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