Experts tell us that the initial rationale for the use of pari passu clauses in sovereign debt documentation was to promise similarly-situated creditors an equal ratable share in the collateral underlying secured debts. This arrangement was deemed superior to the alternative, such as the...

It is commonly argued that no one today seems to know what a pari passu clause is doing in a sovereign debt contract. This is a problem, for pari passu is one of the most prominently displayed covenants in such documentalia. Having an utterly ubiquitous and utterly misunderstood piece of...

A critical look at the risk measurement tool that has repeatedly hurt the financial world The Number That Killed Us finally tells the "greatest story never told": how a mysterious financial risk measurement model has ruled the world for the past two decades and how it has repeatedly, and...