The financial, economic and sovereign debt crisis has fundamentally changed the rules of the game in sovereign debt markets, particularly but not only in the Euro Area. While some countries enjoy a safe-haven status, others face soaring risk spreads. Sovereign rates of crisis countries have been downgraded dramatically, but also safe-haven countries’ prime rating has been lost or is under close scrutiny. Sovereign bonds as a broad category have lost their – previously widely perceived – status as “risk-free” assets. The crisis countries face unsustainably expensive financing costs (or even a loss of access to bond market financing), pushing them towards shorter financing or forcing them to rely on financial support by other countries and the international community or massive intervention by central banks. A selection of papers based on the authors’ contributions to the conference has been published in SUERF Study 2013/5.