What is going on with Pakistan's Debt and the Peculiarities of Its 2024 Dollar Bond?

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Pakistan is facing severe debt distress due to COVID-19 expenditures, political mismanagement, and recent floods. Debt restructuring seems likely, despite government officials' denial. Pakistan's 2024 dollar bond, issued in 2014, has two unusual characteristics that could complicate restructuring. First, it requires a 90% vote to pass an Extraordinary Resolution, which is a high threshold compared to market standards. Second, the bond refers to "votes cast" rather than a proportion of the aggregate principal amount of outstanding notes, introducing uncertainty into the restructuring process. These peculiarities could make it difficult for lawyers to figure out how to restructure the 2024 bond and the 2036 bond. Join the Benjamin Z Miller Investor Networking Group for more insights into global debt issues.

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