Good podcast? Give it some love!
Clauses & Controversies
Clauses & ControversiesEpisodes
Clauses & Controversies
Clauses & Controversies
A weekly Education podcast
Good podcast? Give it some love!
Rate Podcast
Episodes of Clauses & Controversies
Mark All
Search Episodes...
Tortious Interference and Inter-Creditor DutiesCreditors in sovereign debt restructurings often complain about other creditors. And creditors often try to limit what other creditors get (at least indirectly, via most favored nations clauses,
El Salvador’s Warrants: Bukele’s Folly?El Salvador has issued a new bond, using part of the proceeds to buy back some bonds that mature in the relatively near term. The issuance includes a detachable warrant that pays up to an additional 4% i
The Latest in the Argentine GDP Warrant Saga: Drafting Goof or Sneaky Drafting?There are so many intriguing aspects of the latest installment of the Argentine GDP Warrant Saga. This time, from Judge Preska in the SDNY, Argentina scores a big,
Lessons from the 1980s Debt CrisisThe 1980s debt crisis began in Mexico and engulfed countries around the world, leading, via the Brady Plan, to the revival of the bond markets. Beyond that, we confess to relatively little knowledge about thi
A Way to Use Frozen Russian Assets to Help Ukraine?There has been much chatter lately about a proposal from Lee Buchheit, Daleep Singh and Hugo Dixon to address concerns in Western nations about using frozen Russian assets to get Ukraine much
Ukrenergo ConfusionRumor has it that holders of bonds issued by Ukrenergo, the state-owned corporation that runs Ukraine's electricity distribution system, expect to get better treatment in a debt restructuring, even though their bonds are gu
Who Benefits from Lifting Sanctions on Buying Venezuelan Bonds?Banning U.S. parties from buying Venezuelan bonds was probably a bad idea. But was it a good idea to lift the ban last fall? Investors apparently sold the Biden administration on
The Last Sovereign Bond in New YorkDue to litigation over the PDVSA 2020 bond, all future issues of sovereign bonds in New York have been canceled, effective immediately. (PDVSA is quasi-sovereign, but whatever...) You may have heard that New
Something Black in the Lentils at UkrenegroA few weeks ago, there was an announcement that some of the creditors of the Ukrainian electric company, Ukrenegro, wanted their debt restructuring talks to be separate from any broader Ukrainian deb
Back to the Future (Again) -- Russian Frozen Assets EpisodeIn recent months, there has been much talk about what to do with frozen Russian assets and, in particular, whether they can be repurposed to aid Ukraine in its fight against the Russi
Tierra del Fuego and Tinfoil HatsThe financial press has mostly overlooked the recent debt restructuring by Argentine province Tierra del Fuego. (To be fair, Mark has overlooked it too.) But there were aspects of the deal that might strike so
Can Someone Explain What is Happening to SLBs?A year and a half or so ago, we were working on a paper with UVA’s Quinn Curtis on how the promises being made in the typical “use of proceeds” Green Bonds were empty. In the course of that projec
Equity Receiverships and Sovereign DebtObservers of sovereign debt markets have long lamented the inability to impose restructuring terms on dissenting creditors. Indeed, there are currently several bills pending – some of which are utterly b
How Much of the YPF Judgement Will Burford, Realistically, Recover?Burford Capital, a highly sophisticated litigation finance operation, has won an enormous judgment ($16 billion, where its share is upwards of $6 billion) against the Republic
Argentina's 2001 Debt Saga RevisitedArgentina's 2001 default spawned nearly 15 years of litigation, culminating in the (in)famous pari passu injunction. Many episodes of the saga have been told in isolation, but it is complicated—FRANs, pari
What the FRAN?This episode is on Argentina's famous FRANs (floating rate accrual notes). The notes were intended to protect holders against the risk that the country's credit would deteriorate... and boy did they ever. Due to a drafting glitc
What to Make of the Stay Order in Hamilton Reserve Bank v. Sri Lanka?Strange things have been going on in the Hamilton Reserve Bank v. Sri Lanka case in New York federal court. Recently, in response to requests from the US and other governmen
China’s Defaulted War DebtsWe’ve long viewed China’s defaulted debt from the first half of the twentieth century through the lens of the communist government refusing to pay back the defaulted debts of Imperial China. But historian Elya Zhang
China’s Impact on Sovereign Debt RestructuringsThere has been much chatter (a lot of it out of Washington) about how China is mucking up the financial architecture for sovereign debt restructurings. Given the political and strategic biases of
Dodgy SLBsWe’ve been intrigued by the potential of sustainability-linked bonds. In theory, they should improve on green, “use of proceeds” bonds by providing incentives for issuers to invest in emissions reductions and other climate-related o
Are sustainability-linked bonds here to stay?Sustainability-linked bonds (SLBs) tie the issuer’s payment obligations to the satisfaction of some environmental benchmark. In principle, this could be good and provide an incentive for bond issue
Sovereign Sustainability Linked Bonds: What’s Going On?The newest product on the sovereign scene is the sustainability linked bond. The product is potentially exciting because, on its face, it seems to remedy some of the incentive problems em
Venezuelan Debt: The CITGO Auction, Statute of Limitations, and Other Enforcement Matters It’s a busy time for Venezuela’s creditors. The auction process is starting for the sale of Venezuela’s ownership interest in US-based refiner CITGO. Th
Chasing Payment on Old Cuban DebtWe have a great fondness on this podcast for unpaid historical debts and the attempts to litigate these. One such story is that of Cuban debts. Our guest is Rebecca Burton of Linklaters (London), who joins us
Unpacking the Argentine GDP Warrants Case In 2005 and 2010, Argentina issued GDP-linked warrants as a sweetener to investors participating in its debt restructurings. At the time, the warrants didn’t seem so sweet. Holders assigned them litt
Join Podchaser to...
- Rate podcasts and episodes
- Follow podcasts and creators
- Create podcast and episode lists
- & much more
Unlock more with Podchaser Pro
- Audience Insights
- Contact Information
- Demographics
- Charts
- Sponsor History
- and More!
- Account
- Register
- Log In
- Find Friends
- Resources
- Help Center
- Blog
- API
Podchaser is the ultimate destination for podcast data, search, and discovery. Learn More
- © 2024 Podchaser, Inc.
- Privacy Policy
- Terms of Service
- Contact Us