apudmontem
Forumer storico
Oggi non ho chiesto! La settimana scorsa esponeva una sola controparte.
Titoli di Stato area non Euro ARGENTINA obbligazioni e tango bond
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qquebec
Super Moderator
Argentine Bonds Fall as Province Pays Dollar-Debt in Pesos
Argentine government bonds fell on concern holders of dollar-denominated debt will have to accept pesos after the central bank denied Chaco province’s request to buy the U.S. currency to make payments on local securities.
The extra yield investors demand to own Argentine government dollar bonds instead of U.S. Treasuries rose 24 basis points, or 0.24 percentage point, to 866 basis points at 12:47 p.m. in Buenos Aires, according to JPMorgan Chase & Co.’s EMBI Global index. The jump was the biggest in the index after Venezuelan debt. The cost of Argentine five-year credit-default swaps soared 93 basis points to 1,007 basis points.
“It brings back concerns Argentina may pesofy debt payments,” said Bret Rosen, a Latin America strategist at Standard Chartered Bank in New York. “Even if right now it’s just a small payment from Chaco, holders of government debt will think ‘the same could happen to me.’”
Chaco said in a statement to regulators today that it wasn’t able to buy the dollars needed to service its debt because of the “current foreign-exchange regulations,” forcing it to make the payment in pesos.
The yield spread between Argentine government bonds due 2017 sold under domestic law and similar maturity notes protected by New York law touched a record in June when speculation mounted that President Cristina Fernandez de Kirchner was going to convert foreign-currency contracts into pesos.
In an effort to curb capital flight and increase the use of pesos in the economy, Fernandez banned most foreign exchange purchases, made insurance companies bring foreign investments into the country and forced exporters to repatriate revenue.
The peso has weakened 8.7 percent this year in the official market to 4.7113 per U.S. dollar. In the so-called blue-chip swap, which investors use to acquire dollars by buying assets locally in pesos and selling them abroad in the U.S. currency, the peso has weakened 25 percent to 6.3436 per dollar.
Argentine government bonds fell on concern holders of dollar-denominated debt will have to accept pesos after the central bank denied Chaco province’s request to buy the U.S. currency to make payments on local securities.
The extra yield investors demand to own Argentine government dollar bonds instead of U.S. Treasuries rose 24 basis points, or 0.24 percentage point, to 866 basis points at 12:47 p.m. in Buenos Aires, according to JPMorgan Chase & Co.’s EMBI Global index. The jump was the biggest in the index after Venezuelan debt. The cost of Argentine five-year credit-default swaps soared 93 basis points to 1,007 basis points.
“It brings back concerns Argentina may pesofy debt payments,” said Bret Rosen, a Latin America strategist at Standard Chartered Bank in New York. “Even if right now it’s just a small payment from Chaco, holders of government debt will think ‘the same could happen to me.’”
Chaco said in a statement to regulators today that it wasn’t able to buy the dollars needed to service its debt because of the “current foreign-exchange regulations,” forcing it to make the payment in pesos.
The yield spread between Argentine government bonds due 2017 sold under domestic law and similar maturity notes protected by New York law touched a record in June when speculation mounted that President Cristina Fernandez de Kirchner was going to convert foreign-currency contracts into pesos.
In an effort to curb capital flight and increase the use of pesos in the economy, Fernandez banned most foreign exchange purchases, made insurance companies bring foreign investments into the country and forced exporters to repatriate revenue.
The peso has weakened 8.7 percent this year in the official market to 4.7113 per U.S. dollar. In the so-called blue-chip swap, which investors use to acquire dollars by buying assets locally in pesos and selling them abroad in the U.S. currency, the peso has weakened 25 percent to 6.3436 per dollar.
ficodindia
Forumer storico
Carissimo Gionmorg, mi pare che i bond in questioni siano stati emessi sotto la legge argentina per cui credo che il debito estero emesso sotto la legge straniera, come Argentina PAR XS0501195993 e XS0205537581, siano meno a rischio di pesificazione. Riporto il seguente, e credo più esauriente, articolo riguardante la notizia da Te postata.
"BUENOS AIRES--Argentina's Chaco province paid interest and principal on U.S. dollar-denominated bonds in Argentine pesos last week because it didn't have authorization from the central bank to make the payment in dollars.
Since October 2011, the Central Bank of Argentina and the federal government have vetted requests by individuals, businesses and provincial governments to buy foreign currency on the regulated exchange market.
President Cristina Kirchner has resorted to hard currency rationing and trade barriers to bolster the central bank's international reserves, which she uses to pay her government's creditors.
A person familiar with the government's exchange policies said current regulations don't allow provinces to access the exchange market to pay bonds issued under Argentine laws. There are no such restrictions on the payment of global bonds by federal and provincial issuers, he said.
Up until rule changes in July, Chaco had been able to buy up to $2 million a month in foreign currencies for undisclosed purposes, the person said.
"This effects a small number of provinces and some very specific issuances, as well as a few companies that issued [foreign currency debt] on the local market," he said, adding the authorities don't plan to modify the rules to address situations like those of Chaco.
On Saturday, Chaco's Finance Ministry said it paid 1.2 million pesos ($264,000) on Oct. 4--the due date for the payment--after taking into account the "current exchange rate regulations established by the central bank."
The statement came a day after the Buenos Aires Stock Exchange asked the provincial government to explain why it didn't pay in dollars.
The exchange said in a filing: "It has come into the exchange's knowledge that the province doesn't have the authorization from the central bank of Argentina to buy the dollars necessary to make said payment."
The bonds in question--about $7.7 million in 17-year bonds and $11.6 million in nine-year bonds--were issued under Argentine law in 2006.
"This is a very negative signal and in the absence of further clarity, we expect investors to respond accordingly," Credit Suisse analyst Casey Reckman said in a note.
The provincial government couldn't immediately be reached for comment. Argentine government offices and many businesses are closed Monday in observance of a public holiday.
Mrs. Kirchner's controversial currency policies have slashed capital flight and trimmed the country's import bill, which has helped the central bank stabilize its reserves at around $45 billion.
Even so, Argentines and foreigners pulled some $3.57 billion out of the country in the first half of the year due to perceptions the peso has become overvalued amid inflation that is widely believed to be running at close to 25%.
The Kirchner administration has also taken steps to eradicate the use of the dollar in the economy, especially in real estate transactions and as a savings medium.
For generations Argentines have viewed the dollar as a haven for their savings due to Argentina's long history of economic crisis and devaluations.
President Kirchner's aggressive policies aimed at de-dollarizing the economy fueled rumors earlier this year that her government might force investors who own foreign-currency-denominated securities to accept payment in pesos.
The $2.2 billion payment on the government's Boden 2012 bond in August [ credo sotto legislazione argentina] was thought to be especially at risk of "pesification." In the end, the government made the payment in dollars following repeated assurances by President Kirchner. "
Write to Ken Parks at
http://online.wsj.com/article/BT-CO-20121008-708193.html
Ultima modifica:
fabriziof
Forumer storico
On Saturday, Chaco's Finance Ministry said it paid 1.2 million pesos ($264,000) .
in fondo poi la cedola è stata pagata nel suo giusto ammontare ,anche se in pesos
capt.harlock
MENA IL CAMMELLO FAN CLUB
volevo vendere le altre baires 2017 su iw ma una sola controparte operativa che bidda 88, banca imi
iw su questa proprio non c'e'..
su stoccarda c'e' un po' di denaro a 90.5
chiedo trasferimento vs altra banca anche su queste
iw su questa proprio non c'e'..
su stoccarda c'e' un po' di denaro a 90.5
chiedo trasferimento vs altra banca anche su queste
Gaudente
Forumer storico
CDS +8% , bonos - 5%
Volvió el fantasma de la pesificación y el riesgo de default se disparó un 8% | Finanzas y mercados | Cronista Comercial
come risultato di una barbonata da 263.000 $ non c'e' male .... magari se la Kretina faceva meno shopping durante i suoi viaggi all'estero i soldi per il Chaco si sarebbero trovati
Volvió el fantasma de la pesificación y el riesgo de default se disparó un 8% | Finanzas y mercados | Cronista Comercial
come risultato di una barbonata da 263.000 $ non c'e' male .... magari se la Kretina faceva meno shopping durante i suoi viaggi all'estero i soldi per il Chaco si sarebbero trovati
Ultima modifica:
qquebec
Super Moderator
volevo vendere le altre baires 2017 su iw ma una sola controparte operativa che bidda 88, banca imi
iw su questa proprio non c'e'..
su stoccarda c'e' un po' di denaro a 90.5
chiedo trasferimento vs altra banca anche su queste
Mandali a quel paese. Non hanno controparti valide
qquebec
Super Moderator
Volvió el fantasma de la pesificación y el riesgo de default se disparó un 8% | Finanzas y mercados | Cronista Comercial
come risultato di una barbonata da 263.000 $ non c'e' male .... magari se la Kretina faceva meno shopping durante i suoi viaggi all'estero i soldi per il Chaco si sarebbero trovati
Oppure era già previsto che avesse fatto una mossa piratesca del genere. Certo, si sono giocati la faccia e forse anche altro
Gaudente
Forumer storico
Quindi se la Provincia di B.A. ti pagasse la cedola e la quota capitale in scadenza tra pochi giorni in pesos non convertibili, non avresti niente da ridire ...
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