Progress Report to the International Monetary and Financial Committee (IMFC) on Crisis Resolution
September 5, 2003
Collective Action Clauses: Recent Developments and Issues
March 25, 2003
The IMF and the Private Sector—A Factsheet
See also:
Proposals for a Sovereign Debt Restructuring Mechanism (SDRM)—A Factsheet
Documents Related to the International Monetary and Financial Committee (IMFC) Meeting April 24, 2004
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Progress Report to the International Monetary and Financial Committee on Crisis Resolution
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April 20, 2004
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Contents
I. |
Introduction |
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II. |
Collective Action Clauses |
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A. |
Development in Market Practice |
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B. |
Design of CACs in Recent Issues |
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C. |
Aggregation Feature |
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D. |
Encouraging the Use of CACs |
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III. |
Code of Conduct |
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IV. |
Sovereign Debt Litigation by Private
Creditors |
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V. |
The Evian Approach |
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VI. |
Conclusions |
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Tables |
1. |
Emerging Markets Sovereign Bond Issuance
by Jurisdiction |
2. |
Emerging Market Sovereign Bonds Outstanding
Issuance by Governing Law |
3. |
Collective Action Clauses: G-10 Recommendations
and Recent New York Law Governed Bonds |
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Figures |
1. |
Selected Yield Curves: Bonds Including
CACs |
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