By Evan Abrams
The recent Argentine debt crisis, brought on by a series of
court decisions requiring the country to pay holdouts from earlier
restructurings, has made waves in sovereign debt markets and prompted a rethink
of the legal terms behind debt issuances. Mexico, who has historically been a
leader in innovative debt offerings, made news last week by changing several
key legal provisions on the bonds it offers. According to the Financial
Times, the changes were aimed at easing potential restructuring deals and
discouraging holdouts. Experts agree that many other emerging market countries
are likely to follow suit and adopt similar language going forward.
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