Do Enhanced Collective Action Clauses Affect Sovereign Borrowing Costs?

Nopic
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... READ MORE...

Publication date: August 2020
ISBN 9781513526843
$18.00

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Publication date: August 2020

English