Sovereign Debt Information
STANDARD COLLECTIVE ACTION AND PARI PASSU CLAUSES FOR THE TERMS AND CONDITIONS OF SOVEREIGN NOTES

Following consultations with its members and other public sector and private sector representatives, ICMA has published revised and updated collective action clauses (CACs) and a  new standard pari passu clause for inclusion in the terms and conditions of sovereign debt securities.The use of these new terms in sovereign notes is intended to facilitate future sovereign debt restructurings. 

ICMA STANDARD CACs - August 2014

ICMA STANDARD PARI PASSU PROVISION - August 2014


The Peterson Institute for International Economics has published a useful article in regard to the ICMA sovereign debt contract reforms, entitled "A Sensible Step to Mitigate Sovereign Bond Dysfunction" by Anna Gelpern on 29 August 2014.


ICMA SOVEREIGN BOND CONSULTATION PAPER  
  
For ICMA Members

Sovereign Bond Consultation Supplement - June 2014 

ICMA Members' Consultation - December 2013 
Access to the consultation paper

Click here to access our Executive Summary document for feedback on the previous consultation from November 2010.
(members only).



SOVEREIGN DEBT INFORMATION

Sovereign Debt Restructuring: Lessons from Recent Experience - video of an IMF panel discussion held in Washington on 12 October 2013.

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.

24 February 2012: MESSAGE CONCERNING RETROACTIVE LEGISLATION IN THE GREEK CASE FROM MARTIN SCHECK, CHIEF EXECUTIVE OF ICMA (members only)

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 Greek private sector involvement. ICMA is continuing to closely follow developments and anticipates providing some additional FAQs for members in relation to any further developments that may arise.

Click here to access our FAQ regarding Greek Private Sector Involvement (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.

 

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:

European response to the debt crisis
http://www.european-council.europa.eu/european-response-debt-crisis.aspx?lang=en

European Financial Stability Facility (EFSF)
Press releases
http://www.efsf.europa.eu/mediacentre/news/index.htm 

 

 

 

 

Council of the European Union:
European Council conclusions
http://www.european-council.europa.eu/council-meetings/conclusions.aspx
ECOFIN press releases
http://www.consilium.europa.eu/press/press-releases/economic-and-financial-affairs.aspx?lang=en&BID=93
Eurogroup news
http://www.consilium.europa.eu/policies/the-eurogroup/news?lang=en

 

European Central Bank:
Press releases (use filters to search)
http://www.ecb.europa.eu/press/pr/date/2012/html/index.en.html

 

European Commission – DG ECFIN:
News
http://ec.europa.eu/economy_finance/articles/index_en.htm
Eurogroup and ECOFIN
http://ec.europa.eu/economy_finance/articles/eurogroup_ecofin/index_en.htm

 

Institute of International Finance:
Press
http://www.iif.com/press/

 

 

 

 

 

 

 

 

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