In depth: ICMA sovereign bond documentation
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In depth: ICMA sovereign bond documentation

Last week the International Capital Market Association published updated documentation for sovereign bonds — including revamped pari passu clauses and an array of collective action clauses that go even further than the euro area model CACs that have been mandatory for eurozone sovereigns since January 2013. As market participants digest the revisions, read on for in depth coverage of the motivations behind the change and market reaction.

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