Financial Times: “Guest post: Argentina must offer holdouts no more than last time”
Wall Street Journal: “Argentina's Offer to Holdout Creditors: Three Scenarios”
Wall Street Journal: “As Argentina Faces Deadline, Credit Markets Watch Nervously”
MercoPress: “Argentina prepared to offer suing ‘vulture funds’ a 25-year bond, says Ambito”
Financial Times
Thursday, March 28, 2013
By Federico Tomasevich of Puente
In the case between the Argentine government and the “holdout” bond holders, Puente was the only investment bank that filed an amicus brief in support of the government. We did so because, as one of the largest sovereign, provincial and corporate bond traders, we understood we had a professional and moral duty to defend not only our numerous clients but also the millions of Argentineans who will be severely harmed if Argentina goes into default.
With Friday’s deadline for Argentina to make an offer to the holdouts approaching, Buenos Aires must stick to its guns.
Wall Street Journal
Thursday, March 28, 2013
By SHANE ROMIG, KATY BURNE and KEN PARKS
A U.S. appeals court has given the Argentine government a Friday deadline to propose how it will pay holdout creditors who rejected its two prior debt-exchange offers.
Here are three likely scenarios:
—Argentina may simply offer to reopen its debt swap on the same terms as those given to investors who took the deals in 2005 and 2010, but without including any back interest payments and without adding lucrative gross-domestic-product warrants as sweeteners. Such meager pickings would likely be roundly rejected by the holdout creditors, whose $1.33 billion in total claims consist largely of overdue interest payments.
Wall Street Journal
Thursday, March 28, 2013
By Shane Romig, Katy Burne and Ken Parks
Argentina’s decadelong clash with creditors moves into a new phase Friday, when the country’s government must outline how it will compensate bondholders who refused to take part in previous debt restructurings.
A U.S. appeals court has given the government until midnight Friday to submit a plan to pay a group of creditors led by hedge funds Elliott Management and Aurelius Capital, which have been battling for years to force Argentina to repay money owed on bonds on which it defaulted in December 2001. The funds and a number of smaller creditors are seeking full payment of their outstanding principal and interest, a total of $1.33 billion in claims.
MercoPress
Thursday, March 28, 2013
The country faces a Friday deadline to respond to a US appeals court order that it provide an alternative payment formula to resolve litigation with creditors seeking to be paid 1.33 billion in capital and interest on defaulted bonds.
The government of President Cristina Fernandez which calls hedge funds ‘vulture funds’, has said it cannot offer the holdouts more than what was received by bondholders, who entered debt swaps in 2005 and 2010, must submit a formula and a timetable for carrying it out this week.
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