Total Return Swaps, Repos, and Opaque Sovereign Borrowing

Washington, D.C.

Cleary Gottlieb partner Richard Cooper participated in Emerging Markets Investors Alliance’s roundtable discussion, “Total Return Swaps, Repos, and Opaque Sovereign Borrowing,” which explored the growing use of TRSs, repos, and related collateralized structures by emerging-market sovereigns.

The aim of the discussion was to explore how these instruments affect debt transparency, de facto subordination, and restructuring outcomes, and to identify practical principles that could guide their treatment when debt becomes unsustainable.

Learn more about the Emerging Markets Investors Alliance.