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In this area, EMTA posts current information regarding EMTA projects and other matters deemed of interest to participants in the Emerging Markets trading and investment community. To submit materials for posting to this area, please contact EMTA by e-mail at sortiz@emta.org. EMTA generally disclaims responsibility for the content of materials received for posting from outside sources.

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Argentina Litigation 

October 29, 2014
Holiday Schedule for EM Bond Trades for US Veterans Day Holiday. 

October 17, 2014
Calculations for Payments on Venezuela Oil Obligations Announced; Record Date of September 30 and Payment Date of October 15 for Venezuela Oil Obligations. Trades are "Ex-Dividend" on September 26. 

Moody’s Downgrades Russia’s Government Debt Rating from Baa1 to Baa2. 

October 6, 2014
New ICMA Sovereign Collective Action and Pari Passu Clauses – Clifford Chance Memorandum.

IMF Supports Reforms for More Orderly Sovereign Debt Restructurings.

October 3, 2014
Market Practice for Settlement of Emerging Markets and Frontier Markets Eurobonds with an XS and US Prefix.
Non-Members - please contact Aviva Werner (awerner@emta.org) or Jonathan Murno (jmurno@emta.org) for EMTA's Market Practice document.

October 2, 2014
Revised 2014 Holiday Schedule. 

Revised Holiday Schedule for EM Bond Trades for US Columbus Day Holiday. 

September 30, 2014
EMTA Forum on The Economic Outlook for Venezuela to be Held on November 6, 2014 in Boston.  Click Here to Register.

September 22, 2014
Sanctions Update – Cadwalader, Wickersham & Taft Memorandum.

September 16, 2014
EMTA's Ninth Annual Forum in Hong Kong to be Held on Thursday, October 23, 2014. Click Here to Register.

Moody's Downgrades Costa Rica's Government Bond Rating from Baa3 to Ba1. 

Standard & Poor’s Downgrades Venezuela’s Sovereign Credit Rating from B- to CCC+. 

September 15, 2014
US and EU Impose Additional Sanctions on Russia – Dechert Memorandum.

Sanctions Update – Cadwalader, Wickersham & Taft Memorandum. 

EMTA's Ninth Annual Forum in Singapore to be Held on Tuesday, October 21, 2014. Click Here to Register.

Ukraine-Related Sanctions: EU Strengthens Sectoral Sanctions Against Russian Economic Interests, and Lists Additional Sanctioned Persons – Cleary Gottlieb Steen & Hamilton Memorandum.

September 14, 2014
Ukraine-Related Sanctions: Expanded U.S. Sanctions Against Russian Financial, Energy, and Defense Sectors – Cleary Gottlieb Steen and Hamilton Memorandum.

September 12, 2014
MarketAxess Announces 11th Annual Emerging Market Charity Trading Day to be Held on Wednesday September 17, 2014

September 11, 2014
EMTA Remembers. 

In Memoriam, Francis N. McGuinn
Managing Director, Cantor Fitzgerald
EMTA Director 2000-2001.
 

September 10, 2014
EMTA Corporate Bond Forum in New York to be Held on October 1, 2014. Click Here to Register.

September 5, 2014
EMTA Announces 2Q EM Debt Trading Ticks up to US$1.668 Trillion.

September 4, 2014
EMTA's Third Quarter Bulletin is Now Available in our Bulletin Section.

September 2, 2014
IMF Paper: Strengthening the Contractual Framework to Address Collective Action Problems in Sovereign Debt Restructuring.

Moody’s Downgrades The Bahamas’ Issuer Rating from Baa1 to Baa2.

Sanctions Update (Australia) – Cadwalader, Wickersham & Taft Memorandum.

September 1, 2014
EMTA, ISDA and the FXC publish updated BRL and INR rate source definitions dated September 1, 2014.

August 29, 2014
ICMA Publishes Standard Collective Action and Pari Passu Clauses.

August 25, 2014
Republic of Argentina Untendered, Defaulted Noteholders Invited to Join Ad Hoc Group. 

August 21, 2014
Final ISDA Auction List for Argentine Bond Deliverables.  New Auction Date of September 3, 2014.

August 20, 2014
Standard & Poor's Upgrades Ecuador’s Long-Term Sovereign Credit Rating from B to B+.

August 19, 2014
ISDA Determinations Committee Reviewing Challenge to Inclusion of Two JPY Argentine Bonds in Deliverable Obligations; Auction Date Postponed.

August 18, 2014
Holiday Schedule for EM Bond Trades for UK Summer Bank and US Labor Day Holidays. 

ISDA Receives Challenge to Inclusion of Two JPY Argentine Bonds in Deliverable Obligations; Final Auction List Postponed. 

August 15, 2014
Russia Responds to Ukraine Sanctions with Ban on Certain Food Imports from the EU, USA, Canada, Australia and Norway - Cleary Gottlieb Steen & Hamilton Memorandum.

August 14, 2014
OFAC Issues New Guidance on Entities Owned by Blocked Persons – Cleary Gottlieb Steen & Hamilton Memorandum.

August 13, 2014
ISDA Determinations Committee Decision on Argentina Bonds; Auction Date of August 21, 2014. 

Sanctions Update - Cadwalader, Wickersham & Taft Memorandum. 

August 11, 2014
EMTA Forum on Sub-Saharan Africa in London to be Held on Tuesday, September 23, 2014. Click Here to Register.

August 8, 2014
New Clarification on Market Practice Recommendation for Most Argentina Sovereign Bonds.
Non-Members - please contact Aviva Werner (awerner@emta.org) or Jonathan Murno (jmurno@emta.org) for EMTA's Market Practice document.

Moody’s Upgrades Angola’s Government Bond Rating from Ba3 to Ba2. 

Sanctions Summary – Cadwalader, Wickersham & Taft Memorandum. 

August 6, 2014
Argentina Finance Ministry Statement to The Bank of New York.

Argentina Finance Ministry Statement to Citibank (in Spanish).

August 4, 2014
Ukraine-Related Sanctions – Sullivan & Cromwell Memorandum.

August 1, 2014
Argentina Finance Ministry Statement (in Spanish).

EU Imposes Wide-Ranging Sectoral Sanctions Against Russia – Cleary Gottlieb Steen & Hamilton Memorandum.

Clarification on Market Practice Recommendation for Most Argentina Sovereign Bonds.
Non-members - please contact Aviva Werner (awerner@emta.org) or Jonathan Murno (jmurno@emta.org) for EMTA's Market Practice document. 

EMTA Announces 2Q 2014 EM CDS Volume Stood at US$389 Billion.

ISDA Determinations Committee Triggers Failure to Pay Credit Event.

July 31, 2014
Fitch Downgrades Argentina’s Foreign Currency Issuer Default Rating from CC to RD (Restricted Default).

Sanctions Summary – Cadwalader, Wickersham & Taft Memorandum.

Market Practice Recommendation for Most Argentina Sovereign Bonds.
Non-Members - please contact Aviva Werner (awerner@emta.org) or Jonathan Murno (jmurno@emta.org) for EMTA's Market Practice document.

Moody’s Changes Argentina’s Outlook to Negative. 

July 30, 2014
Sanctions Summary – Cadwalader, Wickersham & Taft Memorandum.

Standard & Poor's Downgrades Argentina's Long-Term Foreign Currency Sovereign Credit Rating from CCC- to SD (Select Default). 

July 29, 2014
Sanction Update – Cadwalader, Wickersham & Taft Memorandum.

Moody’s Upgrades Vietnam’s Government Bond Rating from B2 to B1.

July 28, 2014
Moody’s Upgrades Colombia’s Government Bond Rating from Baa3 to Baa2.

The Foreign Exchange Committee released the results of its twentieth Survey of North American Foreign Exchange Volume. The announcement to this survey can be found on the Foreign Exchange Committee's website at http://newyorkfed.org/fxc/. Results of this survey, together with the list of reporting dealers and explanatory notes, are available online at www.newyorkfed.org/fxc/volumesurvey.

July 25, 2014
Ukraine-Related Sanctions – Sullivan & Cromwell Memorandum.

Ukraine-Related Developments – Cadwalader, Wickersham & Taft Memorandum.

Fitch Upgrades Rwanda’s Long-Term Foreign Currency Issuer Default Ratings from B to B+. 

EMTA Special Seminar: Argentina: Way Forward to be Held in Buenos Aires on August 20, 2014. Click Here to Register.

July 21, 2014
EMTA publishes New and Updated FX Documentation for Trading the Ghanaian Cedi, Kenyan Shilling and Zambian Kwacha.  Please Click Here to see Market Practice No. 74, Click Here to see the GHS, KES and ZMW NDF and NDO Template Terms and Click Here to see the GHS, KES and ZMW Rate Source Definitions.

July 17, 2014
Moody's Downgrades Mongolia's Foreign-Currency Government Bond Rating from B1 to B2.

Ukraine-Related Sanctions – Cleary Gottlieb Memorandum.

U.S. Significantly Expands Ukraine-Related Sanctions; Europe Announces New Measures – Cadwalader, Wickersham & Taft Memorandum.

Additional US and EU Sanctions Imposed on Russia and the Russian Government Reaction – Dechert Memorandum.

July 16, 2014
OFAC Russia Sanctions, FAQOFAC General License and Draft EU Conclusions.

July 10, 2014
EMTA Issues FX and Currency Derivatives Market Practice for BRL/USD NDF and NDO Transactions and Valuation Dates Falling on the "Last Weekday of the Year" dated July 10, 2014. CLICK HERE to see this Market Practice.

EMTA Special Seminar: Assessing Public Debt Sustainability to be Held in NYC on July 10, 2014.

July 8, 2014
Moody's Assigns Cote d'Ivoire a Foreign-Currency Issuer Rating of B1. 

July 2, 2014
Moody's Places Argentina's Caa2 Foreign-Legislation Debt on Review, Direction Uncertain. 

Moody's Upgrades Peru's Sovereign Rating from Baa2 to A3.  

June 30, 2014
Argentina Finance Ministry Statement (in Spanish). 

Emerging Markets Charity Benefit to be Held in New York on Thursday, December 4, 2014.  CLICK HERE for the Invitation.

June 27, 2014
Griesa Transcript. Additional Legal Documents can be Found in EMTA's Litigation Section.

Moody's Downgrades Ghana's Sovereign Rating from B1 to B2.

ICMA Sovereign Bond Consultation Paper Supplement.

Press Statement from the Republic of Argentina to Court Order to Bank of New York to Return Payment (in Spanish). 

June 26, 2014
Argentine Economy Minister Kiciloff Statement (in Spanish).  

June 25, 2014
Calculations for Payments on Uruguay VRR's Announced.

U.S. Supreme Court Rules that Sovereign States Are Not Immune from U.S. Court Discovery into their Worldwide Assets – Clifford Chance Memorandum.

June 24, 2014
EMTA Special Seminar: Argentina: Post U.S. Supreme Court Review to be Held in London on July 9, 2014. Click Here to Register.

Sovereign Pari Passu Clauses: NML Capital 2, Argentina 0 - Clifford Chance Memorandum. 

June 23, 2014
Russia Sanctions Update – Cadwalader, Wickersham & Taft Memorandum.

Canada Imposes Sanctions on Ukrainian and Russian Individuals – Cadwalader, Wickersham & Taft Memorandum. 

EMTA Special Seminar: Russia/Ukraine: An Update

June 18, 2014
Southern District Court Transcript in NML Capital v. Argentina.

Press Statement from the Republic of Argentina in Response to Second Circuit Court of Appeals Order (in Spanish).

EMTA Special Seminar: Puerto Rico: Crisis and Opportunity to be Held in NYC on June 25, 2014. Click Here to Register

EMTA Announces 1Q 2014 EM Debt Trading Ticks Up to US$1.589 Trillion. 

Holiday Schedule for EM Bond Trades for US Independence Day Holiday. 

June 17, 2014
EM Benefit to Be Held in London on October 9, 2014.  Click HERE for the Invitation.

Standard & Poor's Downgrades Argentina’s Long-Term Foreign Currency Rating from CCC+ to CCC-.

June 16, 2014
Supreme Court Decision in NML Capital, et al v. Argentina (Discovery Case) and Denial of Argentina's Cert Petition

U.S. Supreme Court Rejects Limits on Post-Judgment Discovery Into Foreign States’ Assets – Sullivan & Cromwell Memorandum. 

June 13, 2014
Standard & Poor's Downgrades South Africa's Long-Term Foreign Currency Sovereign Credit Rating from BBB to BBB-.

Moody's Upgrades Latvia's Government Bond Rating from Baa2 to Baa1.

June 9, 2014
EMTA Issues its Recommended FX and Currency Derivatives Market Practice No.  72 recommending a change effective June 30, 2014  in the Primary Settlement  Rate Option for ARS Non-Deliverable FX Forward and Currency Option Transactions.  
CLICK HERE for Market Practice No. 72 
CLICK HERE for New Template Terms and Related Documentation
CLICK HERE for Information on Amending Outstanding Contracts

EMTA's Second Quarter Bulletin is Now Available in our Bulletin Section. 

June 6, 2014
EMTA Special Seminar: Argentina: Update on Its Prospects for Supreme Court Review to be Held in NYC on June 19, 2014. Click Here to Register

EMTA Special Seminar: Russia/Ukraine: An Update to be Held in NYC on June 23, 2014. Click Here to Register

June 3, 2014
EMTA Special Seminar: Assessing Public Debt Sustainability to be Held in NYC on July 10, 2014. Click Here to Register

June 2, 2014
Moody's Downgrades Barbados' Government Bond Rating from Ba3 to B3 (three notches).

May 30, 2014
Standard & Poor's Upgrades Latvia's Long-Term Foreign-Currency Rating from BBB+ to A-.

May 29, 2014
Paris Club Issues Press Release on Agreement with Argentina to Resume Payments and Clear Arrears.

Moody's Upgrades Uruguay's Government Bond Rating from Baa3 to Baa2.

May 20, 2014
EMTA Summer Forum in London to be held on June 24, 2014. Click Here to Register.

Twelve More Russians Sanctioned under Magnitsky Act – Cadwalader, Wickersham & Taft Memorandum.

May 19, 2014
Moody’s Downgrades Bermuda from Aa3 to A1.

May 16, 2014
Sanctions Update – Cadwalader, Wickersham & Taft Memorandum.

Standard & Poor's Upgrades Romania's Long-Term Foreign Currency Sovereign Credit Rating from BBB to BBB- (Investment Grade).

May 14, 2014
EMTA Announces 1Q 2014 EM CDS Volume Stood at US$409 Billion.

Holiday Schedule for EM Bond Trades for US Memorial Day/UK Spring Bank Holidays. 

Best Practices in Economic Sanctions Compliance: Russia Case Study – Richards Kibbe & Orbe Memorandum. 

May 12, 2014
EMTA Corporate Bond Forum, Sponsored by BNP Paribas, to be Held in London on June 3, 2014. Click Here to Register

May 8, 2014
Standard & Poor's Upgrades The Philippines' Long-Term Sovereign Credit Rating from BBB- to BBB. 

May 6, 2014
Canada Announces Sanctions Against Russian Entities – Cadwalader, Wickersham & Taft Memorandum.

Market Practice for PDVSA Bonds 6% Due 11/15/26. 

May 2, 2014
Ukraine-Related Sanctions  Sullivan & Cromwell Memorandum. 

April 30, 2014
Fiscal Agent Notice Regarding May 15, 2014 Payment on Nigeria Payment Adjustment Rights. 

April 29, 2014
EMTA Forum in Frankfurt to be Held on June 12, 2014. Click Here to Register.

Further Ukraine-Related Sanctions from EU and Japan – Cadwalader, Wickersham & Taft  Memorandum. 

April 28, 2014
EMTA Forum in Zurich to be Held on June 10, 2014. Click Here to Register

April 24, 2014
Standard & Poor’s Downgrades Russia’s Long-Term Foreign Currency Sovereign Credit Rating from BBB to BBB-.

April 23, 2014
Holiday Schedule for EM Bond Trades for UK May Day Bank Holiday. 

April 16, 2014
Calculations for Payments on Venezuela Oil Obligations Announced. 

April 9, 2014
ISDA Credit Derivatives Determinations Committee Determines a JSC Alliance Bank Failure to Pay Credit Event.

April 8, 2014
Accrual Date Clarified for PDVSA Bonds 6% Due 11/15/26. 

April 3, 2014
Holiday Schedule for EM Bond Trades for Good Friday/Easter Monday Holidays. 

April 1, 2014
EMTA Spring Forum in NYC to be Held on April 29, 2014. Click Here to Register.

March 27, 2014
EMTA Announces 2013 Annual Emerging Markets Debt Trading Stood at US$5.571 Trillion. 

IMF Announces Staff Level Agreement with Ukraine on US$14-18 Billion Stand-By Arrangement.

Ukraine and IMF: Step Forward Now (Council on Foreign Relations).

March 26, 2014
Warrant Record Date of March 31 and Payment Date of April 15 for Venezuela Oil Obligations. Trades are "Ex-Dividend" on March 27.

March 25, 2014
Fitch Downgrades Venezuela’s Long-term Foreign Currency Issuer Default Rating from B+ to B.

March 24, 2014
EMTA Investor Forum in Los Angeles to be Held on May 8, 2014. Click Here to Register.

Standard & Poor's Downgrades Brazil's Long-Term Foreign Currency Sovereign Credit Rating from BBB to BBB-. 

March 21, 2014
Further Developments in US Sanctions Relating to Ukraine - Cleary Gottlieb Memorandum.

March 20, 2014
More Russians Sanctioned (with Turza Comment) – Clifford Chance Memorandum.

US Executive Order  Blocking Property of Additional Persons Contributing to the Situation in Ukraine.

March 19, 2014
Ukraine-Related Economic Sanctions: U.S. and EU Adopt Economic Sanctions in Response to the Current Situation in Ukraine; Additional Measures Likely if Current Situation Persists or Escalates  Sullivan & Cromwell Memorandum.

March 17, 2014
Moody's Downgrades Argentina's Government Bond Rating from B3 to Caa1.

Council Decision [of the Council of the European Union] 2014/145/CFSP Concerning Restrictive Measures in Respect of Actions Undermining or Threatening the Territorial Integrity, Sovereignty and Independence of Ukraine.

Council Regulation (EU) No 269/2014 Concerning Restrictive Measures in Respect of Actions Undermining or Threatening the Territorial Integrity, Sovereignty and Independence of Ukraine.

Developments in US and EU Sanctions Relating to Ukraine – Cleary Gottlieb Memorandum.

US Executive Order  Blocking Property of Additional Persons Contributing to the Situation in Ukraine.

March 12, 2014
EMTA Forum in Sao Paulo to be Held on April 10, 2014. Click Here to Register.

March 11, 2014
Ukrainian Sanctions – Cadwalader, Wickersham & Taft Memorandum. 

Ukraine: EU and US Impose Financial Sanctions  Clifford Chance Memorandum. 

March 6, 2014
President Obama Issues Executive Order No. 13660 under the International Emergency Economic Powers Act. 

HM Treasury issues Financial Sanctions Notice in respect of certain Ukrainian assets and activities related thereto.  

March 5, 2014
How Protective are Ukraine’s International Bonds? – Allen & Overy Memorandum.

Council Decision [of the Council of the European Union] 2014/119/CFSP Concerning Restrictive Measures Directed Against Certain Persons, Entities and Bodies in View of the Situation in Ukraine.

March 4, 2014
EMTA Publishes its Recommended FX and Currency Derivatives Market Practice No 71 on Change in Primary Settlement Rate Option for IDR/USD Non-Deliverable FX Forward and Currency Option Transactions. Members Only may CLICK HERE to view this market practice.

March 3, 2014
EMTA Investor Forum in Boston to be Held on April 22, 2014. Click Here to Register.

February 28, 2014
Resolution No. 104 (Excerpt of a Statement of the Governor of the National Bank of Ukraine).

EMTA's First Quarter Bulletin is Now Available in our Bulletin Section. 

EMTA Special Seminar: The Future of Argentina: Through the Looking Glass to be Held in NYC

February 27, 2014
Statement by the Governor of the National Bank of the Ukraine.

Moody's Downgrades Honduras' Government Bond Rating from B3 to B2. 

February 25, 2014
EMTA Announces 2013 EM CDS Volume Stood at US$1.064 Trillion.

February 21, 2014
Standard & Poor's Downgrades Ukraine's Long-Term Foreign-Currency Sovereign Credit Rating from CCC+ to CCC.

February 18, 2014
2014 Year-End Forecast Slide Displayed at EMTA Winter Forum in London. 

Singapore Foreign Exchange Market Committee Announces Further Benchmark Changes.  Further information may be found on the website of the SFEMC.

February 12, 2014
EMTA Forum in Dubai to be Held on March 10, 2014. Click Here to Register

February 6, 2014
Press Release of the National Bank of the Ukraine on its Resolution 49 (in Ukranian) “On Measures Relating to Banks Activities and the Conduct of Foreign Exchange Activities”. 

February 5, 2014
Holiday Schedule for EM Bond Trades for US Presidents' Day Holiday.  

Moody's Upgrades Mexico's Government Bond Rating from Baa1 to A3.

February 4, 2014
Bank of Ghana Notice to Banks and the General Public on Repatriation of Export Proceeds and Bank of Ghana Revised Rules on the Operations of Foreign Exchange Accounts and Foreign Currency Accounts

Moody's Upgrades Paraguay's Government Bond Rating from Ba3 to Ba2. 

January 31, 2014
Moody’s Downgrades Ukraine’s Government Bond Rating from  Caa1 to Caa2.

January 28, 2014
Standard & Poor's Downgrades Ukraine’s Long-Term Foreign Currency Sovereign Credit Rating from B- to CCC+.

Foreign Exchange Committee Semi-Annual Nineteenth Annual Foreign Exchange Volume Survey.

January 24, 2014
Ad Hoc Group of Argentine Bondholders Adds Members.

EMTA Panel Summaries on Sovereign Debt Restructuring Meetings.  

ICMA Sovereign Bond Consultation Paper on Aggregated CACs, Pari Passu and Noteholders' Committees – ICMA Paper and Clifford Chance Summary

Standard & Poor's Downgrades Croatia's Long-Term Foreign Currency Rating from BB+ to BB. 

January 23, 2014
EMTA Winter Forum in London to be Held on February 18, 2014. Click Here to Register

EMTA Special Seminar: Argentina: Averting the Coming Crisis in NYC 

January 17, 2014
Fitch Downgrades Serbia’s Long-Term Foreign Currency Issuer Default Rating from BB- to B+.

January 16, 2014
EMTA Special Seminar: Sovereign Debt Restructuring: A Better Way Forward? in Washington, DC  

EMTA Special Seminar: Argentina: Averting the Coming Crisis to be Held in NYC on January 23, 2014. Click Here to Register

January 15, 2014
EMTA Special Seminar: The Future of Argentina: Through the Looking Glass to be Held in NYC on February 28, 2014. Click Here to Register

January 13, 2014
EMTA Special Seminar: Sovereign Debt Restructuring: A Better Way Forward? in London

January 8, 2014
Holiday Schedule for EM Bond Trades for Martin Luther King, Jr. Holiday. 




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