Why is restructuring of international bonds issued by sub-sovereigns (such as provinces) and state-owned enterprises (SOE) harder than restructuring of sovereign bonds (Table 1)

Table 1: SOE and Sub-National International Bond Issuance (billions of dollars) 2009 20 2014 2019 79 140 Table 1: SOE and Sub-National International Bond Issuance (billions of dollars) 2009 20 2014 2019 79 140