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Trustees versus Fiscal Agents and Default Risk in International Sovereign Bonds
Häseler, Sönke - 2011
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 …
Persistent link: https://www.econbiz.de/10013134039
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Collective Action Clauses in Sovereign Bonds
Häseler, Sönke - 2010
The universal adoption of collective action clauses (CACs) was the most promising reform proposal in recent debates on sovereign debt crisis management. Academics and the public sector had been promoting CACs since 1995, yet market practice did not begin to change until 2003. This delay is often...
Persistent link: https://www.econbiz.de/10013141205
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Interpreting the pari passu clause in sovereign bond contracts : it's all Hebrew (and Aramaic) to me
Wright, Mark L. J. - 2014
that have been reduced in value during a previous debt restructuring or default, and based on this principle we conclude …
Persistent link: https://www.econbiz.de/10010364734
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The Sovereign Debt Listing Puzzle
de Fontenay</!>, Elisabeth - 2018
Why do almost all sovereign nations list their international bonds on stock exchanges? We examine several hypotheses for what drives sovereigns to list and where. In particular, we test the often invoked “bonding hypothesis,” which posits that exchanges perform a certification and monitoring...
Persistent link: https://www.econbiz.de/10012935387
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Interpreting the Pari Passu Clause in Sovereign Bond Contracts : It's All Hebrew (and Aramaic) to Me
Wright, Mark L. J. - 2014
differences concerns debts that have been reduced in value during a previous debt restructuring or default, and based on this …
Persistent link: https://www.econbiz.de/10013054544
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Sovereign Debt : Now What?
Gelpern, Anna - 2016
The sovereign debt restructuring regime looks like it is coming apart. Changing patterns of capital flows, old creditors' weakening commitment to past practices, and other stakeholders' inability to take over, or coalesce behind a viable alternative, have challenged the regime from the moment it...
Persistent link: https://www.econbiz.de/10012985499
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Holdouts in Sovereign Debt Restructuring : A Theory of Negotiation in a Weak Contractual Environment
Pitchford, Rohan - 2009
Negotiations between a country in default and its international creditors are modeled as a dynamic game in an …
Persistent link: https://www.econbiz.de/10013160486
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Human Rights and Sovereign Debts in the Context of Property and Creditor Rights
Porzecanski, Arturo C. - 2017
Post-War conceptions of human rights have evolved independently of long-established theory and practice of property and creditor rights, to the detriment of the development and implementation of human rights law. This chapter attempts to build a first bridge between these two fields of law. It...
Persistent link: https://www.econbiz.de/10012957342
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Puerto Rico and the Netherworld of Sovereign Debt Restructuring
Gulati, G. Mitu - 2017
Puerto Rico has incurred debt well beyond its ability to repay. It attempted to address its fiscal woes through legislation allowing the restructuring of some its debt. The Supreme Court put a stop to this effort, holding that Congress in the Bankruptcy Code barred the Commonwealth from enacting...
Persistent link: https://www.econbiz.de/10012960945
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Vulture Funds, Creditors and Sovereign Debtors : How to Find a Balance?
Wautelet, Patrick R. - 2012
In this paper I attempt to offer a legal analysis of recent legislations adopted in the United Kingdom and Belgium which aim to limit the possibility for sovereign debt creditors to obtain a judgment and collect on what is due to them under sovereign bonds. The paper starts with a review of...
Persistent link: https://www.econbiz.de/10013111657