GiveMeLeverage
& I will remove the world
A naso verrà respinta anche la richiesta depositata dagli hedge "amici" dell'Argentina (parte in grassetto)
Titoli di Stato area non Euro ARGENTINA obbligazioni e tango bond
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A naso verrà respinta anche la richiesta depositata dagli hedge "amici" dell'Argentina (parte in grassetto)
Wallygo
Forumer storico
Bella la notizia in grassetto fortunatamente sono bello pieno di ARGE penso che il vecchio GRIESA lo manderanno presto in pensione e NML rimarrà con un bel pugno di mosche in mano
FORZA GRAMERCY!!!!!
Ultima modifica:
iguanito
Forumer storico
Ti hanno applicato il coefficiente di correzione, giusto?
qquebec
Super Moderator
maxolone
Forumer storico
By Katia Porzecanski
Dec. 6 (Bloomberg) -- Argentine defaulted bond traders are
sticking to bets that they’ll be paid even after a U.S. court
delayed an order forcing the South American country to make a
$1.33 billion payment.
Euro bonds that the government defaulted on in 2001 have
jumped about 7 cents since a U.S. appeals court ruled Oct. 26
the nation must pay creditors that rejected restructuring offers
if it wants to service performing debt held by investors who
accepted discounts of 70 percent. The notes trade in a range
between 25 cents to 26 cents, the highest since the ruling, Amir
Zada, managing director at Exotix USA Inc., said. Exotix doesn’t
keep historical price data for the securities, he said.
While Argentina managed to push back a court-ordered
payment on defaulted debt this month, creditors led by hedge
fund manager Paul Singer’s NML Capital Ltd. suing the South
American country remain confident the nation’s arguments won’t
undo their biggest victory during the 11-year legal battle.
“Those that hold the defaulted debt are closer to getting
paid than they ever have been in the last 10 years,” Russell
Dallen, the head bond trader at Caracas Capital Markets, said in
a telephone interview from Miami. “The courts have already
ruled that Argentina owes them the money. Although Argentina won
the stay, it doesn’t mean they’ve won the battle, much less the
war.”
Yields Drop
Defaulted bonds have maintained their gains even as
Argentina’s restructured securities rallied, returning 18.6
percent since the appeals court on Nov. 28 delayed District
Judge Thomas Griesa’s orders for the nation to pay holders of
defaulted debt in full this month. While the rally shows holders
of performing securities are growing more confident the country
will service the debt, defaulted bond prices indicate creditors
including Singer aren’t losing confidence they’ll be repaid.
The court said Argentina will present oral arguments Feb.
27.
The average yield on government dollar bonds has fallen 90
basis points in the past week to 12.54 percent. It surged to a
three-year high of 15.08 on Nov. 28 on speculation that
Argentina would default again rather than settle with holdouts.
Argentine securities tied to the nation’s economic growth
jumped a record 2.2 cents on Nov. 29. The GDP warrants, whose
Dec. 15 coupon payment of about $3 billion was most at risk of
being disrupted by Griesa’s order to deposit $1.33 billion in an
escrow account for the so-called holdouts by that date, have
extended their rally to 12.19 cents yesterday, the highest since
Oct. 25.
Softening Stance
The appeals court decision to delay the ruling came after
Argentina, holders of its restructured bonds and intermediary
banks involved in channeling payments requested an emergency
stay to block Griesa’s orders. In a Nov. 26 court filing, the
South American government suggested for the first time that it
would be willing to re-open a two-year-old restructuring to the
owners of defaulted securities.
Argentina’s Economy Ministry said Nov. 26 that a payment
formula offering holdouts the same terms as investors who
accepted the 2010 restructuring, rather than par value as Griesa
had ruled, would be a “remedy” that’s consistent with
Argentine law and the government could present that proposal to
Congress, according to the court filing.
Norma Madeo, a spokeswoman for the Economy Ministry, didn’t
respond to an e-mail seeking comment on the possibility of
reopening the debt swap or on the court case.
‘Compelling Arguments’
The proposal came after Griesa cited public comments by
President Cristina Fernandez de Kirchner saying she wouldn’t pay
the holdouts as one justification for lifting the stay. The
change in Argentina’s tone may have contributed to the recent
appeals court decisions that have been favorable to the nation,
according to Hernan Yellati, the head of research and strategy
at BancTrust & Co. in Miami.
“Argentina’s willingness to resolve the problem by trying
to reopen the 2010 exchange may be seen with good eyes by the
U.S. Court of Appeals,” Yellati said in an e-mail. “In
addition to compelling arguments by holders of restructured
debt, the NY Fed and BONY, the court should consider Argentina’s
softening rhetoric toward plaintiffs. Yet, if Judge Griesa’s
decision is ratified, paying in full to holdouts, as the ruling
establishes, that is something President Fernandez won’t
consider at that stage.”
The upfront cost of insuring against losses on $10 million
of Argentine government debt for one year fell to $2.4 million
yesterday in New York from $4.8 million on Nov. 27 in the
credit-default swaps market, according to data provider CMA,
which is owned by McGraw-Hill Cos. and compiles prices quoted by
dealers in the privately negotiated market.
Possible Negotiation
The swaps pay the buyer face value in exchange for the
underlying securities or the cash equivalent if a borrower fails
to adhere to its debt agreements.
While a ruling whereby the court orders holdouts to accept
the terms of another Argentine restructuring would be
unfavorable to investors who had rejected swaps twice before,
the prospect of a possible negotiation could also be
contributing to the rally in defaulted bonds, according to
Sebastian Vargas, an analyst at Barclays Plc.
“To the extent that the intransigence of the Argentine
position has diminished, that certainly increases the value of
restructured debt as well as defaulted debt,” Vargas said in a
telephone interview from New York. “The chances of negotiation
increase at the end of the stay. But it’s important to say that
we’re at a very incipient stage and the administration has to
walk the way it talks.”
Temporary Rebound
The extra yield, or spread, investors demand to hold
Argentine debt over U.S. Treasuries widened 14 basis points to
1,090 basis points at 7:43 a.m. in New York, according to
JPMorgan Chase & Co.’s EMBI Global index.
The peso fell 0.1 percent to 4.8512 per dollar yesterday.
The recovery in restructured Argentine dollar bonds will be
short-lived as the court will ultimately rule against the nation
after arguments are presented in February, according to Dallen
of Caracas Capital Markets.
“If I was getting paid in December, I would sell my
position,” he said. “Argentina is in a losing position and
ultimately they’re going to lose. They’re fighting a rearguard
battle.”
Dec. 6 (Bloomberg) -- Argentine defaulted bond traders are
sticking to bets that they’ll be paid even after a U.S. court
delayed an order forcing the South American country to make a
$1.33 billion payment.
Euro bonds that the government defaulted on in 2001 have
jumped about 7 cents since a U.S. appeals court ruled Oct. 26
the nation must pay creditors that rejected restructuring offers
if it wants to service performing debt held by investors who
accepted discounts of 70 percent. The notes trade in a range
between 25 cents to 26 cents, the highest since the ruling, Amir
Zada, managing director at Exotix USA Inc., said. Exotix doesn’t
keep historical price data for the securities, he said.
While Argentina managed to push back a court-ordered
payment on defaulted debt this month, creditors led by hedge
fund manager Paul Singer’s NML Capital Ltd. suing the South
American country remain confident the nation’s arguments won’t
undo their biggest victory during the 11-year legal battle.
“Those that hold the defaulted debt are closer to getting
paid than they ever have been in the last 10 years,” Russell
Dallen, the head bond trader at Caracas Capital Markets, said in
a telephone interview from Miami. “The courts have already
ruled that Argentina owes them the money. Although Argentina won
the stay, it doesn’t mean they’ve won the battle, much less the
war.”
Yields Drop
Defaulted bonds have maintained their gains even as
Argentina’s restructured securities rallied, returning 18.6
percent since the appeals court on Nov. 28 delayed District
Judge Thomas Griesa’s orders for the nation to pay holders of
defaulted debt in full this month. While the rally shows holders
of performing securities are growing more confident the country
will service the debt, defaulted bond prices indicate creditors
including Singer aren’t losing confidence they’ll be repaid.
The court said Argentina will present oral arguments Feb.
27.
The average yield on government dollar bonds has fallen 90
basis points in the past week to 12.54 percent. It surged to a
three-year high of 15.08 on Nov. 28 on speculation that
Argentina would default again rather than settle with holdouts.
Argentine securities tied to the nation’s economic growth
jumped a record 2.2 cents on Nov. 29. The GDP warrants, whose
Dec. 15 coupon payment of about $3 billion was most at risk of
being disrupted by Griesa’s order to deposit $1.33 billion in an
escrow account for the so-called holdouts by that date, have
extended their rally to 12.19 cents yesterday, the highest since
Oct. 25.
Softening Stance
The appeals court decision to delay the ruling came after
Argentina, holders of its restructured bonds and intermediary
banks involved in channeling payments requested an emergency
stay to block Griesa’s orders. In a Nov. 26 court filing, the
South American government suggested for the first time that it
would be willing to re-open a two-year-old restructuring to the
owners of defaulted securities.
Argentina’s Economy Ministry said Nov. 26 that a payment
formula offering holdouts the same terms as investors who
accepted the 2010 restructuring, rather than par value as Griesa
had ruled, would be a “remedy” that’s consistent with
Argentine law and the government could present that proposal to
Congress, according to the court filing.
Norma Madeo, a spokeswoman for the Economy Ministry, didn’t
respond to an e-mail seeking comment on the possibility of
reopening the debt swap or on the court case.
‘Compelling Arguments’
The proposal came after Griesa cited public comments by
President Cristina Fernandez de Kirchner saying she wouldn’t pay
the holdouts as one justification for lifting the stay. The
change in Argentina’s tone may have contributed to the recent
appeals court decisions that have been favorable to the nation,
according to Hernan Yellati, the head of research and strategy
at BancTrust & Co. in Miami.
“Argentina’s willingness to resolve the problem by trying
to reopen the 2010 exchange may be seen with good eyes by the
U.S. Court of Appeals,” Yellati said in an e-mail. “In
addition to compelling arguments by holders of restructured
debt, the NY Fed and BONY, the court should consider Argentina’s
softening rhetoric toward plaintiffs. Yet, if Judge Griesa’s
decision is ratified, paying in full to holdouts, as the ruling
establishes, that is something President Fernandez won’t
consider at that stage.”
The upfront cost of insuring against losses on $10 million
of Argentine government debt for one year fell to $2.4 million
yesterday in New York from $4.8 million on Nov. 27 in the
credit-default swaps market, according to data provider CMA,
which is owned by McGraw-Hill Cos. and compiles prices quoted by
dealers in the privately negotiated market.
Possible Negotiation
The swaps pay the buyer face value in exchange for the
underlying securities or the cash equivalent if a borrower fails
to adhere to its debt agreements.
While a ruling whereby the court orders holdouts to accept
the terms of another Argentine restructuring would be
unfavorable to investors who had rejected swaps twice before,
the prospect of a possible negotiation could also be
contributing to the rally in defaulted bonds, according to
Sebastian Vargas, an analyst at Barclays Plc.
“To the extent that the intransigence of the Argentine
position has diminished, that certainly increases the value of
restructured debt as well as defaulted debt,” Vargas said in a
telephone interview from New York. “The chances of negotiation
increase at the end of the stay. But it’s important to say that
we’re at a very incipient stage and the administration has to
walk the way it talks.”
Temporary Rebound
The extra yield, or spread, investors demand to hold
Argentine debt over U.S. Treasuries widened 14 basis points to
1,090 basis points at 7:43 a.m. in New York, according to
JPMorgan Chase & Co.’s EMBI Global index.
The peso fell 0.1 percent to 4.8512 per dollar yesterday.
The recovery in restructured Argentine dollar bonds will be
short-lived as the court will ultimately rule against the nation
after arguments are presented in February, according to Dallen
of Caracas Capital Markets.
“If I was getting paid in December, I would sell my
position,” he said. “Argentina is in a losing position and
ultimately they’re going to lose. They’re fighting a rearguard
battle.”
drbs315
Forumer storico
Uscito per 1/5 oggi dall'Arg usd 17, il resto l'ho tenuto.
Purtroppo m'hanno pure preso una vendita a 100 del Venezuela usd 27, messo stamattina per provare a pescare un denaro al meglio in apertura (il giochino m'è riuscito solo un paio di volte); solo che poi mi sono dimenticato di toglierlo
Sono ormai sottopesato sull'hy
, confido nello storno di qualcuno 
Purtroppo m'hanno pure preso una vendita a 100 del Venezuela usd 27, messo stamattina per provare a pescare un denaro al meglio in apertura (il giochino m'è riuscito solo un paio di volte); solo che poi mi sono dimenticato di toglierlo
Sono ormai sottopesato sull'hy
, confido nello storno di qualcuno Similar threads
