passu

However, the remaining debt is all owned by the hedge fund, whose entire strategy is the pari passu clause.

And, pari passu, anything you find about me on Google must be not fake.

But both classes are pari passu in economic terms - if Class A gets a $1 dividend Class B must receive the same.

Leaving aside that this article is written very much from one point of view, it's worth drawing comparisons with Argentina and things like the pari passu bond litigation.

This fancy jargon just means this: under the pari passu clause, Argentina could not subordinate the debt to any future debt (that is, it cannot issue new debt that will be given a higher priority in making payments).

That argument may have been valid for Grexit, but UK austerity is entirely native Tory policy, and the primacy of bondholders is pretty much global doctrine (see Argentina pari passu fiasco).

What the article does not point out, however, is that it is entirely within a nation's control how it drafts its pari passu and collective action clauses (and whether it includes either of them).

> worth drawing comparisons with Argentina and things like the pari passu bond litigation Co-author of the op-ed worked for PE firm involved in Argentina bond litigation.

> The Scheme for setting up of Semiconductor Fabs in India shall extend fiscal support of up to 50% of project cost on pari-passu basis to the...

>The Scheme for setting up of Display Fabs in India shall extend fiscal support of up to 50% of project cost on pari-passu basis to the approved applicants...

It’s effectively equity in all the ways that matter for minority preferred shareholders, except that it isn’t represented on the cap table and it’s got baked in pari passu treatment, which growth investors (rightfully so) won’t like.

Argentina specifically went out of its way to select New York law and deliberately put in a pari passu clause because it had a history of defaulting on debt, and it thought it wouldn't be able to raise money, or at least not at the same rate, if it issued bonds under local law.

You can't legally selectively default on debt; see the ongoing Argentinian "pari passu" saga as documented by FT blogs.

Look at the Argentine "pari passu" fiasco for example.

I had never seen the phrase "pari-passu" before either.

I think this is about the "pari passu" saga.