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- Sovereign Debt Information
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 Centre for Interantional Governance Innovation (CIGI) in Canada has published a useful paper in Feburary 2015 entitled "Sovereign Bond Contract Reform: Implementing the New ICMA Pari Passu and Collective Action Clauses".
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.
For historical information on CACs, see here.
ICMA SOVEREIGN BOND CONSULTATION PAPER
Click here to access our Executive Summary document for feedback on the previous consultation from November 2010.
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)
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 firstname.lastname@example.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).
National Statistical Offices:
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
AFME / EPDA
Standard & Poor’s
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.
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
European Financial Stability Facility (EFSF)
Council of the European Union:
European Council conclusions
ECOFIN press releases
European Central Bank:
Press releases (use filters to search)
European Commission – DG ECFIN:
Eurogroup and ECOFIN
Institute of International Finance: