Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

A collective action clause (CAC) may be in the gazillion new issuances that follow the Mexican and Brazilian ones, both of which apparently required very little if any premium in the marketplace to obtain the CAC. Is there any evidence among emerging-country borrowers that use of the CAC will now spread significantly? It obviously provides greater flexibility in negotiating.

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