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New Developments 2008

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December 24, 2008

Trustee Notice to Ecuador Bondholders. 

December 23, 2008

Standard & Poor's Downgrades Dominican Republic's Long-Term Sovereign Credit Rating from B+ to B. 

Calculations for Payments on Uruguay VRR's Announced. 

December 22, 2008

Republic of Ecuador Uniform Settlement Agreement (ISDA). 

December 17, 2008

ISDA to Publish Protocol for Ecuador. 

December 16, 2008

Fitch Downgrades Ecuador’s Long-Term Sovereign Credit Rating to RD from CCC. 

Moody's Downgrades Ecuador's Government Bond Rating from Caa1 to Ca. 

December 15, 2008

Ecuador Commission Report (in Spanish). 

Standard & Poor’s Downgrades Ecuador’s Long-Term and Short-Term Sovereign Credit Ratings to SD from CCC- and C, Respectively. 

Fitch Downgrades Venezuela's Issuer Default Rating from BB- to B+. 

December 14, 2008

Market Practice for Ecuador Bonds. 

December 12, 2008

Aurelius Capital Partners v. Argentina. 

December 11, 2008

EMTA publishes Recommended FX and Currency Derivatives Market Practice No. 49 for RUB/USD NDF and NDO Transactions. 

December 8, 2008

Iceland's New Foreign Exchange Regs - Investor Q&A. 

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

2009 Holiday Schedule. 

2009 Batch Settlement Schedule for Certain Class I Loan Assets. 

Standard & Poor's Downgrades Russia's Foreign-Currency Sovereign Credit Rating from BBB+ to BBB. 

December 4, 2008

"Economic Perspectives and Measures to Foster Economic Growth, Employmentand Financing.  "Keynote Address by Dr. Alejandro Werner, Undersecretary of Finance and Public Credit of Mexico, at EMTA's Annual Meeting. 

EMTA Annual Meeting Sell Side Panel - Market Views on Key Variables for 2009. 

Moody's Downgrades Iceland's Long-Term Foreign Currency Rating from A1 to Baa1. 

December 1, 2008

Dr. Alejandro Werner, Mexico's Under Secretary for Finance and Public Credit, to Deliver Keynote Address at EMTA's Annual Meeting.  Click Here to Register.

Argentina Announces Calculation of GDP Payments. 

November 28, 2008

Iceland Publishes New Foreign Exchange Rules (No. 1082). 

November 25, 2008

EMTA Announces 3Q Debt Trading Stood at US$946 Billion. 

 

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

November 20, 2008

EMTA's Annual Meeting to Be Held on Thursday, December 4, 2008. Click Here to Register.

 

List of Silent Auction and Live Auction Items for Annual Charity Benefit in New York Now Available!

 

IMF Approves $2.1 Billion Loan For Iceland.  

 

Ukraine: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding. 

 

Euroclear to Acquire Xtrakter from ICMA. 

November 18, 2008

Fitch Downgrades Jamaica's Issuer Default Rating from B+ to B.  

November 17, 2008

"Ecuador: On the Likelihood of Debt Restructuring." November 17, 2008 - Gustavo Canonero and Hongtao Jiang (Deutsche Bank). 

 

Standard & Poor's Downgrades Hungary's Long-Term Foreign Currency Rating from BBB+ to BBB. 

November 14, 2008

Statement Issued by Ecuadorian Ministry of Finance Concerning Global Bond Issues (in Spanish). 

 

Standard & Poor's Downgrades Ecuador's Long-Term Sovereign Credit Rating from B- to CCC-.  

 

Moody's Downgrades Ecuador's Sovereign Rating from B3 to Caa1. 

 

Market Practice for Ecuador 2012 Bonds. 

November 12, 2008

EMTA Winter Forum in London to be Held on February 24, 2009. Invitations to be distributed shortly.

 

EMTA Corporate Bond Forum in London to Be Held on January 29, 2009. Invitations to be distributed shortly. 

Holiday Schedule for EM Bond Trades for US Thanksgiving Holiday. 

November 11, 2008

Highlights from SIFMA's TARP Summit. 

November 10, 2008

Fitch Downgrades Hungary's Long-Term Foreign Currency Issuer Default Rating from BBB+ to BBB. 

 

Fitch Downgrades Kazakhstan's Long-Term Foreign Currency Issuer Default Rating from BBB to BBB-. 

 

Fitch Downgrades Bulgaria's Long-Term Foreign Currency Issuer Default Rating from BBB to BBB-.  

 

Fitch Downgrades Romania's Long-Term Foreign Currency Issuer Default Rating from BBB to BB+.  

 

EMTA Annual Meeting in New York City to be Held on December 4, 2008. Invitations to be distributed shortly.

November 7, 2008

HM Treasury Issues General License (L5) under Landesbanki Freezing Order 2008. 

 

Moody's Downgrades Hungary's Foreign-Currency Government Bond Rating from A2 to A3. 

 

Moody's Downgrades Latvia's Foreign-Currency Government Bond Rating from A2 to A3. 

November 5, 2008

IMF Approves US$16.4 Billion Stand-By Arrangement for Ukraine. 

 

Aurelius Capital Partners v. Argentina. 

October 31, 2008

Fiscal Agent Notice Regarding November 17, 2008 Payment on Nigeria Payment Adjustment Rights. 

 

Standard & Poor's Downgrades Argentina's Foreign-Currency Sovereign Rating from B to B-. 

 

Ukraine: Letter of Intent, Memorandum of Economic and Financial Policies, and Technical Memorandum of Understanding. 

October 30, 2008

Aurelius Capital Partners v. Argentina. 

 

Standard & Poor's Downgrades Bulgaria's Long-Term Sovereign Credit Rating from BBB+ to BBB. 

October 29, 2008

MarketAxess Annual Charity Trading Day To Be Held on Thursday October 30, 2008. 

Transcript of a Press Conference by IMF Managing Director Dominique Strauss-Kahn on the Launch of a New Facility for Emerging Markets Hit By Crisis. 

IMF to Launch New Facility for Emerging Markets Hit by Crisis. 

US Federal Reserve Press Release on Swap Lines with Brazil, Mexico, South Korea and Singapore. 

Holiday Schedule for EM Bond Trades for US Veterans' Day Holiday. 

October 28, 2008

IMF Announces Staff-Level Agreement with Hungary on €12.5 Billion Loan (US$15.7 billion); European Union, World Bank to Lend, Too. 

IMF, EU, and World Bank Line Up $25 Billion for Hungary. 

Moody's Downgrades Pakistan's Government Bond Rating from B2 to B3. 

October 27, 2008

2008 ISDA Icelandic Banks CDS Protocols. 

Standard & Poor's Downgrades Romania's Long-Term Foreign Currency Rating from BBB- to BB+. 

October 26, 2008

IMF Announces Staff Level Agreement with Ukraine on US$16.5 Billion Loan. 

IMF Set to Lend Ukraine $16.5 Billion, In Talks With Hungary. 

October 24, 2008

IMF Announces Staff Level Agreement on US$2.1 Billion Loan to Iceland.  

October 22, 2008

Statement by IMF Managing Director Strauss-Kahn on the Republic of Belarus. 

IMF in Talks on Loans to Countries Hit by Financial Crisis. 

Statement by IMF Managing Director Strauss-Kahn on Pakistan. 

Iceland Regulators Establish New Kaupthing bank hf. 

October 17, 2008

Guidance Note of HM Treasury Re The Landesbanki Freezing Order 2008. 

October 16, 2008

Iceland Central Bank Statement on Status of Payments. 

Iceland Central Bank Statement on Payments to Icelandic Banks. 

October 15, 2008

Presentation by Trevor Pitman (Fitch Ratings) at EMTA Corporate Bond Meeting in London, October 15, 2008.  

October 14, 2008

Iceland Regulators Establish New Glitner bank, fh. 

October 13, 2008

Second General License Granted Pursuant to HM Treasury Freezing Order 2008. 

Central Banks Expand Dollar Liquidity. 

October 10, 2008

From LMA: The Landsbanki Freezing Order 2008 (Clifford Chance). 

Calculations for Payments on Venezuela Oil Obligations Announced. 

List of Live Auction and Silent Auction  Items for EM Benefit to Be Held in London on October 17, 2008 Now Available.

Temporary Capital Controls Introduced by Iceland. 

October 9, 2008

Iceland Regulators Establish New Landesbanki Íslands hf. 

Decision of the Financial Services Authority on the appointment of a Receivership Committee for Kaupthing bank hf. 

General License Granted Pursuant to HM Treasury Freezing Order 2008.

From LMA: Landsbanki Freezing Order (Ashurst). 

October 8, 2008

The Landesbanki Freezing Order 2008 of HM Treasury. 

October 7, 2008

Decision of the Financial Services Authority on the appointment of a Receivership Committee for Glitner bank hf. 

October 6, 2008

Prime Minister’s Office Statement on Deposit Guarantee. 

Act No. 125/2008 on the Authority for Treasury Disbursements due to Unusual Financial Market Circumstances etc. 

October 1, 2008

EMTA Fall Forum in New York City to Be Held on October 7, 2008.  Click Here to Register.

Holiday Schedule for EM Bond Trades for US Columbus Day Holiday. 

September 30, 2008

EMTA Forum in Hong Kong to Be Held on October 27, 2008.   Click Here to Register.

September 29, 2008

EMTA Forum in Singapore to Be Held on October 23, 2008.   Click Here to Register.

September 26, 2008

New Area Highlighting Policy Responses to Market Conditions Now Available on EMTA's Website.

September 24, 2008

Commentary on Argentina Bond Swap Proposal from Credit Suisse. 

September 23, 2008

Venezuela Oil Obligations Record Date of September 30 and Payment Date of October 15 Expected. Trades are "Ex-Dividend" on September 26. Calculations for Payments on the Oil Obligations will be Announced by the Fiscal Agent Shortly.

September 22, 2008

President Kirchner Confirms that Argentina Considering Proposals to Restructure Outstanding Defaulted Bonds. Commentary from BCP  and  Credit Suisse.  

EMTA Special Presentation “EM Corporate Bonds: Legal and Practical Considerations - As Important as Fundamentals?” in London on October 15, 2008.  Click Here to Register

September 18, 2008

EM Ltd. and NML Capital v. Argentina. 

September 17, 2008

"Kazakh Banks and the Kazakh Government" Presentation by Jonathan Schiffer (Moody's Investors Service) at the EMTA Corporate Bond Forum. 

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

September 11, 2008

EMTA Remembers.

Save the Date!  EMTA Special Presentation “EM Corporate Bonds: Legal and Practical Considerations - As Important as Fundamentals?”  in London on October 15, 2008. Invitations to be distributed shortly. 

September 9, 2008

EMTA and ISDA To Sponsor Joint Symposium on November 18, 2008 in New York City on NDF, NDO and NDS Documentation. 

September 2, 2008

International Working Group of Sovereign Wealth Funds Reaches a Preliminary Agreement on Draft Set Generally Accepted Principles and Practices - "Santiago Principles". 

August 21, 2008

EMTA Corporate Bond Forum in New York, Sponsored by ING Financial Markets, to be Held on September 17, 2008.  Click Here to Register

EMTA Forum in Singapore to be Held on October 23, 2008 and EMTA Forum in Hong Kong to be Held on October 27, 2008. Invitations to be distributed shortly. 

August 20, 2008

EMTA Announces 2Q Debt Trading Stood at US$1.218 Trillion. 

August 19, 2008

Moody's Upgrades Peru's Foreign-Currency Government Bond Rating from Ba2 to Ba1. 

 August 15, 2008

Standard & Poor's Upgrades Trinidad & Tobago's Long-Term Sovereign Rating from A- to A. 

August 13, 2008

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

August 11, 2008

Standard & Poor's Downgrades Argentina's Long-Term Foreign Currency Rating from B+ to B. 

August 7, 2008

Standard & Poor's Downgrades the Seychelles' Long-Term Foreign Currency Rating from CCC to SD. 

August 5, 2008

Standard & Poor's Upgrades Lebanon's Long-Term Foreign Currency Rating from CCC+ to B-. 

August 1, 2008

Standard & Poor's Downgrades The Seychelles' Long-Term Foreign Currency Rating from B to CCC. 

July 31, 2008

Notice from Seychelles Noteholders Committee Regarding Payment of Seychelles' Euro-denominated Bond Due 2011. 

Standard & Poor's Upgrades People's Republic of China's Long-Term Sovereign Credit Rating from A to A+. 

July 22, 2008

Standard & Poor's Upgrades Uruguay's Long-Term Foreign-Currency Rating from B+ to BB-. 

July 21, 2008

Annual Emerging Markets Benefit to be Held in New York City on December 4, 2008. Click Here for the Invitation.

July 16, 2008

Moody's Upgrades Russia's Government Bond Rating from Baa2 to Baa1. 

July 15, 2008

Emerging Markets Benefit in London Scheduled for Friday, October 17, 2008.  Tickets Now on Sale. 

July 14, 2008

Standard & Poor's Upgrades Peru's Long-Term Foreign Currency Rating from BB+ to BBB- (Investment Grade). 

June 30, 2008

EMTA Corporate Bond Forum in New York to Be Held on September 17, 2008. Invitations to be distributed shortly.

June 23, 2008

Calculations for Payments on Uruguay VRR's Announced. 

June 19, 2008

Moody's Upgrades Colombia's Foreign-Currency Government Bond Rating from Ba2 to Ba1. 

June 18, 2008

Holiday Schedule for EM Bond Trades for US Independence Day Holiday. 

June 16, 2008

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

June 12, 2008

Standard & Poor's Downgrades Ukraine's Long-Term Foreign Currency Rating from BB- to B+. 

June 4, 2008

EMTA Annual Summer Forum in London to be Held on June 26, 2008.  Click Here to Register.

June 3, 2008

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

June 2, 2008

EMTA Summer Forum in London to be Held on June 26, 2008. Invitations to be distributed shortly.

May 30, 2008

"The Economy in 2008: Challenges and Risks in A More Difficult External Environment." Presentation by Miguel A. Kiguel (Econviews) at EMTA Forum in Buenos Aires. 

"Regulatory Developments: The European Perspective." Presentation by Ruari Ewing (ICMA) at EMTA Forum in Buenos Aires. 

May 29, 2008

Fitch Upgrades Brazil's Long-Term Foreign Currency Rating from BB+ to BBB-. 

May 28, 2008

"O Desempenho da Economia Brasileira Face à Desaceleração do Crescimento dos EUA e No Mundo."  Presentation by Sergio Werlang at EMTA's Forum in São Paulo. 

May 22, 2008

EMTA Announces 1Q 2008 Debt Trading Stood at US$1.228 Trillion. 

May 21, 2008

Moody's Downgrades Pakistan's Government Bond Rating from B1 to B2. 

May 15, 2008

Standard & Poor's Downgrades Its Long-Term Foreign Currency Rating on Pakistan from B+ to B. 

May 14, 2008

Holiday Schedule for EM Bond Trades for US Memorial Day and UK Spring Bank Holidays. 

May 13, 2008

Brazil Announces Creation of a Sovereign Wealth Fund. 

May 12, 2008

EMTA Forum - Buenos Aires To Be Held on May 30, 2008.  Click Here to Register.

EMTA Publishes BRL Fixed Income Market Practice. 

May 5, 2008

EMTA Forum - São Paulo To Be Held on May 28, 2008.  Click Here to Register.

May 2, 2008

Fiscal Agent Notice Regarding May 15, 2008 Payment on Nigeria Payment Adjustment Rights. 

April 30, 2008

EMTA and ISDA Symposium: A Primer on Documenting Non-Deliverable Forwards, Options and Swaps. View EMTA Materials. 

Standard & Poor's Upgrades Brazil's Long-Term Foreign Currency Rating from BB+ to BBB- (Investment Grade). 

April 22, 2008

EMTA Special Presentation “Corporate Bond Covenants: Brazil" in NYC on May 16, 2008.  Click Here to Register

April 21, 2008

Various Retail Bondholders v. Argentina. 

April 18, 2008

The Report from the EMTA Africa Workshop: "Financing African Development Post-HIPC: What Role for the Private Sector?", held in London on November 5, 2007, is now available.  CLICK HERE for a copy. 

Holiday Schedule for EM Bond Trades for UK May Day Bank Holiday. 

April 17, 2008

Save the Date! EMTA's Forum in São Paulo Scheduled for Wednesday, May 28, 2008. Invitations to be distributed shortly. 

Moody's Upgrades Israel's Foreign-Currency Bond Rating from A2 to A1. 

April 9, 2008

"Developing Asia Amidst The Global Slowdown." Presentation by Dr. Ifzal Ali, Chief Economist of the Asian Development Bank, at EMTA Meeting. 

Calculations for Payments on Venezuela Oil Obligations Announced. 

April 3, 2008

CMS Gas Transmission Co. v. Argentina. 

April 2, 2008

Fitch Upgrades Peru's Long-Term Foreign Currency Rating from BB+ to BBB-. 

Fitch Downgrades Sri Lanka's Long-Term Foreign Currency Rating from BB- to B+. 

April 1, 2008

EMTA Spring Forum, To Be Held on April 14, 2008 in New York. Click Here to Register.

March 24, 2008

Venezuela Oil Obligations Record Date of March 31 and Payment Date of April 15 Expected. Trades are "Ex-Dividend" on March 27. Calculations for Payments on the Oil Obligations will be Announced by the Fiscal Agent Shortly.

March 20, 2008

Mobil Cerro Negro v. PDVSA - Reasons for Judgment to Discharge Freeze in the UK. 

Moody's Upgrades Ecuador's Foreign Currency Government Bond Rating from Caa2 to B3. 

March 18, 2008

Mobil Cerro Negro v. PDVSA - Summary of Order to Discharge Freeze in the UK. 

March 17, 2009

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

March 12, 2008

Holiday Schedule for EM Bond Trades for Good Friday/Easter Monday Holiday. 

March 11, 2008

Mobil Cerro Negro v. PDVSA - Oral Argument in US. 

March 10, 2008

Dr. Ifzal Ali, Chief Economist of the Asian Development Bank, to Speak at EMTA on April 9.  Click Here to Register.

March 4, 2008

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

Fitch Upgrades the Czech Republic's Long-Term Foreign Currency Issuer Default Rating from A to A+. 

February 28, 2008

Remembering Lacey Gallagher. 

February 26, 2008

Standard & Poor's Upgrades Panama's Long-Term Sovereign Credit Rating from BB to BB+. 

February 25, 2008

EMTA and ISDA To Sponsor Joint Symposium on April 30, 2008 in London on NDF, NDO and NDS Documentation. 

February 22, 2008

Mobil Cerro Negro v. PDVSA - SDNY Orders Confirming Attachments and Authorizing Deposit of Funds. 

February 20, 2008

Moody's Comments on Legal Injunctions Against Petroleos de Venezuela, S.A. 

February 19, 2008

EMTA Announces 2007 Annual Emerging Markets Debt Trading Stood at US$6.489 Trillion. 

February 13, 2008

Mobil Cerro Negro v. PDVSA - US Attachment Orders. 

Fitch Upgrades Indonesia's Long-Term Foreign Currency Rating from BB- to BB. 

February 11, 2008

Standard & Poor's Statement: Petroleos de Venezuela S.A., Venezuela, And Related Issuers Ratings Unaffected By Court Ruling. 

Fitch Upgrades Israel's Foreign-Currency Issuer Default Rating from A- to A. 

EMTA Winter Forum in London to be Held on February 27, 2008. Click Here to Register.

February 8, 2008

Mobil Cerro Negro v. PDVSA - UK Freeze Order. 

Fitch Ratings Statement: British Court Order to Freeze PDVSA Assets To Have Minimal Near-Term Impact. 

Mexico VRR, Series F, Record Date of March 14 and Payment Date of March 31. Trades are ‘Ex-Dividend’ on March 12. Calculations for Payments on the VRR's will be Announced by the Fiscal Agent Shortly. 

February 7, 2008

EMTA Special Presentation "Corporate Bond Covenants: Brazil" in NYC on May 16, 2008.  Click Here to Register.

February 6, 2008

Holiday Schedule for EM Bond Trades for US Presidents' Day Holiday. 

January 31, 2008

Standard & Poor's Downgrades Lebanon's Long-Term Sovereign Credit Rating from B- to CCC+. 

January 30, 2008

Iraq's Ministry of Finance Invites Registration of Commercial Claims Against Certain Iraqi Obligors as of August 6, 1990. 

EMTA Winter Forum in London to be Held on February 27, 2008. Invitations to be distributed shortly.  

Standard & Poor's Downgrades Lithuania's Long-Term Foreign Currency Rating from A to A-. 

 January 24, 2008

Peru to Redeem Discount, Floating Rate and PDI Bonds - Fiscal Agent Notice. 

January 14, 2008

EMTA Corporate Bond Forum in London to Be Held on January 29, 2008. Click Here to Register.

January 10, 2008

Market Practice Recommendation Regarding the Fungibility of Venezuela Oil Obligations. 

January 9, 2008

Holiday Schedule for EM Bond Trades for Martin Luther King, Jr. Holiday. 

January 3, 2008

Calculations for Payments on Uruguay VRR's Announced. 

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