Fast forward to today when another former shutout from global bond markets, Argentina, is in the FT's words, "on the cusp of one of the most anticipated comebacks in recent history, as the Latin American country ends a 15-year exile from the international debt market with a multibillion-dollar sale."

According to the FT, "initial pricing puts the yield on new 10-year debt at 8 per cent, with shorter dated three and five-year bonds yielding 6.75 per cent and 7.5 per cent respectively. Its 30-year bond is slated to yield 8.85 per cent."

As a reminder, the Latin American country has been locked out of global debt markets since defaulting on close to $100bn in 2001 while in the midst of recession. "The government's subsequent battle with creditors who refused to accept a restructuring deal, including a fund managed by Paul Singer's Elliott Management, led to a lengthy and rancorous fight in international courts that sparked a global effort to redesign the way that countries borrow money."

Argentina then officially redefaulted in 2014 as a result of its ongoing legal feud which prevent the country from repaying both normal creditors as well as holdouts.

However, last year's election of President Mauricio Macri's market-friendly government ignited renewed investor interest in Latin America's third-largest economy. Read: a scramble to obtain some yield, just like in the case of Greece. And since the dramatic change in sentiment meant Argentina would be once again able to roll over debt, it had little problem reaching an agreement with holdouts such as Elliott and repaying them in full, in what has been perhaps the biggest IRR for Paul Singer's hedge fund to date.