New Developments 2009 New Developments 2009
New Developments 2009

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December 22, 2009

Calculations for Payments on Uruguay VRR's Announced. 

December 17, 2009

Coupon Standardization for Asia CDS Markets. 

December 16, 2009

Moody's Raises Peru Foreign-Currency Government Rating from Ba1 to Baa3. 

December 15, 2009

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

EMTA Announces 3Q 2009 EM Debt Trading Stood at US$1.123 Trillion. 

December 14, 2009

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

December 10, 2009

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

December 8, 2009

Presentation by Mexican Finance Minister Carstens at EMTA Special Meeting. 

December 3, 2009

"Brazilian Politics: 2010 Elections Monitoring" Keynote Presentation by Murillo de Aragao (Arko Advice at GlobalSource Partners) at EMTA Annual Meeting.

Fitch Upgrades Turkey’s Long-Term Foreign Currency Issuer Default Rating from BB- to BB+.  

December 2, 2009

Minister of Finance Carstens of The United Mexican States to speak at EMTA Special Presentation in New York, Tuesday, December 8, 2009. Click Here to Register.

December 1, 2009

Russian FTO Exchange Press Release. 

November 30, 2009

The Return of Frontier Markets: Is Africa Back in Business?  Webcast of EMTA/Thomson Reuters Forum can be viewed HERE. (Live link available until year-end 2010)

November 27, 2009

Market Reaction to Dubai World Debt Restructuring from Credit SuisseMoody'sRBS and Standard Chartered Bank. 

Russian Finance Ministry Launches Third Offer of Eurobonds for FTO Debt. 

November 24, 2009

Fitch Downgrades Jamaica’s Issuer Default Rating from B to CCC. 

November 23, 2009

List of Items Available for Silent Auction at Annual EM New York Charity Benefit Available Now!

Fitch Downgrades Mexico's Foreign Currency Issuer Default Rating from BBB+ to BBB. 

November 16, 2009

Murillo de Aragão to Deliver Keynote Address at EMTA’s Annual Meeting on December 3, 2009. Click Here to Register.

November 12, 2009

Holiday Schedule for EM Bond Trades for US Thanksgiving Holiday. 

November 10, 2009

Fiscal Agent Notice Regarding November 16, 2009 Payment on Nigeria Payment Adjustment Rights. 

November 6, 2009

EMTA Submission in response to HM Treasury Legislative Proposal (October 9, 2009)
Ensuring Effective Debt Relief for Poor Countries: A Consultation on Legislation  
Appendix 1:   EMTA membership  
Appendix 2:   EMTA Africa Workshop Report
Appendix 3:   EMTA analysis: Creditor Litigation in the Non-HIPC Sovereign Debt Restructuring Context
Appendix 3a: EMTA analysis: Creditor Litigation in the Non-HIPC Sovereign Debt Restructuring Context Case Studies 

November 4, 2009

Ecuador Italian Tender Offer Press Release for 2012 and 2030 Bonds: EnglishItalian, Spanish and Communiqué Required by Consob and Published in Sole 24 Ore. 

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

November 3, 2009

EMTA Preliminary Analysis of Creditor Litigation in the Non-HIPC Sovereign Debt Restructuring Context. 

October 28, 2009

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

October 22, 2009

Thomson Reuters and EMTA Africa Forum to be Held in London on November 20, 2009.  Click Here to Register.

Economy Minister Announces Argentina Has Accepted a Proposal to Restructure Untendered Debt. Press Release (in Spanish).  Commentary from Credit Suisse

October 15, 2009

Aurelius Capital Partners v. Argentina. 

October 13, 2009

Calculations for Payments on Venezuela Oil Obligations Announced. 

Moody's Downgrades Barbados' Foreign Currency Government Bond Rating to Baa3 from Baa2. 

October 8, 2009

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

October 5, 2009

List of Silent Auction and Live Benefit to be Held in London Auction Items for Emerging Markets on October 9, 2009. 

October 2, 2009

Press Release for Ivory Coast Sphynx Noteholders. 

WSJ NEWS ALERT: Rio de Janeiro Selected as Host City for 2016 Olympics.  

October 1, 2009

EMTA’s Fourth Annual Forum in Hong Kong to be Held on Friday, October 30, 2009. 

September 30, 2009

“Venezuela: A Good Offense is the Best Offense.” Presentation by Ruth de Krivoy, Economic Advisor to Global Source and Former President of the Central Bank of Venezuela. 

Venezuela Oil Obligations Record Date of September 30 and Payment Date of October 15 Expected. Trades are "Ex-Dividend" on September 28. Calculations for Payments on the Oil Obligations will be Announced by the Fiscal Agent Shortly. 

September 29, 2009

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

September 28, 2009

Ivory Coast Strikes London Club Deal. 

EMTA’s Fourth Annual Forum in Singapore to be Held on Wednesday, October 28, 2009. Click Here to Register

Moody's Downgrades Lithuania's Foreign Currency Rating from A3 to Baa1. 

September 24, 2009

The Davis Polk Financial Crisis Manual (Davis Polk & Wardwell). 

SEC Takes Action on Credit Rating Agency Rules (Cleary Gottlieb). 

September 23, 2009

EMTA Special Presentation “Foreign Sovereign Immunities Act – A Primer” in NYC on October 21, 2009. 

September 22, 2009

MarketAxess, in Partnership with EMTA, to Hold Sixth Annual Charity Trading Day on Thursday September 24, 2009. 

Market Responds to Speculation of Argentina Reaching a Deal with Holders of Untendered Bonds. Commentary from Bank of America/Merrill Lynch, Barclays CapitalBulltick Capital Markets, Credit SuisseGoldman Sachs and RBS.

Moody's Upgrades Brazil's Long-Term Foreign Currency Rating from Ba1 to Baa3 (Investment Grade). 

September 16, 2009

Moody's Upgrades Indonesia's Sovereign Rating from Ba3 to Ba2. 

September 11, 2009

Affonso Pastore, Former President of Brazil’s Central Bank, to Deliver Keynote Address at EMTA Fall Forum on September 30, 2009. 

Emerging Markets Changes Relating to Coupon Standardization of CDS Contracts. 

September 9, 2009

Argentina's Ministry of Finance Announces Results of Debt Exchange Offer (in Spanish). 

August 28, 2009

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

August 25, 2009

EMTA Announces 2Q Debt Trading Stood at US$985 Billion. 

August 21, 2009

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

August 20, 2009

REVISED: Over-the-Counter Derivatives Markets Act of 2009 (Cadwalader, Wickersham & Taft LLP). 

August 19, 2009

EM Ltd. and NML Capital v. Argentina. 

Various Retail Bondholders v. Argentina. 

August 18, 2009

EMTA Corporate Bond Forum in New York to be Held on September 21, 2009. 

August 5, 2009

EMTA publishes its Recommended FX and Currency Derivatives Market Practice No.51 on New Settlement Rate Option for UAH/USD Non-Deliverable Forward FX and Currency Option Transactions for the Ukrainian Hryvnia. 

Standard & Poor’s Downgrades Jamaica’s Long-Term Foreign Currency Rating from B- to CCC+. 

July 29, 2009

Emerging Markets Charity Benefit to Be Held in London on Friday, October 9, 2009. (Invitation) 

Fiscal Agent Notice for Bosnia Performance Bonds Trigger. 

July 28, 2009

Emerging Markets Charity Benefit to Be Held in New York City on Thursday, December 3, 2009. (Invitation) 

July 22, 2009

ISDA's Small Bang Protocol: Auction Settlement following a Restructuring Credit Event - Cadwalader, Wickersham & Taft Memo. 

July 21, 2009

EMTA and ISDA publish their fourth joint market practice for swaps and credit derivatives: Recommended EMTA-ISDA Market Practice on Non-Deliverable CLP Camara Interest Rate Swap Transactions dated July 21, 2009. 

July 16, 2009

Moody’s Upgrades South Africa’s Foreign Currency Rating from Baa1 to A3.  

July 13, 2009

Emerging Markets Coupon Standardization. 

Various Retail Bondholders v. Argentina. 

July 9, 2009

Comunicado Nro. 49516 of the Banco Central de la Republica Argentina declaring July 10, 2009 a bank holiday (in Spanish). 

ICMA Regulatory Policy Newsletter July 2009 - Quarterly Assessment. 

June 29, 2009

Calculations for Payments on Uruguay VRR's Announced. 

June 22, 2009

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

June 17, 2009

Fitch Downgrades El Salvador's Issuer Default Rating from BB+ to BB. 

June 15, 2009

Standard & Poor's Upgrades Ecuador's Long-Term Sovereign Credit Rating to CCC+ from SD. 

June 12, 2009

Ecuador Press Release Regarding Results of its Tender Offer. 

Press Release of Argentine Ministry of Finance Regarding Results of Tender for BODEN 2012 Coupon (in Spanish). 

June 11, 2009

EMTA Announces 1Q Debt Trading Stood at US$915 Billion. 

June 10, 2009

Press Release of Argentine Ministry of Finance Regarding Tender for BODEN 2012 Coupon (in Spanish). 

June 8, 2009

EMTA Annual Summer Forum in London to be Held on June 25, 2009.  Click Here to Register.

EMTA and the UN Financing for Development Special Presentation "EM Debt: Is the System Working Well Enough?” in NYC on June 8, 2009.

 

June 5, 2009

Joint Resolution 113/2009 and 34/2009 of the Secretary of Finance (on Boden 2012) (in Spanish). 

June 4, 2009

EMTA Summer Forum in London to be Held on June 25, 2009.

June 3, 2009

EMTA and Risk Management Association Special Presentation "Emerging Markets Today and in the Future”.

 

June 1, 2009

Aurelius Capital Partners, et al v. Argentina. 

EMTA/ISDA Market Practice for Quarterly Rolls on EM CDS Contracts, Effective June 22, 2009.  

May 27, 2009

EMTA and the UN Financing for Development Special Presentation "EM Debt: Is the System Working Well Enough?” in NYC on June 8, 2009. Click Here to Register.

May 26, 2009

Ecuador Communiqué regarding the Clearing Price for the 2012 and 2030 Bonds. 

May 21, 2009

Congress Introduces Legislation on Argentine Debt and Court Defaults. 

May 13, 2009

EMTA and Risk Management Association Special Presentation "Emerging Markets Today and in the Future” in NYC on June 3, 2009. 

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

"El Mundo Está en Crisis… y Por Casa Como Andamos?"  Presentation by Miguel Kiguel at EMTA Forum in Buenos Aires. 

May 12, 2009

Ecuador Communiqué regarding the Tender Offer. 

Moody's Downgrades Ukraine's Foreign Currency Government Bond Rating from B1 to B2. 

Standard & Poor's Downgrades El Salvador's Long-Term Sovereign Credit Rating from BB+ to BB. 

May 11, 2009

"Brasil: De Desacoplado para Reacoplado e Agora Resistente." Presentation by Ilan Goldfajn at EMTA's Forum in Sao Paulo. Click Here to Register.

EMTA Special Presentation “Mexico’s Corporate Sector Troubles: Investment Implications and Forecasts”.

  • "Mexico: A safe vessel or a risky wreck in turbulent waters?"  Report  and  Slide Presentation  by Claudio M. Loser, Centennial Group Latin-America

EMTA Special Presentation “Ecuador’s Tender Offer” in NYC on May 29, 2009.  Click Here to Register.

May 7, 2009

Bingham McCutchen Letter regarding Ecuador Bondholder Call on May 8. 

May 6, 2009

Final Report of the Integral Auditing of the Ecuadorian Debt. 

Fiscal Agent Notice Regarding May 15, 2009 Payment on Nigeria Payment Adjustment Rights. 

May 1, 2009

Cinco de Mayo Luncheon 2009. 

April 30, 2009

Communiqué from the Minister of Finance of the Republic of Ecuador: English and Spanish versions.

April 29, 2009

ICMA Sale of Xtrakter to Euroclear on April 30. 

April 27, 2009

EMTA Forum - Buenos Aires To Be Held on May 13, 2009.  Click Here to Register.

April 24, 2009

Ecuador Tender Offer:  Felix Salmon Commentary and Ecuador Minister of Finance Letter.

EMTA Special Presentation “Mexico’s Corporate Sector Troubles: Investment Implications and Forecasts” in NYC on May 11, 2009. Click Here to Register.

April 23, 2009

Moody's Downgrades Lithuania's Foreign Currency Rating from A2 to A3. 

Moody's Downgrades Latvia's Foreign Currency Rating from Baa1 to Baa3. 

April 22, 2009

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

April 21, 2009

Colombia Becomes Third Country to Seek Access to IMF's Flexible Credit Line (FCL). 

Moody's Downgrades Fiji's Government Bond Rating from Ba2 to B1. 

April 20, 2009

Announcements Relating to Ecuador: Ecuador Tender OfferPress Release (and Spanish Version) and Key Contacts for the Information AgentTrustee Information Notice to Bondholders and Milbank Tweed Newsletter.

April 16, 2009

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

April 15, 2009

Nicolas Eyzaguirre, Director of Western Hemisphere Department at the IMF and former Chilean Finance Minister, to Deliver Keynote Address at EMTA Spring Forum. Click Here to Register.

April 14, 2009

Poland Becomes Second Country to Seek Access to IMF's Flexible Credit Line (FCL). 

Calculations for Payments on Venezuela Oil Obligations Announced. 

April 8, 2009

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

NML Capital et al v. Argentina. 

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

Fitch Downgrades Latvia's Long-Term Foreign Currency Issuer Default Rating from BBB- (Investment Grade) to BB+. 

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

April 6, 2009

EMTA Forum - São Paulo To Be Held on May 11, 2009. 

April 1, 2009

Joint Press Release from Mexican Finance Ministry and Central Bank Announcing Mexico Will Apply for IMF's Flexible Credit Line (FCL). 

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

Moody's Upgrades Lebanon's Foreign-Currency Government Bond Rating from B3 to B2. 

Peruvian Legislation to Tax Derivative Transactions Under Consideration (Spanish language version). 

March 31, 2009

Moody's Downgrades Hungary's Government Bond Rating from A3 to Baa1. 

March 30, 2009

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

March 25, 2009

IMF Announces Staff-Level Agreement with Romania as Part of Coordinated Financial Support with the EU, World Bank and EBRD. 

March 24, 2009

Standard & Poor's Downgrades Lithuania's Sovereign Credit Rating from BBB+ to BBB. 

March 23, 2009

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

March 18, 2009

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

March 16, 2009

Ecuador Trustee Notice for 2012 Bonds and  2030 Bonds. 

March 13, 2009

EMTA and ISDA Publish New Joint Market Practice No. 2 on Non-Deliverable Swap Transactions. Conforming changes also have been made to EMTA ISDA Joint Market Practice No. 1. EMTA Members only may CLICK HERE to view the newly issued and amended joint Market Practices.

March 10, 2009

April 30 - Spring Forum (NYC). Sponsored by HSBC.
May 11 - EMTA Forum in São Paulo. Sponsored by Banco Itaú.
May 13 - EMTA Forum in Buenos Aires. Sponsored by Banco Itaú.
Invitations will be distributed approx. 3 wks before the event.

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 9, 2009

EMTA Special Presentation “Recent and Potential Litigation in EM Area” in NYC (with London video-link hosted by Herbert Smith) on March 9, 2009.

 

March 4, 2009

Moody's Downgrades Jamaica's Foreign-Currency Government Bond Rating from B1 to B2. 

EMTA publishes its Recommended FX and Currency Derivatives Market Practice No. 50 on standard terms for NDF and NDO transactions for the Kazakhstan Tenge and the Ukrainian Hryvnia. 

Asia Aluminum: EMTA Provides Forum for Global Bondholders. 

March 2, 2009

"Asia Aluminum Bond Tender at Risk of Rejection".  Posted with Permission of FinanceAsia. 

EMTA Special Presentation “Recent and Potential Litigation in EM Area” in NYC (with London video-link hosted by Herbert Smith) on March 9, 2009. Click Here to Register

February 26, 2009

"Bondholders Form Group to Fight Asia Aluminum Over Tender Offer".  Posted with Permission of Euroweek.  

February 25, 2009

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

EMTA Announces 2008 Annual Emerging Markets Debt Trading Stood at US$4.173 Trillion. 

February 24, 2009

EMTA Winter Forum - Sell Side Panel Forecasts on Key Variables. 

Standard & Poor's Downgrades Latvia's Sovereign Credit Rating from BBB- (Investment Grade) to BB+. 

February 19, 2009

Save the Date! EMTA Special Presentation "Recent and Potential Litigation in EM Area" in NYC (with London video-link hosted by Herbert Smith) on March 9, 2009. 

February 17, 2009

EMTA Special Presentation “The Future of Financial Regulation: Meet the New Regulators, Better Than the Old Regulators?” in NYC on February 27, 2009. Click Here to Register. Postponed.

February 13, 2009

Republic of Ecuador - Disclosure Request. 

February 12, 2009

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

February 10, 2009

Moody's Upgrades Belize's Government Bond Rating from Caa1 to B3. 

February 4, 2009

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

Fitch Downgrades Russia's Long-Term Issuer Default Rating from BBB+ to BBB. 

February 2, 2009

EMTA Winter Forum in London to Be Held on February 24, 2009. Click Here to Register.

January 30, 2009

Market Practice for Ecuador 2015 Bonds.  

January 29, 2009

Ecuador Notice Regarding New Record and Payment Dates for Ecuador 2015 Bonds. 

January 19, 2009

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

January 16, 2009

Trustee Notice Regarding Payment and Record Dates for Ecuador 2015 Bonds. 

January 15, 2009

Market Practice for Ecuador 2015 Bonds. 

January 14, 2009

Capital Ventures International v. Argentina. 

January 13, 2009

EMTA Confirms Flat Trading for Ecuador 2015 Bonds on Trades Entered Into Through the Close of Business on January 15, 2009. 

January 12, 2009

Moody's Upgrades Uruguay's Foreign-Currency Bond Rating of Uruguay from B1 to Ba3. 

January 9, 2009

Various Retail Bondholders v. Argentina. 

January 7, 2009

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

EMTA Corporate Bond Forum in London to Be Held on January 29, 2009. Click Here to Register.

Moody's Downgrades Latvia's Foreign-Currency Government Rating from A3 to Baa1. 

January 6, 2009

ISDA 2009 Ecuador CDS Protocol. 

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