Sovereigns may be slow to follow Kazakhstan's CAC breakthrough
Kazakhstan this week issued the first sovereign bonds featuring the latest boilerplate language designed to prevent defaults being hijacked, Argentina-style, by holdout creditors, writes Francesca Young. The $2.5bn deal was a huge success, with a bulging order book and tight price, but progress towards universal take-up of ICMA recommendations across emerging markets will take time, said bankers and analysts.
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