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Partner Antonia Stolper and associate Sean Dougherty (both New York-Capital Markets) wrote an article, titled “Collective Action Clauses: How the Argentina Litigation Changed the Sovereign Debt Markets,” that was published by Oxford Journals – Capital Markets on April 12, 2017.
In their article, Stolper and Dougherty summarize the current state of documentation for collective action clauses in sovereign debt documentation. In addition, they analyze the various milestones in the development of the current documentation for collective action clauses beginning after the 2002 Argentina default and compare the collective action clauses of certain sovereigns and sub-sovereigns. “The key question remains: would a CAC, in particular a single-limb CAC, have prevented or lessened the dislocations experienced as a part of the experience in Argentina,” they ask.