Gdp-Linked Warrants: Theory and Practice


  • Arutyun W. Amalian
  • Nataly D. Amalyan



GDP-linked warrants, moral hazard, Ukraine, debt restructuring negotiations, monitoring


The paper provides a review of theoretical and practical aspects of GDP- linked warrants emission. Theoretical problems related to these securities are explored by way of comparison of original GDP-linked bonds and GDP-linked warrants, issued in the course of debt restructuring; practical aspects are ex- amined by means of a comparative overview of terms and conditions of most recent emissions of such financial instruments by Argentina, Greece, and Ukraine. Intrinsical discrepancies between theory and practice, combined with detected trends of tightening of terms and conditions of each successive emission, qualify authors for rationalization of the need of national and international monitoring over foreign debt restructuring negotiations.


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