Why It's Time to Lift the Trading Ban on Venezuela's Debt

Financial Times
February.20.2021

Orrick's Thomas Laryea authored an article in FT Alphaville arguing for reconsideration of the ban on secondary trading on Venezuela bonds, as we look towards a comprehensive debt restructuring. Thomas notes, "The ban on certain trading in Venezuela bonds stands out as one of the most peculiar and ineffective sanctions. In addition to continuing to defy rational explanation, the secondary market trading ban sets a questionable precedent in terms of U.S. financial market regulation."

Thomas previously authored another article published in FT Alphaville in October 2019, "Venezuela's Debt Resolution: Recover the Assets." In this article, he noted, "The lead time to design and test legal innovations to supplement the market-based approaches to sovereign debt restructuring can take months, if not years. Now is the time to be innovative about a solution for a restructuring of Venezuela's assets and liabilities."

Authors

Thomas Wyatt Laryea Counsel, Restructuring, Banking & Finance

Washington, D.C.

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D:+1 202 339 8416
E: [email protected]

Practice:

Finance Sector
Restructuring
Banking & Finance
Governmental Affairs
Antitrust & Competition
International Arbitration & Dispute Resolution
Africa
Funds

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Thomas Wyatt Laryea Counsel

Washington, D.C.

Thomas formerly served as Assistant General Counsel at the International Monetary Fund, where he was responsible for the IMF’s legal relations in finance and economic surveillance with each of its member countries. As the only senior IMF lawyer in private practice, he offers distinctive insights to asset managers, real money investors and hedge funds on sovereign debt and restructurings as well as large scale corporate restructurings and project financings. His practice bridges legal and strategic advice on the transactional, public policy and dispute resolution aspects of international finance and investment.

Thomas has advised on several recent high-profile sovereign debt restructurings, including representing the Argentina Creditor Committee on the restructuring of $65 billion of Argentina’s foreign currency bonds. He also recently represented the Steering Members of the Committee on Bondholders in the reprofiling of Belize’s bonds.

He is recognized as a key lawyer in the Restructuring (Including Bankruptcy): Municipal category of The Legal 500 US 2022 directory. A client remarked that he “provided invaluable advice on the IMF policies, individual personalities and missions which helped us to understand the sovereign’s priorities with the IMF” that “will then frame our negotiations with the sovereign.” “Thomas is highly respected in the sovereign restructuring space.”

Thomas is an active thought leader and has published numerous articles on sovereign debt and international finance.

Related Areas

Markets

Latin America