"Notoriously ambiguous", "historically obscure", "troublesome" – these are just a few of the words IFLR readers have used to describe the boilerplate sovereign pari passu clause in recent months. Great news then, that this month could see the grand finale to the long running and superlative-friendly sovereign debt restructuring trial – NML Capital v Argentina... right? Well, not so much.
February 21, 2013