Buenos Aires Herald (Reuters)
Tuesday, April 23, 2013
By Reynolds Holding
U.S. courts have made a clear mark in Argentina’s spat with holdout creditors. Judges have, unusually, tried to broker a deal between the Latin American nation and hedge funds still objecting to debt swaps last decade. Ordering Argentina to honoUr its agreements and pushing other countries to clarify theirs were also useful moves. Elliott Management affiliate NML Capital and other hedgies are winning this case, but the rule of law is coming out ahead.
The courts’ creativity has shown through since Argentina’s historic US$100 billion default on sovereign debt in 2002. Judge Thomas Griesa used his powers in a way that encouraged most creditors to agree on a bond exchange in 2005 and 2010. Later, after a standoff, he ordered Buenos Aires to cough up the US$1.3 billion still owed to the holdouts — taking more literally than many expected the nation’s standardized promise to treat all creditors equally. And last year he devised a clever ruling that makes it difficult for Argentina to pay creditors who exchanged bonds without also paying Elliott and the other holdouts.
Huffington Post
Monday, April 22, 2013
By Robert Raben
The U.S. Supreme Court must soon decide whether to review a series of lower-court decisions against the Republic of Argentina, and it has begun to ask the Obama administration for its views.
As a former assistant attorney general, I am familiar with the struggles and the balancing involved in weighing various legal and policy questions and deciding whether to ask the Supreme Court to review a case.
But in this case, the correct call is clear: The Argentine g
Yes! Magazine
Monday, April 22, 2013
By Eric LeCompte
Last October, soldiers from the West African nation of Ghana boarded an Argentine naval ship called the Libertad. They overtook the crew and brought the ship to port in the town of Tema. This was not an act of piracy, at least not in the sense we normally understand it. The detaining of the Libertad took place after hedge fund NML Capital convinced a Ghanaian court that the ship, which was sailing in Ghanaian jurisdiction, should be held ransom for a debt the hedge funds claimed Argentina owed them.
The saga began in 2001, when Argentina was thrown into economic crisis and defaulted on its loans. Hedge funds swooped in and bought Argentine debt for almost nothing and circled until the country was in recovery to collect the debt in full.
Wall Street Journal
Monday, April 22, 2013
By Erin McCarthy
The cost to insure Argentina's sovereign debt against default rose modestly Monday after holdout creditors rejected Argentina's proposal for payment on the country's defaulted bonds, a move that was widely expected.
The spread on Argentina's five-year credit default swaps widened to 2172 basis points from 2051 basis points Friday. Argentina's Global 2017 dollar bond also weakened in response. The bond traded at 79 to yield 15.9%, from 79.5 to yield 15.702% late Friday, according to Markit, the financial information services company.
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