May I have coupon tickets?

Bond holders are to receive 456 million in bonds due in 2011 (with the same coupon of 9.5 per cent) and 574 million in bonds due in 2018 (with the same coupon of 9.04 per cent).

Covitova will compete with Pugue for a final coupon and another final seat will be produced between Keith and Kobel.

You see, we'd just been to the grocery store, and my mom refused to buy us the jar of Ovaltine that had the coupon for the Captain Midnight decoder ring in it.

There are credit card schemes and airline mile programs and coupon cards and all these loyalty schemes that actually do use game dynamics and actually are building the game layer they just suck.

The third option offered discounted bonds, carrying a discount of 66.3 per cent on principal, a higher coupon (part of it being capitalized), a grace period of 21 years and a final maturity of 29 years (until 2034).

The second option offered a quasi par bond, carrying a discount of 30.6 per cent on principal, payable only in pesos, and carrying a low coupon also payable in pesos, a long grace period of 33 years and a final maturity of 41 years (until 2046).

In October, Rosneft issued 11 billion worth of ruble denominated bonds (an unparalleled amount for the Russian market, equivalent to 70 of the total value of corporate bonds issued in Russia this year). The coupon on these bonds was actually 1.5 percentage points below sovereign bonds of similar maturity, which is also unusual, especially given that Rosneft currently is subject to Western sanctions.

Gradual fiscal consolidation reducing the projected future size of government spending, and hence future tax rates will have to be at the center of the effort. This should be combined with the mutualization of some portion of the liabilities of highly indebted countries defined as a debt to GDP ratio above, say, 60 or 70 and modest write downs in exchange for long term zero coupon bonds.

The answer is to emulate the response to sovereign debt crises in Uruguay, Pakistan, Ukraine, and many other emerging market economies, where orderly exchange of old debt for new debt had three features an identical face value (so called par bonds) a long maturity (20 30 years) and interest set well below the currently unsustainable market rates and close to or below the original coupon.

Moreover, there would be few holdouts that refuse to participate in the exchange. Previous experience suggests that most hold to maturity investors would accept a par bond, while most mark to market investors would accept a discount bond with a higher coupon (that is, a bond with a lower face value) an alternative that could be offered (and has been in the past) to such investors.