london see opportunity investors position future north korean turnaround country rarely trade default debt may move twilight zone new sanction impose week pyongyang debt north korea probably isolate frontier market already freeze years secretive nation face stringent sanction regime world part highly opaque market legacy debts countries isolate rest international community pre-castro cuban debt north korea syndicate loan face value around billion tie loan default since 1980s undertake restructure creditors debt repackaged 1997 special vehicle call nk debt corporation french bank bnp make transferable securities total debt accumulate borrow heavily western bank back 1970s include principal accumulate interest amount billion washington dc-based think-tank peterson institute international economics estimate 2013. securities regularly trade since around 2000 accord stuart culverhouse head research exotix capital price spurt high death president kim jong-il 2011 hop son kim jong-un north korea new swiss-educated leader would make progress international community open economy push price 14-18 cents dollar 13-15 investors hop soon dash culverhouse unable say price securities could trade market essentially get freeze begin 2013 unite nations sanction impose people felt restrict trade note say exotix specialist emerge frontier debt see loan trade past three four years culverhouse say week developments dishearten holders debt war word u.s. president donald trump north korea kim raise fear nuclear standoff u.n. security council impose fresh sanction saturday pyongyang intercontinental ballistic missile test curb ban north korean export coal iron iron ore lead seafood could slash asian state billion annual export revenue third lot people take view worth trade culverhouse say specialize distress debt traders take shine north korean debt one holders nk debt corporation note franklin emerge market debt opportunities fund accord fund annual report july 2016 hold nk debt corporation zero-coupon bond principal amount 15.5 million mature march 2020. ascribe value position july 2013 annual report fund value debt denominate german mark swiss francs 830,000 say acquire securities 2007 2011 3.1 million asset manager decline comment north korea late frontier market move reach investors desperate expand new high-return market excitement investment cuba instance go tepid trump order clampdown u.s. business deal caribbean island military say cancel predecessor barack obama terrible misguide deal havana invest iran prove long slog despite optimism tehran 2015 deal six major power curb nuclear program exchange lift oil ban financial sanction nothing go happen north korean issue long long time say charles blitzer debt restructure expert former imf staffer blitzer estimate interest arrears north korean debt amount around 4-5 time outstanding billion principal north korea like cuba spade similar ratios principal arrears yet indicate much interest deal london club say blitzer refer debt owe private sector amid nuclear standoff freeze n.korea debt untradeable due sanction