Today is my last day at GSA after 5 exciting years – I’m most grateful for all the discussions and friends made along the way.

I won’t be posting much going forward but please reach out if you want to talk sovereign debt & emerging markets! 🇱🇰🇿🇲

A (very) short paper on (I think) something important. When I have 5 minutes I will do a thread about it. @clemensgvl.bsky.social @diegorivetti.bsky.social @davidmihalyi.bsky.social @theomaret.bsky.social @kpatricio.bsky.social

A thread with some interesting tidbits on liquidity pressures/sovereign restructurings in Daleep Singh’s remarks ⤵️🧵

www.omfif.org/meetings/us-...

A thread with interesting tidbits from the new IMF guidance note on sovereign restructurings, as I read along🧵⤵️

www.imf.org/en/Publicati...

DROP EVERYTHING AND READ THIS 95 PAGER!

(kidding, continue what you are doing. find 2hours this weekend to maybe take a stab at this or maybe nap, i dont know, either one will do)

www.imf.org/en/Publicati...

Zambia’s Eurobond restructuring deal indicates that ~25% of the $2bn base bond would amortize in 2024-2025 during the IMF program, on top of 5.75% coupon paid in cash — this seems to imply that the IMF modified the DSA significantly from the first iteration

1/3

A nice Easter egg at the end of Brent Neiman’s remarks at Johns Hopkins SAIS — signaling openness from the US to reform the IMF’s arrears and financing assurances policies

home.treasury.gov/news/press-r...

1/4

The UNCTAD 2023 Trade and Development Report shows how debt vulnerabilities have increased disproportionately in frontier economies, rather than bigger EMs which were in focus during previous debt crises. 1/4

unctad.org/system/files...

Interesting background paper by the IMF, trying to quantify the impact of improved debt transparency on borrowing costs and diversification of the investor base (comes with lots of caveats, obviously)

www.imf.org/en/Publicati...