Public Information Notice: IMF Continues Discussion on Collective Action Clauses in Sovereign Bond Contracts,
April 18, 2003

The IMF and the Private Sector—A Factsheet

See also:
Strengthening the International Financial Architecture: Sovereign Debt Restructuring Mechanism (SDRM)—A Factsheet

More Information on Sovereign Debt Restructuring

Collective Action Clauses: Recent Developments and Issues

Prepared by the International Capital Markets, Legal and Policy Development and Review Departments

March 25, 2003

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I. Introduction


Work Done By The Group of 10 in Designing Collective Action Clauses

  A. General Approach
  B. Specific Recommendations


Work Done By The Private Sector in Developing Model Clauses

A. Bonds Governed by New York Law
B. Bonds Governed by English Law
C. Other Provisions
IV. Recent Developments in Including CACs
A. Overall Developments in Market Practice
B. Issuing Country Developments
V. Summary and Conclusions
VI. Issues for Discussion
1. Existing and Proposed Collective Action Clauses


1. Emerging Market Sovereign Bond Issuance by Governing Law
2. Emerging Market Sovereign Bond Outstanding by Governing Law
3. Mexico Sovereign Yield Curve


1. Emerging Markets Sovereign Bond Issuance by Jurisdiction
2. EMSB Outstanding Issuance by Governing Law and Issuer
3. EMSB Outstanding Issuance by Governing Law and Currency