Da Bloomberg
For these bonds to be modified in a broad debt restructuring, the government needs the consent of 85% of holders of the total principal amount outstanding, as well as 66.67% of holders of each bond involved in the deal. That means that a block of investors holding just 15.1% of the outstanding amount of all bonds, or 33.4% of a single bond, could veto any accord they didn’t like.
While the global bonds issued since 2016 also have CAC clauses, they are less strict, meaning the government would need to gather a smaller majority to impose a restructuring. Most of these bonds have the threshold set at 66.67% of all bonds involved and 50% of each note. Alternatively, the government can have the support of the holders of 75% of all bonds involved in the deal to push through a restructuring, if it meets certain additional requirements.