In an international arbitration at the LCIA, CRA assisted a client by assessing the value and marketability of bespoke fixed-income instruments in Eastern Europe. The securities involved in the case included equity-collateralized corporate loans and pay-in-kind (PIK) corporate bonds. The analysis of each security involved evaluation of its credit / default risk, default probabilities, liquidity, and fair value. The project was led by Tiago Duarte-Silva and Assen Koev.
Country risk
In “Country Risk”, a chapter published in The Guide to Damages in International Arbitration, Tiago Duarte-SIlva explores the difficult task of assessing how an...