Private Bond Restructurings: Lessons for the Case of Sovereign Debtors

Author/Editor:

Marco A. Piñón-Farah

Publication Date:

February 1, 1996

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

This paper reviews recent experience with both sovereign and private bond restructurings. It also summarizes the literature on private bond restructurings and describes the “typical” process for a voluntary exchange of new bonds for existing obligations. From this information some conclusions are drawn as to the possibility of concluding voluntary restructuring agreements for sovereign bonds within relatively short periods of time.

Series:

Working Paper No. 1996/011

Subject:

Asset and liability management Bonds Common stocks Corporate bonds Debt restructuring Financial institutions Sovereign bonds

English

Publication Date:

February 1, 1996

ISBN/ISSN:

9781451926064/1018-5941

Stock No:

WPIEA0111996

Pages:

16

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