Webinar: Sovereign debt restructuring: A new sovereign deb

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Play, download and edit the free video Webinar: Sovereign debt restructuring: A new sovereign debt crisis is coming.

While bond investors remain enthusiastic about emerging and frontier market debt, credit risk indicators are flashing red for a growing number of sovereigns. Meanwhile, the COVID-19 pandemic only accelerated a trend towards excess indebtedness that, in many countries, had already achieved lift-off.

Amid ongoing macroeconomic uncertainty for many of these economies, the likelihood that they’ll be able to continue servicing their debts remains questionable. Unfortunately, so does creditors’ willingness to agree to a reduced claim—a conundrum that the G20 Common Framework appears to have done little to resolve.

We’ve all seen this movie before: negotiations drag on, uncertainties linger and market access dries up, all while the much-needed investments and spending that could restore economic activity fail to materialise due to stalled funding. This is a movie with an unhappy ending—and not just for debtor nations. Creditors will suffer too, as eventual losses become more severe the longer the can is kicked down a road that grows narrower every day.

All of that said, the prospect of a (perversely?) uplifting sequel offers a glimmer hope: a movie in which COVID-19 catalyses a long-awaited, more sustainable solution to sovereign debt restructurings.

Join our experts Aitor Erce, Jan Pieter Krahnen, Ugo Panizza and moderator Moritz Kraemer as as they discuss what form such a solution might take.

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