Argentina's exchange bonds adopted a two-limb voting clause inspired by Uruguay. However, this proved risky as holdout creditors only needed to buy one third of a bond to keep it out of an aggregated two-limb collective action clause. In response, the U.S. Treasury formed a working group in 2014, which led to the creation of the single-limb collective action clause in 2015.
The Americas Core Credit team at Reorg takes a look back at the past week and previews what's to come in the week ahead, and LatAm team lead Kyle Owusu has a discussion on Argentina and Venezuela with sovereign restructuring veteran Lee Buchheit.
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