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Partner Antonia Stolper and associate Sean Dougherty (both New York-Capital Markets) wrote an article, titled "Collective Action Clauses: How the Argentina Litigation Changed the Sovereign Debt Markets,"...
In their article, Stolper and Dougherty summarize the
current state of documentation for collective action clauses in
sovereign debt documentation. In addition, they analyze the various
milestones in the development of the current documentation for
collective action clauses beginning after the 2002 Argentina
default and compare the collective action clauses of certain
sovereigns and sub-sovereigns. "The key question remains:
would a CAC, in particular a single-limb CAC, have prevented or
lessened the dislocations experienced as a part of the experience
in Argentina," they ask.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
