What is the marginal effect...

...on bond prices when buyers may (will?) lose the ability to negotiate advantageous positions.  And furthermore, class, what is the marginal effect on the liquidity of said bonds when secondary ownership loses valuable embedded options (such as the option to seize property of x foreign country)??

An Institute of International Finance panel has suggested that governments insert clauses in the new bonds they issue, to prevent a small group of bondholders from seeking better terms than other investors in the event of a restructuring.

The IIF's Joint Committee on Strengthening the Framework for Sovereign Debt Crisis Prevention and Resolution recommended that sovereign issuers should incorporate collective action clauses with appropriate aggregation clauses containing detailed information on terms and conditions in bond documents.