CACs handed boost after Argentina and creditors find fix to dispute

By Oliver West
20 Aug 2020

With the world’s most important asset managers taking a more active role in sovereign debt restructuring negotiations, the once niche topic of collective action clauses (CACs) is set to rise up the capital markets agenda as participants debate whether adjustments made by Argentina and Ecuador to the 2014 ICMA CACs should become common practice.

Argentina filed an updated version of an exchange offer for $65bn of sovereign bonds with the US Securities and Exchange Commission at the beginning of the week. 

This had sovereign debt experts scurrying to comb the details of its CACs, which included important clarifications and enhancements to the ...

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