Progress Report On Inclusion Of Enhanced Contractual Provisions In International Sovereign Bond Contracts
DOWNLOAD
Download Progress Report On Inclusion Of Enhanced Contractual Provisions In International Sovereign Bond Contracts PDF/ePub or read online books in Mobi eBooks. Click Download or Read Online button to get Progress Report On Inclusion Of Enhanced Contractual Provisions In International Sovereign Bond Contracts book now. This website allows unlimited access to, at the time of writing, more than 1.5 million titles, including hundreds of thousands of titles in various foreign languages. If the content not found or just blank you must refresh this page
Fourth Progress Report On Inclusion Of Enhanced Contractual Provisions In International Sovereign Bond Contract
DOWNLOAD
Author : International Monetary Fund. Legal Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-03-21
Fourth Progress Report On Inclusion Of Enhanced Contractual Provisions In International Sovereign Bond Contract written by International Monetary Fund. Legal Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-21 with Business & Economics categories.
This paper reports on progress in inclusion of enhanced collective action clauses and modified pari passu clauses as of end-October 2018. The report finds that enhanced CACs have now become the market standard, with only a few issuers standing out from the market trend. Around 88 percent of international sovereign bonds (in aggregate principal amount) issued since October 2014 in the main jurisdictions of New York and England include such clauses. The modified pari passu clause continues to be incorporated as a package with the enhanced CACs, with few exceptions. In line with findings in previous reports, the inclusion of enhanced CACs does not seem to have an observable pricing effect, according to either primary or secondary market data. The outstanding stock of international sovereign bonds without enhanced CACs remains high, with about 39 percent of the outstanding stock including enhanced CACs.
Third Progress Report On Inclusion Of Enhanced Contractual Provisions In International Sovereign Bond Contracts
DOWNLOAD
Author : International Monetary Fund. Legal Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2017-12-15
Third Progress Report On Inclusion Of Enhanced Contractual Provisions In International Sovereign Bond Contracts written by International Monetary Fund. Legal Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-12-15 with Business & Economics categories.
The IMF Executive Board endorsed in October 2014 the inclusion of key features of enhanced pari passu provisions and collective action clauses (CACs) in new international sovereign bonds.1 Specifically, the Executive Board endorsed the use of (i) a modified pari passu provision that explicitly excludes the obligation to effect ratable payments, and (ii) an enhanced CAC with a menu of voting procedures, including a “single-limb” aggregated voting procedure that enables bonds to be restructured on the basis of a single vote across all affected instruments, a two-limb aggregated voting procedure, and a series-by-series voting procedure.2 Directors supported an active role for the IMF in promoting the inclusion of these clauses in international sovereign bonds.3 The IMFC and the G20 further called on the IMF to promote the use of such clauses and report on their inclusion. Since that time, the IMF has published periodic progress reports on inclusion of the enhanced clauses.4 These reports found that since the Executive Board’s endorsement, substantial progress had been made in incorporating the enhanced clauses, with approximately 85 percent of new international sovereign bond issuances since October 2014 (in nominal principal amount) including such clauses. The reports also found that there was no observable market impact on inclusion of the enhanced clauses. However, the reports noted that the outstanding stock without the enhanced clauses remained significant, with issuers showing little appetite for liability management exercises to accelerate the turnover. This paper provides a further update on the inclusion of the enhanced clauses and on the outstanding stock of international sovereign bonds as of September 30, 2017. Section II reports on the inclusion of these enhanced provisions, finding that the vast majority of issuers are including these clauses, with only a few countries standing out against the market trend. Section II also provides an update on the outstanding stock, indicating that while the percentage of the outstanding stock with the enhanced clauses is increasing, a significant percentage of the stock still does not and little action has been taken by issuers to increase the rate of turnover. Section III briefly reports on the use of different bond structures, and Section IV describes the staff’s ongoing outreach efforts and next steps.
Progress Report On Inclusion Of Enhanced Contractual Provisions In International Sovereign Bond Contracts
DOWNLOAD
Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2015-09-18
Progress Report On Inclusion Of Enhanced Contractual Provisions In International Sovereign Bond Contracts written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015-09-18 with Business & Economics categories.
As part of the Fund’s ongoing work on sovereign debt restructuring, in October 2014 the Executive Board endorsed the inclusion of key features of enhanced pari passu provisions and collective action clauses (CACs) in new international sovereign bonds.1 Specifically, the Executive Board endorsed the use of: (i) a modified pari passu clause that explicitly excludes the obligation to effect ratable payments and (ii) an enhanced CAC with a menu of voting procedures, including a “single-limb” voting procedure that enables bonds to be restructured on the basis of a single vote across all affected instruments, a two-limb aggregated voting procedure and a series-by-series voting procedure.
Second Progress Report On Inclusion Of Enhanced Contractual Provisions In International Sovereign Bond Contracts
DOWNLOAD
Author : International Monetary Fund. Monetary and Capital Markets Department
language : en
Publisher: International Monetary Fund
Release Date : 2016-12-27
Second Progress Report On Inclusion Of Enhanced Contractual Provisions In International Sovereign Bond Contracts written by International Monetary Fund. Monetary and Capital Markets Department and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-12-27 with Business & Economics categories.
endorsed in October 2014 the inclusion of key features of enhanced pari passu provisions and collective action clauses (CACs) in new international sovereign bonds. Specifically, the Executive Board endorsed the use of (i) a modified pari passu provision that explicitly excludes the obligation to effect ratable payments, and (ii) an enhanced CAC with a menu of voting procedures, including a “single-limb” aggregated voting procedure that enables bonds to be restructured on the basis of a single vote across all affected instruments, a two-limb aggregated voting procedure, and a series-by-series voting procedure. Directors supported an active role for the IMF in promoting the inclusion of these clauses in international sovereign bonds. The IMFC and the G20 further called on the IMF to promote the use of such clauses and report on their inclusion. In September 2015, the IMF published a progress report on the inclusion of the enhanced clauses in international sovereign bonds as of end-July 2015. The report found that since the Executive Board’s endorsement, substantial progress had been made in incorporating the enhanced clauses: 41 issuances, representing 60 percent of the nominal principal amount of total issuances, had included the enhanced clauses as of July 31, 2015. The 2015 paper also provided initial observations on the patterns of incorporation, the market impact of inclusion of the enhanced clauses, and an update on the outstanding stock of international sovereign bonds. This paper provides a further update on the inclusion of the enhanced clauses and on the outstanding stock of international sovereign bonds as of October 31, 2016. Section II reports on the inclusion of these enhanced provisions, finding that uptake of the clauses has continued, with only a small minority of new issuances not including them. Section III provides an update on the outstanding stock, which reveals that while an increasing percentage of the outstanding stock includes enhanced clauses, a significant percentage of the stock still does not. Section IV reports on the use of different bond structures, and Section V describes the staff’s ongoing outreach efforts. Section VI briefly reports on other recent developments relevant to the contractual approach to sovereign debt restructuring and Section VII concludes with next steps.
Fourth Progress Report On Inclusion Of Enhanced Contractual Provisions In International Sovereign Bond Contract
DOWNLOAD
Author :
language : en
Publisher:
Release Date : 2019
Fourth Progress Report On Inclusion Of Enhanced Contractual Provisions In International Sovereign Bond Contract written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
Collective Action Clauses In Sovereign Bond Contracts Encouraging Greater Use
DOWNLOAD
Author : International Monetary Fund. Policy Development and Review Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2002-06-06
Collective Action Clauses In Sovereign Bond Contracts Encouraging Greater Use written by International Monetary Fund. Policy Development and Review Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-06-06 with Business & Economics categories.
NULL
The International Law Of Sovereign Debt Dispute Settlement
DOWNLOAD
Author : Kei Nakajima
language : en
Publisher: Cambridge University Press
Release Date : 2022-09-22
The International Law Of Sovereign Debt Dispute Settlement written by Kei Nakajima and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-09-22 with Business & Economics categories.
This book fills the normative gap arising from the absence of a multilateral mechanism for sovereign debt restructuring.
Intercreditor Equity In Sovereign Debt Restructuring
DOWNLOAD
Author : Astrid Iversen
language : en
Publisher: Oxford University Press
Release Date : 2023-03-07
Intercreditor Equity In Sovereign Debt Restructuring written by Astrid Iversen and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-07 with Law categories.
The question of intercreditor equity is one of the most contentious issues in debt restructuring, both historically and today. Intercreditor Equity in Sovereign Debt Restructuring maps and establishes the content of these intercreditor equity rules, and analyses how they influence the restructuring process. Through this analysis, Astrid Iversen outlines how creditors can predict their legal rights in the unfortunate event of a debt restructuring and strives to improve our understanding of the boundaries within which a debt restructuring offer must be designed. Iversen also seeks to shed light on the functioning of the legal framework governing sovereign debt more broadly. In this book, she examines whether intercreditor equity rules and the legal framework of sovereign debt are compatible with a debtor state's responsibility to ensure monetary and financial stability and to establish sustainable debt burdens. Iversen also explores how certain intercreditor equity rules constitute an obstacle to sustainable debt restructurings and highlights how the number of different intercreditor equity rules that a sovereign debtor state typically is bound by, as well as the scope of these rules, risk tightening the policy space of debtor states to the extent that it is difficult to design and implement a sustainable debt restructuring. Suitable as an introductory text for readers new to the topic of sovereign debt restructurings, and as an instructive guide for debt management offices, creditors, and their lawyers, this publication provides a comprehensive legal study of intercreditor equity rules in sovereign debt restructuring.
Eu Law Of Economic Monetary Union
DOWNLOAD
Author : Fabian Amtenbrink
language : en
Publisher: Oxford University Press
Release Date : 2020-05-21
Eu Law Of Economic Monetary Union written by Fabian Amtenbrink and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-21 with Law categories.
Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.
Covid 19 And Sovereign Debt The Case Of Sadc
DOWNLOAD
Author : Daniel D. Bradlow
language : en
Publisher: Pretoria University Law Press
Release Date : 2022-02-23
Covid 19 And Sovereign Debt The Case Of Sadc written by Daniel D. Bradlow and has been published by Pretoria University Law Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-02-23 with Law categories.
This multi-disciplinary publication focuses on the issue of African sovereign debt management and renegotiation/ restructuring, with a particular concentration on the countries that are members of the Southern Africa Development Community (SADC). It contains a series of essays that were initially presented in several workshops held at the height of the pandemic, in 2020. These essays seek to both understand the debt challenges facing these countries and to offer some policy-oriented suggestions on how they can more effectively address these. They include contributions by global and regional scholars who are seasoned experts and newer researchers and discuss the complexities on debt management and restructuring within the context of the global COVID-19 pandemic. In particular, this presented an opportunity for junior researchers from the region to contribute to international discussions on a topic in which the views of young Africans are not heard as often or as clearly as they should be, especially given the importance of the topic to Africa and its future. Further, this book is expected to stimulate debate among academics, activists, policy makers and practitioners on how SADC should manage its debt.