On October 26th, the Second Circuit affirmed the district court's injunction of the Republic of Argentina. The district court enjoined Argentina from making payments on debt issued pursuant to its 2005 and 2010 restructurings without making comparable payments on its 2001 defaulted debt. The Second Circuit held that an equal treatment provision in the bonds bars Argentina from discriminating against the defaulted bonds in favor of bonds issued in connection with the restructurings and that Argentina violated that provision by ranking its payment obligations on the defaulted debt below its obligations to the holders of its restructured debt. NML Capital, Ltd. v. Republic of Argentina.