Capital v. Argentina has the potential to shatter this consensus. A panel of the US Court of Appeals for the Second Circuit … has approved a novel injunction, which requires Argentina to make full payment to holdouts who declined to participate in … NML v. Argentina. The case is important both for its interpretation of the pari passu clause — some version of which …

Recent court rulings effectively barred Argentina from international capital markets until she honored previous … era provides us with clues into how the sovereign debt market could evolve in the wake of the Argentina rulings. In …