Legal analysis of sovereign debt restructuring highlights adherence to the Rule of Law standards by debtor-states, creditors and major international financial organizations. Without prejudice to great value of such works, they offer only a compartmentalised perspective. The restructuring talks are more complex, as they involve a myriad of public, private and hybrid bodies. Accordingly, the existing research gap with regard to international law and public interest of debtor-states cannot be filled by echoing earlier arguments. In order to prevent further deepening of mistrust between sector insiders and outsiders, this article offers an instrument for straightening accrued misconceptions and allows to begins the quest for the new normative framework. First the normative characteristics and governance of ISDA and ICMA, their involvement in sovereign defaults and debt restructuring, and adherence to the Rule of Law principle are discussed. Against this background it offers more general considerations with regard to normative expectations towards private and hybrid bodies involvement in sovereign debt restructuring.
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