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Sovereign Debt Information

  
 

ICMA SOVEREIGN BOND CONSULTATION PAPER

For ICMA Members

ICMA Members' Consultation - November 2010

Access to the consultation paper

Click here to access our Executive Summary document for feedback on the consultation
(members only).


SOVEREIGN DEBT INFORMATION

ICMA’s members – as issuers, lead managers, dealers and investors – have a collective interest
in the proper functioning of the securities markets as a whole.  ICMA is committed to maintaining
orderly markets and is available to assist its members. 

6 January 2012: ICMA response to the European Commission’s green paper on the feasibility of introducing Stability Bonds.

5 July 2011: MESSAGE CONCERNING GREEK SOVEREIGN DEBT FROM MARTIN SCHECK,
CHIEF EXECUTIVE OF ICMA (members only)

21 May 2010: MESSAGE FROM THE CHAIRMAN AND CHIEF EXECUTIVE

The following information in relation to Sovereign Debt has been collated to facilitate members’
access: 
 

Official Sources of Data:
 

The selection of links to external websites below are intended to provide access to useful
information on Sovereign Debt.  If you would like to suggest additions to the list please contact
ICMA on info@icmagroup.org or + 44 (0) 207 213 0310
 
ICMA makes no representations or warranties, express or implied, as to the accuracy and
completeness of any information contained on any third party web site which may be referred to
or accessed by hyperlinks through or to this web site. ICMA does not endorse or approve the
content of any such third party web site, nor does ICMA assume any liability in connection with
any of them (including but not limited to, liability arising out of any claim or allegation that the
content of any such third party web site infringes any law or the rights of any person or entity).

IMF:
http://www.imf.org/external/data.htm

BIS:
http://www.bis.org/statistics/index.htm

OECD:
http://www.oecd.org/statsportal/0,3352,en_2825_293564_1_1_1_1_1,00.html

ECB:
http://www.ecb.europa.eu/stats/html/index.en.html

Eurostat:
http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/introduction

National Statistical Offices:
http://epp.eurostat.ec.europa.eu/portal/page/portal/links/national_statistical_offices

EFC:
http://europa.eu/efc/sub_committee/index_en.htm - includes “Links to national institutions”
(DMOs & Finance Ministries) and “Primary Dealer systems and reporting formats” (primary
dealers)

DG ECFIN:
http://ec.europa.eu/economy_finance/index_en.htm

AFME / EPDA
http://www.afme.eu/rates.aspx?id=2900

Rating agencies:
Fitch
http://www.fitchratings.com/jsp/sector/Sector.faces?selectedTab=Overview&Ne=4293330737%2b11&N=0

Moody’s
http://www.moodys.com/researchandratings/market-segment/sovereign-supranational/-/005005/4294966293/4294966623/0/0/-/0/rr

Standard & Poor’s
http://www.standardandpoors.com/ratings/govs-sovereigns/en/eu/
 

Frequently Asked Questions:


The ICMA FAQ documents below provide ICMA members with some general information
pertaining to the restructuring of sovereign bonds and some more specific information regarding
the Greek financing offer of 21 July 2011.  ICMA is continuing to closely follow similar
developments and anticipates providing some additional FAQs for members in relation to any
further agreed restructuring proposals that may arise.


Click here to access our FAQ regarding the 21 July 2011 Greek financing offer (members
only).

Click here to access our FAQ document for queries on Sovereign Debt (members only).

With respect to CDS, ISDA has issued a Greek Sovereign Debt Q&A.

The Greek Public Debt Management Agency (PDMA) has made available some Q&A on Private
Sector Involvement (PSI), which is available here.

 

Collective Action Clauses (CACs):
 

ICMA has participated in the preparation of a standard form of CACs, and agreeing a Code of
Conduct – a non-binding statement of best practices to prevent and resolve financial market
abuse.  Further information is available here. 

ICMA has responsed to the consultation with interested parties, launched under cover of a letter dated 23 July 2011 from the Chairman of the EFC Sub-Committee on EU Sovereign Debt Markets,
in respect of CACs to be included in all new euro area government securities beginning in July
2013.  To access the response, please click here.

 
 

Principles for Stable Capital Flows and Fair Debt Restructuring in
Emerging Markets:


Dated 22 November 2004 the Institute of International Finance (IIF) and the International Primary
Market Association (IPMA) issued a statement of “Key Principles Agreed To Strengthen Emerging Markets Finance” which is available here. There is a copy of the 2010 "Report on Implementation"
by the Principles Consultative Group at http://www.iif.com/emp/principles and there is also a 2009 ECB "Occasional Paper" on this topic at http://www.ecb.int/pub/pdf/scpops/ecbocp103.pdf.
 
 

Official Announcements re EU Sovereigns:

Greek financing offer – 21 July 2011
Press
 

 


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