On 12 February, the Kenyan government added momentum to Africa’s return to international debt markets by successfully issuing a USD 1.5 billion Eurobond. The issuance followed similar moves by Côte d’Ivoire and Benin which...more
Foreign states formally recognised by the UK government have unlimited capacity, the UK Supreme Court has confirmed, in a significant decision in long running litigation between a trustee for Eurobonds (held by Russia) and...more
Standing at the intersection of the Eurobond and high yield markets, so-called "Cross-Over" emerging market deals were more popular than ever in 2021. These deals were not necessarily like the deals that had come before—deals...more
In the months since Russia commenced “special military operations” in late February of this year, much of the world has watched Russia’s full-scale invasion of Eastern Ukraine with horror. As that invasion has dragged on...more
Our Financial Services & Products Group provides background on how Russia defaulted on its eurobonds and discusses the implications for Russian bond and credit default swap positions....more
Russian Decree No. 430 was signed on July 5, establishing a basic framework for the replacement of Eurobonds with Russian bonds. The Decree also confirms that debts owed to Russian participants of international syndicates of...more
Russian President Vladimir Putin signed Decree No. 394 on June 22, establishing the new mechanism for settlements under the sovereign bonds of the Russian Federation denominated in foreign currency (Eurobonds)....more
In his address to the nation on 25 March 2020, the Russian President requested the government to implement measures ensuring the adequate taxation of Russian-sourced dividend and interest payments to "offshore" jurisdictions....more
On April 9, 2020, after intense and lengthy discussions, the EU finance ministers reached a comprehensive economic policy response to the COVID-19 pandemic. The President of the Eurogroup, Mario Centeno, stated: "Today, we...more
Withholding tax rates on income derived from Eurobonds and lease certificates issued outside of Turkey, on interest payments of Tier II loans and securitization financings; as well as BITT applicable to securitizations backed...more
Ukraine v The Law Debenture Trust Corporation PLC [2018] EWCA Civ 2026 - The second round of the legal battle between Russia and Ukraine over repayment of Eurobonds issued by Ukraine has ended with a victory for Ukraine:...more
A political battle between Russia and Ukraine has ended up before the English courts, in the context of a dispute over repayment of Eurobonds issued by Ukraine. The decision in The Law Debenture Trust Corporation plc v...more