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Drafting a Model Collective Action Clause for Eurozone Sovereign Bonds


Lee C. Buchheit


Cleary Gottlieb Steen & Hamilton LLP - New York Office

G. Mitu Gulati


Duke University - School of Law

June 8, 2011

Capital Markets Law Journal, Forthcoming

Abstract:     
In the wake of the Eurozone sovereign debt crisis, the European financial authorities announced last November that all Eurozone sovereign bonds issued after mid-2013 must contain an identical collective action clause (CAC) in order, if necessary, to facilitate a restructuring of those instruments.

CACs in sovereign bonds have been the subject of considerable attention over the last ten years. They were introduced into sovereign bonds governed by U.S. law only in early 2003. Yet a surprising number of versions of the clause can be found in modern sovereign bonds.

The history of the research and development of this contractual provision is, or at least ought to be, relevant to the drafting of the model European version of the clause.

Number of Pages in PDF File: 14

Keywords: sovereign debt, collective action clause, CAC, international economic

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Date posted: April 14, 2011 ; Last revised: June 17, 2011

Suggested Citation

Buchheit, Lee C. and Gulati, G. Mitu, Drafting a Model Collective Action Clause for Eurozone Sovereign Bonds (June 8, 2011). Capital Markets Law Journal, Forthcoming. Available at SSRN: http://ssrn.com/abstract=1807007

Contact Information

Lee C. Buchheit
Cleary Gottlieb Steen & Hamilton LLP - New York Office ( email )
One Liberty Plaza
New York, NY 10006-1470
United States
Gaurang Mitu Gulati (Contact Author)
Duke University - School of Law ( email )
210 Science Drive
Box 90362
Durham, NC 27708
United States
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