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RBA Glossary definition for CAC

CAC – Collective Action Clause. A clause in bond contracts that includes provisions allowing a qualified majority of lenders to amend key financial terms of the debt contract and bind a minority to accept these new terms.

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Sovereign Debt Restructuring: Recent Issues and Reforms

18 Dec 2014 Bulletin – December 2014
Tapas Strickland
Over the past decade, 14 countries have undertaken a total of 18 debt restructurings. Concerns surrounding some of these restructurings have led policymakers and capital market participants to review their policies and practices on restructuring
https://www.rba.gov.au/publications/bulletin/2014/dec/9.html

Sovereign Debt Restructuring: Recent Issues and Reforms

17 Dec 2014 Bulletin December Quarter 2014 PDF 1015KB
https://www.rba.gov.au/publications/bulletin/2014/dec/pdf/bu-1214-9.pdf

Box B: The Greek Private Sector Debt Swap

10 May 2012 SMP – May 2012
The majority of bondholders voluntarily participated in the exchange and the Greek Government activated collective action clauses (CACs) to compel most remaining holders to participate. ... As noted above, the activation of CACs constituted a ‘credit
https://www.rba.gov.au/publications/smp/2012/may/box-b.html

Statement on Monetary Policy - May 2012

4 May 2012 SMP - May 2012 PDF 2261KB
https://www.rba.gov.au/publications/smp/2012/may/pdf/0512.pdf

Box B: The Greek Private Sector Debt Swap

3 May 2012 SMP - May 2012 PDF 454KB
https://www.rba.gov.au/publications/smp/2012/may/pdf/box-b.pdf

The Asian Crisis: A Retrospective

12 Oct 2007 Bulletin PDF 93KB
Address by Mr Glenn Stevens, Governor, to The Anika Foundation Luncheon Supported by Australian Business Economists and Macquarie Bank, Sydney, 18 July 2007
https://www.rba.gov.au/publications/bulletin/2007/aug/pdf/bu-0807-2.pdf

Recent Proposals for Reform of Sovereign Debt Restructuring

13 Aug 2002 Bulletin PDF 78KB
debtor. ‘British-style’ bonds issued in theEuromarket under English governing lawalmost invariably contain CACs. ... Global bonds (without CACs) 45Euromarket 48– with CACs 22– without CACs 26Other 7.
https://www.rba.gov.au/publications/bulletin/2002/aug/pdf/bu-0802-3.pdf

Recent Proposals for Reform of Sovereign Debt Restructuring

10 Aug 2002 Bulletin – August 2002
Anthony Richards, Darren Flood and Mark Gugiatti
British-style’ bonds issued in the Euromarket under English governing law almost invariably contain CACs. ... The opposition of some US market participants to CACs in part reflects inertia.
https://www.rba.gov.au/publications/bulletin/2002/aug/3.html