Word: issue
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Dates: during 1980-1989
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...swap their Mexican debts at a markdown of as much as 50% for new bonds that pay a somewhat higher interest rate. Despite the loss that banks would take in the trade, the new Mexican paper would be considered more secure and negotiable than the old debts. Reason: before issu bonds that would be worth $10 billion when they mature in 20 years. The U.S. bonds would then serve as collateral for the new Mexican paper. While the proposal may be a breakthrough in the debt standoff, the $10 billion in loan relief would still leave Mexico with a daunting...
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