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Do Enhanced Collective Action Clauses Affect Sovereign Borrowing Costs?

100%
Chung K., Papaioannou M. G.
Journal of Banking and Financial Economics
|
2021
|
issue 1(15)
59-87
EN
This paper analyzes the effects of including collective action clauses (CACs) and enhanced CACs in international (nondomestic law-governed) sovereign bonds on sovereigns’ borrowing costs, using secondary-market bond yield spreads. Our findings indicate that inclusion of enhanced CACs, introduced in August 2014, is associated with lower borrowing costs for both noninvestment-grade and investment-grade issuers. These results suggest that market participants do not associate the use of CACs and enhanced CACs with borrowers’ moral hazard, but instead consider their implied benefits of an orderly and efficient debt resolution process in case of restructuring.
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Belize’s 2016–17 Sovereign Debt Restructuring – Third Time Lucky?

81%
Asonuma T., Papaioannou M. G., Togo E., van Selm B.
Journal of Banking and Financial Economics
|
2020
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issue 2(14)
47-67
EN
This paper examines the causes, process, and outcome of Belize’s 2016–17 sovereign debt restructuring – its third episode in last 10 years. As was the case in the earlier two restructurings, in 2006–07 and in 2012–13, the 2016–17 debt restructuring was executed through collaborative engagement with creditors outside an IMF-supported program. While providing liquidity relief and partially addressing long-term debt sustainability concerns, the restructuring will need to be underpinned by ambitious fiscal consolidation and growth-enhancing structural reforms to secure durable gains and avoid future debt distress situations.
3
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Sovereign Debt Restructurings in Grenada: Causes, Processes, Outcomes, and Lessons Learned

71%
Asonuma T., Xin Li M., Papaioannou M. G., Thomas S., Togo E.
Journal of Banking and Financial Economics
|
2018
|
issue 2(10)
67-105
EN
This paper documents the two debt restructurings that Grenada undertook in 2004–06 and 2013–15. Both restructurings emerged as a consequence of weak fiscal and debt situations, which became unsustainable soon after external shocks hit the island economy. The two restructurings provided liquidity relief, with the second one involving a principal haircut. However, the first restructuring was not able to secure long-term debt sustainability. Grenada’s restructuring experience shows the importance of (1) establishing appropriate debt restructuring objectives; (2) committing to policy reforms and maintaining ownership of the restructuring goals; and (3) engaging closely and having clear communications with creditors.
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