New Developments 2015 New Developments 2015
New Developments 2015

In this area, EMTA posts current information regarding EMTA projects and other matters deemed of interest to participants in the Emerging Markets trading and investment community. To submit materials for posting to this area, please contact EMTA by e-mail at sortiz@emta.org. EMTA generally disclaims responsibility for the content of materials received for posting from outside sources.

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Argentina Litigation 

December 21, 2015
2016 Holiday Schedule. 

December 18, 2015
Calculations for Payments on Uruguay VRR's Announced.

Moody’s Upgrades South Korea’s Issuer Bond Rating from Aa3 to Aa2.

December 17, 2015
S&P and Fitch Downgrade Brazil to One Notch Below Investment Grade.

Market Relief as US Fed Finally Raises Fed Funds Rate by .25%.

December 16, 2015
EMTA Special Seminar: Arbitration in the Emerging Markets in London on January 29, 2016. Click Here to Register.  

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

December 14, 2015
EMTA Announces 3Q 2015 EM Debt Trading Stood at $1.137 Trillion.

December 10, 2015
EMTA Corporate Bond Forum, Sponsored by ICBC Standard Bank to be Held in London on January 26, 2016. Click Here to Register.

December 9, 2015
Statement of Daniel A. Pollack, Special Master in Argentina Debt Litigation. 

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

December 8, 2015 

EMTA’s Fifth Annual Miami Forum to be held on January 19, 2016. Click Here to Register.

EMTA Special Seminar: Cuba - The New Frontier?

December 7, 2015
EMTA's 25th Anniversary Panels: Emerging Markets - Then and Now.

EMTA Special Seminar: A New Argentina? to be held in London on January 11, 2016. Click Here to Register. 

December 4, 2015

Fitch Downgrades South Africa to 'BBB-'; Outlook Stable. 

December 1, 2015
EMTA's Fourth Quarter Bulletin in Now Available in our Bulletin Section.

November 30, 2015
Bank of England Workshop on GDP Linked Bonds.  

Click Here to View Items Available at EM Charity Benefit NYC for New Chinese Auction.

November 24, 2015
EMTA Publishes Recommended FX and Currency Derivatives Market Practice No. 76  to address  certain practices in monitoring non-deliverable barrier and binary options. Members only may CLICK HERE to view this Market Practice.

November 23, 2015
EMTA Announces 3Q 2015 EM CDS Volume Stood at US$376 Billion. 

November 20, 2015
Standard & Poor’s Downgrades Oman’s Long-Term Foreign Currency Sovereign Credit Rating from A- to BBB+. 

November 19, 2015
Moody's Upgrades Ukraine's Government Issuer Rating from Ca to Caa3.

November 10, 2015
Holiday Schedule for EM Bond Trades for US Thanksgiving Day Holiday.  

November 6, 2015
EMTA Special Seminar: Cuba - The New Frontier? to be Held in NYC on December 8, 2015. Click Here to Register.

EMTA Special Seminar: The Future of Energy in the Asian Markets.

November 5, 2015
EMTA's 25th Anniversary Panels: Emerging Markets - Then and Now to be Held in NYC on December 7, 2015. Click Here to Register.

Moody's Upgrades Côte d'Ivoire's Long-Term Sovereign Rating from B1 to Ba3. 

November 2, 2015
EMTA Annual Meeting in New York to be Held on December 3, 2015. Click Here to Register.

October 29, 2015
Fiscal Agent Notice Regarding November 16, 2015 Payment on Nigeria Payment Adjustment Rights. 

October 28, 2015
Holiday Schedule for EM Bond Trades for US Veterans' Day Holiday.  

October 26, 2015
EMTA Special Seminar: Arbitration in the Emerging Markets.

October 23, 2015
EMTA Special Seminar: The Future of Energy in the Asian Markets to be Held in NYC on November 6, 2015. Click Here to Register.

EMTA Roundtable: US Sanctions - A Dialogue Between the Official and Private Sectors to be Held in London on October 28, 2015. Click Here to Register.

IMF Releases Working Paper on Sovereign Debt Crisis. 

October 21, 2015
Adoption Day in Iran Sanctions Deal: US and EU Give Clarification, But No Lifting of Sanctions Yet - Dechert Memo.

October 16, 2015 
The Financial Markets Law  Committee submits  comments to the European Commission on its proposed benchmark legislation.

EMTA Special Seminar: Argentina Elections - What the Future Will Hold.

October 15, 2015
Calculations for Payments on Venezuela Oil Obligations Announced.  Warrant Record Date of September 30 and Payment Date of 
October 15 for Venezuela Oil Obligations. Trades are "Ex-Dividend" on September 28.

October 5, 2015
EMTA Corporate Bond Forum in Boston to be Held on November 3, 2015. Click Here to Register.

ISDA EMEA DC: Republic of Ukraine Repudiation/Moratorium and Failure to Pay Credit Events. 

September 30, 2015
List of Items to be Auctioned off at Emerging Markets Charity Ball in London on October 2, 2015.

September 29, 2015
Holiday Schedule for EM Bond Trades for US Columbus Day Holiday. 

September 28, 2015
EMTA Special Seminar: Puerto Rico At A Crossroads.

September 25, 2015
Market Practice for Ukraine Bonds.
 
Standard & Poor’s Downgrades Ukraine’s Long-Term Foreign Currency Sovereign Credit Rating on Ukraine from CC to SD.

Moody's Downgrades Zambia's Government Issuer Rating from B1 to B2. 

September 24, 2015
EMTA Special Seminar: Arbitration in the Emerging Markets in New York on October 26, 2015. Click Here to Register. 

U.S. Government Takes Steps to Further Ease Restrictions on Cuba – Dechert Memorandum. 

September 22, 2015
U.S. Continues Incremental Easing of Cuban Sanctions – Cleary Gottlieb Steen & Hamilton Memorandum.

OFAC Revises Restrictions on Dealings with Cuba – Cadwalader, Wickersham & Taft Memorandum.

September 21, 2015
EMTA Special Seminar: Puerto Rico at a Crossroads in New York on September 28, 2015. Click Here to Register. 

MarketAxess Announces 12th Annual Emerging Market Charity Trading Day to be Held on Thursday September 24, 2015. 

September 16, 2015
EMTA's Tenth Annual Forum in Singapore to be Held on Wednesday, October 21, 2015. Click Here to Register.

EMTA's Tenth Annual Forum in Hong Kong to be Held on Friday, October 23, 2015. Click Here to Register.

September 14, 2015
Annex A Amended to Delete Certain PKR/USD and VND/USD Rate Source Definitions. 

September 11, 2015
Iran Deal “Clears” Congress, But No Sanctions Relief Yet - Dechert Memo. 

September 9, 2015
Standard & Poor’s Downgrades Brazil’s Long-Term Foreign Currency Rating from BBB- to BB+.

September 8, 2015
EMTA's Third Quarter Bulletin in Now Available in our Bulletin Section.

September 3, 2015
EMTA Special Seminar: Argentina Elections - What The Future Will Hold in New York on October 16, 2015. Click Here to Register. 

Standard & Poor’s Assigns Iraq a Long-Term Foreign Currency Rating of B. 

September 1, 2015
Foreign Sovereign Immunity: Second Circuit Issues New Ruling on Central Bank Immunity Under the Foreign Sovereign
Immunities Act – Sullivan & Cromwell Memorandum.

August 27, 2015
Fact Sheet on Ukraine’s Agreement with Ad Hoc Committee of Creditors.

Ukraine Ministry of Finance Newsletter: Debt Restructuring Agreement Between Ukraine and Ad Hoc Committee of Creditors.

August 24, 2015
EMTA Fall Forum in New York to be Held on Wednesday, September 16, 2015. Click Here to Register.

August 19, 2015
Holiday Schedule for EM Bond Trades for UK Summer Bank and US Labor Day Holidays.  

August 18, 2015
EMTA Announces 2Q 2015 EM Debt Trading at US$1.211 Trillion.

August 17, 2015
EMTA Forum on Sub-Saharan Africa in London to be Held on Thursday, September 24, 2015. Click Here to Register.

August 13, 2015
US Imposes Significant Export Restrictions on Russian Oil and Gas Field – Dechert Memorandum.

August 11, 2015
Moody's Downgrades Brazil's Government Bond Rating from Baa2 to Baa3.

August 7, 2015
Fitch Assigns Iraq a Long-Term Foreign Currency Issuer Default Rating of B-.

Moody's Downgrades Mozambique's Government Issuer Rating from B1 to B2. 

August 6, 2015
EMTA Corporate Bond Forum in New York to be Held on September 10, 2015. Click Here to Register.

August 5, 2015
EMTA Announces 2Q 2015 EM CDS Volume Stood at US$275 Billion. 

August 4, 2015
IMF Publishes Its First Review Under Ukraine’s Extended Arrangement. 

August 3, 2015
Additional U.S. Sanctions Imposed on Russian and Ukrainian Persons, But No Significant Escalation – Dechert Memorandum. 

July 24, 2015
Press Release of the Bank for International Settlements announcing the formation of a working group to develop an FX Code of Conduct. 

July 22, 2015
Looking Ahead to Lifting Sanctions Against Iran – Shearman & Sterling Memo. 

July 21, 2015
Sanctions Against Iran: Changing, Not Gone – Cleary Gottlieb Memo.

July 10, 2015
Moody's Upgrades Nicaragua's Foreign-Currency Government Issuer Rating from B3 to B2. 

July 8, 2015
ISDA Publishes Recommendation for an Amendment to the Single-Name CDS Roll Frequency to Semi-Annual Rolls.

July 7, 2015
Market Practice for Argentina Local Law Discount and Par Bonds.

July 6, 2015
Standard & Poor's Downgrades Mozambique’s Long-Term Sovereign Rating from B to B-.

July 1, 2015
Moody's Downgrades Greece's Government Bond Rating from Caa2 to Caa3.

June 29, 2015
Standard & Poor’s Downgrades Greece’s Long-Term Ratings from CCC to CCC-.

June 26, 2015
Calculations for Payments on Uruguay VRR's Announced.

June 18, 2015
Moody’s Comment on Cuba’s Paris Club Debt.

June 17, 2015
Holiday Schedule for EM Bond Trades for US Independence Day Holiday. 

June 15, 2015
Ukraine Debt Restructuring: The Right Way is the Middle Way.

Emerging Markets Charity Benefit to be Held on December 3, 2015. CLICK HERE for the invitation.

June 12, 2015
Ministry of Finance Welcomes the Successful Negotiations on Oschadbank's External Debt.

IMF Managing Director Issues Statement on Ukraine.

June 11, 2015
EMTA Announces 1Q 2015 EM Debt Trading at US$1.226 Trillion. 

Moody’s Upgrades Pakistan’s Foreign Currency Issuer Bond Rating from Caa1 to B3. 

Ukraine Ministry of Finance Newsletter #3: Progress for Ukraine on Bondholder Negotiations.

June 9, 2015
Readout from a Treasury Spokesperson on the Meeting between Secretary Lew and Ukrainian Prime Minister Arseniy Yatsenyuk and
   Finance Minister Natalie Jaresko.

MSCI Announces China A-Shares on Track for Inclusion in Index. 

June 5, 2015
EMTA Special Seminar: Argentina Update.

Fitch Downgrades Bahrain’s Long-Term Foreign Currency Issuer Default Rating from BBB to BBB-.

June 4, 2015
Press Release Related to Ukraine Bonds. 

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

May 28, 2015
The Ministry of Finance of Ukraine to Issue US Guaranteed Bonds Worth $1 Billion USD.

Moody's Upgrades Jamaica's Government Bond Rating from Caa3 to Caa2.

EMTA, ISDA and the FXC Publish Amendments to Annex A to the 1998 FX and Currency Option Definitions. 

May 25, 2015
EMTA Summer Forum in London to be held on June 23, 2015. Click Here to Register.

May 18, 2015
Oschadbank Bondholder Disclosure Request. 

May 11, 2015
ICMA Press Release on New York Governing Law Model Collective Action, Pari Passu and Creditor Engagement Clauses.

May 8, 2015
Holiday Schedule for EM Bond Trades for US Memorial Day/UK Spring Bank Holidays. 

Moody’s Upgrades Lithuania’s Government Bond Rating from Baa1 to A3. 

May 7, 2015
EMTA Forum in Zurich to be Held on June 3, 2015. Click Here to Register.

May 5, 2015
EMTA Forum in Frankfurt to be Held on June 1, 2015. Click Here to Register.

May 4, 2015
EMTA Announces 1Q 2015 EM CDS Volume Stood at US$383 Billion. 

EMTA Special Seminar: Argentina Update to be Held in London on June 5, 2015. Click Here to Register.

May 1, 2015
EMTA Special Seminar: Argentina Update.

April 30, 2015
Belgian Bill Relating to Creditor Rights. 

Fiscal Agent Notice Regarding May 15, 2015 Payment on Nigeria Payment Adjustment Rights.

Moody’s Downgrades Trinidad & Tobago’s Government Bond Rating from Baa1 to Baa2.

April 22, 2015
Holiday Schedule for EM Bond Trades for UK May Day Bank Holiday. 

April 20, 2015
OFAC Updates FAQ about the Cuba Sanctions Program – Cadwalader, Wickersham & Taft Memorandum. 

April 17, 2015
Calculations for Payments on Venezuela Oil Obligations Announced. 

April 16, 2015
Moody’s Downgrades Bahrain’s Long-Term Government Issuer Rating from Baa2 to Baa3.

April 10, 2015
Standard & Poor's Downgrades Ukraine’s Long-Term Foreign Currency Sovereign Credit Rating from CCC- to CC.

April 8, 2015
EMTA Investor Forum in Los Angeles to be Held on May 14, 2015. Click Here to Register.

Cancelled: Creditor Engagement Clauses - Pro's and Con's on April 13, 2015.

Warrant Record Date of March 31 and Payment Date of April 15 for Venezuela Oil Obligations. Trades are "Ex-Dividend" on March 27.

Statement from The Ad‐Hoc Committee of Noteholders to Ukraine. 

April 7, 2015
Moody's Upgrades Egypt's Issuer Bond Rating from Caa1 to B3.

Ukraine Ministry of Finance Newsletter #2: Minister Jaresko's US and UK Visit. 

April 6, 2015
Iran Sanctions: Where Are We and What’s Next? – Cleary Gottlieb Memo.

March 27, 2015
EMTA Spring Forum in NYC to be Held on April 28, 2014. Click Here to Register.

March 26, 2015
Creditor Engagement Clauses - Pro's and Con's to be Held in NYC on April 13, 2015. Click Here to Register.

March 25, 2015
EM Benefit to be Held in London on October 2, 2015. Click Here for the Invitation and Click Here for more information.

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

March 24, 2015
Moody’s Downgrades Ukraine's Long-Term Government Debt Rating from Caa3 to Ca. 

March 20, 2015
EMTA's First Quarter Bulletin is Now Available in our Bulletin Section.

Moody's Upgrades Paraguay's Government Bond Rating from Ba2 to Ba1.
 
Standard & Poor's Downgrades Nigeria’s Long-Term and Foreign Currency Sovereign Credit Rating from BB- to B+. 

Standard & Poor's Upgrades Hungary’s Long-Term Foreign Currency Sovereign Credit Rating from BB to BB+.

March 19, 2015
EMTA Forum in Vienna to be Held on May 4, 2015. Click Here to Register.

Moody's Downgrades Ghana's Sovereign Rating from B2 to B3. 

March 16, 2015
EMTA Forum in Buenos Aires to be Held on April 16, 2015. Click Here to Register.

March 13, 2015
EMTA Announces 2014 Emerging Markets Debt Trading Stood at US$5.922 Trillion.

EMTA Special Seminar: Russia/Ukraine: An Update to be Held in London on March 26, 2015. Click Here to Register.

EMTA Special Seminar: Argentina Update to be Held in New York on May 1, 2015. Click Here to Register. 

March 12, 2015
EMTA Forum in São Paulo to be Held on April 14, 2015. Click Here to Register.

Ukraine Ministry of Finance Welcomes IMF $17.5 Billion Extended Fund Facility and Begins International Bondholders' Consultations.

Ukraine Ministry of Finance Newsletter #1: IMF's $17.5bln Package.

March 11, 2015
EMTA Special Seminar: Outlook for Brazil 2015 to be Held in New York on April 9, 2015. Click Here to Register.

IMF Press Release on Extended Fund Facility for Ukraine. 

March 9, 2015
Seven Venezuelan individuals sanctioned by Executive Order to address Human Rights Concerns.

March 2, 2015
EMTA Investor Forum in Boston to be Held on April 1, 2015. Click Here to Register.

Creditor Engagement Clauses - Pro's and Con's.

February 26, 2015
House Subcommittee Hearing on H.R. 870 Granting Recognition of Puerto Rico as a "State" for Purposes of Access to Chapter 9 of the U.S. Bankruptcy Code – Professor Arturo Porzecanski Statement and Statement of Four Witnesses and Video of the Proceedings.

February 20, 2015
Moody's Downgrades Russia's Sovereign Debt Rating from Baa3 to Ba1.

February 19, 2015
Statement of Daniel A. Pollack, Special Master in Argentina Debt Litigation.

Moody's Downgrades Puerto Rico GO Bonds to Caa1 from B2, COFINA to B3/Caa1 from Ba3/B1.

February 17, 2015
2015 Year-End Forecast Slide Displayed at EMTA Winter Forum in London.

February 13, 2015
Moody's Upgrades Latvia's Government Bond Rating from Baa1 to A3.

February 10, 2015
Venezuela publishes new FX regulations - in English and Spanish

February 9, 2015
Creditor Engagement Clauses - Pro's and Con's to be Held in NYC on March 2, 2015. Click Here to Register.

Standard & Poor’s Downgrades Bahrain’s Long-Term Foreign Currency Sovereign Credit Rating from BBB to BBB-. 

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

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

U.S. District Court Holds that Puerto Rico’s Recovery Act is Unconstitutional – Cadwalader, Wickersham & Taft Memorandum. 

February 6, 2015
Puerto Rico Recovery Act Preempted.

February 5, 2015
EMTA Announces 2014 Annual EM CDS Volume Stood at US$1.56 Trillion.

February 4, 2015
Feedback Statement of the European Securities and Markets Authority (ESMA). Consultation on the Clearing Obligation for Non-Deliverable Forwards. 

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

January 30, 2015
EMTA Special Seminar: Russia/Ukraine: An Update to be Held in NYC on February 11, 2015. Click Here to Register

January 29, 2015
EMTA Forum in Dubai to be Held on March 17, 2015. Click Here to Register

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

January 27, 2015
The Foreign Exchange Committee today released the results of its twenty-first Survey of North American Foreign Exchange Volumes.
The press release can be found on the Foreign Exchange Committee's website at http://newyorkfed.org/fxc/.
The survey, together with the list of reporting dealers and explanatory notes, are available online at www.newyorkfed.org/fxc/volumesurvey.

January 26, 2015
Standard & Poor’s Downgrades Russia’s Foreign-Currency Sovereign Rating from BBB- to BB+.

U.S. Economic Sanctions: United States Eases Elements of Cuban Embargo; New Regulations Issued by U.S. Treasury and Commerce Departments Implement Cuban Policy Changes Announced in December - Sullivan & Cromwell Memorandum.

Revised Cuba Regulations – Cleary Gottlieb Steen & Hamilton Memorandum.

Market Acceptance of ICMA’s New Sovereign Debt Contract Reforms: Joint meeting of the Institute of International Finance, EMTA and ICMA in London on February 5, 2015. 

January 23, 2015
Moody's Upgrades Slovenia’s Government Bond Rating from Ba1 to Baa3.

January 22, 2015
Moody’s Comment on Cuba (Rated Caa2).

January 16, 2015
Moody's Downgrades Russia's Government Bond Rating from Baa2 to Baa3.

January 15, 2015
EMTA Winter Forum in London to be Held on February 17, 2015. Click Here to Register.

January 13, 2015
U.S. to Back $2 Billion in Loan Guarantees for Ukraine.

Moody’s Downgrades Venezuela’s Government Bond Rating from Caa1 to Caa3.

January 9, 2015
Fitch Downgrades Russia's Long-Term Foreign Currency Issuer Default Ratings from BBB to BBB-.

January 7, 2015
Holiday Schedule for EM Bond Trades for Martin Luther King, Jr. Holiday. 

January 5, 2015
Revised 2015 Holiday Schedule. 



Current | 2016 | 2014 | 201320122011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000