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Sebastian Grund
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Very interesting post, thanks a lot. One question I would like to ask you, Mark and Mitu, is how you see the relationship between the legal fiction in the Macri bonds to include 2005/2010 bonds and the following provision (which comes right after in the prospectus): "The Republic may select, in its discretion, any modification method for a reserve matter modification in accordance with the Indenture and to DESIGNATE which series of debt securities will be included for approval in the aggregate of modifications affecting two or more series of debt securities." Could one argue that Argentina may still DESIGNATE the series that will be included without violating the uniformly applicable obligation (which in my understanding only applies to those bonds that are designated by Argentina). Of course, pari passu issues remain tricky, but I would still be interested what you thought, also because you hadn't mentioned this provision. Thanks, Sebastian
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Nov 5, 2019