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International Financial Architecture and Debt Restructuring

For lawsuits brought in the International Financial Architecture/ Debt Restructuring Emerging Markets context, please visit our EM Caselaw area.

December 11, 2023
Market Practice Recommendation for Ethiopia’s 2024 Bonds.

December 8, 2023
Ethiopia Bondholder Committee Statement.

December 6, 2023
Suriname Completes Restructuring.

November 20, 2023
Zambia External Bondholder Steering Committee Statement Regarding OCC Stance on Comparability of Treatment.

October 24, 2023
Euronote Creditor Committee Press Release Supporting Suriname’s Exchange Offer.

October 23, 2023
Republic of Suriname Announces Exchange Offer and Consent Solicitation in relation to Eligible Bonds.

October 10, 2023
Wilton Park Report on Emerging Markets in Debt Distress: Exploring Options for Debt Restructuring.

October 9, 2023
Ghana Press Release Related to Presentation to Stakeholders.

June 7, 2023
New York State Legislature Considers Sovereign Debt Restructuring Legislation (Cleary Gottlieb Steen & Hamilton Memorandum).

May 22, 2023
Sovereign Debt Restructuring - Three New York Assembly Active Bills (Clifford Chance Memorandum).

ACLI, The Credit Roundtable, ICI, ICMA, IIF and LICONY Oppose New York Legislature Bills on Sovereign Debt.

May 18, 2023
EMTA Seminar: EM Legal & Framework Issues Surrounding Sovereign Debt. Register Here.

May 5, 2023
Fitch Rating Downgrades El Salvador's Long-Term Foreign Currency Issuer Default Rating from CC to RD.

May 3, 2023
Euronote Creditor Committee Reaches Agreement in Principle with Suriname on Debt Restructuring.

March 10, 2023
White Paper on Proposed NY Legislation (Dennis Hranitzky, Quinn Emanuel Urquhart & Sullivan).

January 12, 2023
Market Practice for Ukrainian Railway 2024 and 2026 Notes.

December 22, 2022
Revised Market Practice for Ghana 2030 Bonds.

December 19, 2022
Market Practice Recommended for Trades of Ghana Bonds.

Ghana Announces Suspension of Payments.

September 7, 2022
Market Practice Recommended for Trades of Russia Corporate Bonds.

August 17, 2022
Fitch Ratings Upgrades Ukraine's Long-Term Foreign Currency Issuer Default Rating from RD (Restricted Default) to CC.

August 12, 2022
Fitch Ratings Downgrades Ukraine’s Long-Term Foreign Currency Issuer Default Rating from C to RD (Restricted Default).

August 11, 2022
Market Practices Recommended for Ukraine Warrants, Sovereign Bonds and Naftogaz, Ukravtodor and Ukrenergo Bonds.

August 10, 2022
Ukraine Announces Results of Consent Solicitation on the Eurobonds.

Ukraine Announces Results of Consent Solicitation on the Warrants.

Results of Consent Solicitations for Ukravtodor and Ukrenergo Bonds.

August 9, 2022
Ukraine Announces Preliminary Results of Consent Solicitation on the Warrants.

July 29, 2022
S&P Global Ratings Downgrades Ukraine’s Foreign Currency Long-Term Sovereign Credit Rating from CCC+ to CC.

July 28, 2022
Ukraine Announces Consent Solicitations for its 2026 and 2028 Bonds.

July 27, 2022
Suriname Creditor Committee Press Release on “Material Progress”.

July 25, 2022
Suriname Press Release Regarding Bondholder Rejection of Ministry of Finance’s Offer.

July 22, 2022
Fitch Ratings Downgrades Ukraine's Long-Term Foreign Currency Issuer Default Rating from CCC to C.

July 18, 2022
Market Practice Recommended for Belarus Sovereign Bonds.

Fitch Ratings Downgrades Belarus’s Long-Term Foreign Currency Issuer Default Rating from C to RD (Restricted Default).

June 21, 2022
Sri Lanka Bondholder Steering Committee Press Release.

June 1, 2022
Market Practice Recommended for Trades of Russia Corporate Bonds.

May 27, 2022
Province of Buenos Aires Holders Organize Around Excluded Series in August 2021 Bond Exchange.

April 29, 2022
Suriname Bondholders Comment on Status of Potential Debt Restructuring Negotiations.

April 12, 2022
Sri Lanka Press Release Suspending Payments.

Market Practice Recommended for Sri Lanka Bonds.


April 8, 2022
S&P Global Ratings Downgrades Russia’s Long-Term Foreign Currency Rating from CC to SD, Before Withdrawing Russia Ratings.

March 30, 2022
Market Practice Recommended for Trades of Russia Corporate Bonds.

March 4, 2022
S&P Global Ratings Downgrades Belarus’ Long-Term Foreign Currency Sovereign Credit Rating from B to CCC.

December 10, 2021
Zambia External Bondholder Committee Response to IMF Announcement on a Staff-Level Agreement.

October 22, 2021
Suriname Press Release.

July 26, 2021
Province of La Rioja Bondholders File for Summary Judgement.

July 21, 2021
Province of Buenos Aires’ Agreement with Certain Bondholders.

Majority Statement of Ad Hoc Group of Province of Buenos Aires Bondholders.

July 9, 2021
Sudan Appoints Advisors and Invites Creditors to Identify Claims.

June 21, 2021
Suriname Ministry of Finance Concludes that Termination Trigger on the Notes Has Not Been Exercised.

June 16, 2021
EMTA Issues CAC’s Primer and Compendium on a Proposed New York State Bill.

June 15, 2021
Suriname’s Response to its Bondholders’ Termination Trigger.

June 14, 2021
Suriname Bondholders Exercise Termination Trigger under the Eurobonds.

June 11, 2021
S&P Global Ratings Upgrades Province of Mendoza’s Issuer Creditor Rating from SD to CCC+.

June 2, 2021
Belize Bondholder Committee Does Not Support Consent Solicitation Without Constructive Discussion With Belize.

Suriname’s Webcast Presentation.

June 1, 2021
Belize Extends Expiration Time of its Consent Solicitation.

May 28, 2021
Suriname Presentation on the Debt Restructuring.

May 24, 2021
S&P Global Ratings Downgrades Belize’s Long-Term Foreign Currency Sovereign Credit Rating from CC to SD (Select Default).

May 7, 2021
Suriname Creditor Committee Considers that Bondholders are Entitled to Exercise Termination Trigger under the Eurobonds Terms.

Suriname Statement.

May 4, 2021
EMTA Webinar: Proposed New York State Legislation Relating to Sovereign Debt - May 4, 2021

April 22, 2021
Bondholder Group Sues Province of La Rioja (English/Spanish).

April 13, 2021
Suriname Announces Successful Results of Consent Solicitations.

April 6, 2021
Suriname Creditor Committee Supports Third Consent Solicitation.

Suriname Announces Amendment and Extension of Consent Solicitations.

April 1, 2021
Fitch Ratings Downgrades Suriname’s Long-Term Foreign Currency Issuer Default Rating to Restricted Default (RD) from C.

March 31, 2021
Suriname Announces Extension of Consent Solicitations.

March 25, 2021
Ad Hoc Group of Province of Buenos Aires Bondholders Claims Statements by Finance Minister are "False and Misleading".

March 24, 2021
Suriname Creditor Committee Outlines Concerns Following Launch of Third Consent Solicitation.

Belize 2034 Bondholders Organize to Address Latest Bond Restructuring Move.

March 23, 2021
Bondholder Group Sues Province of Buenos Aires in New York.

March 17, 2021
Suriname Announces Commencement of Consent Solicitations.

Suriname Requests Temporary Payments Deferral.

February 25, 2021
Bondholders Accelerate Venezuela’s 7.65% Global Notes Due 2025.

January 19, 2021
IMF Virtual Technical Meeting with Suriname.

January 12, 2021
Statement of the Ad Hoc Bondholder Group of the Province of Cordoba in Support of Amended Consent Solicitation.

January 11, 2021
The Province of Cordoba Reaches Agreement with Ad Hoc Bondholder Group & Announces Amendment to Consent Solicitations.

December 14, 2020
EMTA Webinar: EM International Financial Architecture: Lessons Learned From Recent Restructurings.

December 10, 2020
Fitch Upgrades Suriname's Long-Term Foreign-Currency IDR from 'RD' to 'C'.

December 7, 2020
Suriname Announces Successful Consent Solicitation Results.

December 1, 2020
Fitch Downgrades Suriname's Long-Term Foreign Currency Rating from 'C' to 'RD'.

November 30, 2020
Suriname Creditor Committee Supports Consent Solicitation.

November 27, 2020
Market Practice Recommended for Trades of Suriname Bonds.

November 25, 2020
Suriname Announces Amendment and Extension of Consent Solicitations.

November 24, 2020
Coalition of Argentine Provincial Bondholders Forms (English/Spanish).

November 20, 2020
IMF Update on Suriname.

November 19, 2020
Suriname Creditor Committee Acknowledges Launch of Consent Solicitation.

Suriname Announces Publication of Data Pack.

November 16, 2020
Market Practice Recommended for Trades of Zambia Bonds.

Zambia External Bondholder Committee Response to the Consent Solicitation Request and Default.

November 13, 2020
Announcement of Results of Adjourned Meeting for Zambia Bondholders.

Republic of Suriname Announces Commencement of Consent Solicitations.

November 4, 2020
Suriname Creditor Committee Announces Formation.

S.D.N.Y. Denies Securities Fraud TRO And Upholds Ecuador’s Use Of Collective Action Clauses In Sovereign Debt Restructuring - Cleary Gottlieb Memorandum.

November 2, 2020
Statement of the Steering Committee of the Ad Hoc Group of Bondholders of the Province of Buenos Aires.

October 27, 2020
Zambia Press Release Relating to China Development Bank.

October 26, 2020
Fitch Downgrades Suriname's Long-Term Foreign Currency Issuer Default Rating from 'CC' to 'C'.

October 22, 2020
Republic of Suriname Press Release.

Statement from Members of the Ad Hoc Group of Argentina Exchange Bondholders and of the Argentina Creditor Committee.

October 21, 2020
S&P Global Ratings Service Downgrades Zambia’s Long-Term Foreign Currency Rating from CCC- to SD.

October 20, 2020
Notice of Adjourned Meetings for Zambia 2027, 2024 and 2022 Noteholders.

October 13, 2020
Zambia Ministry of Finance Requesting Standstill on Debt Service.

September 30, 2020
Zambia External Bondholder Committee Response to Consent Solicitation Request.

September 24, 2020
Fitch Ratings Downgrades Zambia's Long- Term Foreign-Currency Issuer Default Rating from CC to C.

September 22, 2020
Zambia Announces Consent Solicitation.

September 12, 2020
Statement of Province of Cordoba Ad Hoc Bondholder Group on Proposed Restructuring Terms.

September 11, 2020
Province of Cordoba Presents Restructuring Proposal (and Spanish Version).

September 7, 2020
S&P Global Ratings Upgrades Argentina’s Long-term Foreign-Currency Sovereign Credit Rating from SD to CCC+.

Zambia Requests Information to Identify Bondholders.

September 1, 2020
S&P Global Ratings Upgrades Ecuador’s Foreign-Currency Sovereign Credit Rating from SD to B-.

August 21, 2020
Argentina Exchange Bondholder Group Statement (and Spanish Version).

August 18, 2020
Argentina Creditor Committee Confirms Support for Argentina’s Revised Exchange Offer (and Spanish Version).

August 17, 2020
Argentina Announces Amendment to Invitation to Exchange.

August 4, 2020
Argentina Creditor Committee Supports Agreement with Republic of Argentina (and Spanish Version).

Exchange Bondholder Group Statement in Support of Debt Restructuring Proposal (and Spanish Version).

July 27, 2020
Letter of Support of Joint Argentine Debt Restructuring Proposal (and Spanish Version). 

July 20, 2020
Bondholder Groups Present Joint Proposal and Sign Cooperation Agreement (English/Spanish).

Ecuador Bondholder Groups Reject Consent Solicitation.

July 16, 2020
Fitch Ratings Upgrades Suriname’s Long-Term Foreign-Currency Issuer Default Rating from RD to CC.

July 13, 2020
Fitch Ratings Downgrades Suriname's Long-Term Foreign-Currency Issuer Default Rating from C to RD.

Ecuador Bondholder Groups Release Revised Terms.

July 10, 2020
Ecuador Bondholders Respond to Released Terms.

July 8, 2020
Joint Statement by the Argentina Ad Hoc Bondholder Group and the Exchange Bondholder Group.

July 6, 2020
Gramercy Funds Management and Fintech Advisory Inc. Issue Statement Supporting Argentina Debt Proposal.

July 5, 2020
Argentine Republic Announces the Amendment to the Invitation to Exchange.

July 3, 2020
Argentina Creditor Committee Presented Proposal (English/Spanish).

July 2, 2020
Fitch Ratings Downgrades Suriname's Long-Term Foreign Currency Issuer Default Rating from CCC to C.

June 30, 2020
Joint Statement of the Exchange Bondholder Group and the Ad Hoc Argentine Bondholder Group (and Spanish Version).

June 23, 2020
Market Practice Recommendation for Trades of Province of Mendoza Bonds.

June 19, 2020
Joint Statement of the Exchange Bondholder Group and the Ad Hoc Argentine Bondholder Group (and Spanish Version).

June 17, 2020
Argentine Minister of Finance Restructuring Proposal.

Argentina Creditor Committee Restructuring Proposal.

Belize Announces Request for Interest Capitalization.

June 14, 2020
Joint Debt Restructuring Proposal of Argentina’s Ad Hoc Bondholder Group and Exchange Bondholder Group.

June 10, 2020
Province of Cordoba Bondholders Announce Organization (and Spanish Version).

June 8, 2020
Holders of Ecuador 2024 Notes Form Ad Hoc Group to Advocate for Creditor Rights and
Further Constructive Engagement.

June 4, 2020
Ecuador Bondholders Announce Organization.

June 2, 2020
Argentine Creditor Committee Affirms that its Proposal is Consistent with the IMF’s Assessment of Argentina’s Payment Capacity (and Spanish Version).

June 1, 2020
Argentina Exchange Bondholder Group Comment on IMF’s Statement (and Spanish Version).

IMF Staff Technical Statement on Argentina (and Spanish Version).

May 27, 2020
Argentine Exchange Bondholder Group and the Ad Hoc Argentine Bondholder Group Submit Joint Proposal (and Spanish Version).

May 26, 2020
S&P Global Ratings Downgrades Four of Argentina’s Foreign Currency Bonds from CC to D.

Fitch Ratings Downgrades Argentina’s Long-Term Foreign Currency Issuer Default Rating from C to RD.

Revised Argentine Debt Proposal.

May 23, 2020
Argentina Exchange Bondholder Group Comment on IMF’s Statement (and Spanish Version).

Argentina Exchange Bondholder Group Corrects Misstatements and Provides Update Regarding Negotiations (and Spanish Version).

May 22, 2020
Market Practice Recommendation for Trades of Argentina's Foreign Law Bonds.

Statement from Argentine Minister of Economy Martín Guzmán.

Bondholders Object to Argentina’s Latest Default and Acknowledges its Intention to Reach a Consensual Resolution (and Spanish Version).

May 19, 2020
Key Features of the Ad Hoc Group of Argentina Exchange Bondholders Restructuring Proposal (and Spanish Version).

May 16, 2020
Argentina Exchange Bondholder Group Submits Counterproposal (and Spanish Version).

May 14, 2020
The Steering Committee of the of the Ad Hoc Group of Bondholders Note Exchange Offer Extension for Province of Buenos Aires Bonds and Urge Negotiation (and Spanish Version).

Market Practice Recommendation for Trades of Province of Buenos Aires Bonds.

May 13, 2020
Distinctions between Exchange Bonds and “Macri” Bonds Explained by Argentina Creditor Group (and Spanish Version).

May 8, 2020
Argentina Exchange Bondholders FAQ (and Spanish Version).

May 5, 2020
Bondholders Reconfirm Rejection of Province of Buenos Aires Exchange Offer and Highlight Coercive Strategy (and Spanish Version).

May 4, 2020
Press Release from 3 Argentine Bondholder Groups Rejecting the Exchange Offer (and Spanish Version).

Argentine Exchange Bondholder Group Announces Webinar on May 4 to Apprise Bondholders of Critical Issues Related to the Exchange Offer. Materials Distributed: Bondholders Can Do Better Than Argentina's Unilateral Exchange Offer.

April 27, 2020
Bondholders Reject the Province of Buenos Aires’ Restructuring Proposal (and Spanish Version).

April 23, 2020
Argentina's Ministry of Finance Press Release (in Spanish).

April 20, 2020
Bondholders Reject Argentina's Unilateral Offer and Outline Viable Solution.

April 19, 2020
Market Practice Recommendation for Ecuador Bonds.

April 17, 2020
Terms of Argentine Proposal Subject to Regulatory Approval.

April 16, 2020
Fitch Ratings Downgrades Zambia's Long-Term Foreign-Currency Issuer Default Rating from CCC to CC.

April 13, 2020
S&P Global Ratings Downgrades Ecuador’s Long-Term Sovereign Credit Rating from CCC- to SD.

April 9, 2020
Market Practice Recommendation for Trades of Argentina Local Law Bonds.

April 8, 2020
The Republic of Ecuador Announces Commencement of Consent Solicitations.

April 7, 2020
S&P Global Ratings Downgrades Argentina’s Long-Term Foreign Currency Sovereign Credit Rating from CCC- to SD.

April 6, 2020
Fitch Ratings Downgrades Argentina's Long-Term Foreign-Currency Issuer Default Rating from CC to RD.

March 25, 2020
S&P Global Ratings Downgrades Ecuador’s Long-Term Sovereign Credit Rating from B- to CCC-.

March 24, 2020
Fitch Ratings Downgrades Ecuador's Long-Term Foreign Currency Issuer Default Rating from CCC to CC.

March 20, 2020
ISDA Credit Determinations Committee Determines that A Failure to Pay Credit Event Occurred on Lebanon Bonds Due March 9, 2020.

Failure to Pay Credit Event Submitted to ISDA on Lebanon Bonds Due March 9, 2020.

March 18, 2020
Fitch Ratings Downgrades Lebanon’s Long-Term Foreign Currency Issuer Default Rating from C to RD.

March 17, 2020
Ministry of Economy of the Republic of Argentina Extends Deadline for Disclosure of Security Holder Information.

March 11, 2020
Bondholders Prepared for Negotiations with the Province of Buenos Aires.

S&P Global Ratings Downgrades Its Foreign Currency Sovereign Ratings on Lebanon from CC to SD.

March 9, 2020
Fitch Ratings Downgrades Lebanon's Long-Term Foreign Currency Issuer Default Rating from CC to C.

Market Practice Recommendation for Lebanon Bonds.

March 3, 2020
Ministry of Economy of the Republic of Argentina Requests Disclosure of Security Holder Information.

January 21, 2020
Province of Buenos Aires Bondholder Committee Notes Consent Solicitation Challenges.

January 16, 2020
Fitch Ratings Downgrades Suriname's Long-Term Foreign Currency Issuer Default Rating from 'B-' to 'CCC'.

January 13, 2020
Province of Buenos Aires Bondholder Committee Retains Counsel.

September 9, 2019
Mozambique Ministry of Economy and Finance Press Release Relating to a Notice of Result of Written Resolution (and Portuguese Version).

August 30, 2019
S&P Global Ratings Upgrades Argentina’s Foreign- Currency Sovereign Credit Rating from SD to CCC-.

August 29, 2019
S&P Global Services Downgrades Argentina’s Long-Term Sovereign Credit Rating from B- to SD.

July 30, 2019
Venezuela Creditor Committee Requests Further Help in Approaching OFAC to Relax Secondary Market Trading Restrictions.

July 9, 2019
Statement of the Venezuela Bondholder Committee on Principles for Restructuring.

June 6, 2019
Bondholder Committee Supports TPHL / Petrotin Amended Exchange Offer.

TPHL Announces Entry into Exchange Support Agreement and Extended Expiration Date.

May 31, 2019
Mozambique Ministry of Economy and Finance Press Release Relating to an Agreement in Principle Regarding the Restructuring of the 2023 Notes (and Portuguese Version).

May 10, 2019
Venezuela Creditor Committee Requests Help in Approaching OFAC to Relax Secondary Market Trading Restrictions.

April 30, 2019
Petrotrin Bondholder Committee Acknowledges Extension, Seeks Dialogue.

April 24, 2019
Petrotrin Bondholder Committee Does Not Support Consent Solicitation.

April 18, 2019
Trinidad Petroleum Holdings Bondholders Organize.

April 11, 2019
JPMorgan Index Watch Note on Venezuela.

November 6, 2018
Mozambique Ministry of Economy and Finance Press Release Relating to a Debt Restructuring Deal.

June 1, 2018
Press Release Issued by Barbados Announcing Intention to Restructure Debt.

November 14, 2017
Fitch Downgrades Venezuela’s Long-Term Foreign Currency Rating to RD (Restricted Default).

S&P Global Ratings Downgrades its Corporate Credit Rating on PDVSA from CC to SD.

November 13, 2017
Fitch Downgrades PDVSA’s Issuer Default Rating to RD (Restricted Default).

S&P Global Ratings Downgrades Venezuela to SD (Select Default).

September 12, 2017
EMTA Special Seminar: Further Improvements in the Market-Based Approach to Sovereign Debt Restructuring to be Held in New York on September 28, 2017. Click Here to Register.

July 21, 2017
Global Group of Mozambique Bondholders Press Release.

July 17, 2017
Second Circuit Rules that FSIA Provides Sole Basis for Jurisdiction over Foreign Sovereigns in Actions to Enforce ICSID Awards - Cleary Gottlieb Memo.

Mozambique Ministry of Economy and Finance Press Release Relating to Non-Payment.

June 29, 2017
Global Group of Mozambique Bondholders Welcomes Release of Kroll Summary Report and Comments on Recent Developments.

May 3, 2017
Fitch Upgrades El Salvador's Long-Term Local Currency Issuer Default Rating from RD to CCC; Long-Term Foreign Currency Issuer Default Rating Affirmed at CCC.

April 20, 2017
S&P Global Ratings Downgrades El Salvador’s Foreign Currency Sovereign Credit Rating from CCC- to SD.

April 10, 2017
Fitch Downgrades El Salvador’s Long-Term Local Currency Issuer Default Rating from B to Restrictive Default (RD); and Long-Term Foreign Currency Issuer Default Rating from B to CCC.

March 3, 2017
Belize Bondholders’ Committee Supports Consent Solicitation.

February 3, 2017
Mozambique Ministry of Economy and Finance Press Release.

January 17, 2017
Belize Bondholder Committee Does Not Support Consent Solicitation.

January 16, 2017
Mozambique Ministry of Economy and Finance Press Release Relating to Non-Payment.

Mozambique Flat Market Practice Recommended.

January 9, 2017
Belize Trustee Recognizes Bondholder Committee.

January 6, 2017
Memorandum from Belize Financial Secretary to Bank of New York Mellon, as Trustee.

November 16, 2016
Belize Coordinating Committee Announces Formation.

November 14, 2016
Mozambique’s Ministry of Finance Press Release.

November 9, 2016
Belize to Commence Discussions with Bondholders.

November 8, 2016
Global Group of Mozambique Bondholders Announces Formation.

October 2016
The Commonwealth Secretariat’s Finance and Development Policy Section Launches its Three Studies on
Countercyclical Financial Instruments.

Mozambique's Ministry of Finance Presentation.

August 11, 2016
Moody’s Downgrades El Salvador’s Issuer Rating from Ba3 to B1.

August 8, 2016
Standard & Poor’s Upgrades South Korea’s Long-Term Sovereign Credit Rating from AA- to AA.

August 5, 2016
Moody's Assigns Cameroon a Foreign-Currency Issuer Rating of B2.

August 1, 2016
Fitch Downgrades Bahrain's Long-Term Foreign Currency Issuer Default Rating from BBB- to BB+.

Moody’s Downgrades Republic of Congo’s Issuer Rating from B2 to B3.

June 29, 2016
EMTA Special Seminar: Iceland’s Selective Default?

June 21, 2016
EMTA Special Seminar: Iceland's Selective Default? to be held in New York, on June 29, 2016. Click Here to Register.

May 6, 2016
Standard & Poor’s Upgrades Argentina’s Long-Term Foreign Currency Rating from SD to B-.

February 18, 2016
Instructions for Argentine Bondholders to Accept the Settlement Proposal.

EMTA Special Seminar: Puerto Rico Debt Crisis and Its Significance for Other Municipal Markets

January 13, 2016
Statement by the Ministry of the Economy of Argentina Regarding a Proposal to Investors.

December 9, 2015
Statement of Daniel A. Pollack, Special Master in Argentina Debt Litigation.

November 30, 2015
Bank of England Workshop on GDP Linked Bonds.

November 19, 2015
Moody's Upgrades Ukraine's Government Issuer Rating from Ca to Caa3.

November 6, 2015
EMTA Special Seminar: The Future of Energy in the Asian Markets.

October 23, 2015
IMF Releases Working Paper on Sovereign Debt Crisis.

October 16, 2015
EMTA Special Seminar: Argentina Elections - What the Future Will Hold.

October 5, 2015
ISDA EMEA DC: Republic of Ukraine Repudiation/Moratorium and Failure to Pay Credit Events.

September 28, 2015
EMTA Special Seminar: Puerto Rico At A Crossroads.

September 25, 2015
Standard & Poor’s Downgrades Ukraine’s Long-Term Foreign Currency Sovereign Credit Rating on Ukraine from CC to SD.

September 21, 2015
EMTA Special Seminar: Puerto Rico at a Crossroads in New York on September 28, 2015. Click Here to Register.

August 27, 2015
Fact Sheet on Ukraine’s Agreement with Ad Hoc Committee of Creditors.

Ukraine Ministry of Finance Newsletter: Debt Restructuring Agreement Between Ukraine and Ad Hoc Committee.

August 4, 2015
IMF Publishes Its First Review Under Ukraine’s Extended Arrangement.

June 18, 2015
Moody’s Comment on Cuba’s Paris Club Debt.

June 11, 2015
Ukraine Ministry of Finance Newsletter #3: Progress for Ukraine on Bondholder Negotiations.

June 5, 2015
EMTA Special Seminar: Argentina Update.

May 28, 2015
The Ministry of Finance of Ukraine to Issue US Guaranteed Bonds Worth $1 billion USD.

May 11, 2015
ICMA Press Release on New York Governing Law Model Collective Action, Pari Passu and Creditor Engagement Clauses.

May 4, 2015
EMTA Special Seminar: Argentina Update to be Held in London on June 5, 2015. Click Here to Register.

May 1, 2015
EMTA Special Seminar: Argentina Update.

April 8, 2015
Cancelled: Creditor Engagement Clauses - Pro's and Con's on April 13, 2015.

Statement from The Ad‐Hoc Committee of Noteholders to Ukraine.

April 7, 2015
Ukraine Ministry of Finance Newsletter #2: Minister Jaresko's US and UK Visit.

March 26, 2015
Creditor Engagement Clauses - Pro's and Con's to be Held in NYC on April 13, 2015. Click Here to Register.

March 13, 2015
EMTA Special Seminar: Russia/Ukraine: An Update to be Held in London on March 26, 2015. Click Here to Register.

EMTA Special Seminar: Argentina Update to be Held in New York on May 1, 2015. Click Here to Register.

March 12, 2015
Ukraine Ministry of Finance Welcomes IMF $17.5 Billion Extended Fund Facility and Begins International Bondholders' Consultations.

Ukraine Ministry of Finance Newsletter #1: IMF's $17.5bln Package.

March 11, 2015
IMF Press Release on Extended Fund Facility for Ukraine.

March 2, 2015
Creditor Engagement Clauses - Pro's and Con's.

February 9, 2015
Creditor Engagement Clauses - Pro's and Con's to be Held in NYC on March 2, 2015. Click Here to Register.

January 26, 2015
Market Acceptance of ICMA’s New Sovereign Debt Contract Reforms: Joint meeting of the Institute of International Finance, EMTA and ICMA in London on February 5, 2015.

January 13, 2015
U.S. to Back $2 Billion in Loan Guarantees for Ukraine.

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

IMF Supports Reforms for More Orderly Sovereign Debt Restructurings.

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

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

August 18, 2014
ISDA Receives Challenge to Inclusion of Two JPY Argentine Bonds in Deliverable Obligations; Final Auction List Postponed.

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

August 8, 2014
New Clarification on Market Practice Recommendation for Most Argentina Sovereign Bonds.

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

Argentina Finance Ministry Statement to Citibank (in Spanish).

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

Clarification on Market Practice Recommendation for Most Argentina Sovereign Bonds.

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).

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

July 25, 2014
EMTA Special Seminar: Argentina: Way Forward to be Held in Buenos Aires on August 20, 2014. Click Here to Register.

July 10, 2014
EMTA Special Seminar: Assessing Public Debt Sustainability

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

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

June 27, 2014
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 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.

June 18, 2014
Press Statement from the Republic of Argentina in Response to Second Circuit Court of Appeals Order (in Spanish).

June 13, 2014
International Monetary Fund's Lending Framework and Sovereign Debt - Preliminary Considerations (June 2014).

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.

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

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

May 16, 2014
Government of Ukraine Issues U.S. $1 Billion Bond with U.S. Guarantee.

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

February 28, 2014
EMTA Special Seminar: The Future of Argentina: Through the Looking Glass

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.

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

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

December 18, 2013
EMTA Special Seminar: Sovereign Debt Restructuring: A Better Way Forward? in NYC

November 5, 2013
EMTA Special Seminar: Sovereign Debt Restructuring: A Better Way Forward? to be Held in New York on December 18, 2013. Click Here to Register.

EMTA Special Seminar: Sovereign Debt Restructuring: Private Sector Reaction to Current Proposals in NYC

October 16, 2013
EMTA Special Seminar: Sovereign Debt Restructuring: Private Sector Reaction to Current Proposals to be Held in New York on November 5, 2013. Click Here to Register.

EMTA Special Seminar: Sovereign Debt Restructuring: The Road Ahead in NYC

September 30, 2013
EMTA Special Seminar: Argentina's Prospects for U.S. Supreme Court Review in London

September 24, 2013
EMTA Special Seminar: Sovereign Debt Restructuring: The Road Ahead to be Held in New York on October 16, 2013. Click Here to Register.

September 17, 2013
EMTA Special Seminar: Argentina's Prospects for U.S. Supreme Court Review to be Held in London on September 30, 2013. Click Here to Register.

September 16, 2013
EMTA Special Seminar: Argentina and its Prospects for Supreme Court Review in NYC

September 6, 2013
EMTA Special Seminar: Argentina and Its Prospects for Supreme Court Review to be Held in New York on September 16, 2013. Click Here to Register.

May 23, 2013
Sovereign Debt Restructuring-Recent Developments and Implications for the Fund's Legal and Policy Framework.

May 3, 2013
Grenada Steering Committee and Ad-Hoc Committee Announce Formation.

March 18, 2013
Message to Holders of Grenada U.S. Dollar Bonds Due 2025.

March 13, 2013
EMTA Recommends Flat Trading for Grenada’s 2025 Bonds.

March 12, 2013|
Standard & Poor’s Downgrades Grenada’s Foreign-Currency Sovereign Credit Rating from CCC+ to Select Default.

March 8, 2013
Belize Confirms Over 86% Participation in its Exchange Offer.

Grenada to Commence Discussions with Creditors on the Restructuring of its Public Debt.

Fitch Upgrades Thailand’s Long-Term Foreign Currency Issuer Default Rating from BBB to BBB+.

May 23, 2013
Sovereign Debt Restructuring-Recent Developments and Implications for the Fund's Legal and Policy Framework.

May 3, 2013
Grenada Steering Committee and Ad-Hoc Committee Announce Formation.

March 18, 2013
Message to Holders of Grenada U.S. Dollar Bonds Due 2025.

March 13, 2013
EMTA Recommends Flat Trading for Grenada’s 2025 Bonds.

March 12, 2013|
Standard & Poor’s Downgrades Grenada’s Foreign-Currency Sovereign Credit Rating from CCC+ to Select Default.

March 8, 2013
Belize Confirms Over 86% Participation in its Exchange Offer.

Grenada to Commence Discussions with Creditors on the Restructuring of its Public Debt.

Fitch Upgrades Thailand’s Long-Term Foreign Currency Issuer Default Rating from BBB to BBB+ .

February 19, 2013
Statement from Belize Coordinating Committee Announcing Its Members Intend to Participate in Debt Exchange Offer.

February 12, 2013
EMTA Special Seminar: Recent Legal Developments in Argentine Debt in London

Press Release Issued by the Government of Belize Regarding an Exchange Offer.

January 17, 2013
EMTA Special Seminar: Recent Legal Developments in Argentine Debt to be Held in London on February 12, 2013. Click Here to Register.

January 7, 2013
EMTA Special Seminar: Recent Legal Developments in Argentine Debt in NYC

December 18, 2012
Standard & Poor's Upgrades its Long-Term Foreign Currency Sovereign Credit Rating on Greece from SD to B-.

December 5, 2012
EMTA Special Seminar: Recent Legal Developments in Argentine Debt to be Held on January 7, 2013. Click Here to Register.

December 4, 2012
Belize Coordinating Committee Response to Belize’s Press Release Announcing the Beginning of Debt Negotiations with Bondholders.

November 29, 2012
Government of Belize Press Release Updating Restructuring Progress.

November 20, 2012
EMTA Affirms ‘Flat’ Trading for Ivory Coast Bonds; ‘With Accrued Interest’ Trading to Commence on January 1, 2013.

November 13, 2012
Ivory Coast Announces Close of the Exchange Agreements and Issuance of New Bonds.

November 12, 2012
Ivory Coast Signs Supplemental Indenture.

November 6, 2012
Ivory Coast Receives Requisite Consents.

October 26, 2012
Market Reaction to the United States Second Circuit Court of Appeals’ Decision Regarding Argentina – Commentary from Bulltick Capital, Goldman Sachs, Scotia Capital and UBS.

October 25, 2012
Republic of Cote D'Ivoire Presentations - in English and French.

October 18, 2012
Ivory Coast Launches Consent Solicitation.

October 15, 2012
Communique from the Republic of Côte d'Ivoire to its 2032 Bondholders.

October 8, 2012
Standard & Poor’s Lowers Grenada’s Foreign Currency Ratings to Selective Default.

October 4, 2012
BTA Bank Press Release Regarding its Restructuring.

September 21, 2012
Notice from Bank of New York, Belize Trustee, Regarding Record and Payment Dates.

Communique from the Republic of Côte d'Ivoire to its 2032 Bondholders.

September 20, 2012
Press Releases by Belize and Belize Coordinating Committee on a Partial Payment.

August 28, 2012
Press Release Issued by Belize Co-ordinating Committee.

August 21, 2012
EMTA Recommends Flat Trading For Belize’s 2029 Bonds.

Standard & Poor’s Downgrades Belize’s Long-Term Foreign Currency Sovereign Credit Rating from CC to SD.

August 20, 2012
EM Ltd. and NML Capital v. Argentina.

August 14, 2012
Press Release from Belizean Ministry of Finance, “Unable to Make Coupon Payment.”

Standard & Poor’s Downgrades Belize’s Long-Term Foreign Currency Sovereign Credit Rating from CCC- to CC.

August 13, 2012
Statement from Belize Coordinating Committee Following Release of Indicative Restructuring Scenarios.

August 8, 2012
Belize Releases Indicative Restructuring Scenarios.

July 25, 2012
Litigation Against Argentina - Views by Anna Gelpern(American University) and Felix Salmon.

July 23, 2012
Final Report of Expert Group Meeting on Sovereign Debt Restructuring on May 18, 2012. See The Financing for Development Office (FfDO) and The Centre for International Governance Innovation (CIGI) websites for more information.

July 5, 2012
Communique from the Republic of Cote d'Ivoire to its 2032 Bondholders.

June 29, 2012
EMTA Affirms Market Practice Recommendation for Ivory Coast 2032 Bonds.

June 25, 2012
Vitro’s Mexican Plan of Reorganization Denied Comity in the U.S. (Davis Polk Memo).

June 14, 2012
Communique from Ivory Coast Minister of Economy and Finance.

June 13, 2012
Belize Coordinating Committee Announces Formation.

April 19, 2012
St. Kitts and Nevis Closes Exchange Offer and Concludes Additional Debt Restructuring Agreements.

April 18, 2012
EMTA Special Seminar: Argentina and Its Pari Passu Clause

April 13, 2012
EMTA Special Seminar: Argentina and Its Pari Passu Clause (NYC) to be Held on April 18, 2012. Click Here to Register.

March 30, 2012
EMTA Special Seminar: Greece and the Rule of Law

March 15, 2012
St. Kitts and Nevis Exchange Offer Results.

March 12, 2012
EMTA Special Seminar: Greece and the Rule of Law (NYC) to be Held on March 30, 2012. Click Here to Register.

March 9, 2012
ISDA EMEA Determinations Committee Has Determined Restructuring Credit Event Has Occurred With Respect to Greece Exchange Offer.

Greek Ministry of Finance PSI Launch.

March 8, 2012
Revised When-Issued Confirmation Forms for Greece Bonds and GDPs.

March 7, 2012
EMTA Special Seminar: Greece and the Rule of Law (NYC) to be Held on March 30, 2012.

Save the Date! EMTA Special Seminar: Greece and the Rule of Law (NYC) to be Held on March 30, 2012.

Creditors’ Committee Supports the St. Kitts and Nevis Debt Exchange Offer.

March 6, 2012
When-Issued Confirmation Forms for Greece Bonds and GDPs.

March 1, 2012
ISDA EMEA Determinations Committee Determines Credit Event Has Not Occurred with Respect to Greek Restructuring.

February 27, 2012
Standard & Poor’s Downgrades Greece’s Long-Term Sovereign Credit Rating from CC to SD (Select Default).

St. Kitts and Nevis Launches Debt Exchange Offer.

February 24, 2012
ICMA Letter Relating to Retroactive Legislation in the Greece Restructuring.

February 21, 2012
Press Release of the Hellenic Republic On Terms of Private Sector Debt Exchange.

Eurogroup Statement on Greece Agreement.

Statement by IMF Managing Director Christine Lagarde on the Meeting of the Euro Group.

IIF Statement on Greek Debt Exchange.

Press Release of the Steering Committee of the Private Creditor-Investor Committee for Greece (PCIC).

January 26, 2012
The Sovereign Crisis: When Debt is No Longer Risk Free (Lawrence Goodman, Center for Financial Stability).

January 23, 2012
Ivory Coast Investor Meeting Presentation.

January 16, 2012
FT Article: Egypt Asks IMF for $3.2bn Standby Facility.

FT Article: S&P Downgrades Eurozone Bail-Out Fund, EFSF.

January 13, 2012
Ivory Coast Meeting Invitation to Creditors.

November 21, 2011
Communique from Ivory Coast Minister of Economy and Finance.

November 1, 2011
IMF Working Paper: the Problem That Wasn’t; Coordination Failures in Sovereign Debt Restructurings (Bi, Chamon and Zettelmeyer).

August 5, 2011
Argentina Announces Cancellation of Brady Bond Exchange Offer.

July 21, 2011
Institute of International Finance Statement and Greece Financing Offer; Heads of State or Government of the Euro Area Statement.

July 8, 2011
Communique from Minister of Economy and Finance of the Republic of Côte d'Ivoire.

July 4, 2011
"Debt Rollover Proposal Could Result in a Selective Default for Greece" Statement by Standard & Poor's.

June 1, 2011
Communique from Minister of Economy and Finance of the Republic of Côte d'Ivoire.

May 5, 2011
Draft Memorandum of Understanding Between Portugal and the EU/IMF/ECB and Portugal and its Gold.

Statement on Portugal by IMF Managing Director Dominique Strauss-Kahn and European Commissioner for Economic and Monetary Affairs Olli Rehn.

April 29, 2011
Communique from Minister of Economy and Finance of the Republic of Côte d'Ivoire.

January 31, 2011
Market Practice Recommendation for Ivory Coast 2032 Bonds.

January 10, 2011
Press Release from the Cote d’Ivoire Ministry of Finance on Interest Payment on Bonds Due 2032.

December 1, 2010
FT Alphaville: Ireland’s Reparations Burden.

November 5, 2010
EMTA Special Seminar: Argentina: Pros and Cons

October 22, 2010
EMTA Special Seminar: Argentina: Pros and Cons to be Held on November 5, 2010 in NYC. Click Here to Register.

October 19, 2010
Presentation by Peter Dattels, International Monetary Fund, at EMTA Fall Forum.

September 17, 2010

UNIDROIT Convention on Substantive Rules for Intermediated Securities. Click here for summary.

July 12, 2010

Fitch Upgrades Argentina’s Long-Term Foreign Currency Issuer Default Rating from RD (Restricted Default) to B.

July 1, 2010

Argentina Announces Results of Tender Offer.

June 2, 2010

EMTA Special Presentation: The Eurozone Dilemma - What Can Be Learned from Emerging Markets?

June 1, 2010

Argentina Announces Extension of the Expiration Date of the Submission Period and Change of Schedule.

May 24, 2010

Argentina Announces Preliminary Results of Exchange Offer.

EMTA Special Presentation: The Eurozone Dilemma - What Can Be Learned from Emerging Markets? to be Held on June 2, 2010. Click Here to Register.

Ivory Coast Investor Presentation.

May 20, 2010

Issues Presented by the Cote d’Ivoire Debt Restructurings.

May 18, 2010

May 2010 - Official Information About the Greek Financing Plan is Available at:

May 14, 2010

Contribution to "Expert Roundup: Eurozone Problem for the United States." Council on Foreign Relations - Anna Gelpern (American University).

May 12, 2010

Argentina Announces Extension of Early Tender Deadline and Change of Schedule.

May 10, 2010

European Financial Stabilisation Mechanism for Up to €500 Billion.

“How I Stopped Holding My Breath for a Greek Restructuring and Learned to Love Illiquency Support." - Anna Gelpern (American University).

May 9, 2010

IMF Executive Board Approves €30 Billion Stand-By Arrangement for Greece.

May 7, 2010

"How to Restructure Greek Debt" - Lee C. Buchheit (Cleary Gottlieb Steen & Hamilton) and G. Mitu Gulati (Duke University School of Law).

May 2010

Greece: Staff Report on Request for Stand-By Arrangement (IMF Country Report).

April 23, 2010

New York State Senate Committee on Banks Hearing on Argentina's Default.

Testimonies can be accessed by selecting each panelist’s name below:

April 15, 2010

Argentina Announces Terms of Exchange Offer. Market Reaction from Credit Suisse, Goldman Sachs, HSBC and The Royal Bank of Scotland.

March 25, 2010

Dubai World Announces Restructuring Proposal. Market reaction from Fitch and Royal Bank of Scotland.

March 24, 2010

Argentina Shelf Registration.

Ivory Coast Investor Presentation.

March 19, 2010

EMTA Recommends When-Issued Bond Confirm for When-Issued Trading in the New Ivory Coast Bond.

March 17, 2010

BTA Bank Restructuring – Press Release on Revised Terms can be located at http://www.bta.kz/en/investor/ and Trade Finance Adjudication Press Release.

Holders of Côte d'Ivoire Brady Bonds Are Required to Confirm Their Eligibility to Participate in the Exchange Offer by Visiting www.dfking.com/RCI, or Contacting D.F. King, the Information Agent, at D. F. King (Europe) Ltd., One Ropemaker Street, London EC2Y 9AW, +44 (0) 20 7920 9700, RCI@dfking.com.

February 26, 2010

UK Debt Relief Legislation Update

February 19, 2010

"Capital Inflows: The Role of Capital Controls" IMF Staff Position Note.

February 3, 2010

Fitch Downgrades Jamaica’s Long-Term Foreign Currency Issuer Default Rating to RD, then Subsequently Upgrades to CCC.

January 14, 2010

Standard & Poor's Revises Jamaica's Sovereign Credit Rating to "Select Default."

Moody's Statement on Jamaica Debt Exchange Constituting an Act of Default.

December 1, 2009


Russian FTO Exchange Press Release.

November 27, 2009

Market Reaction to Dubai World Debt Restructuring from Credit Suisse, Moody's, RBS and Standard Chartered Bank.

Russian Finance Ministry Launches Third Offer of Eurobonds for FTO Debt.

November 6, 2009

EMTA Submission in response to HM Treasury Legislative Proposal (October 9, 2009)
Ensuring Effective Debt Relief for Poor Countries: A Consultation on Legislation
Appendix 1: EMTA membership
Appendix 2: EMTA Africa Workshop Report
Appendix 3: EMTA analysis: Creditor Litigation in the Non-HIPC Sovereign Debt Restructuring Context
Appendix 3a: EMTA analysis: Creditor Litigation in the Non-HIPC Sovereign Debt Restructuring Context Case Studies

November 4, 2009

Ecuador Italian Tender Offer Press Release for 2012 and 2030 Bonds: English, Italian, Spanish and Communiqué Required by Consob and Published in Sole 24 Ore.

November 3, 2009

EMTA Preliminary Analysis of Creditor Litigation in the Non-HIPC Sovereign Debt Restructuring Context.

October 22, 2009

Economy Minister Announces Argentina Has Accepted a Proposal to Restructure Untendered Debt. Press Release (in Spanish). Commentary from Credit Suisse.

October 2, 2009

Press Release for Ivory Coast Sphynx Noteholders.

September 28, 2009

Ivory Coast Strikes London Club Deal.

September 22, 2009

Market Responds to Speculation of Argentina Reaching a Deal with Holders of Untendered Bonds. Commentary from Bank of America/Merrill Lynch, Barclays Capital, Bulltick Capital Markets, Credit Suisse, Goldman Sachs and RBS.

September 9, 2009

Argentina's Ministry of Finance Announces Results of Debt Exchange Offer (in Spanish).

June 15, 2009

Standard & Poor's Upgrades Ecuador's Long-Term Sovereign Credit Rating to CCC+ from SD.

June 12, 2009

Ecuador Press Release Regarding Results of its Tender Offer.

Press Release of Argentine Ministry of Finance Regarding Results of Tender for BODEN 2012 Coupon (in Spanish).

June 10, 2009

Press Release of Argentine Ministry of Finance Regarding Tender for BODEN 2012 Coupon (in Spanish).

June 8, 2009

EMTA and the UN Financing for Development Special Presentation "EM Debt: Is the System Working Well Enough?” in NYC on June 8, 2009.

June 3, 2009

EMTA and Risk Management Association Special Presentation "Emerging Markets Today and in the Future”.

May 26, 2009

EMTA and the UN Financing for Development Special Presentation "EM Debt: Is the System Working Well Enough?” in NYC on June 8, 2009.

Ecuador Communiqué regarding the Clearing Price for the 2012 and 2030 Bonds.

May 21, 2009

Congress Introduces Legislation on Argentine Debt and Court Defaults.

May 13, 2009

EMTA and Risk Management Association Special Presentation "Emerging Markets Today and in the Future” in NYC on June 3, 2009.

May 12, 2009

Ecuador Communiqué regarding the Tender Offer.

May 11, 2009

EMTA Special Presentation “Ecuador’s Tender Offer” in NYC on May 29, 2009.

May 7, 2009

Bingham McCutchen Letter regarding Ecuador Bondholder Call on May 8.

Transcript of May 6 Ecuador Call (Available Until August 4, 2009)

April 30, 2009

Communiqué from the Minister of Finance of the Republic of Ecuador: English and Spanish versions.

April 24, 2009

Ecuador Tender Offer: Felix Salmon Commentary and Ecuador Minister of Finance Letter.

April 21, 2009

Colombia Becomes Third Country to Seek Access to IMF's Flexible Credit Line (FCL).

April 20, 2009

Announcements Relating to Ecuador: Ecuador Tender Offer, Press Release (and Spanish Version) and Key Contacts for the Information Agent; Trustee Information Notice to Bondholders and Milbank Tweed Newsletter.

April 14, 2009

Poland Becomes Second Country to Seek Access to IMF's Flexible Credit Line (FCL).

April 1, 2009

Joint Press Release from Mexican Finance Ministry and Central Bank Announcing Mexico Will Apply for IMF's Flexible Credit Line (FCL).

March 16, 2009

Ecuador Trustee Notice for 2012 Bonds and 2030 Bonds.

March 9, 2009

EMTA Special Presentation “Recent and Potential Litigation in EM Area” in NYC (with London video-link hosted by Herbert Smith) on March 9, 2009.

February 13, 2009

Republic of Ecuador - Disclosure Request.

December 15, 2008

Ecuador Commission Report (in Spanish).

November 20, 2008

IMF Approves $2.1 Billion Loan For Iceland.

November 17, 2008

"Ecuador: On the Likelihood of Debt Restructuring." November 17, 2008 - Gustavo Canonero and Hongtao Jiang (Deutsche Bank).

November 14, 2008

Statement Issued by Ecuadorian Ministry of Finance Concerning Global Bond Issues (in Spanish).

November 5, 2008

IMF Approves US$16.4 Billion Stand-By Arrangement for Ukraine.

October 31, 2008

Ukraine: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding.

October 29, 2008

IMF to Launch New Facility for Emerging Markets Hit by Crisis.

Transcript of a Press Conference by IMF Managing Director Dominique Strauss-Kahn on the Launch of a New Facility for Emerging Markets Hit By Crisis.

October 28, 2008

IMF Announces Staff-Level Agreement with Hungary on €12.5 Billion Loan (US$15.7 billion); European Union, World Bank to Lend, Too.

IMF, EU, and World Bank Line Up $25 Billion for Hungary.

October 26, 2008

IMF Announces Staff Level Agreement with Ukraine on US$16.5 Billion Loan.

IMF Set to Lend Ukraine $16.5 Billion, In Talks With Hungary.

October 24, 2008

IMF Announces Staff Level Agreement on US$2.1 Billion Loan to Iceland.

October 22, 2008

IMF in Talks on Loans to Countries Hit by Financial Crisis.

Statement by IMF Managing Director Strauss-Kahn on Pakistan.

Statement by IMF Managing Director Strauss-Kahn on the Republic of Belarus.

September 24, 2008

Commentary on Argentina Bond Swap Proposal from Credit Suisse.

September 22, 2008

President Kirchner Confirms that Argentina Considering Proposals to Restructure Outstanding Defaulted Bonds. Commentary from BCP and Credit Suisse.

September 2, 2008

International Working Group of Sovereign Wealth Funds Reaches a Preliminary Agreement on Draft Set Generally Accepted Principles and Practices - "Santiago Principles".

August 7, 2008

Standard & Poor's Downgrades the Seychelles' Long-Term Foreign Currency Rating from CCC to SD.

July 31, 2008

Notice from Seychelles Noteholders Committee Regarding Payment of Seychelles' Euro-denominated Bond Due 2011.

May 14, 2008

The Report from the EMTA Africa Workshop: "Financing African Development Post-HIPC: What Role for the Private Sector?", held in London on November 5, 2007, is now available.

January 30, 2008

Iraq's Ministry of Finance Invites Registration of Commercial Claims Against Certain Iraqi Obligors as of August 6, 1990.


December 7, 2007

Standard & Poor's Downgrades Belize's Long-Term Foreign Currency Rating to 'Select Default'.

June 4, 2007

Special Presentation: "The Argentina Precedent: Will Others Follow?"

May 2, 2007

Venezuela Statement Regarding IMF and IBRD Membership.

March 15, 2007

Nigeria Press Release Regarding Warrant Tender Offer.

March 1, 2007

Congo Press Release Relating to London Club Meeting.

February 26, 2007

Nigeria Launches Tender Offer for Warrants.

February 20, 2007

Belize Closes Exchange Offer with 98% of Eligible Debt Tendered.

February 13, 2007

Citibank, as Fiscal Agent, Receives Notice from 25% of Par and Discount Brady Bondholders to Accelerate the Debt.

Moody's Upgrades Belize from Caa3 to Caa1 Following Restructuring.

"Ecuador's Poor Will Restructure Emerging Market Debt" - Adam Lerrick (American Enterprise Institute).

January 31, 2007

Belize Says that 93% of Eligible Debt Accepts Restructuring Offer.

January 26, 2007

Nigeria Hires Citigroup for Planned Tender Offer for Warrants.

January 11, 2007

Nigeria Intends to Launch Tender Offer for Warrants.

December 7, 2006

Standard & Poor's Downgrades Belize's Long-Term Foreign Currency Rating to 'Select Default'.

December 6, 2006

Statement from Government of Belize on Debt Exchange Offer.

EMTA Special Presentation on 'Partial' Sovereign Restructurings: Official Sector Implications.

October 5, 2006

EMTA Special Seminar on "Enforcement Under the Foreign Sovereign Immunities Act”:

August 9, 2006

EMTA Special Seminar on "'Partial' Sovereign Restructurings and their Implications" hosted by Clifford Chance to be held in London on October 12, 2006.

August 2, 2006

Belize Announces Debt Rearrangement.

Letter from Belize's Prime Minister Regarding Formation of Creditors Committee.

July 31, 2006

Russian Ministry of Finance Announces Second Tranche of Former USSR FTO Debt Exchange.

July 14, 2006

EMTA to Host a Special Seminar on "'Partial' Sovereign Restructurings and Their Implications: Enforcement Under the Foreign Sovereign Immunities Act” in New York City on October 5, 2006.

Fifth Circuit Decision in FG Hemisphere Associates v. Congo. TO HERE

June 7, 2006

EMTA Special Seminar on "'Partial' Sovereign Restructurings and Their Implications”:

April 12, 2006

Press Release Issued by Lebanon's Finance Ministry Concerning Cancellation of Cash Portion of Eurobond Offer.

March 29, 2006

EM Sovereign Bond Charts for Ecuador and Macedonia.

February 25, 2006

Venezuela Announces Plans to Retire All Outstanding Par and Discount Bonds. Click Here for Spanish Version.

February 24, 2006

German Court Decision Against Argentina: Press Release (German), Press Release (Unofficial Translation) and Judgment (Unofficial Translation).

February 23, 2006

Brazilian Treasury Statement on Brady Bonds.

February 15, 2006

EMTA Announces Its Proposed Multilateral Netting Facility for Venezuela Oil Obligations.

EM Sovereign Bond Chart for Iraq.

January 23, 2006

Iraq Closes Restructuring Deal.

December 1, 2005

EM Sovereign Bond Charts for Israel and Vietnam.

July 28, 2005

Iraq Announces Terms of Commercial Debt Settlement Offer.

June 29, 2005

Paris Club Sets Naples Terms for Nigeria.

June 10, 2005

Argentina's Ministry of Economy Issues Statement on Conclusion of Debt Exchange.

June 3, 2005

Argentina Bonds Credited by Euroclear to Bondholder Accounts; Settlement Date for W/I Trades is June 9.

June 2, 2005

Argentina's Ministry of Economy Issues Statement on Conclusion of Debt Exchange.

Primer for Settlement of W/I Trades in Argentina Par and Discount Bonds.

May 24, 2005

EM Sovereign Bond Chart for Dominican Republic.

May 20, 2005

New and Amended Russian Ruble Rate Source Definitions Announced by EMTA, ISDA and the FXC.

May 18, 2005

EM Sovereign Bond Chart for Uruguay.

May 13, 2005

Argentina to Challenge Unfavorable ICSID Ruling in First of Several FDI Investor Suits Brought Before World Bank Tribunal. Commentary from CSFB and Goldman Sachs.

Paris Club Accepts Russia's Offer to Prepay US$ 15 Billion of Its Debt.

May 9, 2005

Dominican Republic Announces Final Results of its Exchange Offer. English Version.Español.

April 4, 2005

Dominican Republic's Central Bank Issues Statement on Coupon due on March 27, 2005.

March 30, 2005

EM Sovereign Bond Chart for Serbia.

March 18, 2005

Argentina Announces Results of Exchange Offer.

March 10, 2005

EM Sovereign Bond Charts for El Salvador and Poland.

March 8, 2005

Argentina Ministry of Finance Commentary on its Debt Exchange.

Revised Recommended Argentina WI Confirmation Forms for ARS Par and Discount Bonds.

February 24, 2005

Commentary from JP Morgan on Belgian Legal Reform's Effects on Argentine Debt Restructuring.

February 15, 2005

GCAB: ICSID Position Paper.

February 11, 2005

EM Sovereign Bond Charts for Lithuania and Poland.

February 1, 2005

Dominican Republic Letter of Intent.

January 24, 2005

EM Sovereign Bond Chart for Argentina (Prospectus Supplement).

January 20, 2005

"Nigeria: Waiting It out on the Oil Warrants." Alex Garrard (UBS).


January 18, 2005

Standard & Poor’s Lowers Venezuela’s Long- and Short-Term Foreign Currency Ratings to ‘SD’ from ‘B’.

January 13, 2005

Market Reacts to the Argentine Debt Restructuring Offer. Commentary from CSFB, Goldman and JP Morgan.

January 12, 2005

EM Sovereign Bond Chart for Argentina (Post-Effective Amendment No. 1).

January 11, 2005 " The IMF's Immunity to Loss is in Jeopardy." - Adam Lerrick (American Enterprise Institute).

December 16, 2004

EM Sovereign Bond Chart for Hungary.

December 9, 2004

Bondholders Won't Back IIF Principles.

November 24, 2004

Court Decides on Argentina Prospectus Language. Commentary from CSFB.

November 23, 2004

Bank of New York Resigns as Exchange Agent for Argentine Restructuring. Commentary from Citigroup and JP Morgan.

November 21, 2004

Paris Club Announces Accord on Iraqi Debt. Commentary from JP Morgan.

November 18, 2004

Court Allows Argentina Restructuring to Proceed. Commentary from Citigroup.

November 8, 2004

EM Sovereign Bond Chart for Venezuela.

November 1, 2004

IPMA's Model CACs under English Law and EMTA CAC Chart.

October 28, 2004

EM Sovereign Bond Chart for Turkey.

October 21, 2004

EM Sovereign Bond Charts for Brazil and Mendoza (a Province of Argentina).

October 4, 2004

EM Sovereign Bond Chart for Guatemala.

August 4, 2004

Global Committee of Argentina Bondholders (GCAB) White Paper and Press Release Relating to Roadshows in US, Europe and Asia.

July 19, 2004

Results of Survey on Financial Innovation in the Emerging Markets Released by IMF. Click Here for Summary. Click Here for Full Report.

July 15, 2004

Press Release Issued by the Republic of Argentina.

July 14, 2004

Global Committee of Argentina Bondholders Roadshow in New York -- Presentation and Analyst Comments:

July 9, 2004

Global Committee of Argentina Bondholders Announce July 13-22 Road Show Schedules for US and Europe. Click Here for US Schedule. Click Here for Europe Schedule.

July 2, 2004

Press Release Issued by the Republic of Argentina Announcing the Filing with the SEC of a Shelf Registration.

July 1, 2004

EM Sovereign Bond Chart for Czech Republic.

June 24, 2004

S&P Issues Report on Aries Vermogensverwaltungs GmbH, Russian Federation Sovereign Credit-Linked Notes.

EM Sovereign Bond Chart for Brazil.

June 16, 2004

EM Sovereign Bond Charts for Slovak Republic and Lebanese Republic.

June 9, 2004

The Paris Club Meets with Representatives of the Private Sector.

May 5, 2004

EM Sovereign Bond Chart for Philippines.

April 21, 2004

EM Sovereign Bond Chart for Croatia.

April 16, 2004

EM Sovereign Bond Chart for Pakistan.

Paris Club Press Release on Its Agreement to Restructure $193 Million of the Dominican Republic's Debt.

April 12, 2004

EMCA Letter to Russian Government Officials Regarding FTO Debt.

April 2, 2004

EM Sovereign Bond Chart for Poland.

April 1, 2004

The Pari Passu Clause -- What is Fair Treatment? (Michael M. Chamberlin).

March 29, 2004

EM Sovereign Bond Charts for Indonesia, Latvia, Philippines, Romania, Slovak Republic and Thailand.

March 27, 2004

"An Update on Argentina," Presentation Made By Guillermo Nielsen, Secretary of Finance of Argentina at the IADB Meeting in Lima. Click Here for English Version. Click Here for Spanish Version.

March 24, 2004

Argentina's March 10, 2004 Letter of Intent to the IMF.

March 23, 2004

EM Sovereign Bond Charts for Bahamas, Lithuania and Tunisia.

February 26, 2004

EM Sovereign Bond Chart for Israel.

February 10, 2004

EM Sovereign Bond Documentation Charts for Philippines and Poland.

February 6, 2004

EM Sovereign Bond Documentation Charts for Chile and Panama.

January 23, 2004

EM Sovereign Bond Documentation Chart for Hungary.

January 22, 2004

EM Sovereign Bond Documentation Charts for Colombia and Costa Rica.

December 4, 2003

EMTA’s Annual Meeting Focuses on Argentina.

  • EMTA Seeks to Promote Better Dialogue
    [Excerpt from Michael Chamberlin's Remarks]
  • ABC Describes their Counterproposal;
    Announces Agreement in Principle among Creditors to Form Global Steering Committee to Negotiate with Argentina.
  • Secretary Nielsen Senses Common Ground with Creditors; Reaffirms that Argentina will not Make Unilateral Offer. While declining to discuss in any detail his December 3 meeting with ABC, or his reaction to the ABC Counterproposal, Secretary Nielsen did note his sense that Argentina and its Creditors were "getting closer to common ground" in their restructuring dialogue. Click on the following links for Mr. Nielsen's speech. Click Here for English Version. Click Here for Spanish Version.

December 3, 2003

EM Sovereign Bond Documentation Chart for Peru.

September 29, 2003

EM Sovereign Bond Documentation Chart for Turkey.

September 19, 2003

EM Sovereign Bond Documentation Chart for Venezuela.

September 15, 2003

"Restructuring Sovereign Debt: The Case for Ad Hoc Machinery." September 15, 2003 - Lex Rieffel, Study Funded in Part by EMTA and IPMA.

August 25, 2003

EM Sovereign Bond Documentation Charts for Brazil and Guatemala.

July 17, 2003

EM Sovereign Bond Documentation Chart for Morocco.

June 26, 2003

Argentine Ministry of Economy Issues Communiqué to Its Creditors.

June 18, 2003

EM Sovereign Bond Documentation Charts for Belize and Ukraine.

June 12, 2003

EM Sovereign Bond Documentation Charts for Brazil and Mexico.

June 9, 2003

Chamberlin Remarks at Int’l Insolvency Institute.

June 6, 2003

"Restructuring Sovereign Debt: The Case for Ad Hoc Machinery," by Lex Rieffel, Study Funded in Part by EMTA and IPMA, to be Published in September 2003.

May 29, 2003

EM Sovereign Bond Documentation Chart for Korea.

May 23, 2003

EM Sovereign Bond Documentation Charts for Brazil, Mexico and South Africa, as well as for 2000 Ecuador and Russia.

May 15, 2003

Press Release Issued by the Argentine Ministry of Economy Regarding Formation of Investor Groups.

May 2, 2003

EM Sovereign Bond Documentation Charts for Brazil and Mexico.

April 16, 2003

EM Sovereign Bond Documentation Charts for Mexico and Uruguay.

April 12, 2003

IMF Spring Meetings -- Official Communiques and Statements: Official Sector Lauds Mexico for Introducing CACs, SDRM Called "Not Feasible'.

February 28, 2003

Argentine Ministry of Economy Issues Communiqué to Its Creditors.

February 26, 2003

EMCA Releases Statement on Mexico's Decision to Issue Bonds Containing Collective Action Clauses (CACs).

February 24, 2003

U.S. Treasury Statement Regarding the Decision by Mexico to Issue Bonds with Collective Action Clauses.

February 3, 2003

EMTA, Other Financial Trade Ass'ns Distribute Marketable Bonds Package to G-10 Finance Ministers.

January 27, 2003

Argentina Releases IMF Letter of Intent, including Cover Letter , Memorandum of Economic Policies, Quantitative Performance Targets, and Technical Memo of Understanding.

January 21, 2003

Argentina Bondholders Committee Issues Press Release on Argentina's Agreement with the IMF.

January 16, 2003

Argentina Announces It Has Reached an Agreement with the IMF for a Stand-By Program.

January 7, 2003

IMF Board Discusses Possible Features of a Sovereign Debt Restructuring Mechanism. CLICK HERE for IMF Paper "The Design of the Sovereign Debt Restructuring Mechanism -- Further Considerations."

December 17, 2002

EMTA, Other Trade Ass'ns Sharply Criticize IMF's SDRM Proposal and Offer Market-Based Alternative, in Comprehensive Paper Sent to G-7 Officials on December 6.

December 5, 2002

EMTA 2002 Annual Meeting Highlights:

December 2, 2002

Exchange of Argentine Provincial Bonds.

October 17, 2002

Private Sector Representatives Speak Out Against SDRM and in Favor of Marketable Contractual Alternative at IIF Conference in London.

October 4, 2002

SPECIAL REPORT

IMF to Present Concrete Proposals for its Sovereign Bankruptcy Regime (‘SDRM’) for Consideration at its Spring 2003 Meetings; At Same Time, G-7/G-10 Welcome Private Sector Progress in Developing Collective Action Clauses (‘CAC’s')

  • G-7 Statement (9/27/02)
    • Welcomes Progress both on CAC’s and SDRM
  • G-10 Communiqué (9/27/02)
    • Describes CAC’s and SDRM’s as Complementary
  • IMF Communiqué (9/28/02)
    • Welcomes Progress on CAC’s but Calls for a Concrete SDRM Proposal to be considered By IMF Membership at its Spring Meetings
    • Statement of Pedro Malan, Brazil’s Minister of Finance, to the IMFC on behalf of the IMF Constituency comprising Brazil and 8 other Latin American Countries (9/28/02)
      • Questions the Benefits, and Expresses Concerns about Potential Costs, of the SDRM
      • CAC’s Offer Better Prospects for Improving the Sovereign Debt Restructuring Process
    • Executive Summary (9/26/02) of Private Sector Trade Ass’n Views on CAC’s
      • CAC’s as the Preferred Approach to SDRM
      • CAC’s must be Marketable
      • Principles for Marketable CAC’s
      • SDRM and CAC’s are Not Compatible
      • EMTA Position (10/15/02) regarding the Quest for More Orderly Sovereign Work-Outs

September 18, 2002

Letter from the IIF to Gordon Brown, Chairman of the G-7 International Monetary and Financial Committee.

August 21, 2002

Proposed Changes to the US Foreign Sovereign Immunities Act Approved by American Bar Association House of Delegates.

August 9, 2002

A Casual Observer's Commentary on the Taylor Proposal and EMCA's Model Covenants for New Sovereign Debt Issues (5/3/02 draft).

August 7, 2002

EMTA Opposes Changes in the U.S. Sovereign Immunities Act Proposed by American Bar Association Working Group.

July 30, 2002

IMF Policy on Lending into Arrears to Private Creditors.

July 29, 2002

Press Release Issued by the Republic of Argentina.

July 15, 2002

EMTA Publishes Part (1) of a Commentary on the Taylor Proposal and on EMCA's Model Covenants for New Sovereign Debt Issues.

June 11, 2002

Financial Trade Associations Announce Broad Consensus on Market-Based Principles for Crisis Management and Sovereign Debt Restructuring. Click Here for Text of Joint Trade Association Letter.

Click Here for Press Release.

May 3, 2002

EMCA's Model Covenants for New Sovereign Debt Issues.

Argentina Bondholders' Committee Issues Principles for the Restructuring of Argentina International Bonds.

April 30, 2002

"New Policies for Economic Development." Remarks by John B. Taylor, Under Secretary for International Affairs, US Treasury at the Annual World Bank Conference on Development Economics.

April 10, 2002

Letter to the Republic of Argentina's Bondholders from Finance Secretary Lisandro Barry.

April 2, 2002

Remarks Delivered by John Taylor, Under Secretary for International Affairs at the US Treasury, on Sovereign Debt Workouts at the IIE Conference in Washington, DC.

"Revisiting the IMF’s Sovereign Bankruptcy Proposal and the Quest for More Orderly Sovereign Work-Outs." April 2, 2002 - Michael M. Chamberlin (EMTA Executive Director). (Remarks Delivered at the Institute for International Economics Conference on "Sovereign Debt Workouts: Hopes and Hazards.)

March 8, 2002

The Slide Presentation Made by Paris Club Officials at a Meeting with Private Sector Representatives Is Available at http://www.clubdepari s.org/rep_upload/presentationcomplete0.pdf.

March 5, 2002

Argentine Economy Minister Lenicov Issues Letter to EMTA Detailing Its Efforts to Open A Dialogue with External Creditors on a Resolution of the Country's Credit Situation.

February 7, 2002

"Improving the Bretton Woods Financial Institutions," Remarks by US Undersecretary of Treasury for International Affairs John Taylor.

February 6, 2002

EMTA, SIA, IPMA, ISDA and TBMA Issue Joint Letter Criticizing IMF's Proposed New Approach to Sovereign Debt Crisis Resolutions.

January 29, 2002

"The IMF's Sovereign Bankruptcy Proposal and the Quest for More Orderly Sovereign Work-outs (Revised)," Remarks by EMTA Executive Director Michael M. Chamberlin at the JP Morgan Emerging Markets Winter Conference.

January 23, 2002

"The IMF's Sovereign Bankruptcy Proposal and the Quest for More Orderly Sovereign Work-outs," Remarks by EMTA Executive Director Michael M. Chamberlin at the UN Global Conference on Financing for Development Panel on Orderly Debt Work- Outs.

November 20, 2001

Argentine Economy Minister Cavallo Issues Letter to Holders of Argentine Bonds.

November 9, 2001

"At the Frontier of Exit Consents," Remarks by Michael Chamberlin at Bear Stearns/EMCA Conference.

May 17, 2001

Remarks Made By EMTA Executive Director Michael M. Chamberlin at Asia Society Conference on the Asian Debt Markets.

May 1, 2001

EMTA Executive Director Michael Chamberlin to Speak at May 17 Asia Society Conference on Asian Debt Markets.

April 25, 2001

Paris Club Website Now Available.

The Paris Club has informed us that their new website (www.clubdeparis.org) became operational this morning. EMTA believes that this is a significant step toward greater Paris Club transparency, and we encourage all market participants to visit and review the new website and help us to evaluate its usefulness.

April 10, 2001

EMTA Issues Memo on April 3 Paris Club Meeting.

April 3, 2001

Private Sector meets with Paris Club to Discuss Greater Transparency, Dialogue.

February 15, 2001

Today's Emerging Markets: Building an Asset Class with More Meaningful Investor Rights." - Presentation by EMTA Executive Director Michael Chamberlin at the MAR Hedge Fund Conference, Geneva.

January 24, 2001

IIF Publishes List of Principles for Private Sector Involvement in Crisis Prevention and Resolution.

June 8, 2000

US Treasury Responds to Meltzer Commission Report.
Click here to go to Meltzer Commission Report.