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Entries for 'Debt'

IIF Letter To G20 Regarding The Debt Service Suspension Initiative (DSSI)

We remain strongly supportive of the intent behind the DSSI. However, we also recognize that the underlying premise may have changed—the issues in some countries are no longer temporary liquidity problems, but rather more fundamental solvency concerns. This letter sets out three key points which we believe are crucial.

Global Debt Monitor: Sharp Spike In Global Debt Ratios

Pandemic-driven recessionary conditions pushed global debt-to-GDP to a new record of 331% of GDP ($258T) in Q1, up from 320% in Q4 2019. Debt in mature markets reached 392% of GDP (vs 380% in 2019). Canada, France and Norway saw the largest increases. EM debt surged to over 230% of GDP in Q1 2020 (vs 220% in 2019), largely driven by non-financial corporates in China.

Progress Update on Private Sector Engagement in the G20 Debt Service Suspension Initiative (DSSI)

Following discussions during the Paris Forum/G20 event on July 8, we are pleased to provide the following progress update on private sector engagement with respect to the G20 Debt Service Suspension Initiative (DSSI). 

G20 DSSI Template Waiver Letter Agreement

In response to the request for a waiver from private lenders stating that a request from sovereign borrowers for forbearance from official creditors would not constitute an event of default, we are very pleased to published this “G20 DSSI Template Waiver Letter Agreement.” 

Market Snapshot: EM and FM Sovereign Credit Markets - Open for Business

After a challenging Q1, emerging and frontier market international bond issuance picked up significantly in Q2. High yield sovereign borrowers have been accessing the market; borrowing costs are well below peak Q1 levels. We see robust issuance in most emerging and frontier markets, though sub-Saharan African borrowers are notably absent.

ESG Webinar Series: Sustainable Debt Market Update

Daniel Shurey, Vice President of Sustainable Finance Americas at ING, joined Sonja Gibbs, MD and Head of Sustainable Finance at the IIF, on this week's ESG Webinar to provide an update on the sustainable debt market.

IIF Letter To G20, IMF, World Bank and Paris Club On the Private Sector Terms of Reference for the G20/Paris Club DSSI

Informed by our working group discussions, this letter is meant to frame the accompanying Terms of Reference for private sector consideration of borrower requests within the DSSI.

Terms of Reference for Voluntary Private Sector Participation in the G20/Paris Club DSSI

The Terms of Reference are a toolkit for DSSI-eligible sovereign borrowers that request forbearance from their private creditors. This new framework offers a flexible template for in-scope borrowers and their private creditors to advance conversations and enable voluntary debt service suspension, on terms in line with official bilateral creditors.

IIF Sovereign Debt Webinar

This webinar addresses some of the significant questions about the credit implications of private sector participation in the G20 Debt Service Suspension Initiative (DSSI)—in particular, whether in-scope countries can achieve suspension or payment deferral without triggering negative rating actions on country and bond ratings.

IIF Letter To IMF, World Bank and Paris Club On a Potential Approach to Voluntary Private Sector Participation in the DSSI

In response to the G20 Debt Service Suspension Initiative (DSSI) and calls in the IMFC, Development Committee and Paris Club communiqués for private sector participation, this letter provides an update on IIF activities, shares views from the international financial community, and outlines thoughts on a potential approach to voluntary private sector participation in the DSSI.

 

 

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