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  • Comunicado Del ICMA

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    ICMA has today published revised and updated collective action clauses and a new standard pari passu clause for sovereign debt securities. The use of these new terms in government bonds is intended to facilitate future sovereign debt restructurings.

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    ICMA has today published revised and updated collective action clauses and a new standard pari passu clause for sovereign debt securities. The use of these new terms in government bonds is intended to facilitate future sovereign debt restructurings.

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    7K vistas2 páginas

    Comunicado Del ICMA

    Cargado por

    MinutoUno.com
    ICMA has today published revised and updated collective action clauses and a new standard pari passu clause for sovereign debt securities. The use of these new terms in government bonds is intended to facilitate future sovereign debt restructurings.

    Copyright:

    © All Rights Reserved
    Descargue como PDF, TXT o lea en línea desde Scribd
    Marcar por contenido inapropiado
    de 2

    Press release

    News from the International Capital Market Association (ICMA)



    Talacker 29, P.O. Box, CH-8022, Zurich
    www.icmagroup.org
    Please see foot of release for contact details


    Friday,29August2014
    Forimmediaterelease

    ICMApublishesrevisedcollectiveactionclauses(CACs)andanewstandardparipassuclauseto
    facilitatefuturesovereigndebtrestructuring
    TheInternationalCapitalMarketAssociation(ICMA)hastodaypublishedrevisedandupdated
    collectiveactionclausesandanewstandardparipassuclauseforsovereigndebtsecurities.Theuse
    ofthesenewtermsingovernmentbondsisintendedtofacilitatefuturesovereigndebt
    restructurings.
    LelandGoss,ICMAsGeneralCounselsaid:Thepotentialadversefalloutgloballyfromthedefault
    andrestructuringofArgentinasdebtdemonstratestheimportanceofhavingclear,unambiguous
    contracttermsforsovereignbonds.Indepthconsultationswithourmembersandotherinterested
    publicandprivatesectorrepresentativeshaveledtothedevelopmentofenhancedlegal
    technologythatwillmakemoreorderlyandefficientsovereigndebtrestructuringsachievablein
    thefuture.
    Collectiveactionclausesallowamajorityofbondholderstoagreetochangesinbondterms,for
    exampletoextendmaturitiesorreduceprincipal,thatarelegallybindingonallholdersofthebond,
    includingthosewhovoteagainsttherestructuring.ICMAsnewstandardcollectiveactionclauses
    provideapracticalsolutiontotheproblemofblockingminoritiesthroughtheinclusionof
    aggregationmechanisms,whichallowvotingacrossmultiplebondissues.

    TheinterpretationgiventotheparipassuclauseintheArgentinalitigationhascausedconsiderable
    uncertaintyforfuturesovereigndebtrestructurings.ICMAsnewparipassuprovisiondetails
    clearlythescopeofitsapplication,therebyreducingtheriskoftheparipassuclausebeingabasis
    fordisruptingfuturesovereigndebtrestructuringsandraisingconcernswithintercreditorequity.

    TherevisedstandardCACsandnewparipassuclausewillbeincludedintheICMAPrimaryMarket
    Handbookinrespectofsyndicatedissuesofsovereigndebtsecuritiesleadmanagedbyoneor
    moreICMAmemberswithcrossborderdistribution(thatarenototherwisesubjecttothe
    mandatoryeuroareamodelcollectiveactionclauseintroducedinJanuary2013).

    Contact
    AllanMalvar MargaretWilkinson
    +442072130322 +442072130323
    +447738696451 +447931100499
    allan.malvar@icmagroup.org margaret.wilkinson@icmagroup.org

    Notesforeditors

    InternationalCapitalMarketAssociation(ICMA)
    ICMArepresentsinstitutionsactiveintheinternationalcapitalmarketworldwideandhasaround
    450memberslocatedin52countries.ICMAsmarketconventionsandstandardshavebeenthe
    pillarsoftheinternationaldebtmarketforover40years,providingtheframeworkofrules
    governingmarketpracticewhichfacilitatetheorderlyfunctioningofthemarket.
    www.icmagroup.org

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