capt.harlock
MENA IL CAMMELLO FAN CLUB
farsa paradossale
adesso che fa griesa , confisca il dividendo agli obblicazionisti che hanno accettato il 70% di taglio, per darlo a quelli che vogliono 100?
Titoli di Stato area non Euro ARGENTINA obbligazioni e tango bond (1 Viewer)
- Creatore Discussione SINIBALDO
- Data di Inizio
farsa paradossale
adesso che fa griesa , confisca il dividendo agli obblicazionisti che hanno accettato il 70% di taglio, per darlo a quelli che vogliono 100?
junior63
Forumer storico
farsa paradossale
adesso che fa griesa , confisca il dividendo agli obblicazionisti che hanno accettato il 70% di taglio, per darlo a quelli che vogliono 100?
El Juez Thomas Griesa rechazó el pedido de la Argentina de reponer la medida cautelar (stay) que le permitía al Gobierno mantener los pagos a los bonistas que entraron al canje sin sufrir el embargo de los fondos, tal como ordena el fallo original del magistrado de Nueva York, confirmado semanas atrás por la Corte Suprema de los Estados Unidos. La noticia se conoció apenas una hora después de que el ministro Axel Kicillof anunciara que se habían depositado los fondos para cumplir en tiempo y forma con el pago de intereses del bono Discount, que vence el 30 de junio. En esa presentación, Kicillof renovó sus críticas contra Griesa y lo responsabilizó por la eventual caída en default de la Argentina.
Lo concreto es que tras la decisión de Griesa, es muy probable que los fondos que depositó la Argentina en el Bank of New York sean embargados -en cumplimiento del fallo- para que una parte de dicho dinero sea entregada a los fondos buitre que tienen la sentencia a su favor.
Se calcula que entre el 75 y el 80% de los fondos que correspondan a bonistas que tienen que cobrar en los Estados Unidos podría pasar a manos de los fondos buitre.
"Técnicamente, al no haber un stay, el Bank of New York tendría que usar ese dinero de acuerdo a la sentencia de Griesa y por lo tanto repartirlo una parte entre los bonos del canje y otra entre los fondos litigantes. Y el Gobierno tiene 30 días más para implementar su estrategia", explicó a este diario el abogado Eugenio Bruno.
Griesa rechazó reponer el stay: embargaría los fondos que depositó Argentina
Argentina Deposits $1 Billion For June 30 Bond Payments
Argentina deposited $1 billion to make a June 30 interest payment on restructured bonds, setting up a conflict with a court order that prohibits the nation from paying the notes without also servicing its defaulted debt.
A U.S. judge today denied Argentina’s request to stay the ruling, minutes after Economy Minister Axel Kicillof said making the deposit with bond trustee Bank of New York Mellon Corp. shows Argentina is complying with its obligations. NML Capital Ltd., the plaintiff in the case, asked the judge to hold the country in contempt for plans to pay the restructured debt while appearing to reject orders to pay the defaulted debt. District Court Judge Thomas Griesa called attorneys for the two sides to a hearing tomorrow at 10:30 a.m. in Manhattan.
Argentina’s announcement marks a reversal after officials said just eight days ago that it wouldn’t make the payment. While the government has spent a decade battling holders of debt who didn’t agree to two restructurings after its 2001 default, the issue is coming to a head now after the U.S. Supreme Court on June 16 left intact a ruling that requires the country to pay $1.5 billion to some of the holdout creditors.
“They want to show good will to exchange bondholders, it’s to reassure bondholders that they will pay them,” Siobhan Morden, the head of Latin America strategy at Jefferies Group LLC said in a telephone interview from New York. “They know that at least their money is pledged somewhere.”
President Cristina Fernandez de Kirchner’s government had initially said after the Supreme Court decision that the country planned to skirt the ruling by offering a swap into bonds immune from U.S. laws. Officials later said that they’d seek a negotiated settlement with the holdout creditors, and Kicillof reiterated yesterday that it was seeking fair conditions for talks.
Bonds Sink
Restructured bonds due 2033 fell 1.56 cent to 85.24 cents on the dollar as of 5:45 p.m. in New York, pushing yields up 0.23 percentage point to 10.26 percent. With the interest payment due at the end of this month, the securities will be in default if a payment isn’t made by the end of a 30-day grace period.
Argentina deposited the equivalent of $832 million for the June 30 debt payments, with $539 million going into the Bank of New York Mellon account at the central bank designated for international bonds. In total, including peso payments, more than $1 billion was set aside to pay the debt.
Ron Gruendl, a spokesman for BNY Mellon, had no immediate comment. The ruling prevents third parties, including the trustee, from transferring payments on the performing bonds unless the holdout creditors are also paid.
Any attempt to block the payment will violate the rights of investors who accepted losses of 70 cents on the dollar in debt restructurings in 2005 and 2010, Kicillof said.
Argentina’s Promises
“Complying with a sentence can’t mean we don’t meet existing obligations,” Kicillof said, reading from a statement in Buenos Aires today. “Argentina will meet its obligations, will pay its debt, will honor its promises.”
The deposit “is even stronger evidence that they do not want to default,” Jane Brauer, an emerging-markets strategist at Bank of America Merrill Lynch, said in an interview. “We’ve been saying they can’t do this exchange by the end of the grace period, if at all, and perhaps they’re coming around to the same conclusion.”
Judge Griesa denied the stay sought by the South American nation, which Kicillof had said would aid negotiations. The creditors, led by NML Capital, have said they’re willing to enter into talks with Argentina and would consider working out “a consensual accommodation” to allow Argentina to make its bond payment by the end of its grace period if talks “have made good progress,” according to a letter filed with the court.
Good Faith
The deposited funds are at risk of being claimed by holders of defaulted debt, according to Carlos Abadi, the chief executive officer of New York-based investment bank ACGM Inc.
“It’s going to be devilishly complicated,” Abadi said. “This money is now a sitting duck for a period of time because Bank of New York will not want to be found in contempt of Judge Griesa’s ruling and it opens a window of opportunity to an attachment.”
There are still about $6.6 billion of bonds from the default that weren’t swapped in the restructurings, according to data from the economy ministry. Including unpaid interest, potential claims on the notes may total more than $16.2 billion, according to estimates by Citigroup Inc. That’s more than half of Argentina’s foreign reserves.
UN Presentation
To persuade international bond investors to once again lend it money, Argentina must settle with all holdouts, according to Phillip Blackwood, who oversees $3.5 billion of emerging-market assets in London at EM Quest Capital LLP.
In a presentation yesterday at the United Nations, Kicillof said the country is willing to negotiate in good faith. In a press conference afterward, he said he hadn’t met with representatives for the holdouts and wouldn’t before he left New York.
Dan Pollack, the special master charged with overseeing negotiations, said in a statement yesterday that he’d met with lawyers for Argentina and the holdouts in the previous 48 hours without reaching any resolution.
To contact the reporters on this story: Katia Porzecanski in New York at [email protected]; Camila Russo in Buenos Aires at [email protected]
To contact the editors responsible for this story: Brendan Walsh at [email protected] Daniel Cancel
Dovremmo stare tranquilli
Argentina deposited $1 billion to make a June 30 interest payment on restructured bonds, setting up a conflict with a court order that prohibits the nation from paying the notes without also servicing its defaulted debt.
A U.S. judge today denied Argentina’s request to stay the ruling, minutes after Economy Minister Axel Kicillof said making the deposit with bond trustee Bank of New York Mellon Corp. shows Argentina is complying with its obligations. NML Capital Ltd., the plaintiff in the case, asked the judge to hold the country in contempt for plans to pay the restructured debt while appearing to reject orders to pay the defaulted debt. District Court Judge Thomas Griesa called attorneys for the two sides to a hearing tomorrow at 10:30 a.m. in Manhattan.
Argentina’s announcement marks a reversal after officials said just eight days ago that it wouldn’t make the payment. While the government has spent a decade battling holders of debt who didn’t agree to two restructurings after its 2001 default, the issue is coming to a head now after the U.S. Supreme Court on June 16 left intact a ruling that requires the country to pay $1.5 billion to some of the holdout creditors.
“They want to show good will to exchange bondholders, it’s to reassure bondholders that they will pay them,” Siobhan Morden, the head of Latin America strategy at Jefferies Group LLC said in a telephone interview from New York. “They know that at least their money is pledged somewhere.”
President Cristina Fernandez de Kirchner’s government had initially said after the Supreme Court decision that the country planned to skirt the ruling by offering a swap into bonds immune from U.S. laws. Officials later said that they’d seek a negotiated settlement with the holdout creditors, and Kicillof reiterated yesterday that it was seeking fair conditions for talks.
Bonds Sink
Restructured bonds due 2033 fell 1.56 cent to 85.24 cents on the dollar as of 5:45 p.m. in New York, pushing yields up 0.23 percentage point to 10.26 percent. With the interest payment due at the end of this month, the securities will be in default if a payment isn’t made by the end of a 30-day grace period.
Argentina deposited the equivalent of $832 million for the June 30 debt payments, with $539 million going into the Bank of New York Mellon account at the central bank designated for international bonds. In total, including peso payments, more than $1 billion was set aside to pay the debt.
Ron Gruendl, a spokesman for BNY Mellon, had no immediate comment. The ruling prevents third parties, including the trustee, from transferring payments on the performing bonds unless the holdout creditors are also paid.
Any attempt to block the payment will violate the rights of investors who accepted losses of 70 cents on the dollar in debt restructurings in 2005 and 2010, Kicillof said.
Argentina’s Promises
“Complying with a sentence can’t mean we don’t meet existing obligations,” Kicillof said, reading from a statement in Buenos Aires today. “Argentina will meet its obligations, will pay its debt, will honor its promises.”
The deposit “is even stronger evidence that they do not want to default,” Jane Brauer, an emerging-markets strategist at Bank of America Merrill Lynch, said in an interview. “We’ve been saying they can’t do this exchange by the end of the grace period, if at all, and perhaps they’re coming around to the same conclusion.”
Judge Griesa denied the stay sought by the South American nation, which Kicillof had said would aid negotiations. The creditors, led by NML Capital, have said they’re willing to enter into talks with Argentina and would consider working out “a consensual accommodation” to allow Argentina to make its bond payment by the end of its grace period if talks “have made good progress,” according to a letter filed with the court.
Good Faith
The deposited funds are at risk of being claimed by holders of defaulted debt, according to Carlos Abadi, the chief executive officer of New York-based investment bank ACGM Inc.
“It’s going to be devilishly complicated,” Abadi said. “This money is now a sitting duck for a period of time because Bank of New York will not want to be found in contempt of Judge Griesa’s ruling and it opens a window of opportunity to an attachment.”
There are still about $6.6 billion of bonds from the default that weren’t swapped in the restructurings, according to data from the economy ministry. Including unpaid interest, potential claims on the notes may total more than $16.2 billion, according to estimates by Citigroup Inc. That’s more than half of Argentina’s foreign reserves.
UN Presentation
To persuade international bond investors to once again lend it money, Argentina must settle with all holdouts, according to Phillip Blackwood, who oversees $3.5 billion of emerging-market assets in London at EM Quest Capital LLP.
In a presentation yesterday at the United Nations, Kicillof said the country is willing to negotiate in good faith. In a press conference afterward, he said he hadn’t met with representatives for the holdouts and wouldn’t before he left New York.
Dan Pollack, the special master charged with overseeing negotiations, said in a statement yesterday that he’d met with lawyers for Argentina and the holdouts in the previous 48 hours without reaching any resolution.
To contact the reporters on this story: Katia Porzecanski in New York at [email protected]; Camila Russo in Buenos Aires at [email protected]
To contact the editors responsible for this story: Brendan Walsh at [email protected] Daniel Cancel
Dovremmo stare tranquilli
capt.harlock
MENA IL CAMMELLO FAN CLUB
il mondo e' bello perche' e' vario
pensa che se io vedessi rendimenti sopra il 20% (non per un sell off sporadico) arrivati a questo punto sarei piu' venditore che compratore
le baires in euro 2017 hanno un rendimento del 8,5% circa, puoi sempre pensare ad uno short
tommy271
Forumer storico
il mondo e' bello perche' e' vario
pensa che se io vedessi rendimenti sopra il 20% (non per un sell off sporadico) arrivati a questo punto sarei piu' venditore che compratore
le baires in euro 2017 hanno un rendimento del 8,5% circa, puoi sempre pensare ad uno short
Il 10% di rendimento sui titoli argentini non pagano sufficientemente il rischio "Griesa" ... a questo punto (rimanendo nel continente latinos) meglio il Venezuela.
E credo che i CDS rendano giustizia ... ieri sera Argentina 1468 pb. - Venezuela 903 pb.
Ultima modifica:
tommy271
Forumer storico
farsa paradossale
adesso che fa griesa , confisca il dividendo agli obblicazionisti che hanno accettato il 70% di taglio, per darlo a quelli che vogliono 100?
L'Argentina ha depositato 832 MLN in conti correnti bancari a New York per pagare le scadenze del 30.
Un bel rischio ... ma anche una sfida a Griesa.
qquebec
Super Moderator
Hanno depositato i soldi sapendo che il Tribunale di NY non fa in tempo a sequestrare la somma. Inoltre, i fondi non hanno chiesto l'escussione di tali somme a titolo risarcitorio.
tommy271
Forumer storico
Dici che gli hedge non si aspettavano una mossa simile?
fabriziof
Forumer storico
policeman
Forumer storico
NO,il tempo c'è in USA i giudici non hanno orario stabilito neanche i giorni.
Ho visto un ordine emesso da un guidice di Boston alle ore 23.15 di domenica durante il processo per il fallimento Enron