Debt Coverage:
MercoPress: “Argentine defaulted bond-holders have until 22 April to respond to the proposed payment plan”
Financial Times: “Another Argentine default looms?” (Video)
Bloomberg TV: “What's the Outlook for Argentina Bond Clash?” (Video)
Reuters: “UPDATE 1-Argentine bond yields drop on delayed default outlook”
Reuters: “Argentine debt insurance costs; bond yields drop”
FIN Alternatives: “Elliott, Aurelius To Respond To Argentina Payment Plan”
Bloomberg: “New York-for-Buenos Aires Swap Theory Spreads: Argentina Credit”
Reuters: “UPDATE 1-Argentina makes bond coupon payments amid legal row”
NASDAQ: “Argentine to Borrow $2.33 Billion to Pay Creditors”
Argentine Economy:
Buenos Aires Herald: “National tax collection rise below expectations”
Buenos Aires Herald: “Sovereign coupon payment made”
Argentine Society:
AFP: “Argentina flooding leaves at least 56 dead”
New York Times: “Dozens of Argentines Die in Flash Flooding”
MercoPress
Thursday, April 4, 2013
The Second US Circuit Court of Appeals in New York directed holdout bondholders who did not participate in Argentina’s two debt restructurings following its 2002 default to submit a response by April 22.
These holdouts are led by NML Capital Ltd, a unit of billionaire hedge fund manager Paul Singer’s Elliott Management Corp, and Aurelius Capital Management.
Financial Times
Thursday, April 4, 2013
The legal battle between hedge funds and Argentina is pivotal to the sovereign debt market. Robin Wigglesworth, capital markets correspondent, discusses with Michael Stothard whether the outcome could trigger another Argentine default. (4m 54sec)
VIDEO
Bloomberg
Wednesday, April 3, 2013
April 3 (Bloomberg) -- Greylock Capital President and CIO Hans Humes discusses Argentina's appeal of a U.S. court ruling to pay default bond holders in full. He speaks on Bloomberg Television's "Money Moves." (Source: Bloomberg)
VIDEO
Reuters
Wednesday, April 3, 2013
(Reuters) - Argentine credit default swaps and bond yields fell sharply on Wednesday on signs a technical default should not take place at least until June, when the next coupon payment comes due on its restructured bonds.
The country made a scheduled coupon payment on its 2038 Par bonds and will pay interest on its 2015 Boden bonds later on Wednesday, an economy ministry spokeswoman said.
Reuters
Wednesday, April 3, 2013
(Reuters) - Argentine credit default swaps and bond yields fell sharply on Wednesday on signs that a technical default had been averted at least until its next bond coupon payment, due in June.
Sources told Reuters Buenos Aires had made scheduled payments on its 2038 par bond and 2015 Boden bond.
FIN Alternatives
Wednesday, April 3, 2013
Having read Argentina's plan to repay them, a U.S. appeals court has given two hedge funds and other holdouts from the country's 2001 debt default three weeks to respond to that proposal.
Argentina on Friday offered two options to the holdouts, either cutting the bonds' face-value or extending their terms. Either would put the holdouts, led by Elliott Management and Aurelius Capital Management, on the same terms as those who participated in Argentina's 2010 debt exchange.
Bloomberg
Wednesday, April 3, 2013
By Katia Porzecanski
Argentina’s refusal to improve its offer to holders of defaulted debt suing for full payment in the U.S. is deepening speculation that the nation will sever ties with the overseas bond market.
The proposal submitted on March 29 mimics the terms of Argentina’s 2005 and 2010 debt exchanges, a move that could lead to a default on the restructured notes unless the country removes them from U.S. jurisdiction. While benchmark notes due 2033 sank as much as 2.5 cents to 51.8 cents on the dollar after Argentina made the offer, they’ve since recouped all their losses as investors bet that the government will swap them into debt governed by Argentine law.
Reuters
Wednesday, April 3, 2013
(Reuters) - Argentina has made a scheduled coupon payment on its 2038 Par bonds and will pay interest on its 2015 Boden bonds later on Wednesday, a spokeswoman at the country's Economy Ministry said.
Investors are worried the South American country could trigger a technical default if a U.S. appellate court rules against it in a case brought by "holdout" creditors suing for full repayment on bonds in default since 2002.
The coupon on the Par bond came due on March 31, but the government advised ahead of time it would make the payment on April 3 due to national holidays on April 1-2.
NASDAQ
Wednesday, April 3, 2013
BUENOS AIRES--Argentina's federal government said Wednesday it will borrow $2.33 billion from the central bank's foreign currency reserves to pay creditors.
The government will use those funds to pay loans from multilateral financial institutions and other lenders, according to a presidential decree published in the Official Bulletin.
In exchange for the reserves, the Economy Ministry will issue the central bank non-transferable 10-year notes that pay an interest rate no greater than the London interbank offered rate less one percentage point.
Buenos Aires Herald
Thursday, April 4, 2013
Argentina’s tax revenue rose 24.6 percent in March from a year earlier to 60.28 billion pesos (US$11.75 billion), falling short of market expectations, government data showed.
Analysts had forecast the official tax take at 62.15 billion pesos, according to the median in a Reuters poll in which estimates ranged from 60.65 billion to 66.50 billion pesos.
Growth in Latin America’s third largest economy slowed sharply last year after expanding 8.9 percent in 2011 and the pace of tax revenue growth has cooled, although still brisk.
Buenos Aires Herald
Thursday, April 04, 2013
Argentina has made a scheduled coupon payment on its 2038 Par bonds and paid interest on its 2015 Boden bonds yesterday, the Economy Ministry’s spokeswoman said. Investors are worried the country could trigger a technical default if a US appellate court rules against it in a case brought by “holdout” creditors suing for full repayment on bonds in default since 2002.
The coupon on the Par bond came due on March 31, but the government advised ahead of time it would make the payment on April 3 due to national holidays on April 1-2.
Argentina issued the Par bond during its 2005 and 2010 debt exchanges, accepted by about 92 percent of creditors who had held defaulted Argentine paper.
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