Progress Report to the International Monetary and Financial Committee (IMFC) on Crisis Resolution
September 5, 2003

Collective Action Clauses: Recent Developments and Issues
March 25, 2003

The IMF and the Private Sector—A Factsheet

See also:
Proposals for a Sovereign Debt Restructuring Mechanism (SDRM)—A Factsheet

Documents Related to the International Monetary and Financial Committee (IMFC) Meeting
April 24, 2004



Progress Report to the International Monetary and Financial Committee on Crisis Resolution

April 20, 2004

Use the free Adobe Acrobat Reader to view the full text (187 kb, pdf file)

Contents

I.   Introduction
II.   Collective Action Clauses
  A. Development in Market Practice
  B. Design of CACs in Recent Issues
  C. Aggregation Feature
  D. Encouraging the Use of CACs
III.   Code of Conduct
IV.   Sovereign Debt Litigation by Private Creditors
V.   The Evian Approach
VI.   Conclusions
Tables
1.   Emerging Markets Sovereign Bond Issuance by Jurisdiction
2.   Emerging Market Sovereign Bonds Outstanding Issuance by Governing Law
3.   Collective Action Clauses: G-10 Recommendations and Recent New York Law Governed Bonds
Figures
1.   Selected Yield Curves: Bonds Including CACs

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