This white paper deals with the implications of the case of NML Capital Ltd v Argentina. Although the decision applies specifically to sovereign debt contracts governed by New York law, it could have an impact on bondholders whose debt is not governed by it if the sovereign has also issued bonds which are governed by this law. The decision may have major implications for bonds issued by corporates, banks and others and might influence courts in other jurisdictions. Issues reviewed include what the case decided, why it is important, what does this mean for the drafting of sovereign debt contracts, what would an English court decide, how does this impact existing law and what next steps should be taken to mitigate the risks.
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