Brussels, 01/09/2014 (Agence Europe) - At the end of August, ICMA, the international body representing market players (apart from speculative funds) adjusted the collective action clauses in its standard contracts on sovereign bonds.
One of the main changes makes it possible to bind a number of layers of bond to a single vote by a country's lenders.
Since 2013, eurozone countries have been issuing sovereign bonds that include collective action clauses (CACs) under the legal system...