The Role of State-Contingent Debt Instruments in Sovereign Debt Restructurings

COVID-19 may lead to a series of costly & inefficient sovereign debt restructurings. State-contingent debt instruments could play a role in improving outcomes.
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Volume/Issue: Volume 2020 Issue 006
Publication date: November 2020
ISBN: 9781513556482
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Summary

The COVID-19 crisis may lead to a series of costly and inefficient sovereign debt restructurings. Any such restructurings will likely take place during a period of great economic uncertainty, which may lead to protracted negotiations between creditors and debtors over recovery values, and potentially even relapses into default post-restructuring. State-contingent debt instruments (SCDIs) could play an important role in improving the outcomes of these restructurings.