Something curious is happening in the financial markets. The finer points of bond and loan documentation are usually the preserve of those bankers responsible for execution, in-house lawyers and the law firms that advise them. Rarely does the debate attract wider interest. But in the wake of recent sovereign bond defaults, there have been calls for changes in the underlying documentation to facilitate the restructuring process.
The reason for this is not hard to fathom. In the 1980s, when the modern approach to sovereign debt restructuring became established, most of the debt affected consisted of commercial bank loans.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
