Public Information Notice: IMF Board Discusses Collective Action Clauses in Sovereign Bond Contracts
July 26, 2002
Collective Action Clauses in Sovereign Bond Contracts—Encouraging Greater Use
June 6, 2002
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The Design and Effectiveness of Collective Action Clauses
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Prepared by the Legal Department
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June 6, 2002
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Contents
Introduction
- Existing Provisions and Structures
- Overview
- Majority Restructuring Provisions
- Majority Enforcement Provisions
- New Provisions
- Representation Clauses
- Initiation Clauses
- Aggregation Provisions
- The Scope of Sovereign Debt to be Covered
- Domestic Debt
- Syndicated Bank Debt
Conclusions
Attachments
- Examples of Majority Restructuring Provisions and Majority Enforcement
Provisions Contained in Bond Issued under Trust Deeds and Fiscal Agency
Agreements
- The Collective Representation Clause
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