NY & Hamburg Bar • #SovereignDebt Reform, Energy & Infrastructure Finance
Joined February 2021
- Tweets 278
- Following 217
- Followers 236
- Likes 1,506
12 Photos and videos
Daniel Reichert-Facilides retweeted
Very timely and thought-provoking analysis. High expectations for further elaboration in subsequent work @federica_paddeu @WaibelM09 (3/3)☟
ejiltalk.org/offsetting-debt…
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Daniel Reichert-Facilides retweeted
1 Jul 2025
🚨 New Blog! 🚨 @DFacilides examines key shifts in the FfD4 Outcome Document's paragraph 50 on sovereign debt. Discover what it means for global finance. Read more via link in comments👇 #FfD4 #DevelopmentFinance #Legislation #Finance
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24 Oct 2024
Compelling case for enhanced use of domestic currency debt by emerging market borrowers 👇
#3. could be further expanded to using domestic currency debt as a simplified form of VRIs in sov debt restructurings. That wld also address concerns expressed in imf.org/-/media/Files/About/… x.com/kpatricio_/status/1849…
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Daniel Reichert-Facilides retweeted
1 Oct 2024
Heading into New York's 2025 legislative session, it's a good time to review what we learned during the 2023 and 2024 sessions about sovereign debt reforms at the state level.
@HarvardBizGov
hks.harvard.edu/centers/mrcb…
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24 Sep 2024
Well, it’s always been a legal right, just subject to a higher threshold.
But NY lawmakers should indeed take note: If they want to proceed, they should follow the lead of the UK Debt (Dev Cts) Relief Act, which essentially enforced CoT & applies irrespective of governing law.
24 Sep 2024
New York lawmakers should pay attention to this. Shifting jurisdiction is more than a threat now, it’s becoming a legal right.
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19 Sep 2024
Not surprising, given the twists and turns of NY sovereign debt bills. Shows that any such legislation must apply irrespective of governing contract law as a matter of public policy to have a real impact.
dx.doi.org/10.2139/ssrn.4802…
19 Sep 2024
Sri Lanka Eurobond restructuring update: "A mechanism to change the governing law of the New York law governed new securities to English or Delaware law with the consent of a supermajority of bondholders ..."
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9 Sep 2024
Favorite quote from a new favorite episode of C&C:
‚Having creditors being able to move first and remove [the] sequential aspect that's been plaguing the sovereign debt restructuring process is another argument that we need some more clarity on the comparability assessment.‘
9 Sep 2024
Had loads of fun geeking out with Mitu and Mark on Zambia and comparability of treatment -- bit of a fanboy moment joining Clauses & Controversies as a long-time listener
podcasts.apple.com/fr/podcas…
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18 Aug 2024
In a nutshell, Lee & @GMakoff propose value recovery through mandatory prepayment of restructured debt in inverse order of maturities.
As VRI becomes the new normal, this looks like a win-win bc prepayment reduces creditors’ exposure while freeing up fiscal space.
Yet… 🧵1/4
14 Aug 2024
Sovereign debtors, creditors, and IMF staffers: Are you getting tired of overly complicated value recovery mechanisms?
Lee Buchheit and I propose a simpler—and more beneficial—alternative to use next time.
Just up on SSRN.
@HarvardBizGov
@CIGIonline
papers.ssrn.com/sol3/papers.…
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18 Aug 2024
Also, the proposal doesn’t seem to address the core issues identified by @Brad_Setser @RivettiDiego et al.: how to define the trigger, how to calibrate the extra free cash and how to address asymmetry if benchmark data deteriorate vs DSA assumptions. 3/4
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18 Aug 2024
If VRIs are here to stay, the most simple and market-friendly arrangement would be to convert part of the old foreign debt to local currency (possibly still under NY/English law to improve liquidity) and allocate it pro rata to ensure CoT. That should tick all the boxes.4/4
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17 Jul 2024
Parallel negotiations with different creditor groups now look like a realistic idea to improve the sovereign debt restructuring process. Here’s how a set of rules for the #CoordinatedFramework proposed by Sean Hagan and @Brad_Setser might read. 🙏🙏@RobinWigg and @FTAlphaville
17 Jul 2024
Putting some flesh on the Hagan-Setser sovereign debt proposal on.ft.com/3y9dDa7
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Daniel Reichert-Facilides retweeted
25 Jun 2024
Flandreau Schule & Friends had great fun last week workshopping « States of Distress » at @SAFE_Frankfurt @KPatricio_ @ecovibi @a_capitalism @damianclavel @KimOosterlinck @DFacilides ❤️❤️❤️❤️ Thanks to
all of you
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16 Jun 2024
🧵with my pitch how CF-style rules for the coordinated framework 👉 piie.com/publications/policy… proposed by @Brad_Setser and Sean Hagan might look like. All ambiguities are intended. 1/6
14 Jun 2024
Is is easy to criticize the G-20's Common Framework for the restructuring of the debt of low income countries.
Everyone recognizes the process has been slow
But non many have put forward concrete alternatives.
This is a start
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ft.com/content/a48202cd-864f…
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16 Jun 2024
The debtor government shall consolidate the result of the negotiations and supporting information into an updated version of the proposal, which it shall submit for approval simultaneously to all affected creditor groups. 5/6
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16 Jun 2024
All creditors and the debtor gov’t shall implement the restructuring terms if the negotiated proposal is approved by a majority of 50% of outstanding principal in each affected creditor group and 66.67% across all affected creditor groups, and CoT has been observed. 6/6
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14 Jun 2024
I follow the analysis & agree on the importance of rules - but even after re-reading the paper, I struggle a bit to imagine what exactly the new rules would say. Any chance for the basics to be spelled out in normative language to accelerate the discussion? @Brad_Setser
14 Jun 2024
Is is easy to criticize the G-20's Common Framework for the restructuring of the debt of low income countries.
Everyone recognizes the process has been slow
But non many have put forward concrete alternatives.
This is a start
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ft.com/content/a48202cd-864f…
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