The Central Bank's conclusion that 'all non-institutional bondholders
are considered defrauded, and there is no requirement for each of them to demonstrate having been defrauded' is indicative.
Finance Minister Michael Noonan has been under relentless pressure to burn the bondholders
as he cuts billions from the economy.
One example would be a bondholder
that bought credit-default protection on the bonds it owns.
A self-described creditor advocate, Helie proclaims a brave new world of bondholders
, bringing market forces to bear on failing developing countries like Ecuador to an extent never seen before in the long-winded decorous Latin American debt negotiations of the 1980s that ultimately gave rise to the so-called Brady bonds.
As a result of bondholder
activism, vendors may only receive a small percentage of their open account, as demonstrated by Covad Communications' plan of reorganization that proposes a pro rata payment to vendors.
Shelley, who has held meetings with area bondholders
for years, said many investors are so infuriated with the criminal justice system and so beaten down by the Keating saga that they have lost their fight.
take the risk of a payment default by the swap counterparty.
is dependent on the credit risk of the guarantor to meet its obligation to make the required termination payment.
Fitch analyzed the covenant protections of three issuers who have brought event risk to the forefront of bondholder
concerns: HCA Inc.
High profile companies with public commitments to investment grade ratings, such as Tribune and Clear Channel, provided evidence that increased skepticism for bondholder
protection is crucial.
The resolution of Fitch's Rating Watch will be determined by an evaluation of the company's strategic alternatives and ultimate transactions, as well as the impact on bondholder
protection measures and overall financial policies.
The long-term rating reflects bondholder
reliance on timely principal and interest payment from the commodity swap provider (Calyon) to FGU (which are supported by payments from UBS to Calyon paid on the same day), UBS' ability to meet its obligation to make a final termination payment in the event a termination of the project occurs for any reason, and reserve funds sufficient to pay bondholders
between any potential timing delay between a termination of the Purchase Agreement and redemption of bondholders