Gesamtzahl der Seitenaufrufe

Dienstag, 29. Mai 2012

Lesevorschlag Pam / Buchheit THE PARI PASSU CLAUSE IN SOVEREIGN DEBT INSTRUMENTS

 THE PARI PASSU CLAUSE IN
SOVEREIGN DEBT INSTRUMENTS
Lee C. Buchheit lbuchheit@cgsh.com
Jeremiah S. Pam jpam@cgsh.com
WORKING PAPER


The pari passu clause found in most cross-border lending instruments contains the borrower’s promise to ensure that the obligation will always rank equally in right of payment with all of the borrower’s other unsubordinated debts. The international financial markets have long understood the clause to protect a lender against the risk of legal subordination in favor of another creditor (something that can’t happen under U.S. law without the lender’s consent, but that can occur involuntarily under the laws of some other countries). In 2000, however, a new interpretation of the pari passu clause was advanced by a judgment creditor of a sovereign borrower as a purported legal basis for preventing the sovereign from paying its other creditors without making a ratable payment to the judgment creditor. If this “ratable payment” interpretation of the clause is correct (and it has now been advanced in a number of other lawsuits against both sovereign and corporate borrowers), it would significantly change the patterns of international finance. The authors argue that the ratable payment theory of the pari passu clause is a fallacy. They trace the origin of the clause back to its usage in nineteenth century credit instruments and then follow its evolution into the standard cross-border credit agreements used today.

http://www.law.georgetown.edu/international/documents/Pam.pdf

CGSH
Practice Highlights What Others Say About Our Practice

Republic of Côte d’Ivoire in London Club Debt Exchange Offer

 

Apr 27, 2012 The Republic of Congo Wins Ruling on Motion to Transfer for Lack of Venue
Apr 05, 2012 Russia in $7 Billion Debt Offering
Mar 13, 2012 U.S. Treasury in Public Offering of AIG Common Stock
Feb 22, 2012 Council of Europe Development Bank in $1 Billion Offering
Feb 14, 2012 Comisión Federal de Electricidad in $750 Million Note Offering
Jan 25, 2012 BancoEstado in Establishment of $1 Billion MTN Program
Jan 24, 2012 Petróleos Mexicanos in $2.1 Billion Debt Offering
Jan 20, 2012 Korea Gas Corporation in $750 Million Global Medium Term Note Takedown
Jan 13, 2012 Republic of the Philippines in $1.5 Billion Philippine Sovereign Debt Offering
Jan 11, 2012 The Export-Import Bank of Korea in $2.25 Billion Dual Tranche Notes Offering
Jan 06, 2012 Mexico in $2 Billion Notes Offering
Dec 20, 2011 Dexia in the €730 Million Sale of Dexia Banque Internationale à Luxembourg
Dec 16, 2011 Uruguay in $2 Billion Liability Management Transactions
Dec 07, 2011 Petróleos Mexicanos in Ps.10 Billion Offering of Debt Securities in the Form of GDNs
Dec 05, 2011 Republic of Iraq, Central Bank of Iraq and Rafidain Bank Win Appeal in FSIA Case
Nov 30, 2011 United Engine Corporation in Purchase of Blocking Minority Stakes in Aviadvigatel, Perm Engine Company and Perm Motors Company
Nov 27, 2011 Iraq Oil Ministry in $17 Billion Basrah Gas Company Joint Venture
Nov 16, 2011 Korea Finance Corporation in $750 Million Notes Offering
Nov 04, 2011 The Korea Development Bank in $1 Billion Notes Offering
Nov 03, 2011 Iraq Successfully Defends Sovereign Immunity in English Court of Appeal
Oct 13, 2011 The Republic of the Philippines in $1.7 Billion Liability Management Transaction
Oct 12, 2011 World’s Largest Copper Producer in $6.75 Billion Financing
Oct 09, 2011 Dexia SA in €4 Billion Sale of Dexia Bank Belgium to the Belgian State
Sep 22, 2011 Council of Europe Development Bank in $1 Billion Registered Bond Offering
Sep 21, 2011 Sichuan Hongda Group in $3 Billion Investment in Coal and Iron Ore Projects in Tanzania
Sep 15, 2011 The Export-Import Bank of Korea in $1 Billion Notes Offering
Jun 27, 2011 IFC and EBRD in €200 Million Investment in Dalkia Eastern Europe
Jun 17, 2011 CORFO in $983.8 Million Sale of Shares in Chile’s Largest Water and Sewage Company
May 26, 2011 Comisión Federal de Electricidad in $1 Billion Debut Note Offering
May 26, 2011 The Ministry of Finance of the Russian Federation in a RUB 50 Billion Tap of Its 7.85% Bonds Due 2010
May 24, 2011 TPG in Private Investments
May 12, 2011 Korea Gas Corporation in C$300 Million GMTN Takedown Representing First Canadian Maple Bond Offering by a Korean Issuer
Apr 29, 2011 Slovenia Obtains a Summary Judgment
Mar 30, 2011 Republic of the Philippines in $1.5 Billion Sovereign Debt Offering
Mar 25, 2011 Development Bank of the Philippines in $300 Million Debut Debt Offering
Mar 09, 2011 The Korea Development Bank in $750 Million Notes Offering
Mar 02, 2011 Empresa de Energia de Bogota in Sale of $400 Million Stake in Gas Transportation Company
Feb 17, 2011 JSC VTB Bank in $3.3 Billion GDR Secondary Offering by the Russian Federation
Feb 17, 2011 Mexico in $1 Billion Notes Reopening
Jan 28, 2011 The Federal Republic of Nigeria in Debut $500 Million Eurobond Offering
Jan 26, 2011 Buenos Aires in $750 Million Notes Offering
Jan 14, 2011 Republic of the Philippines in Philippine Peso 54.77 Billion Sovereign Debt Offering
Dec 23, 2010 YPF in $250 Million Credit Agreement
Dec 20, 2010 PETRONAS Chemicals Group in the Largest IPO Ever in Southeast Asia
Nov 03, 2010 Korea Gas Corporation in $500 Million GMTN Takedown
Oct 27, 2010 OAO “Sovcomflot” in Debut $800 Million Bond Offering
Oct 07, 2010 Banco del Estado de Chile in $500 Million Bond Offering
Oct 06, 2010 Republic of the Philippines in $3 Billion Sovereign Debt Offering
Sep 20, 2010 Korea Finance Corporation in $750 Million Notes Offering
Sep 09, 2010 The Korea Development Bank in $900 Million Notes Offering
May 06, 2010 Dominican Republic in Bond Offering
Apr 29, 2010 Russia in $5.5 Billion Debt Offering
Apr 16, 2010 Republic of Côte d’Ivoire in London Club Debt Exchange Offer
Mar 09, 2010 The Export-Import Bank of Korea in $1 Billion Note Offering
Feb 10, 2010 The Korea Development Bank in $750 Million Notes Offering
Feb 05, 2010 PEMEX in Increase of MTN Program to $12 Billion and Related $1 Billion Offering
Jan 13, 2010 The Republic of the Philippines in $1.5 Billion Dual Tranche Bond Offering
Dec 02, 2009 Philippine Power Sector Assets and Liabilities Management Corporation in $1.2 Billion Liability Management Transaction and Global Bond Offering
Oct 28, 2009 Counsel in All Four October 2009 Transactions to Facilitate Repayment of French Government Investments in Banks
Oct 26, 2009 Republic of Congo Wins ICC Arbitration
Oct 23, 2009 Republic of the Philippines in $1 Billion Offering
Oct 15, 2009 Republic of Argentina Wins Important Victory in Second Circuit Court of Appeals
Sep 30, 2009 A2A in the Acquisition of a Stake in EPCG
Sep 30, 2009 New Government of Iraq Wins Dismissal of Claims
Sep 28, 2009 Uruguay in $500 Million Notes Offering
Sep 25, 2009 Mexico in $1.75 Billion Notes Reopening
Sep 22, 2009 Russian Federation Wins Appeal
Aug 14, 2009 SEK in $1 Billion Notes Offering
Aug 12, 2009 PETRONAS in Concurrent Offerings of $3 Billion in Senior Notes and $1.5 Billion in Islamic Trust Certificates
Jul 20, 2009 Republic of the Philippines in $750 Million Offering
Jul 14, 2009 The Export-Import Bank of Korea in $1.5 Billion Notes Offering
Jun 30, 2009 Empresas Nacional del Petróleo in Three Bilateral Term Credit Facilities and ENAP Sipetrol Argentina in a Term Credit Facility
Jun 10, 2009 EBRD in $1.5 Billion Notes Offering
Jun 06, 2009 Republic of the Philippines in Debt Exchange Warrants Offering
May 27, 2009 Power Sector Assets and Liabilities Management Company in $1 Billion Note Offering
May 13, 2009 BNP Paribas Completes Acquisition of Fortis Bank
Apr 19, 2009 Liberia in $1.2 Billion Debt Reduction
Apr 16, 2009 Republic of Korea in $3 Billion Notes Offerings
Feb 17, 2009 Mexico in $1.5 Billion Debt Offering
Nov 21, 2008 German Savings Bank Association in Connection with €50 Billion Bailout of Hypo Real Estate
Oct 07, 2008 Slovenia Successful Before the Grand Chamber of the European Court of Human Rights
Oct 01, 2008 Dexia in Recapitalization
Sep 26, 2008 Temasek in Multi-Billion Dollar Investment in Merrill Lynch
Sep 08, 2008 Morgan Stanley in U.S. Treasury's Plan and Conservatorship for Fannie Mae and Freddie Mac
Aug 06, 2008 Liberia in Ratification of International Treaties
Jul 01, 2008 Satellite Merger Obtains Phase I Clearance
Jun 12, 2008 ONGC Mittal Energy Limited (OMEL) in Nigeria Oil & Gas Projects
Apr 09, 2008 Nakheel Hotels in Acquisition of 50% Stake in the Fontainebleau Miami Beach Resort
Apr 09, 2008 Mexico in Debt Exchange Warrants Offering
Apr 03, 2008 Nakheel Hotels in Mexican Resort Acquisition
Apr 03, 2008 Goldman Sachs in Mexican Resort Refinancing
Mar 08, 2008 Republic of Congo Wins ICC Arbitration Victory
Feb 29, 2008 Credit Suisse in Innovative Republic of the Philippines Debt Exchange Warrants Offering
Feb 05, 2008 Republic of the Philippines in $500 Million Debt Offering
Jan 25, 2008 Citi in $19 Billion Equity Offerings
Jan 23, 2008 Citigroup in $12.5 Billion Private Convertible Preferred Stock Sale
Jan 15, 2008 KIC in $2 Billion Investment in Merrill Lynch
Dec 28, 2007 Citibank in Restructuring of Sallie Mae Equity Forward Contracts
Dec 14, 2007 Russian Oil Producer in Financing for New Refinery
Dec 07, 2007 Republic of Congo in $2.3 Billion London Club Debt Restructuring
Dec 03, 2007 Citigroup in $7.5 Billion Equity Sale to Abu Dhabi
Nov 30, 2007 Petronas in €1.1 Billion FL Selenia Acquisition
Nov 15, 2007 Newbridge Andean Partners in Tropigas Sale
Oct 17, 2007 KEXIM in $1.5 Billion Notes Offering
Oct 11, 2007 KEXIM in Its First Mexican Peso-Denominated Notes Offering
Sep 28, 2007 Mexico in $1 Billion Notes Reopening
May 11, 2007 Republic of Slovenia Wins Motion to Block Former Yugoslavian Agency Bid to Seize Disputed Assets
Mar 21, 2007 Mexico in Debt Exchange Warrants Offering
Feb 20, 2007 The Export-Import Bank of Korea in €750 Million Securities Offering
Jan 29, 2007 Mexico in $2.8 Billion Exchange and Cash Tender Offer
Jan 18, 2007 The Export-Import Bank of Korea in Regulation S Offering
Jan 17, 2007 Republic of the Philippines in $1 Billion Debt Offering
Jan 11, 2007 Mittal Steel in New Liberian Government Review Process
Dec 13, 2006 Mexican Ministry of Communications and Transportation and Grupo Aeroportuario del Centro Norte in IPO
Dec 07, 2006 Republic of Korea in Notes Offering
Nov 06, 2006 Slovenia in Successful Defense Before the European Court of Human Rights
Oct 10, 2006 Republic of Congo Wins Fifth Circuit Appeals
Sep 25, 2006 Republic of the Philippines in $1.2 Billion Sovereign Debt Offering
Aug 01, 2006 Republic of the Philippines in $750 Million Debt Offering
Jul 12, 2006 Vnesheconombank in $800 Million Loan Facility
Apr 10, 2006 Mexico in $3 Billion Tender Offer and New Issue
Apr 10, 2006 Argentine Province in Appellate Victory in Sovereign Restructuring Dispute
Mar 09, 2006 Indonesia in $2 Billion Debt Offering
Mar 01, 2006 Grupo Aeroportuario del Pacífico in $1 Billion IPO
Jan 23, 2006 Iraq in $22 Billion Commercial Claims Restructuring
Jan 11, 2006 Republic of Congo in Landmark Arbitration Win Dismissing $178 Million Claim
Dec 23, 2005 Leading Russian Power Company in Floating-Rate Credit Facility
Dec 15, 2005 Russian Power Grid Company in Landmark Ruble Borrowing
Nov 02, 2005 Korea in $500 Million and $400 Million Note Offering
Oct 12, 2005 €300 Million Strategic Investment in Belgium's Postal Operator
Oct 12, 2005 Indonesia in $1.5 Billion Debt Offering
Sep 16, 2005 Korea Development Bank in $750 Million Notes Offering
Sep 14, 2005 Republic of the Philippines in $1 Billion Offering
Aug 04, 2005 Uruguay in €300 Million Bond Offering
Jul 20, 2005 The Dominican Republic in $1.1 Billion Debt Restructuring
Jul 20, 2005 Russian Federation Wins Southern District Ruling
Jul 07, 2005 Enel in €4.1 Billion Offering; The Year’s Second-Largest Equity Offering Worldwide
Jul 01, 2005 Australian Postal Corporation in PrintSoft Acquisition
Jun 23, 2005 HSH Nordbank in $15 Billion MTN Program
Jun 16, 2005 Argentina in Defeat of Challenges to Its Debt Exchange Offer
Jun 08, 2005 Russia in Dismissal of €350 Million Claims by French Holders of Imperial (Tsarist) Russian Bonds
May 27, 2005 Argentina in Italian Supreme Court Win In Bond Payment Suspension Suit
May 16, 2005 Republic of the Philippines in Notes Offerings Totaling $750 Million
Mar 16, 2005 SBS Broadcasting in EU Complaint Against Greece Over Media Ownership Rules
Mar 03, 2005 Republic of Argentina in Italian Appellate Victory in Bondholder Litigation
Feb 02, 2005 CG Counsel in Republic of the Philippines’ $1.5 Billion Offering
Jan 07, 2005 Mexico in $1 Billion Debt Offering
Dec 16, 2004 Maroc Telecom in €800 Million IPO; First Moroccan International Offering
Sep 22, 2004 Republic of Korea in $1 Billion Offering
Aug 21, 2004 International Olympic Committee in Negotiation for European Broadcast Rights

Results 1 - 150 of 150 | Pages 1 2 3 4 5 More » | View All

Keine Kommentare:

Kommentar veröffentlichen