Lazard Research & Insights
The simplicity of sovereign capital structure is eroding, and the central question raised in Lazard's latest Policy Paper is whether it is changing for the better. Our Sovereign Advisory team argues that it is not, unless the changes are actively governed.
Anatomy of a Restructuring: The World Bank Ghana 2030 Partially Guaranteed Eurobond
Together with White & Case, Lazard proposes a simple fix that would ensure that partial guarantees instruments can be easily dealt with in restructuring contexts, without affecting their attractiveness ex ante.
The Preferred Creditor Status glut – The search for loss absorption in Africa
Lazard's Policy Paper analyses the delicate trade-off between the need to provide debt relief to over-indebted countries and the need to protect as much as possible international public lenders with government shareholders and a policy mandate.
