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The investor said the AT1 bonds were pari passu, in other words ranking at the same level, with the reference bond underlying the CDS contracts, which included a subordinated bond that matured in 2020.

The loans are either senior to or pari passu with a companies’ existing debt, and benefit from government protection.

If the deal with Elliott and the other main holdouts is closed, it would leave more than 85 percent of the "pari passu" and "me-too" injunctions resolved.

The second set who have not sued to collect on their bonds but instead sued to enforce the pari passu clause, have been offered up to 72.5 percent of their claims.

So, there are no lawyer nasty-grams over such things as negative pledge or pari passu clauses in a sovereign’s bonds before the default.