Corporate Debt Restructuring in Emerging Markets - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Corporate Debt Restructuring in Emerging Markets write by Richard Marney. This book was released on 2021-09-02. Corporate Debt Restructuring in Emerging Markets available in PDF, EPUB and Kindle. Corporate debt restructurings in the emerging markets have always presented special challenges. Today, as the global economy emerges from the COVID-19 pandemic and businesses look to pick up the pieces, this is even more true. For many, the financial hangover of the lockdowns and market disruptions linger and threaten their independence, even their survival. This peril is more acute in the emerging and frontier markets. Weaker economic fundamentals and institutional resiliency often intensify the challenge to return to pre-COVID-19 operating levels and financial sustainability. In this context, borrowers invariably must address the imbalance of substantial existing debt with the “new reality” of their business operations and revenues. This book, using case studies, presents a full, detailed narrative of a fictitious troubled bank in an emerging market, with characters, dialogues, and negotiations. It also includes a series of discussion questions with suggested answers, to draw out key issues from the case. In doing so, this initial narrative offers a substantive analysis of the five main phases and principles of a restructuring: (1) pre-restructuring, (2) the decision to restructure, (3) the case set-up, (4) structuring and negotiation, and lastly (5) implementation. In each chapter, the book outlines the main elements of the phases and shows how the elements are applied in practice. The book also presents separate chapters on exogenous shocks (with a focus on the COVID-19 pandemic as an example of such shocks), macroeconomics, and legal issues present in cross-border restructurings. It will be of interest to the international professional financial and legal community, primarily junior-to mid-level financiers, business people, and lawyers.
Emerging Markets Debt Restructuring
Emerging Markets Debt Restructuring - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Emerging Markets Debt Restructuring write by Richard Marney. This book was released on 2024-09-20. Emerging Markets Debt Restructuring available in PDF, EPUB and Kindle. Corporate debt in emerging markets (EMs) has reached historical levels in the post-Covid-19 world. This challenges international lenders (e.g., commercial banks, development finance institutions, and impact investors) and EM economies in their pursuit of economic development. This book builds on the authors’ first volume by focusing on the role of institutions in the economy, credit markets, and ultimately debt restructuring. The authors identify, contextualize, and evaluate the major challenges confronting restructuring professionals in EMs, offering “ten observations” on the major differences for the practitioner in the restructuring environment of EMs versus that of advanced economies. The authors present four detailed EM case studies (following these with counterfactuals) reflecting these ten observations. The authors also explore the main elements of an effective EM insolvency framework as relevant to the restructurer’s choice whether to pursue a formal versus an informal solution. Written for restructuring professionals by restructuring professionals, this book explores the factors which drive success—or failure—in EM debt restructuring.
A Survey of Experiences with Emerging Market Sovereign Debt Restructurings
A Survey of Experiences with Emerging Market Sovereign Debt Restructurings - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook A Survey of Experiences with Emerging Market Sovereign Debt Restructurings write by International Monetary Fund. Monetary and Capital Markets Department. This book was released on 2012-05-06. A Survey of Experiences with Emerging Market Sovereign Debt Restructurings available in PDF, EPUB and Kindle. This paper takes stock of past episodes of debt restructuring and reviews the relevant literature. Based on cross-country experience from the late 1990s through 2010 of emerging markets it offers some stylized facts.
Recovery Rates From Distressed Debt
Recovery Rates From Distressed Debt - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Recovery Rates From Distressed Debt write by Mr.Manmohan Singh. This book was released on 2003-08-01. Recovery Rates From Distressed Debt available in PDF, EPUB and Kindle. On a credit rating-adjusted basis, spreads on U.S. high-yield debt have typically been regarded as a lower bound for emerging market debt. However in the C-rated and defaulted segment, emerging market debt has traded at lower spreads than similarly rated U.S. high yield debt. We show that the lower spreads reflect the fact that the total returns from defaulted debt in the emerging markets have been significantly higher than returns from similarly rated high yield defaulted debt under Chapter 11.
Sovereign Debt Restructurings 1950-2010
Sovereign Debt Restructurings 1950-2010 - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Sovereign Debt Restructurings 1950-2010 write by Mr.Udaibir S. Das. This book was released on 2012-08-01. Sovereign Debt Restructurings 1950-2010 available in PDF, EPUB and Kindle. This paper provides a comprehensive survey of pertinent issues on sovereign debt restructurings, based on a newly constructed database. This is the first complete dataset of sovereign restructuring cases, covering the six decades from 1950–2010; it includes 186 debt exchanges with foreign banks and bondholders, and 447 bilateral debt agreements with the Paris Club. We present new stylized facts on the outcome and process of debt restructurings, including on the size of haircuts, creditor participation, and legal aspects. In addition, the paper summarizes the relevant empirical literature, analyzes recent restructuring episodes, and discusses ongoing debates on crisis resolution mechanisms, credit default swaps, and the role of collective action clauses.
