower interest payments. 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… having supreme rank, power, or authority. Entity definition: An entity is something that exists separately from other things and has a clear identity... | Meaning, pronunciation, translations and examples 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. Receives compensation additionally, a monarch ; a component will not be eligible to be.. 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To JP Morgan, they have been able to fill themselves up are responsible their.