Ep 179 - Ethiopia’s Value Recovery Instruments
Ethiopia’s Value Recovery Instruments Value recovery instruments are a great idea in theory and a disaster in practice. The idea is to let i...
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Clauses & Controversies
Clauses and Controversies: A Podcast about International Finance, Contract Clauses and the Controversies Surrounding These Clauses
Episodes
20 of 179 episodes
Ep 178 - $240 Billion?!
$240 Billion?! Venezuela's debt is purportedly $240 billion, larger than previous estimates by far. What gives? Is this a way to signal to i...
Ep 177 - Is it Finally Time to Restructure Venezuela’s Debt?
Is it Finally Time to Restructure Venezuela’s Debt? Ever since Venezuela was allowed to hire advisors on its debt restructuring, rumors have...
Ep 176 - 1917 Tsarist Bonds
1917 Tsarist Bonds We know we promised to talk about Venezuela. But we got distracted by a filing in the district courts in DC. A claim for...
Ep 175 - The Most Amazing Revolution
The Most Amazing Revolution In spring 1917, the United States government lent money to the new Provisional Government in Russia, which had p...
Ep 174 - Something Black in the Lentils
Something Black in the Lentils: We are back with our favorite type of podcast — speculation about legal implications built around facts that...
Ep 173 - Foreign Civil War Entanglements
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...
Ep 172 - If Only YPF’s Bylaws Had Been Governed by Texas Law
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...
Ep 171 - The $500 Million American “Financial Aid” to China
The $500 Million American “Financial Aid” to China In 1942, the Americans provided $500 million in financial aid to Chiang Kai-shek’s Nation...
Ep 170 - Ethiopia and Senegal: Debt Shenanigans?
Ethiopia and Senegal: Debt Shenanigans? A set of recent articles in the FT by sovereign debt guru Joseph Cotterill suggest to us (reading be...
Ep 169 - Can We Say Anything Meaningful About a Venezuelan Debt Restructuring?
Can We Say Anything Meaningful About a Venezuelan Debt Restructuring? Venezuela must restructure its debt if it, and its new "friends" in Wa...
Ep 168 - Are CACs Unilateral Modification Clauses?
Are CACs Unilateral Modification Clauses? We have always understood the collective action clause (CAC) in a sovereign bond to allow the bond...
Ep 167 - Will the Flip Clause Enter the Canon?
Will the Flip Clause Enter the Canon? Contract innovation is rare in sovereign debt markets, so we are interested whenever someone adds a ne...
Ep 166 - Imperial (Defaulted) Chinese Bonds (Again)
Imperial (Defaulted) Chinese Bonds (Again) Yes, one of us might have sworn up and down that we would never do another episode about defaulte...
Ep 165 - Total Return Swaps
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....
Ep 164 - Cambodia’s “Dirty Debts” to the US — Redux
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...
Ep 163 - What if POTUS wanted an OBBD?
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...
Ep 162 - The Invasion Tax
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...
Ep 161 - Argentina Again
Argentina Again The Trump administration says it will do “whatever it takes” to rescue the Argentine peso and bond yields, saving buddy Javi...
Ep 160 - Ukraine's Expansive "Fiscal Laws" Clause
Ukraine's Expansive "Fiscal Laws" Clause International sovereign bonds, and particularly those issued under English law, often include a cla...