Argentine stocks on Wall St, mixed
Retreating Argentine bonds in the U.S.
After the government presented its final offer to the so-called "vulture funds".
In New York down the Argentina debt bonds, after the government filed a U.S. court a proposal to creditors restructured that is similar to one already rejected by the plaintiffs in 2010.
Par bonds were offered with low 0.554 to 30.946 points in price, bringing the yield to 12.59 percent.Meanwhile, Discount bonds were offered with a low price of 0.454 points to 53.546, with a yield of 16.63 per ciento.Los markets in Buenos Aires will be closed for holidays until Wednesday. "The market is expected to show that the Court of Appeals rejected the payment plan of Argentina and to make Argentina one step closer technical cessation of payment, " said Ignacio Labaqui, who analyzes the country for emerging markets consultancy Medley Global Advisors. Meanwhile , the cost of insuring debt Argentina (credit default swaps) soared, raising the cost of insuring against Argentina to five years to a default of $ 3.471 million per 10 million in bonds, from 3.107 million on Friday. Meanwhile, the main Argentine stocks on Wall Street operated disparate. TGS Cresud gained 3.6% and 2%, while YPF Macro and yielded 3.6%. In the document submitted to the Court of Appeals for the Second Circuit in New York on Friday, Argentina proposed to creditors that did not enter restructuring pay prior to discount bonds or bonds with the same value it had at the time the debt when the country fell into receivership in 2002. 's bid offered the same terms of the plan that was presented to creditors in the Exchange 2010. District Judge Thomas Griesa ordered to Argentina in November 1330 to pay millions of dollars to investors "holdout" while that paid to bondholders who participated in the 2005 and 2010 restructuring. The money should be put in a escrow account, pending review by the Court of the Second Circuit. The Second Circuit Court heard the appeal against the decision of Argentina Griesa. The court has ratified the decision of the lower court that Argentina breached a clause guaranteeing equal treatment of investors, known as 'pari passu'. During four years, the so-called "holdouts", led by NML Capital Ltd, a subsidiary Elliott Management, Aurelius Capital Management and have fought because they pay the full amount of debt acquired before or after the default. Argentina considers them "vulture funds." Elliott and Aurelius spokesmen declined to comment to Reuters Argentina's latest proposal. Argentina Elliott accused of trying to make a default for a profit with CDS. However, a source with knowledge of the case said Elliott longer has a CDS position in Argentina, but one big enough to compensate for their investment. A second source with knowledge of the position of Elliott said that repeated attempts to negotiate directly with the Argentine government have been rejected or ignored. In his 22-page presentation on Friday, Argentina said that under that bond option called "Par" creditors receive securities maturing in 2038 for the same nominal value as the bonds they hold now . Par bonds pay an interest rate that would rise from 2.5 percent to 5.25 percent per year for the duration of the title, said Argentina. The proposal adds that applicants receive funds also an immediate cash payment for interest derivatives and would get back to them when the payments would report gross domestic product exceeds 3 percent. Creditors may receive discount bonds maturing in 2033 that pay higher rates than those of the pair-bond 8.28 percent annually, which in principle also would rise with the passage of time. addition, interest arrears would receive funds in the form of bonds maturing in 2017, which would pay a 8.75 percent per year, and associated derivative units to GDP . torque option is limited to small investors who want to offer up to $ 50,000 for bond series, detailed presentation Argentina.The text adds that there are no limitations to the choice of discount bonds. Argentina has repeated that never pay the "holdouts" the face value of their holdings. In the plan presented on Friday, said Argentina NML paid in 2008 an estimated $ 48.7 million for its bond holdings and could receive U.S. $ 186.82 million with the option of discounts, which compares with the $ 720 million required by legal proceedings
Par bonds were offered with low 0.554 to 30.946 points in price, bringing the yield to 12.59 percent.Meanwhile, Discount bonds were offered with a low price of 0.454 points to 53.546, with a yield of 16.63 per ciento.Los markets in Buenos Aires will be closed for holidays until Wednesday. "The market is expected to show that the Court of Appeals rejected the payment plan of Argentina and to make Argentina one step closer technical cessation of payment, " said Ignacio Labaqui, who analyzes the country for emerging markets consultancy Medley Global Advisors. Meanwhile , the cost of insuring debt Argentina (credit default swaps) soared, raising the cost of insuring against Argentina to five years to a default of $ 3.471 million per 10 million in bonds, from 3.107 million on Friday. Meanwhile, the main Argentine stocks on Wall Street operated disparate. TGS Cresud gained 3.6% and 2%, while YPF Macro and yielded 3.6%. In the document submitted to the Court of Appeals for the Second Circuit in New York on Friday, Argentina proposed to creditors that did not enter restructuring pay prior to discount bonds or bonds with the same value it had at the time the debt when the country fell into receivership in 2002. 's bid offered the same terms of the plan that was presented to creditors in the Exchange 2010. District Judge Thomas Griesa ordered to Argentina in November 1330 to pay millions of dollars to investors "holdout" while that paid to bondholders who participated in the 2005 and 2010 restructuring. The money should be put in a escrow account, pending review by the Court of the Second Circuit. The Second Circuit Court heard the appeal against the decision of Argentina Griesa. The court has ratified the decision of the lower court that Argentina breached a clause guaranteeing equal treatment of investors, known as 'pari passu'. During four years, the so-called "holdouts", led by NML Capital Ltd, a subsidiary Elliott Management, Aurelius Capital Management and have fought because they pay the full amount of debt acquired before or after the default. Argentina considers them "vulture funds." Elliott and Aurelius spokesmen declined to comment to Reuters Argentina's latest proposal. Argentina Elliott accused of trying to make a default for a profit with CDS. However, a source with knowledge of the case said Elliott longer has a CDS position in Argentina, but one big enough to compensate for their investment. A second source with knowledge of the position of Elliott said that repeated attempts to negotiate directly with the Argentine government have been rejected or ignored. In his 22-page presentation on Friday, Argentina said that under that bond option called "Par" creditors receive securities maturing in 2038 for the same nominal value as the bonds they hold now . Par bonds pay an interest rate that would rise from 2.5 percent to 5.25 percent per year for the duration of the title, said Argentina. The proposal adds that applicants receive funds also an immediate cash payment for interest derivatives and would get back to them when the payments would report gross domestic product exceeds 3 percent. Creditors may receive discount bonds maturing in 2033 that pay higher rates than those of the pair-bond 8.28 percent annually, which in principle also would rise with the passage of time. addition, interest arrears would receive funds in the form of bonds maturing in 2017, which would pay a 8.75 percent per year, and associated derivative units to GDP . torque option is limited to small investors who want to offer up to $ 50,000 for bond series, detailed presentation Argentina.The text adds that there are no limitations to the choice of discount bonds. Argentina has repeated that never pay the "holdouts" the face value of their holdings. In the plan presented on Friday, said Argentina NML paid in 2008 an estimated $ 48.7 million for its bond holdings and could receive U.S. $ 186.82 million with the option of discounts, which compares with the $ 720 million required by legal proceedings
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