ICMA rewrites restructuring rules

ICMA rewrites restructuring rules

Corporate & Sovereign Strategy

The International Capital Markets Association (ICMA) on Friday unveiled revised collective action and pari passu clauses, which it hopes will facilitate future sovereign debt restructurings. The collective action clauses aim to prevent minority bondholders from blocking restructurings, by allowing voting across multiple bond issues. The pari passu clause aims to do away with the uncertainty caused by litigation on Argentine, by clearly limiting their scope. “The potential adverse fallout globall

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