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Clauses and Controversies: A Podcast about International Finance, Contract Clauses and the Controversies Surrounding These Clauses
Foreign Civil War Entanglements Over the years, the U.S. has supported the losing side in numerous foreign civil wars. It has emerged from t...
If Only YPF’s Bylaws Had Been Governed by Texas Law And… poof! The sound of a $16 billion judgment going up in smoke. We talk about the Seco...
The $500 Million American “Financial Aid” to China In 1942, the Americans provided $500 million in financial aid to Chiang Kai-shek’s Nation...
Ethiopia and Senegal: Debt Shenanigans? A set of recent articles in the FT by sovereign debt guru Joseph Cotterill suggest to us (reading be...
Can We Say Anything Meaningful About a Venezuelan Debt Restructuring? Venezuela must restructure its debt if it, and its new "friends" in Wa...
Are CACs Unilateral Modification Clauses? We have always understood the collective action clause (CAC) in a sovereign bond to allow the bond...
Will the Flip Clause Enter the Canon? Contract innovation is rare in sovereign debt markets, so we are interested whenever someone adds a ne...
Imperial (Defaulted) Chinese Bonds (Again) Yes, one of us might have sworn up and down that we would never do another episode about defaulte...
Total Return Swaps There have been reports in the financial press about the use of Total Return Swaps to provide credit to governments (e.g....
Cambodia’s “Dirty Debts” to the US — Redux In the 1970s, the US allowed Cambodia to finance the importation of rice and other agricultural c...
What if POTUS wanted an OBBD? Let us say, purely hypothetically, that there is a point at which some combination of the spending excesses of...
The Invasion Tax The lawsuit over Ukraine's $3 billion bond debt to Russia seems to be on hold (maybe forever) in the English courts. And ma...
Argentina Again The Trump administration says it will do “whatever it takes” to rescue the Argentine peso and bond yields, saving buddy Javi...
Ukraine's Expansive "Fiscal Laws" Clause International sovereign bonds, and particularly those issued under English law, often include a cla...
The Greek GDP Warrant Drama Greece’s debt situation has improved remarkably, from default status in 2012 to investment grade in 2025. A few...
Some Questions, Now That it's About 3 Years Since Russia’s Default It has now been around 3 years since Russia’s invasion of Ukraine, which...
Sovereign Debt Odd & Ends An odds and ends podcast about unrelated sovereign debt topics. First up, Venezuela. Most investors have been sitt...
Is There Any Law of State Succession? Syria, Ukraine and Greenland The law of state succession to obligations comes mostly from a different...
What if Trump Discovers that Unpaid UK (and French) Debt From WWI? The current administration has tossed concepts such as “special relations...
What Might a Syrian Debt Restructuring (Eventually) Look Like? There is little doubt that Syria needs to restructure its debt, among other r...
User Fees on the US Treasury Strategic Gold Crypto Reserve Trump plans to reduce the US debt. We are missing some of the steps, but here are...
Why Do We Care Who is Behind HRB’s Sri Lankan Lawsuit? The Hamilton Bank litigation against Sri Lanka appears to be reaching the end. Or is...
Greece’s (Ratings) Rise From the Ashes – Wow, but also How? We study sovereign restructurings, which means we primarily study countries goin...
Getting "J. Screwed" Sounds Better than Getting "Argentina'd" In the world of corporate debt, everyone seems to be talking about "Liability...
Is Sri Lanka’s Loss Reinstatement Provision a Penalty? Two of our favorite things to talk about are innovative contract clauses and ancient...
Sri Lanka's New MFC Clause — Have "Contorts" Arrived in Sovereign Debt? The doctrine of tortious interference with contracts is one of sever...
YPF and Argentina’s Contributions to International Law Argentina owes over $16 billion in connection with its nationalization of state oil c...
The Penalty Doctrine in Contract Law We've never been fans of the contract law rule against penalties. Why can't parties (sophisticated ones...
A New Competition For Law (and Jurisdiction)? Jurisdictions famously compete for businesses to use their corporate law. Less discussed is th...
An Execution Sale is Not a Receivership. (Right?) Creditors of Venezuela and PDVSA, its state oil company, have forced an execution sale of...
Hamilton Bank v. Sri Lanka: What the $@#$ ? Accusations that Hamilton Bank is a giant fraudster stealing depositor funds, bizarro requests f...
Zambia’s Restructuring: A Post-Mortem Zambia’s recently concluded restructuring seemed to drag on forever, debilitated by conflicts among th...
The Champerty Show Ah, Champerty. Perpetual runner-up, to the doctrine of consideration, in the Stupidest Legal Rule pageant. Why do directl...
IMF Rescues Pakistan From the Brink of Default (Again) Pakistan looks to be in the process of finalizing yet another IMF program. Yet again,...
A Better Way to Freeze (and Seize?) Russian Assets? Ever since Russia invaded Ukraine in 2022, there has been talk of what international law...
Cambodia’s Debts to the US: How “Dirty” Are They? Roughly a half century ago, in the 1970s, the US infamously bombed Cambodia. Less known is...
Ukraine's Preliminary Debt Restructuring Deal Ukraine reportedly has reached terms with a subset of its bondholders, agreeing to restructure...
Tortious Interference and Inter-Creditor Duties Creditors in sovereign debt restructurings often complain about other creditors. And credito...
El Salvador’s Warrants: Bukele’s Folly? El Salvador has issued a new bond, using part of the proceeds to buy back some bonds that mature in...
The Latest in the Argentine GDP Warrant Saga: Drafting Goof or Sneaky Drafting? There are so many intriguing aspects of the latest installme...
Lessons from the 1980s Debt Crisis The 1980s debt crisis began in Mexico and engulfed countries around the world, leading, via the Brady Pla...
A Way to Use Frozen Russian Assets to Help Ukraine? There has been much chatter lately about a proposal from Lee Buchheit, Daleep Singh and...
Ukrenergo Confusion Rumor has it that holders of bonds issued by Ukrenergo, the state-owned corporation that runs Ukraine's electricity dist...
Who Benefits from Lifting Sanctions on Buying Venezuelan Bonds? Banning U.S. parties from buying Venezuelan bonds was probably a bad idea. B...
The Last Sovereign Bond in New York Due to litigation over the PDVSA 2020 bond, all future issues of sovereign bonds in New York have been c...
Something Black in the Lentils at Ukrenegro A few weeks ago, there was an announcement that some of the creditors of the Ukrainian electric...
Back to the Future (Again) -- Russian Frozen Assets Episode In recent months, there has been much talk about what to do with frozen Russian...
Tierra del Fuego and Tinfoil Hats The financial press has mostly overlooked the recent debt restructuring by Argentine province Tierra del F...
Can Someone Explain What is Happening to SLBs? A year and a half or so ago, we were working on a paper with UVA’s Quinn Curtis on how the pr...
Equity Receiverships and Sovereign Debt Observers of sovereign debt markets have long lamented the inability to impose restructuring terms o...