So I've been off the grid for a few weeks, and of course after months of little to talk about, the world gave us a bounty of stories about financial distress, and related topics, each of which would merit its own post. But I'm going to hit them ... Read full article
I agree with Adam about all that post- Starr hyperventilation . No, it does not mean that bailouts are over, that the Fed has been slapped down, or any of that lurid stuff. ... Read full article
The Illinois Supreme Court issued its unanimous opinion this past Friday putting a stake through the heart of the legislature's latest attempt to evade its responsibility for woefully underfunding four of the state's five public pensions. ... Read full article
Debt restructuring is the second largest source of outside financing for Ukraine’s new IMF program . ... Read full article
Ukraine's bond restructuring talks are in high gear, and, as ever, Russia is trouble du jour. Not only is it threatening to hold out in the bond deal and take Ukraine to arbitration , Russia also seems poised to block IMF disbursements to ... Read full article
This is a joint post by Mark Weidemaier and Mitu Gulati. ... Read full article
Ukraine is telling investors it must trim external debt by $15.3 billion. Its bonds have CACs but no aggregation, and a 50% vote is needed to bind holdouts. ... Read full article
Big day in sovereign debt. ... Read full article
The IMF has approved a new 4-year $17.5 billion program for Ukraine, with an immediate disbursement of $5 billion. This is a big economic, institutional, and geopolitical deal. ... Read full article
As Germany vs. Greece , and Germany vs. the EU Southern and Western edges , heats up yet again, some important historical context, over at Spiegel. ... Read full article
It looks like much of December will be spent sitting around the RUFO sickbed, waiting for the clause to expire of natural causes on December 31. The clause, recall, prevents Argentina from "voluntarily" giving holdout creditors a better deal ... Read full article
Readers who have not otherwise received notice in the twittersphere may be interested in this commentary at The Conversation . ... Read full article
Mexico's public offering with New York-style ICMA CACs is a huge deal. But it turns out that Vietnam's exempt offering on November 6, also under New York law, was there first. Since it is not a public offering, the disclosure document is not ... Read full article
Not much new to say from the last time , except that this contempt order was signed by the judge. Argentina must "reverse entirely" the steps it has taken to remove BNY-Mellon and install a new trustee and otherwise start "complying ... Read full article
The IMF released its long-awaited paper on sovereign debt contract reform, advocating single-tier aggregated collective action (majority amendment) clauses and a clarification of the pari passu clause to preclude its future use to block payments on ... Read full article
