The New Paper: Instrument Architecture, the Recovery Instrument and the Covenant Package

Instrument architecture, the state-contingent recovery instrument and the covenant package that will decide who is actually paid. Ten parts on the three-layer capital structure, the definition of Government Oil Revenue after the 29 August reserve concession, precedents from Argentina 2005 to Sri Lanka 2024, the anti-dilution and most-favoured-creditor drafting battles, and recovery bands by creditor class.