A Proposal for a New Approach to Restructuring African Eurobonds: The DOVE Fund and Principles

SouthViews No.242 (4 November 2022) www.southcentre.int

7 Pages Posted: 20 Dec 2022

See all articles by Daniel Bradlow

Daniel Bradlow

University of Pretoria; American University - Washington College of Law

Date Written: November 4, 2022

Abstract

This article argues that the current arrangements for restructuring sovereign bonds do not meet Africa’s needs. African states and their supporters should create a DOVE (Debts of Vulnerable Economies) Fund that can purchase the bonds of African sovereign debtors in distress and commit to restructure them in accordance with the DOVE Fund Principles. This Fund can help interrupt inter-creditor dynamics and push the bondholders to be more open to innovative approaches to debt restructuring. This article, after briefly considering some of the problems with the current process for restructuring sovereign bonds, discusses the DOVE Fund and the DOVE Fund Principles.

Keywords: sovereign debt, Africa, international finance, international standards, development finance

JEL Classification: F34, F53, K33, O55

Suggested Citation

Bradlow, Daniel David, A Proposal for a New Approach to Restructuring African Eurobonds: The DOVE Fund and Principles (November 4, 2022). SouthViews No.242 (4 November 2022) www.southcentre.int, Available at SSRN: https://ssrn.com/abstract=4268443

Daniel David Bradlow (Contact Author)

University of Pretoria ( email )

Physical Address Economic and Management Sciences
Pretoria, Gauteng 0002
South Africa

American University - Washington College of Law ( email )

International Legal Studies Program
4801 Massachusetts Avenue N.W.
Washington, DC 20016
United States
202-274-4205 (Phone)
202-274-4116 (Fax)

HOME PAGE: http://www.wcl.american.edu/faculty/bradlow/index.

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