解决帕里帕苏之谜:市场仍然最清楚

Sergio J. Galvis
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引用次数: 4

摘要

由于阿根廷主权债务危机和随后的抵制诉讼传奇,“同等权益”条款在国际主权债券市场上引发了极大恐慌。具体来说,格里萨法官认为阿根廷违反了同等权益条款,拒绝向未参与该国早期债务交换的债权人付款,并要求阿根廷必须向那些拒不偿还债务的债券持有人付款,这导致了市场对拒不偿还债务者在未来主权债务重组中可能行使的杠杆的不确定性。与会者对主权国家能否成功达成自愿交换方案表示担忧,前提是重组后的主权国家可能会拖欠非参与债券持有人的款项。本文评估了迄今为止法院在阿根廷诉讼中的裁决的影响,并讨论了在最近发行的主权债务中采用改进的排名条款和集体行动投票条款,以努力为市场参与者带来更大的确定性,并促进未来有效的重组,而不需要合同外重组机制和补救措施。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Solving the Pari Passu Puzzle: The Market Still Knows Best
As a result of the Argentine sovereign debt crisis and ensuing holdout litigation saga, the pari passu (or ranking) clause became a source of great consternation in the international sovereign bond market. Specifically, Judge Griesa’s holding that Argentina had violated the pari passu clause by refusing to pay creditors who had not participated in the nation’s earlier debt exchanges, and accompanying requirement that Argentina had to pay those holdout bondholders, led to uncertainty in the market regarding the leverage holdouts could exercise in sovereign debt restructurings going forward. Concern was expressed over the ability of sovereigns to succeed with voluntary exchange offers premised on the threat that the restructuring sovereign would default on payments due to non-participating bondholders. This article evaluates the impact of the court’s decision in the Argentine litigation to date and discusses the adoption of improved ranking clauses and collective action voting clauses in recent issuances of sovereign debt in the effort to bring greater certainty to market participants and facilitate efficient restructurings in the future without the need for extra-contractual restructuring mechanisms and remedies.
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