If there is one thing that emerging-market investors
hate as much as SDRM, it is exit consents.
One of the biggest selling points for CACs is that they obviate
the need for exit consents, which are pretty much the only way of
restructuring bonds now.
Agustín Carstens, Mexico's undersecretary of finance, says that
"we basically have given up the possibility of doing a rescheduling
through exit consents". This is a view shared by the lead managers
of Mexico's new bond, as well as by the country's lawyers.
Ed Bartholomew, JPMorgan's resident expert on sovereign debt
restructuring, says: "The quid pro quo is to give up the exit
consents - you don't need...
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