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Business and Economics > Investments: Stocks

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Cover IMF Working Papers
Private Bond Restructurings: Lessons for the Case of Sovereign Debtors
Mr. Marco A. Piñón-Farah
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.
Keywords:
WP; exchange offer; bondholder; debt; bond; company; bond exchange offers; adverse selection; seaman furniture Co; holdout bondholder; targeted bondholders class; bond issue; bondholder committee; fixed interest rate; market value; Bonds; Corporate bonds; Sovereign bonds; Common stocks; Debt restructuring