Discover and read the best of Twitter Threads about #petrobonos
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Thinking of issuing or buying government debt indexed to the state of the economy? Here is a thread on some state-contingent debt horror stories, based on a new database I have been working on. Will add more (eventually) 1/
1863: Confederate States 20yr bonds convertible to warrants for cotton at 6 pence/pound, much lower than market prices. Great deal for investors, except logistical nightmares including running the Union maritime blockade (some investors do, Liverpool Mercury, 24/04/1864, p.10) 2/ 
The Pinay bonds in France (no relation): 1952 60-year bond linked to gold (oops!) and a 1955 bond linked to industrial production (fantastic innovation, a proto GDP-linked bond!). Large payments on the Pinay Gold Bond following the end of Bretton Woods. But there is more. 3/
