
AVVISO n. 198
... • National Guaranteed Loans. Tax-secured loans that the Government exchanged for previously outstanding Government bonds as part of a voluntary debt offers that took place in 2001. Holders of National Guaranteed Loans retained the right to recover their original bonds upon default. ...
... • National Guaranteed Loans. Tax-secured loans that the Government exchanged for previously outstanding Government bonds as part of a voluntary debt offers that took place in 2001. Holders of National Guaranteed Loans retained the right to recover their original bonds upon default. ...
The pari passu clause in sovereign debt instruments
... obligation."); Lee C. Buchheit, The Pari Passu Clause Sub Specie Aeternitatis, INT'L FIN. L. REV., Dec. 1991. at 11, 12 ("[h1f a sovereign borrower intends as a practical matter to discriminate among its creditors in terms of payments, the pari passu undertaking will at least prevent the sovereign f ...
... obligation."); Lee C. Buchheit, The Pari Passu Clause Sub Specie Aeternitatis, INT'L FIN. L. REV., Dec. 1991. at 11, 12 ("[h1f a sovereign borrower intends as a practical matter to discriminate among its creditors in terms of payments, the pari passu undertaking will at least prevent the sovereign f ...
Count the Limbs: Designing Robust Aggregation Clauses in
... Argentina’s 2001 default revealed vulnerabilities in series-by-series CACs. In Greece, blocking positions led more than half of all foreign law bonds to drop out of the restructuring, even though most Greek foreign law bonds had CACs. These bonds continue to be paid in full (Zettelmeyer, ...
... Argentina’s 2001 default revealed vulnerabilities in series-by-series CACs. In Greece, blocking positions led more than half of all foreign law bonds to drop out of the restructuring, even though most Greek foreign law bonds had CACs. These bonds continue to be paid in full (Zettelmeyer, ...
The Trust Indenture Act of 1939 and Out-of
... insolvent company but, instead, become the gains of (or “buoy up”) those bondholders who held out. This is referred to as a “holdout” problem, and at its most pernicious, a holdout problem can entirely undermine an out-of-court restructuring.37 To see this, let us return to the example. Suppose that ...
... insolvent company but, instead, become the gains of (or “buoy up”) those bondholders who held out. This is referred to as a “holdout” problem, and at its most pernicious, a holdout problem can entirely undermine an out-of-court restructuring.37 To see this, let us return to the example. Suppose that ...
NBER WORKING PAPER SERIES SOVEREIGN DEFAULT, DEBT RESTRUCTURING, AND RECOVERY RATES:
... 2005. In this instance the warrants were detachable from the new bonds six months after the exchange, and they could be traded independently of the underlying securities – this was not the case in any of the other restructurings with contingent payments.5 Starting in late 2004, investment banks deve ...
... 2005. In this instance the warrants were detachable from the new bonds six months after the exchange, and they could be traded independently of the underlying securities – this was not the case in any of the other restructurings with contingent payments.5 Starting in late 2004, investment banks deve ...
Debt Default and Lessons from a Decade of Crises
... Crises generally very costly in terms of output loss and “economic dislocation” ...
... Crises generally very costly in terms of output loss and “economic dislocation” ...
The Argentina Debt Case* Jayati Ghosh
... Argentina but for finance in general. The Argentine government appealed against it, but this appeal has now been dismissed by the US Supreme Court. Consider just some elements of this US court decision. First, it is based on a peculiar and unprecedented interpretation of the pari passu (equal treat ...
... Argentina but for finance in general. The Argentine government appealed against it, but this appeal has now been dismissed by the US Supreme Court. Consider just some elements of this US court decision. First, it is based on a peculiar and unprecedented interpretation of the pari passu (equal treat ...