New Developments 2002 New Developments 2002
New Developments 2002

 

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December 20, 2002 

Amendments to Annex A Argentine Peso Settlement Rate Options; Adoption of revised EMTA Template Terms for ARS Non- Deliverable FX Transactions; Revision of EMTA ARS Industry Survey Methodology; and Adoption of a new EMTA ARS Indicative Survey Rate Methodology. 

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.  

Nigeria Exchange Offer: Citigroup Press Release, Nigeria Press Release, Amended Letter of Transmittal and Clarification on Nigeria Warrants. 

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

December 16, 2002  

2003 Holiday Schedule.  

2003 Batch Settlement Schedule for Certain Class I Loan Assets.  

December 12, 2002  

Brady Bond Holiday Schedule for Christmas, Boxing Day and New Year's Holidays. 

December 5, 2002 

EMTA 2002 Annual Meeting Highlights: 

·  "Using Clauses to Reform the Process for Sovereign Debt Workouts:Progress and Next Steps." Prepared Remarks at the EMTA Annual Meeting Delivered by John B. Taylor, Under Secretary of Treasury for International Affairs.  

·  "EMTA Position Regarding the Quest for More Orderly Sovereign Work-Outs."  

·  "EMTA and the Emerging Markets in 2002/2003." Prepared Remarks at the EMTA Annual Meeting Delivered by Michael M. Chamberlin, EMTA Executive Director.  

  

Nigeria Exchange Offer Extended from December 6 to December 20. Bond Instructions Must be Submitted by 3:00 PM (London Time) on December 19; Letters of Transmittal Must be Submitted by 3:00 PM (London time) on December 20; and the Clearing Price for the Bonds will be Announced on December 23.  

December 3, 2002  

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

Primer on Brazil’s USD Par and Discount Bonds, Capitalization Bonds, Eligible Interest Bonds and Debt Conversion Bonds.  

December 2, 2002  

Exchange of Argentine Provincial Bonds.  

November 21, 2002  

Mexico VRR Record Date of December 16 and Payment Date of December 31 Expected. Trades are ‘Ex-Dividend’ on December 12. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.  

November 20, 2002  

John B. Taylor, Under Secretary for International Affairs at the US Treasury, to Deliver Keynote Address at EMTA's Annual Meeting on Thursday, December 5, 2002. Click Here to Register.  

November 18, 2002  

Emerging Markets Charity Benefit, Inc. (EMCB) Has Been Formed by EMTA and Market Professionals as a New Not-For-Profit Corporation to Plan and Hold the EM Industry's Annual Charity Benefit. EMCB Has Applied for Tax Exempt Status with the IRS.  

November 15, 2002  

EMTA IS MOVING!

On Monday, November 18, EMTA's New York office will be relocating to our new offices (together with ISDA and TBMA) at 360 Madison Ave., 18th Floor, New York, NY 10017-7111. All individual phone and fax numbers are changing; please use the new general number 646-637-9100 for voice, 646-637-9128 for fax. Staff e-mail addresses remain the same.
 

November 13, 2002  

Brady Bond Holiday Schedule for US Thanksgiving Holiday.  

November 12, 2002  

EMTA Announces 3Q 2002 Debt Trading Volume Stood at US$670 Billion.  

October 30, 2002  

Brady Bond Holiday Schedule for US Veterans Day Holiday.  

The Fiscal Agent has Confirmed that the November 15 Payment Amount Relating to Nigeria Warrants is Zero.  

October 25, 2002  

Emerging Markets Charity Benefit Scheduled for December 5, 2002 (following EMTA's Annual Meeting). CLICK HERE for an Invitation to the Benefit.  

For Information on the FTO Trade Debt Restructuring, visit the Russia Ministry of Finance Website at www.minfin.ru/ex_debt/debt.htm. 

October 21, 2002  

New Nigeria Market Practices for the Separate Trading of USD Par Bonds and their Related Payment Adjustment Warrants, together with a Revised Primer.  

October 17, 2002  

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

 

  

EMTA Announces Annual Meeting to be Held on Thursday, December 5, 2002.  

October 15, 2002 

Panelists at EMTA's Fall Forum Agree Outlook for Brazil Challenging...but Not Unmanageable.
ClickHere  for a transcript of the panel.
 

October 11, 2002  

Primer on Nigeria Payment Adjustment Warrants.  

October 8, 2002  

Poland Redeems PDI Bonds on October 28.  

Brady Bond Holiday Schedule for US Columbus Day Holiday.  

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 30, 2002  

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

September 25, 2002  

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

September 18, 2002 

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

September 17, 2002  

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

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

September 11, 2002  

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

August 23, 2002  

Early Market Close Recommended for September 11.  

August 21, 2002  

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

August 15, 2002  

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.  

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).  

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.  

August 8, 2002  

Mexico VRR Record Date of September 13 and Payment Date of September 30 Expected. Trades are ‘Ex-Dividend’ on September 11. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.  

August 7, 2002  

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

August 5, 2002  

EMTA Announces 2Q 2002 Debt Trading Volume Stood at US$841 Billion.  

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.  

July 11, 2002  

Revised Primer on Interest Collateral for Argentina's USD Par and Discount Bonds, Supplemented to Include the Euroclear DACE Notice for Liquidation of Collateral.  

July 2, 2002  

Clearing Systems Distribute Mexico VRR's (Series E).  

June 28, 2002  

Primer on Interest Collateral for Argentina's USD Par and Discount Bonds.  

June 26, 2002 

Brazil Dominates Discussion at EMTA's Summer Forum in London.
Transcript of Buy-Side Panel
Transcript of Sell-Side Panel
 

June 25, 2002  

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

June 21, 2002  

Revised Primer for Mexico VRR’s.  

June 20, 2002  

Brady Bond Holiday Schedule for US Independence Day Holiday.  

June 18, 2002  

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

June 17, 2002 

New Market Practices for Mexico USD Par Bond Trades and Their Related VRR’s.  

Clearing Systems Distribute Mexico VRR’s (Series B, C and D).  

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. 

June 10, 2002  

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

Citibank Notice on Argentina's Discount and Par Bonds.  

June 6, 2002  

For Information Only, EMTA has Posted a Notice Received from Legal Counsel to the Republic of Moldova.  

June 5, 2002  

EMTA Annual Summer Forum in London to be Held on June 26, 2002. Click Here to Register.  

June 3, 2002  

Mexico VRR Record Date of June 14 and Payment Date of July 1 Expected. Trades are ‘Ex-Dividend’ on June 12. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.  

May 21, 2002  

EMTA 2001 Annual Report Now Available.  

May 16, 2002  

Brady Bond Holiday Schedule for US Memorial Day and UK Golden Jubilee Bank Holidays.  

May 8, 2002  

EMTA Announces First Quarter 2002 Debt Trading Volume Stood at US$789 Billion.  

May 3, 2002  

EMCA's Model Covenants for New Sovereign Debt Issues.  

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

May 2, 2002  

Mexico Redeems USD Collateralized Floating Rate Bonds due 2019 (USD Discount Series D).  

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 25, 2002  

Brady Bond Holiday Schedule for UK May Day Bank Holiday.  

April 23, 2002  

New ARS Market Practice and Template Terms for a 30-Day Deferral Period.  

April 18, 2002  

Notice from Republic of Cote d'Ivoire Private Creditors Advisory Committee.  

April 17, 2002  

Mexico Redeems USD Collateralized Floating Rate Bonds due 2019 (USD Discount Series C).  

April 10, 2002  

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

April 5, 2002  

Citibank Notice on Argentina's FRBs.  

April 3, 2002  

Mexico Redeems USD Collateralized Floating Rate Bonds due 2019 (USD Discount Series B).  

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 27, 2002  

EMTA Announces Spring Forum to be Held in New York on April 11, 2002. Click Here to Register.  

March 20, 2002  

Brady Bond Holiday Schedule for Good Friday and Easter Monday Holidays.  

March 19, 2002  

Mexico Redeems Floating Rate Notes.  

March 18, 2002  

FTO Debt Exchange Materials Now Available. Eligible Holders May Obtain Documents from EMTA by Clicking Here or Calling 646-637-9100.  

Bulgaria Exchange Offer. 

March 15, 2002  

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

March 11, 2002  

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

Mexico VRR Record Date of March 15 and Payment Date of April 1 Expected. Trades are ‘Ex- Dividend’ on March 13. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly.  

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 12, 2002  

Brady Bond Holiday Schedule for US Presidents' Day Holiday.  

February 11, 2002  

NDF Market Practice for Argentina NDF Contracts - Members Only can View this NDF Market Practice by Clicking Here. 

EMTA Announces 2001 Annual EM Debt Trading Volume Stood at $3.5 Trillion. 

February 7, 2002  

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

Mexico Is Upgraded by Standard & Poor's to BBB-.  

February 6, 2002  

Mexico is Upgraded by Moody's to Baa2.  

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

February 4, 2002  

"Truth and Confidence," Presentation by Igor Kostikov, Chairman of the Russian Federal Commission for the Securities Markets at a Special EMTA Meeting.  

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.  

January 16, 2002  

Igor Kostikov, Chairman of the Russian Federal Commission for the Securities Market, to Speak at Special EMTA Meeting on February 4.
Click Here to Register.
 

January 11, 2002  

CME/EMTA ARS Industry Survey Rate is Available in the Activities & Services, Market Data, CME/EMTA ARS Industry Survey Rate Area.  

NDF Market Practice for Settlement of Outstanding Argentine NDF Contracts - Members Only can View this NDF Market Practice by Clicking Here. 

January 10, 2002  

Brady Bond Holiday Schedule for Martin Luther King, Jr. Holiday.  

January 9, 2002  

Market Practice Relating to Argentina 2018 and 2031 Bonds - Members Only can View this Market Practice by Clicking Here.  

NDF Market Practice for Argentina NDF Contracts - Members Only can View this NDF Market Practice by Clicking Here. 

January 2, 2002  

NDF Market Practice for Deferral of Valuation Dates.  


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