Sovereign debt restructuring : the judge, the vultures and creditor rights

What role did the US courts play in the Argentine debt swap of 2005? What implications does this have for the future of creditor rights in sovereign bond markets? The judge in the Argentine case has, it appears, deftly exploited creditor heterogeneity – between holdouts seeking capital gains and institutional investors wanting a settlement – to promote a swap with a supermajority of creditors. Our analysis of Argentine debt litigation reveals a ‘judge-mediated’ sovereign debt restructuring, which resolves the key issues of Transition and Aggregation - two of the tasks envisaged for the IMF’s still-born Sovereign Debt Restructuring Mechanism. For the future, we discuss how judge-mediated sovereign debt restructuring (together with creditor committees) could complement the alternative promoted by the US Treasury, namely collective action clauses in sovereign bond contracts

Characterization of Chromate Conversion Coating Formation and Breakdown Using Electrode Arrays

Chromate conversion coating (CCC) formation and breakdown was examined using 25 element Al wire electrode arrays. Arrays were interrogated using a multichannel analyzer capable of separately recording currents from each electrode. During CCC formation, electrodes exhibited a 30 s period of intense electrochemical activity characterized by large net currents. On any given element, net current polarity was found to be predominantly anodic, predominately cathodic, or mixed. After 30 s, net currents decayed to small values, which remained small out to 300 s of exposure. Raman spectroscopy showed that Cr^6+ concentrations in the coating continued to increase during this electrochemically quiescent period, suggesting continued CCC evolution. Conversion-coated arrays were subject to anodic potentiodynamic polarization in 0.5 M NaCl until all elements on the array exhibited coating breakdown and substrate pitting. Breakdown potentials were found to increase with coating time up to 120 s, indicating anodic inhibition in CCC corrosion protection. Breakdown was found to be more difficult on electrodes that were net cathodes during coating formation. Results also showed that the NaF and K_3Fe(CN)_6 in commercial CCC bath formulations strongly contributed to coating corrosion resistance. Without Fv, the Al surface passivated quickly during coating formation, and a nonprotective film formed. Without Fe(CN)_3^6-, CCCs exhibited lower breakdown potentials

The Tracking of Morning Fatigue Status Across In-Season Training Weeks in Elite Soccer Players.

PURPOSE: To quantify the mean daily changes in training and match load and any parallel changes in indicators of morning-measured fatigue across in-season training weeks in elite soccer players. METHODS: Following each training session and match, ratings of perceived exertion (s-RPE) were recorded to calculate overall session load (RPE-TL) in 29 English Premier League players from the same team. Morning ratings of fatigue, sleep quality, delayed-onset muscle soreness (DOMS), as well as sub-maximal exercise heart rate (HRex), post-exercise heart rate recovery (HRR%) and variability (HRV) were also recorded pre-match day and one, two and four days post-match. Data were collected for a median duration of 3 weeks (range:1-13) and reduced to a typical weekly cycle including no mid-week match and a weekend match day. Data were analysed using within-subjects linear mixed models. RESULTS: RPE-TL was approximately 600 AU (95%CI: 546-644) higher on match-day vs the following day (P0.05). CONCLUSIONS: Morning-measured ratings of fatigue, sleep quality and DOMS are clearly more sensitive than HR-derived indices to the daily fluctuations in session load experienced by elite soccer players within a standard in-season week

Temperature Evolution of Sodium Nitrite Structure in a Restricted Geometry

The NaNO$_{2}$ nanocomposite ferroelectric material in porous glass was studied by neutron diffraction. For the first time the details of the crystal structure including positions and anisotropic thermal parameters were determined for the solid material, embedded in a porous matrix, in ferro- and paraelectric phases. It is demonstrated that in the ferroelectric phase the structure is consistent with bulk data but above transition temperature the giant growth of amplitudes of thermal vibrations is observed, resulting in the formation of a "premelted state". Such a conclusion is in a good agreement with the results of dielectric measurements published earlier.Comment: 4 pages, 4 figure

The Influence of Changes in Acute Training Load on Daily Sensitivity of Morning-measured Fatigue Variables in Elite Soccer Players.

PURPOSE: To determine the sensitivity of a range of potential fatigue measures to daily training load accumulated over the previous two, three and four days during a short in-season competitive period in elite senior soccer players (n=10). METHODS: Total high-speed running distance, perceived ratings of wellness (fatigue, muscle soreness, sleep quality), counter-movement jump height (CMJ), submaximal heart rate (HRex), post-exercise heart rate recovery (HRR) and heart rate variability (HRV: Ln rMSSD) were analysed during an in-season competitive period (17 days). General linear models were used to evaluate the influence of two, three and four day total high-speed running distance accumulation on fatigue measures. RESULTS: Fluctuations in perceived ratings of fatigue were correlated with fluctuations in total high-speed running distance accumulation covered on the previous 2-days (r=-0.31; small), 3 -days (r=-0.42; moderate) and 4-days (r=-0.28; small) (p<0.05). Changes in HRex (r=0.28; small; p= 0.02) were correlated with changes in 4-day total high-speed running distance accumulation only. Correlations between variability in muscle soreness, sleep quality, CMJ, HRR% and HRV and total high-speed running distance were negligible and not statistically significant for all accumulation training loads. CONCLUSIONS: Perceived ratings of fatigue and HRex were sensitive to fluctuations in acute total high-speed running distance accumulation, although, sensitivity was not systematically influenced by the number of previous days over which the training load was accumulated. The present findings indicate that the sensitivity of morning-measured fatigue variables to changes in training load is generally not improved when compared with training loads beyond the previous days training

Muscle Oxygen Changes following Sprint Interval Cycling Training in Elite Field Hockey Players

This study examined the effects of Sprint Interval Cycling (SIT) on muscle oxygenation kinetics and performance during the 30-15 intermittent fitness test (IFT). Twenty-five women hockey players of Olympic standard were randomly selected into an experimental group (EXP) and a control group (CON). The EXP group performed six additional SIT sessions over six weeks in addition to their normal training program. To explore the potential training-induced change, EXP subjects additionally completed 5 x 30s maximal intensity cycle testing before and after training. During these tests near-infrared spectroscopy (NIRS) measured parameters; oxyhaemoglobin + oxymyoglobin (HbO2+ MbO2), tissue deoxyhaemoglobin + deoxymyoglobin (HHb+HMb), total tissue haemoglobin (tHb) and tissue oxygenation (TSI %) were taken. In the EXP group (5.34±0.14 to 5.50±0.14m.s-1) but not the CON group (pre = 5.37± 0.27 to 5.39±0.30m.s-1) significant changes were seen in the 30-15IFTperformance. EXP group also displayed significant post-training increases during the sprint cycling: ΔTSI (-7.59±0.91 to -12.16±2.70%); ΔHHb+HMb (35.68±6.67 to 69.44 ±26.48μM.cm); and ΔHbO2+ MbO2 (-74.29±13.82 to -109.36±22.61μM.cm). No significant differences were seen in ΔtHb (-45.81±15.23 to -42.93±16.24). NIRS is able to detect positive peripheral muscle oxygenation changes when used during a SIT protocol which has been shown to be an effective training modality within elite athletes

A correlation between EIS and salt spray proof tests for the corrosion resistance of conversion coated aluminum alloys

In this study, 33 different conversion coatings were applied to 5 different Al alloy substrates. Salt spray exposure testing and EIS (electrochemical impedance spectroscopy) were conducted for comparison. A relation was developed