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دارندۀ اوراق قرضه، دارندۀ اوراق قرضه
ings were debt exchanges with private creditors (commercial banks and bondholders) and about two-thirds have been Paris Club agreements for official bilateral debt (see Box 8.2).
The restructuring of a country's sovereign bonded external debt (Eurobonds and Brady bonds) began with Pakistan at the end of 1999, following the extension of the "comparability of treat- ment" principle to bondholders in Pakistan's agreement with the Paris Club in January 1999.
This involves identifying bondholders, verifying their claims, preparing an exchange offer (most likely after consultation with the bondholders), launching the exchange offer, waiting for bondholder participation, and exchanging the debt.
cross-acceleration clauses in their covenants, thus, perhaps, making it impossible for a sovereign debtor to pick and choose which bondholders are repaid and which are not, so markets debate the issue of whether a restructuring of external bonded debt needs to be comprehensive across other foreign currency debt instruments as well.
The consequence of the above is that successful bond restructur- ing-mostly bond exchanges-has involved the debtors exchanging securities at a premium to the market price, although well below the face value, or providing other "sweeteners" to encourage bondholders to participate.،ings were debt exchanges with private creditors (commercial banks and bondholders) and about two-thirds have been Paris Club agreements for official bilateral debt (see Box 8.2).
The restructuring of a country's sovereign bonded external debt (Eurobonds and Brady bonds) began with Pakistan at the end of 1999, following the extension of the "comparability of treat- ment" principle to bondholders in Pakistan's agreement with the Paris Club in January 1999.
This involves identifying bondholders, verifying their claims, preparing an exchange offer (most likely after consultation with the bondholders), launching the exchange offer, waiting for bondholder participation, and exchanging the debt.
cross-acceleration clauses in their covenants, thus, perhaps, making it impossible for a sovereign debtor to pick and choose which bondholders are repaid and which are not, so markets debate the issue of whether a restructuring of external bonded debt needs to be comprehensive across other foreign currency debt instruments as well.
The consequence of the above is that successful bond restructur- ing-mostly bond exchanges-has involved the debtors exchanging securities at a premium to the market price, although well below the face value, or providing other "sweeteners" to encourage bondholders to participate.
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