Armenia debut talk sparks debate over value of sovereign immunity waivers

By Francesca Young
16 Aug 2013

The practical worth of sovereign borrowers' waivers of legal immunity came into question this week as indications emerged that the Republic of Armenia might be hoping to avoid offering investors the traditional measure when it brings its debut Eurobond, writes Francesca Young.

Some market participants argue that any erosion of creditors’ rights or clauses that could protect investors would be detrimental to attempts to enforce payment at a later date. But others argue that sovereign immunity with regard to Eurobond debt is in any case rarely upheld by the majority ...

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