May 2003
Samurais come to the rescue
Uruguay is seeking to push out the maturities on its bonds to give
it time to get its economy back in shape before having to repay its
foreign debt. It's doing this by means of one huge exchange offer,
with which it is trying to swap all of its outstanding bonds for
similar bonds of longer maturity.
All its outstanding bonds? Not quite. There's one bond - a
Japanese yen samurai issue - that isn't included in the deal. The
samurai bond already has collective action clauses, so on May 15,
the deadline for the exchange...
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