During the 1990s when Nigerian brady bonds (restructured 80s-era emerging markets loans) were trading at prices in the 30s on the dollar, this was routinely cit

During the 1990s when Nigerian brady bonds (restructured 80s-era emerging markets loans) were trading at prices in the 30s on the dollar, this was routinely cited by the sales and trading operation of the dominant brady-trading investment bank that I worked for, as a reason why they weren't defaulting... because chunks of them were held by Nigerian authority figures.