New Developments 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  
• (10/15/02) regarding the Quest for More Orderly Sovereign Work-Outs 

For Information Only, Notice from Legal Counsel Representing the Republic of Moldova. 

EMTA Fall Forum in New York City to be Held on October 15, 2002.

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

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

Calculations for Payments on Mexico VRR's, Series A, Announced. 

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

Early Market Close Recommended for September 11. 

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

Citibank, as Fiscal Agent, Requests FRBNY, as Collateral Agent, to Release Interest Collateral on Argentina’s Discount Bonds. Record Date of September 6 and Payment Date of September 13 Expected. 

Brady Bond Holiday Schedule for UK Summer Bank and US Labor Day Holidays. 

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

Citibank, as Fiscal Agent, Requests FRBNY, as Collateral Agent, to Release Interest Collateral on Argentina's Par Bonds; 25% Threshold Still Not Met for Discount Bonds. Record Date of September 3 and Payment Date of September 10 Expected for Par Bonds.