Sovereign deal of the quarter century: United Mexican States

Sovereign deal of the quarter century: United Mexican States

Brady Restructuring, 1989 In what he calls a “productive exchange” that took nearly a year to complete, former finance minister Pedro Aspe, under then Mexican president Carlos Salinas, credits teamwork between Mexico and the US Treasury for reaching Latin America’s first Brady bond restructuring. Under the finalized Brady agreement, banks holding $48.1 billion in medium and long-term commercial public debt converted those obligations using one or a combination of options involving haircuts on principal or interest. The Brady bond exchange is our sovereign deal of the quarter century for its extraordinary size, the precedent it set for others and, arguably, for marking an end to Latin Ame

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