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Global Financial Stablity Report, October 2013
			: Transition Challenges to Stability

Global Financial Stablity Report, October 2013 : Transition Challenges to Stability »

Series: Global Financial Stability Report

Author(s): International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 July 2014

Language: Chinese

DOI: http://dx.doi.org/10.5089/9787504975379.082

ISBN: 9787504975379

Keywords: banking, bond, financial stability, bonds, bank funding, deposit insurance, debt restructuring, debt overhang, subordinated debt, tier 1 capital

The October 2013 Global Financial Stability Report examines current risks facing the global financial system at it undergoes a series of transitions along the path toward greater financial stability. The United Sta...

Assessing Loss of Market Access: Conceptual and Operational Issues

Assessing Loss of Market Access: Conceptual and Operational Issues »

Source: Assessing Loss of Market Access: Conceptual and Operational Issues

Volume/Issue: 2017/246

Series: IMF Working Papers

Author(s): Anastasia Guscina , Sheheryar Malik , and Michael Papaioannou

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 15 November 2017

ISBN: 9781484324936

Keywords: Market Access, Sovereign Debt Restructuring; Default; Bond Spreads, Sovereign Debt Restructuring, Default, Bond Spreads, Assessing Loss of Market Access:

Loss of market access (LMA) is a central element and an exacerbator of balance of payments and fiscal crises. This paper provides an operational definition of LMA, examines the predictive power of potential LMA lea...

Bond Restructuring and Moral Hazard

Bond Restructuring and Moral Hazard »

Source: Bond Restructuring and Moral Hazard : Are Collective Action Clauses Costly?

Volume/Issue: 2001/92

Series: IMF Working Papers

Author(s): Torbjorn Becker , Anthony Richards , and Yunyong Thaicharoen

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 2001

ISBN: 9781451851595

Keywords: Bond restructuring, contract design, law, bonds, bond, bondholders, International Lending and Debt Problems,

Many official groups have endorsed the wider use by emerging market borrowers of contract clauses which allow for a qualified majority of bondholders to restructure repayment terms in the event of financial distres...

Issuing International Sovereign Bonds: Opportunities and Challenges for Sub-Saharan Africa

Issuing International Sovereign Bonds: Opportunities and Challenges for Sub-Saharan Africa »

Source: Issuing International Sovereign Bonds : Opportunities and Challenges for Sub-Saharan Africa

Series: Departmental Papers / Policy Papers

Author(s): Mauro Mecagni , Jorge Canales Kriljenko , Cheikh Gueye , Yibin Mu , Masafumi Yabara , and Sebastian Weber

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 04 June 2014

ISBN: 9781475523102

Keywords: Bonds, Bond issues, Access to capital markets, Debt management and restructuring issues, International bond markets, Sub-Saharan Africa, bond, sovereign bonds, sovereign bond, public debt

This African Department Paper examines the rise in international sovereign bonds issued by African frontier economies and recommends policies for potential first-time issuers....

The Restructuring of Sovereign Debt - Assessing the Benefits, Risks, and Feasibility of Aggregating Claims

The Restructuring of Sovereign Debt - Assessing the Benefits, Risks, and Feasibility of Aggregating Claims »

Source: The Restructuring of Sovereign Debt - Assessing the Benefits, Risks, and Feasibility of Aggregating Claims

Volume/Issue: 2003/017

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 April 2003

ISBN: 9781498329132

Keywords: Debt restructuring, Sovereign Debt Restructuring Mechanism, Collective action clauses, Financial crises, Financial markets, Bond issues, Financial institutions, PP, SDRM, bond issuance

...

Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare?

Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare? »

Source: Long-Term Returns in Distressed Sovereign Bond Markets: How Did Investors Fare?

Volume/Issue: 2019/138

Series: IMF Working Papers

Author(s): Jochen Andritzky , and Julian Schumacher

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2019

ISBN: 9781498317375

Keywords: International bond markets, Collective action clauses, International capital markets, Sovereign debt restructuring, Bond issues, Debt crisis, public debt, sovereign risk, sovereign default, bond restructuring

Sovereign debt restructurings are perceived as inflicting large losses to bondholders. However, many bonds feature high coupons and often exhibit strong post-crisis recoveries. To account for these aspects, we anal...

Fourth Progress Report on Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contract

Fourth Progress Report on Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contract »

Source: Fourth Progress Report on Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contract

Volume: 19

Series: Policy Papers

Author(s): International Monetary Fund. Legal Dept.;International Monetary Fund. Monetary and Capital Markets Department

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 21 March 2019

ISBN: 9781498302968

Keywords: Collective action clauses, Bond issues, Sovereign debt restructuring, Low income countries, Bond yields, Collective action clause, CACs, Sovereign debt, restructuring, Pari passu

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, wi...

Second Progress Report On Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contracts

Second Progress Report On Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contracts »

Source: Second Progress Report On Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contracts

Volume/Issue: 2016/073

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 December 2016

ISBN: 9781498344951

Keywords: Bond issues, Bonds, Collective action clauses, Debt restructuring, Sovereign debt, Public debt management, Sovereign debt restructuring, Low income countries, outstand stock, passu

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...

Sovereign Bond Prices, Haircuts and Maturity

Sovereign Bond Prices, Haircuts and Maturity »

Source: Sovereign Bond Prices, Haircuts and Maturity

Volume/Issue: 2017/119

Series: IMF Working Papers

Author(s): Tamon Asonuma , Dirk Niepelt , and Romain Ranciere

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 May 2017

ISBN: 9781484301098

Keywords: Sovereign Debt; Default; Debt Restructuring; Bond Prices; Haircuts; Maturity; Default Probability, Sovereign Debt, Default, Debt Restructuring, Bond Prices, Haircuts, Maturity, Default Probability, International Lending and Debt Problems, Open Economy Macroeconomics

Rejecting a common assumption in the sovereign debt literature, we document that creditor losses ('haircuts') during sovereign restructuring episodes are asymmetric across debt instruments. We code a comprehensive...

Strengthening the Contractual Framework to Address Collective Action Problems in Sovereign Debt Restructuring

Strengthening the Contractual Framework to Address Collective Action Problems in Sovereign Debt Restructuring »

Source: Strengthening the Contractual Framework to Address Collective Action Problems in Sovereign Debt Restructuring

Volume/Issue: 2014/013

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 09 February 2014

ISBN: 9781498342797

Keywords: Bonds, Collective action clauses, Debt restructuring, Sovereign debt, Public debt management, Bond issues, Sovereign debt restructuring, International capital markets, Interest rate reductions, passu

This paper identifies contractual reforms designed to address collective action problems in sovereign debt restructuring. Since any decisions regarding the design of contractual provisions will need to be made by t...