enforcement rights in the trustee, as opposed to individual bondholder rights, would be to reduce the deterrence against … default status, this paper assesses empirically whether sovereign bonds issued under a trust structure indeed carry a higher … default risk. It finds no systematic evidence of either a spread premium or higher actual default rates for bonds with …

public sector pressure for more efficient procedures to cope with sovereign default and restructuring. A second policy … initiative, the standard appointment of a trustee to centralise enforcement of the bondholders' claims against the debtor, has …

that have been reduced in value during a previous debt restructuring or default, and based on this principle we conclude …

As of this writing in June 2016, the markets are predicting Venezuela to be on the brink of default. On June 1, 2016 …, the 6 month CDS contract traded at about 7000bps which translates into a likelihood of default of over 90%. Our interest … combination with its near-default status, have created a natural experiment. This experiment has the potential to shed light on …