Third Progress Report on Inclusion of Enhanced Contractual Provisions in International Sovereign Bond Contracts

Nopic
The IMF Executive Board endorsed in October 2014 the inclusion of key features of enhanced pari passu provisions and collective action clauses (CACs) in new international sovereign bonds.1 Specifically, the Executive Board endorsed the use of (i) a modified pari passu provision that explicitly excludes the obligation to effect ratable payments,... READ MORE...

Publication date: December 2017
ISBN 9781498346177
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