These days the pricing of a bond seems unrelated to the nationality of its holder. In other words, the financial markets do not seem to put a different value on a bond according to the nationality of the person holding it.1 However, the Russian repudiation offers a historical counterexample. In the 1920s the British Union of Russian Bondholders indicated that, although it was not customary to mention the bondholders’ nationality, the negotiations between Britain and the Soviet Union would not take the claims of non-British nationals into account (...
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