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Business and Economics > Investments: Stocks

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Cover IMF Working Papers
Intercreditor Distribution in Sovereign Debt Restructuring
Mr. Ousmene J Mandeng
Intercreditor equity represents one of the main objectives of bankruptcy proceedings. Yet, recent restructurings of sovereign debt suggest that violation of intercreditor equity is common. While existing contractual provisions, and guidelines issued by creditor committees, establish fundamental principles about creditor treatment, they seem to remain too vague to guide debt restructuring processes effectively. The paper focuses on distribution, and argues that lack of clear guidelines for distribution may complicate and delay the resolution process and induce undue uncertainty about the predictability and viability of the restructuring outcome. The paper discusses and proposes parameters which may contribute to establishing explicit principles for the assessment of intercreditor equity in distribution.
Keywords:
WP; debt; present value; cash flow; restructuring proceeding; Aggregation problem; collective action; intercreditor equity; Paris Club; restructuring agreement; debt contract; present value terms; debt issue; cash-flow relief; Sovereign debt restructuring; Debt restructuring; Discount rates; Currencies; Stocks
Cover International Capital Markets
International Capital Markets
Developments, Prospects, and Key Policy Issues (September 2000)
International Monetary Fund

Abstract

Following a review and assesment of recent developments in capital market and banking systems, this year's International Capital Markets report review and assesses recent developments in mature and emerging financial markets and continues the analysis of key issues affecting global financial markets. It examines the systemic implications of the continued rapid development of the global over-the-counter derivatives markets and the expansion of foreign-owned banks into emerging markets. The report also analyzes market participants assessments of the proposals for private sector involvement in the prevention and resolution of crises.

Keywords:
WEFS; market; OTC derivatives market; market participant; bank; investor; market turbulence; U.S. dollar; market view; OTC derivatives activity; Emerging and frontier financial markets; Foreign banks; Derivative markets; Stock markets; Securities markets; Global; Europe; Asia and Pacific; Middle East; Africa