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Sovereign Debt and Human Rights$
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Ilias Bantekas and Cephas Lumina

Print publication date: 2018

Print ISBN-13: 9780198810445

Published to Oxford Scholarship Online: January 2019

DOI: 10.1093/oso/9780198810445.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 24 June 2021

Private Loans to Sovereign Borrowers

Private Loans to Sovereign Borrowers

Chapter:
(p.69) 4 Private Loans to Sovereign Borrowers
Source:
Sovereign Debt and Human Rights
Author(s):

Mauro Megliani

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198810445.003.0005

The purpose of this chapter is to illustrate the role of syndicated and bonded loans as a source of sovereign financing. This analysis will concentrate on the dynamics of the primary and secondary markets of these debts and the protective clauses reproduced in the loan agreements, with particular reference to the problems originated by a controversial interpretation of the pari passu clause.

Keywords:   Pari passu clause, syndicated loans, conditionality, sovereign financing, bonds, bonded loans, trustees, fiscal agent, credit default swaps

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