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Inclusion of enhanced contractual provisions in international sovereign bond contracts
This briefing reports on the inclusion of enhanced contractual provisions in international sovereign bonds from October 1, 2014 (when the IMF endorsed the key features of these provisions) through March 15, 2016, and provides an update on the outstanding stock. The IMF Executive Board endorsed in October 2014 the inclusion of key features of enhanced pari passu provisions and collective action clauses (CACs) in new international sovereign bonds. In September 2015, the IMF published a progress report on the inclusion of the enhanced clauses in international sovereign bonds as of July 2015. This briefing provides a further update on the inclusion of the enhanced clauses and on the outstanding stock of international sovereign bonds.[...]