ILF Conference on 14 Nov: Sovereign Bonds and the Hold-out Problem: The Pari Passu Clause and CACs after NML v. Argentina

Recent court decisions in New York concerning Argentine debt have raised serious questions about whether the pari passu clause used in much internationally placed sovereign debt documentation may constitute a serious obstacle to future debt restructurings. This program brings together prominent representatives of multilateral institutions, government, market participants, academics and practitioners to examine the New York decisions, evaluate the risk of "contagion" from New York to other laws and debate whether a change in the wording of the clause or the use of collective action clauses in sovereign debt instruments present the more promising way to deal with the problem.




9:00 Welcome

Prof. Dr. Andreas Cahn, Institute for Law and  Finance, Frankfurt

9:15  Session I – Pari Passu Clauses and NML v. Argentina

A brief history of Pari Passu clauses and their meaning

Prof. Anna Gelpern, American University, Washington, DC

NML v. Argentina, Part I: What did the Second Circuit decide and what chances for Supreme Court review

James L. Kerr, Davis Polk & Wardwell LLP, New York

NML v. Argentina, Part II: What consequences for sovereign debt restructurings

Lee Bucheit, Cleary Gottlieb Steen & Hamilton LLP, New York


11:00 Coffee Break


11:30    Session II – Could this happen here: chances of contagion

English Law

Lachlan Burn, Linklaters LLP, London

German Law

Dr. Boris Kasolowsky, Freshfields Bruckhaus Deringer LLP, Frankfurt


Afternoon Session: Are CACs the solution?


13:45 CACs

European Approach and German Perspective

Dr. Klaus-Michael Happe, Ministry of Finance, Berlin

The IMF’s View

Sean Hagan, General Counsel, International Monetary Fund, Washington DC

The European Central Bank's View

Otto Heinz, European Central Bank, Frankfurt

The Market’s View

Leland Goss, International Capital Markets Association, London
Christian Kopf, Spinnaker Capital, London

15:30 Coffee Break

16:00   Round-up panel: is the solution a better pari passu clause or a single trigger aggregation clause

Summary and conclusion

Dr. Klaus-Albert Bauer, Freshfields Bruckhaus Deringer LLP, Frankfurt
Patrick Kenadjian, Davis Polk & Wardwell LLP, London



Date: 14.11.2013

Time: 09:00–17:30

Place: House of Finance, Goethe-Universität Frankfurt am Main, Campus Westend, Grüneburgplatz 1, 60323, Frankfurt am Main

Terms & Conditions:

Upon receipt of your registration you will receive an invoice for the registration fee of EUR 350 (ILF Sponsors: EUR 220). VAT is not applicable. Payment must be received prior to the conference. Registration fee includes lunch and coffee breaks. The ILF reserves the right to make changes to the program or cancel the conference. The registration fee will be refunded in case of cancellation

If you wish to attend the conference, please register at