How Will the War in Ukraine Affect Foreign Bondholders?

The longer negotiations go on, the more negative the impact both on bondholders and borrowers. China today is a far bigger lender to emerging markets than it had been in the past. The longer that these kind of restructurings are ongoing and do not get settled, the worse it is for bondholders,. And it's also negative for the countries themselves, because they don't have access to markets.