Titoli di Stato area non Euro ARGENTINA obbligazioni e tango bond (7 lettori)
- Creatore Discussione SINIBALDO
- Data di Inizio
bosmeld
Forumer storico
no quello è il par dei ricchi ,il par dei poveri è XS0501195993.sono identici ma da sempre uno sta sempre almeno un punto sotto,non è ben chiaro il motivo
messa in monitor, grazie
aspetto a entrare però, perchè non ho manco capito perchè si è scesi, quale è la news?
fabriziof
Forumer storico
ieri ho postato un report di jpmorgan.una sentenza americana a favore degli holdout,se l'argentina non li paga non può pagare neanche gli swappati.l'argentina se ne fregherebbe senonchè i soldi devono passare per bank of new york prima di arrivare a noi.e la banca americana non è chiaro se si possa opporre a una sentenza.ora l'argentina andrà alla corte suprema.
nella pagina dietro trovi tutto, comunque l'argentina ha perso la causa sul rimborso dei bond defoltati
fabriziof
Forumer storico
chiaramente scende pure la provincia
Argentine bonds posted their biggest two-day plunge in four years as JPMorgan Chase & Co., Bank of America Corp., and Barclays Plc cut their recommendations on the debt following a U.S. court decision favoring holders of defaulted securities.
The government’s bonds due 2033 sank 1.5 cents to 68.5 cents on the dollar at 1:36 p.m. in New York, pushing yields up to 12.85 percent, after sinking a record 10 cents on Oct. 26, according to pricing provided by JPMorgan. The two-day tumble, the biggest since October 2008, followed a U.S. appeals court ruling that blocks Argentina from making payments on securities it restructured in 2005 and 2010 while refusing to pay holders of the bonds still in default.
Bank of America and Barclays lowered Argentine debt to underweight from marketweight today. JPMorgan moved Argentina to marketweight, six weeks after raising the nation’s bonds to overweight.
“We see a period of uncertainty ahead,” Vladimir Werning, an analyst at JPMorgan in New York, wrote in today’s report. “Our concerns over the risk this litigation poses to Argentine performing bondholders remains large.”
The cost to protect Argentine debt against default for five years soared 2.5 percentage points to 15.3 percent after surging 3.3 percentage points on Oct. 26, when the court published its decision. The increase was the biggest among all government debt in the world, data compiled by Bloomberg show.
Low Volume
Trading in Argentine dollars bonds is about 10 percent of normal levels today as Hurricane Sandy prompted some U.S. traders to stay at home, according to Alberto Bernal, the head of fixed-income research at Bulltick Capital Markets in Miami. The Securities Industry and Financial Markets Association recommended trading in dollar-denominated fixed-income securities end at noon in New York today and remain closed tomorrow.
“With this liquidity, no one is going to be able to do anything but watch their prices go down,” said Jane Brauer, a New York-based debt analyst at Bank of America.
Argentine securities linked to economic growth also fell 1.1 percent to 11.10 cents after tumbling 9.7 percent on Oct. 26. The benchmark Merval stock index declined 2.3 percent compared with a 0.6 percent decline in Brazil’s Bovespa index.
Argentina will appeal the U.S. court ruling to the Supreme Court, state news agency Telam reported Oct. 26, citing Finance Secretary Adrian Cosentino. Press officials at the Economy Ministry didn’t return telephone calls made by Bloomberg News seeking comment today.
‘Vulture Funds’
The court’s decision was a blow to President Cristina Fernandez de Kirchner, who has called defaulted bond holders “vulture funds” and vowed not to pay them even after an Argentina naval ship was detained in Ghana Oct. 2 at the request of Elliott Management Corp.’s NML Capital Fund. Elliott leads a group of holdout creditors who rejected the country’s restructuring offerings of about 30 cents on the dollar following its record $95 billion bond default in 2001.
The government hasn’t sold bonds oversees since the default as it fights the lawsuits from the holdout creditors. The restructurings were accepted by holders of about 92 percent of all defaulted debt.
Without access to global credit markets, Fernandez has counted on restrictions on dollar purchases and soybean exports to sustain central bank reserves, which she taps to pay off existing debt. Reserves fell to $45 billion at the end of last month from $48.6 billion a year earlier.
‘Dead’ Economic Model
Argentina’s gross domestic product will expand 2.8 percent this year after growth of 8.9 percent in 2011, according to the median estimate of 24 analysts, while economists estimate annual inflation is more than 20 percent. The array of challenges now facing Fernandez show that “the economic model as we knew it is dead,” according to Jose Luis Espert, an economist who runs the Espert & Asociados consulting company in Buenos Aires.
In the latest legal ruling, a three-judge panel at the U.S. Appeals Court in New York upheld orders issued by U.S. District Judge Thomas Griesa in Manhattan. The appeals court sent the case back to Griesa’s court to clarify how a payment formula set by the judge is intended to work and to determine how the orders apply to intermediary banks and other third parties.
Argentina, which is rated B by Standard & Poor’s, or five levels below investment grade, claims that upholding Griesa’s rulings would undermine the debt restructurings, spark a financial crisis in the country and make it impossible for other nations to restructure their debt.
To contact the reporter on this story: Katia Porzecanski in New York at [email protected]
To contact the editor responsible for this story: David Papadopoulos at [email protected]
The government’s bonds due 2033 sank 1.5 cents to 68.5 cents on the dollar at 1:36 p.m. in New York, pushing yields up to 12.85 percent, after sinking a record 10 cents on Oct. 26, according to pricing provided by JPMorgan. The two-day tumble, the biggest since October 2008, followed a U.S. appeals court ruling that blocks Argentina from making payments on securities it restructured in 2005 and 2010 while refusing to pay holders of the bonds still in default.
Bank of America and Barclays lowered Argentine debt to underweight from marketweight today. JPMorgan moved Argentina to marketweight, six weeks after raising the nation’s bonds to overweight.
“We see a period of uncertainty ahead,” Vladimir Werning, an analyst at JPMorgan in New York, wrote in today’s report. “Our concerns over the risk this litigation poses to Argentine performing bondholders remains large.”
The cost to protect Argentine debt against default for five years soared 2.5 percentage points to 15.3 percent after surging 3.3 percentage points on Oct. 26, when the court published its decision. The increase was the biggest among all government debt in the world, data compiled by Bloomberg show.
Low Volume
Trading in Argentine dollars bonds is about 10 percent of normal levels today as Hurricane Sandy prompted some U.S. traders to stay at home, according to Alberto Bernal, the head of fixed-income research at Bulltick Capital Markets in Miami. The Securities Industry and Financial Markets Association recommended trading in dollar-denominated fixed-income securities end at noon in New York today and remain closed tomorrow.
“With this liquidity, no one is going to be able to do anything but watch their prices go down,” said Jane Brauer, a New York-based debt analyst at Bank of America.
Argentine securities linked to economic growth also fell 1.1 percent to 11.10 cents after tumbling 9.7 percent on Oct. 26. The benchmark Merval stock index declined 2.3 percent compared with a 0.6 percent decline in Brazil’s Bovespa index.
Argentina will appeal the U.S. court ruling to the Supreme Court, state news agency Telam reported Oct. 26, citing Finance Secretary Adrian Cosentino. Press officials at the Economy Ministry didn’t return telephone calls made by Bloomberg News seeking comment today.
‘Vulture Funds’
The court’s decision was a blow to President Cristina Fernandez de Kirchner, who has called defaulted bond holders “vulture funds” and vowed not to pay them even after an Argentina naval ship was detained in Ghana Oct. 2 at the request of Elliott Management Corp.’s NML Capital Fund. Elliott leads a group of holdout creditors who rejected the country’s restructuring offerings of about 30 cents on the dollar following its record $95 billion bond default in 2001.
The government hasn’t sold bonds oversees since the default as it fights the lawsuits from the holdout creditors. The restructurings were accepted by holders of about 92 percent of all defaulted debt.
Without access to global credit markets, Fernandez has counted on restrictions on dollar purchases and soybean exports to sustain central bank reserves, which she taps to pay off existing debt. Reserves fell to $45 billion at the end of last month from $48.6 billion a year earlier.
‘Dead’ Economic Model
Argentina’s gross domestic product will expand 2.8 percent this year after growth of 8.9 percent in 2011, according to the median estimate of 24 analysts, while economists estimate annual inflation is more than 20 percent. The array of challenges now facing Fernandez show that “the economic model as we knew it is dead,” according to Jose Luis Espert, an economist who runs the Espert & Asociados consulting company in Buenos Aires.
In the latest legal ruling, a three-judge panel at the U.S. Appeals Court in New York upheld orders issued by U.S. District Judge Thomas Griesa in Manhattan. The appeals court sent the case back to Griesa’s court to clarify how a payment formula set by the judge is intended to work and to determine how the orders apply to intermediary banks and other third parties.
Argentina, which is rated B by Standard & Poor’s, or five levels below investment grade, claims that upholding Griesa’s rulings would undermine the debt restructurings, spark a financial crisis in the country and make it impossible for other nations to restructure their debt.
To contact the reporter on this story: Katia Porzecanski in New York at [email protected]
To contact the editor responsible for this story: David Papadopoulos at [email protected]
JPMorgan Math Nonsense to MetLife in CPI Spat
The alleged data rigging by Argentina that cost inflation-linked bondholders $7 billion and earned the nation a rebuke from the International Monetary Fund is now turning MetLife Inc. against its banker.
The local unit of the largest U.S. life insurer is suing JPMorgan Chase & Co. to recoup $107 million in losses on notes securitized by the lender, claiming the biggest U.S. bank by assets used government inflation data that is estimated to be less than half the actual rate to value the debt. The underlying bonds lost 9.5 percent in dollars this year, the biggest drop among inflation-linked debt in Latin America, after plunging 25 percent in 2011, according to Barclays Plc. Economists estimate inflation at 24 percent, versus the official rate of 9 percent.
The lawsuit, filed in London, is emblematic of the mistrust Argentina has sowed since it fired statisticians in 2007 and began reporting consumer prices that economists say are inaccurate. That’s shut the nation out of its own bond market and caused trading in notes tied to consumer prices to dry up. Unable to sell debt overseas since its record default in 2001, Argentina has also imposed currency controls and seized oil producer YPF SA in the past year as it faces borrowing costs that are twice the average in emerging markets.
Inflation-linked bonds have “fallen off the map,” Leonardo Chialva, a partner at Delphos Investment in Buenos Aires, said in a telephone interview. “They barely trade among a reduced, highly speculative group of investors who are not looking at the fundamentals because they depend on the highly subjective and arbitrary component that is official inflation.”
‘Good Faith’
Spokesmen for JPMorgan and MetLife declined to comment about ongoing litigation. Officials at Argentina’s Economy Ministry didn’t return calls seeking comment.
Metropolitan Life Seguros de Retiro SA alleges that by using the government’s data, JPMorgan paid less interest on securities that were created by the bank and tied to the performance of underlying Argentine bonds, according to court documents filed in September and made available last week. JPMorgan put the redemption value of the notes at $177 million, a figure based on official inflation, while MetLife said their value should have been $284 million.
The Argentine unit of the New York-based insurer says a clause in the bond contract stipulates that JPMorgan was required to determine consumer prices “in good faith and in a commercially reasonable manner based in available market information,” in the event the country’s official data was deemed unreliable. Instead, New York-based JPMorgan used official inflation that one of its analysts deemed “grossly distorted,” MetLife said.
U.S. Ruling
Argentine President Cristina Fernandez de Kirchner has said since taking office in December 2007 that her government’s data is accurate.
In a separate case, Argentina lost a bid to reverse U.S. court rulings on Oct. 26 that may help creditors including billionaire Paul Singer’s hedge fund Elliott Management Corp. collect $1.4 billion on defaulted debt, sparking the biggest decline in the country’s bonds in four months.
The government’s dollar-denominated notes due in 2015 fell 4.98 cents to 84.55 cents on the dollar, pushing yields to an almost three-month high 13.82 percent, after the U.S. Appeals Court in New York ruled that Argentina can’t discriminate against holders of the defaulted bonds in favor of those that own the securities it restructured following the default.
New York-based Elliot Management this month won a court order in Ghana to seize an Argentine navy frigate when it docked in the West African nation on a training mission.
‘Captive Buyers’
The nation’s foreign-exchange restrictions, which Fernandez imposed after her re-election in October 2011, have also undermined trading in inflation-linked bonds, according to Bulltick Capital Markets.
In the unregulated market, which traders use to acquire dollars by buying assets locally in pesos and selling them abroad in U.S. currency, the peso has weakened 27 percent this year to 6.5252 pesos per dollar.
“Basically, everybody bailed on that trade,” Alberto Bernal, head of fixed-income research at Bulltick, said in a telephone interview. “Local trading is mostly arbitrage by captive buyers at this point.”
Argentina’s credit-rating outlook last month was revised to negative from stable by Moody’s Investors Service, which said misreporting inflation data has resulted in the underpayment of holders of inflation-linked bonds.
Moody’s Downgrades
Combined with the $8.9 billion still owed to the Paris Club of creditor nations, the underpayment demonstrates a lack of willingness to pay back creditors, according to Moody’s. The country is rated B3, six levels below investment grade.
Moody’s lowered the foreign debt ratings of three Argentine banks from B2 to B3 on Oct. 26, citing the risk that debtors will be unable to access foreign currency.
South America’s second-biggest economy is on track to be the first country censured by the IMF for not sharing accurate inflation data. The IMF’s board of directors gave Argentina until Dec. 17 to respond to its concerns. After that, the board can issue a declaration of censure.
Enrique Alvarez, the New York-based head of Latin America fixed-income research at IdeaGlobal, says the threat of a downgrade and censure by IMF won’t compel the Argentine government to change its inflation data.
“Argentina is not going to fully budge,” he said in a telephone interview. “You see that in their actions. I don’t believe that they’ll make an immediate U-turn and start reporting something that would cost them.”
‘Blow Up’
Last year, Fernandez fined economists for reporting independent inflation estimates, prompting opposition lawmakers to compile the reports and publish them anonymously.
In September, she questioned whether U.S. inflation was close to 2 percent and told a Georgetown University student in a televised conference that “if inflation in Argentina was 25 percent, the country would blow up.”
The extra yield, or spread, investors demand to hold Argentine government dollar bonds instead of Treasuries swelled six basis points to 993 at 12:32 p.m. in Buenos Aires, according to JPMorgan.
The cost of protecting Argentine debt against non-payment for five years with credit-default swaps surged 246 basis points to 1,533, data compiled by Bloomberg show. The swaps pay the buyer face value in exchange for the underlying securities or cash if a government or company fails to comply with debt agreements.
The peso was little changed at 4.7537 per dollar.
Edwin Gutierrez, who helps manage $9 billion of emerging- market debt at Aberdeen Asset Management Plc and owned Argentine inflation-linked bonds in the past, says MetLife may be locked in a legal battle with JPMorgan for years.
“This will be a long, drawn-out battle,” Gutierrez said in a telephone interview from London. “Good luck with that.”
To contact the reporters on this story: Drew Benson in New York at [email protected]; Camila Russo in Buenos Aires at [email protected]
To contact the editors responsible for this story: David Papadopoulos at [email protected]; Michael Tsang at [email protected]
The alleged data rigging by Argentina that cost inflation-linked bondholders $7 billion and earned the nation a rebuke from the International Monetary Fund is now turning MetLife Inc. against its banker.
The local unit of the largest U.S. life insurer is suing JPMorgan Chase & Co. to recoup $107 million in losses on notes securitized by the lender, claiming the biggest U.S. bank by assets used government inflation data that is estimated to be less than half the actual rate to value the debt. The underlying bonds lost 9.5 percent in dollars this year, the biggest drop among inflation-linked debt in Latin America, after plunging 25 percent in 2011, according to Barclays Plc. Economists estimate inflation at 24 percent, versus the official rate of 9 percent.
The lawsuit, filed in London, is emblematic of the mistrust Argentina has sowed since it fired statisticians in 2007 and began reporting consumer prices that economists say are inaccurate. That’s shut the nation out of its own bond market and caused trading in notes tied to consumer prices to dry up. Unable to sell debt overseas since its record default in 2001, Argentina has also imposed currency controls and seized oil producer YPF SA in the past year as it faces borrowing costs that are twice the average in emerging markets.
Inflation-linked bonds have “fallen off the map,” Leonardo Chialva, a partner at Delphos Investment in Buenos Aires, said in a telephone interview. “They barely trade among a reduced, highly speculative group of investors who are not looking at the fundamentals because they depend on the highly subjective and arbitrary component that is official inflation.”
‘Good Faith’
Spokesmen for JPMorgan and MetLife declined to comment about ongoing litigation. Officials at Argentina’s Economy Ministry didn’t return calls seeking comment.
Metropolitan Life Seguros de Retiro SA alleges that by using the government’s data, JPMorgan paid less interest on securities that were created by the bank and tied to the performance of underlying Argentine bonds, according to court documents filed in September and made available last week. JPMorgan put the redemption value of the notes at $177 million, a figure based on official inflation, while MetLife said their value should have been $284 million.
The Argentine unit of the New York-based insurer says a clause in the bond contract stipulates that JPMorgan was required to determine consumer prices “in good faith and in a commercially reasonable manner based in available market information,” in the event the country’s official data was deemed unreliable. Instead, New York-based JPMorgan used official inflation that one of its analysts deemed “grossly distorted,” MetLife said.
U.S. Ruling
Argentine President Cristina Fernandez de Kirchner has said since taking office in December 2007 that her government’s data is accurate.
In a separate case, Argentina lost a bid to reverse U.S. court rulings on Oct. 26 that may help creditors including billionaire Paul Singer’s hedge fund Elliott Management Corp. collect $1.4 billion on defaulted debt, sparking the biggest decline in the country’s bonds in four months.
The government’s dollar-denominated notes due in 2015 fell 4.98 cents to 84.55 cents on the dollar, pushing yields to an almost three-month high 13.82 percent, after the U.S. Appeals Court in New York ruled that Argentina can’t discriminate against holders of the defaulted bonds in favor of those that own the securities it restructured following the default.
New York-based Elliot Management this month won a court order in Ghana to seize an Argentine navy frigate when it docked in the West African nation on a training mission.
‘Captive Buyers’
The nation’s foreign-exchange restrictions, which Fernandez imposed after her re-election in October 2011, have also undermined trading in inflation-linked bonds, according to Bulltick Capital Markets.
In the unregulated market, which traders use to acquire dollars by buying assets locally in pesos and selling them abroad in U.S. currency, the peso has weakened 27 percent this year to 6.5252 pesos per dollar.
“Basically, everybody bailed on that trade,” Alberto Bernal, head of fixed-income research at Bulltick, said in a telephone interview. “Local trading is mostly arbitrage by captive buyers at this point.”
Argentina’s credit-rating outlook last month was revised to negative from stable by Moody’s Investors Service, which said misreporting inflation data has resulted in the underpayment of holders of inflation-linked bonds.
Moody’s Downgrades
Combined with the $8.9 billion still owed to the Paris Club of creditor nations, the underpayment demonstrates a lack of willingness to pay back creditors, according to Moody’s. The country is rated B3, six levels below investment grade.
Moody’s lowered the foreign debt ratings of three Argentine banks from B2 to B3 on Oct. 26, citing the risk that debtors will be unable to access foreign currency.
South America’s second-biggest economy is on track to be the first country censured by the IMF for not sharing accurate inflation data. The IMF’s board of directors gave Argentina until Dec. 17 to respond to its concerns. After that, the board can issue a declaration of censure.
Enrique Alvarez, the New York-based head of Latin America fixed-income research at IdeaGlobal, says the threat of a downgrade and censure by IMF won’t compel the Argentine government to change its inflation data.
“Argentina is not going to fully budge,” he said in a telephone interview. “You see that in their actions. I don’t believe that they’ll make an immediate U-turn and start reporting something that would cost them.”
‘Blow Up’
Last year, Fernandez fined economists for reporting independent inflation estimates, prompting opposition lawmakers to compile the reports and publish them anonymously.
In September, she questioned whether U.S. inflation was close to 2 percent and told a Georgetown University student in a televised conference that “if inflation in Argentina was 25 percent, the country would blow up.”
The extra yield, or spread, investors demand to hold Argentine government dollar bonds instead of Treasuries swelled six basis points to 993 at 12:32 p.m. in Buenos Aires, according to JPMorgan.
The cost of protecting Argentine debt against non-payment for five years with credit-default swaps surged 246 basis points to 1,533, data compiled by Bloomberg show. The swaps pay the buyer face value in exchange for the underlying securities or cash if a government or company fails to comply with debt agreements.
The peso was little changed at 4.7537 per dollar.
Edwin Gutierrez, who helps manage $9 billion of emerging- market debt at Aberdeen Asset Management Plc and owned Argentine inflation-linked bonds in the past, says MetLife may be locked in a legal battle with JPMorgan for years.
“This will be a long, drawn-out battle,” Gutierrez said in a telephone interview from London. “Good luck with that.”
To contact the reporters on this story: Drew Benson in New York at [email protected]; Camila Russo in Buenos Aires at [email protected]
To contact the editors responsible for this story: David Papadopoulos at [email protected]; Michael Tsang at [email protected]
bosmeld
Forumer storico
ho provato a sentire un fondo che fa argentina.
purtroppo sono basati a NY e visto il casino li, mi hanno parlato per 2 minuti.
cmq riassumendo, dicono reazione esagerata del mercato, però mi è sembrato un po titubante.
lo richiamo tra un paio di giorni.
non sapendo nulla di più non azzardo ingressi
purtroppo sono basati a NY e visto il casino li, mi hanno parlato per 2 minuti.
cmq riassumendo, dicono reazione esagerata del mercato, però mi è sembrato un po titubante.
lo richiamo tra un paio di giorni.
non sapendo nulla di più non azzardo ingressi
fabriziof
Forumer storico
penso che le cose andranno ancora avanti per mesi,comunque l'incognita è come dovranno comportarsi le banche rispetto alla sentenza ,il rischio di un blocco della distribuzione delle cedole c'è ,bisogna vedere come l'argentina l'aggirerà.
In the latest legal ruling, a three-judge panel at the U.S. Appeals Court in New York upheld orders issued by U.S. District Judge Thomas Griesa in Manhattan. The appeals court sent the case back to Griesa’s court to clarify how a payment formula set by the judge is intended to work and to determine how the orders apply to intermediary banks and other third parties.