Lee Buchheit: Back to reality

Lee Buchheit: Back to reality

Bonds

By Ben MillerFor years, Latin America looked on as the eurozone stumbled under the weight of its debt. Some in the region even allowed themselves a hint of schadenfreude. But, according to Lee Buchheit, partner at Cleary Gottlieb Steen & Hamilton and a veteran of sovereign debt restructurings, that could soon change. Latin America, he says, is vulnerable to a change in both commodity prices and US interest rates. Both are poised to change – and in a manner not to the region’s advantage. With Mexico’s Brady bond agreement in 1989, Latin America reminded the world the first lesson about sovereign debt: that it could be restructured. “Everyone knew that a bank loan could be restructured, bu

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