the size of creditor losses (haircuts) is among the best predictors at the bond level. In a restructuring, bonds with … higher haircuts see higher holdout rates, and the same is true for small bonds and those issued under foreign law. Collective …

Governments often issue bonds in foreign jurisdictions, which can provide additional legal protection vis …-á-vis domestic bonds. This paper studies the effect of this jurisdiction choice on bond prices. We test whether foreign-law bonds … trade at a premium compared to domestic-law bonds. We use the euro area 2006-2013 as a unique testing ground, controlling …

' holdings of sovereign bonds. Second, depending on the specific characteristics of the economy and the nature of banking crises …