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I've never seen a bondholder committee so divided after a sovereign restructuring deal but basically: institutional investors like Morgan Stanley are a lot less keen on criticising the IMF openly, unlike hedge funds. Official creditors killed off the export warrant for being too complex.

Kate Mackenzie@katemac.bsky.social

I find these stories fascinating & wish they were covered more closely (and this one is relatively detailed). Why did Morgan Stanley split from the other bondholders, what went down w the warrant they originally wanted etc @danielmunevar.bsky.social

giftarticle.ft.comEthiopia makes deal to cut payments on $1bn bondBondholder agreement comes after $8bn of debt relief from official creditors in recent years

Joseph Cotterill

@jsphctrl.ft.com

This split - cautious, somewhat IMF-friendly institutional investors, versus distressed investors or hedge funds who don't want to wait for the fund to weigh in - is already in the background of Venezuela's restructuring meanwhile.

30/6/26, 1:43 pm0 reposts1 like

Kate Mackenzie

@katemac.bsky.social

3 July

Oh, so what has changed lately? Or is the question really more like, why have bondholders traditionally appeared so united? Must be a lot of angst in any of these workouts.