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Freitag, 1. März 2013

Bloomberg Argentine Default Threat Spurs Bond Selloff: Buenos Aires Mover



Debt Coverage:
 
Bloomberg: “Argentine Default Threat Spurs Bond Selloff: Buenos Aires Mover”
 
Business Insider: “Argentina's Bonds Are Diving Head-First After The Country Made Its Most Defiant Showing In Court Yet”
 
Financial Times: “Dispute revives fear of Argentina default”
 
FIN Alternatives: “Argentina Would Defy Court Order In Elliott Case, Lawyer Says”
 
Reuters: “Argentina has capacity to pay holdouts: investors' lawyer”
 
Capital.gr: “Argentine Bond-Insurance Cost Leaps”

Bloomberg
 
Thursday, February 28, 2013
 
By Camila Russo
 
Argentina’s credit-default swaps surged and bonds fell the most in emerging markets after the country said it would halt payments on its restructured bonds if a U.S. court ordered it to pay defaulted debt holders.
 
Yields on the government’s benchmark bonds due 2017 surged 361 basis points, or 3.61 percentage points, to 19.31 percent at 11:47 a.m. in New York, the biggest jump on record. The yield is about four times the average borrowing costs in emerging markets. Argentina’s one-year credit-default swaps climbed 1,279 basis points to 6,460 basis points, the biggest jump in the world, according to data compiled by Bloomberg.
 
 
Business Insider
 
Thursday, February 28, 2013
 
By Linette Lopez
 
Yesterday, Argentina's lawyers made closing arguments in what some are calling the 'the debt trial of the century.' Today, the country's bonds are committing suicide.
 
This case has been going on for years. Billionaire hedge fund manager Paul Singer invested in Argentine sovereign debt on the cheap in the 1990s, and now he wants to get paid 100 cents on the dollar for his investment.
 
 
Financial Times
 
Thursday, February 28, 2013
 
By Jude Webber
 
A tough court hearing in New York has rekindled market fears that Argentina could be edging towards its second default in just over a decade.
 
Thursday’s hearing of the Second Circuit Court of Appeals in New York was the final act in a drama pitting Argentina against what it disparages as “vulture funds”.
 
 
FIN Alternatiaves
 
Thursday, February 28, 2013
 
A lawyer for Argentina vowed that the country would not pay holdouts from its 2001 debt default, including an affiliate of hedge fund Elliott Associates, no matter what the U.S. courts say.
 
The explosive statement came during an appeals court hearing; Argentina has asked the U.S. Second Circuit Court of Appeals to indefinitely stay a lower-court order that requiring Argentina to pay the holdouts before it pays bondholders who accepted debt exchanges in 2005 and 2010. The country has long said it would not pay the holdouts, but has also said it would obey U.S. court rulings
 
 
Reuters
 
Wednesday, February 27, 2013
 
(Reuters) - A lawyer for so-called holdout investors at odds with Argentina's government said on Wednesday that there is "no question" the country has the capacity to pay them.
 
The 2nd U.S. Circuit Court of Appeals was hearing oral arguments on whether to reverse an order that the Argentine government pay $1.3 billion to a group of dissident bondholders stemming from the country's 2002 default. The court's findings could have wide impact on global debt markets.
 
 
 
Thursday, February 28, 2013
 
Worries that Argentina is inching closer to default sent the cost of insuring the country's government bonds to their highest level since November.
 
That followed remarks made by Argentina's lawyer in a U.S. Appeals Court hearing in New York, suggesting that the government would choose to default if ordered to pay creditors who hadn't agreed to debt swaps that came out of the country's 2001 default.
 
 
Businessweek
 
Thursday, February 28, 2013
 
By Eliana Raszewski
 
Argentina’s cash hoard is falling at the fastest pace since 2006, depriving the government of the dollars its needs to pay bondholders as depositors rush to yank money from their savings.
 
Central bank reserves fell $1.6 billion this year to a five-year low of $41.7 billion as investors await a U.S. court ruling on whether the nation has to pay $1.3 billion to holdout creditors left over from its 2001 default. The extra yield investors demand to hold Argentine debt instead of U.S Treasuries jumped 2.59 percentage points to 12.50 percentage points this year, according to JPMorgan Chase & Co. That’s more than six times the premium that Brazil and Mexico pay.
 
 
 
Washington Post (AP)
 
Thursday, February 28, 2013
 
ARGENTINA EFFECT: Spanish oil and gas c

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