Collective Action Clauses (CACS): An Analysis of Provisions Included in Recent Sovereign Bond Issues

The Bank has today published a paper (by John Drage and Catherine Hovaguimian) that assesses the extent to which recent contractual innovations in foreign currency sovereign bonds issued under New York law may contribute to the creation of a more orderly framework for restructuring sovereign debt.
Published on 02 November 2004

The paper looks at the clauses that have been included in bonds issued under New York law since February 2003, which is when the change in market practice occurred, and considers the extent to which they meet three objectives identified in a report on contractual clauses completed in September 2002 by a G10 Working Group.

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