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Aug 4, 2014

U.S. judge defends debt mediator against Argentine broadside

NEW YORK (Reuters) – U.S. District Judge Thomas Griesa stepped in on Monday to defend the mediator he appointed to help settle a long-standing sovereign debt dispute between Argentina and holdout creditors after that country’s government accused the go-between of bias.

“The purpose of this ruling is to confirm that Daniel Pollack, the Special Master appointed by the court to preside over settlement negotiations, will remain in office,” Griesa ordered.

Aug 4, 2014

Dollar rangebound ahead of central bank meetings

NEW YORK, Aug 4 (Reuters) – Currencies traded in narrow
ranges on Monday against the U.S. dollar, with prices holding up
from last week’s recent lows while attention shifts to central
bank meetings later in the week.

The euro was holding most of Friday’s gains, although down
slightly on the day at $1.3419 in morning trade in New York.

Aug 1, 2014
Aug 1, 2014

Emerging market CDS volume up 40 pct in second quarter

NEW YORK, Aug 1 (Reuters) – Emerging market credit default
swaps trading volume rose 40 percent in the second quarter of
this year, reaching $389 billion, versus the same period a year
ago, a survey showed on Friday.

However, EMTA, the emerging markets debt trading and
investment industry trade association, said in a statement that
volumes were down 5 percent from the first quarter of this year.

Aug 1, 2014

Judge criticizes Argentina for ‘half-truths’ at hearing

By Daniel Bases

(Reuters) – U.S. District Judge Thomas Griesa, in a stern tone, on Friday criticized Argentina’s decision to default on $29 billion in debt earlier in the week rather than pay holdout investors as ordered.

In a court hearing, Griesa told lawyers for Cleary Gottlieb, which represents Argentina, to “take steps to stop the misleading information being released by the Republic” regarding the battle between investors and the country. Elected officials in the South American nation have repeatedly stated that they had met their debt obligations, which Griesa said was a “half truth.”

Aug 1, 2014
Jul 30, 2014

Argentine economy minister in New York for last ditch talks

NEW YORK/BUENOS AIRES (Reuters) – Argentine Economy Minister Axel Kicillof unexpectedly arrived in New York on Tuesday to join last-minute debt negotiations with “holdout” investors in a bid to avert a default.

After a long battle in the U.S. courts, Argentina has until the end of Wednesday to either pay in full the hedge funds that rejected its restructuring on their defaulted bonds, cut a deal or win a stay of the court order that triggered the deadline.

Jul 29, 2014

Argentina holds last-minute debt talks with mediator

NEW YORK/BUENOS AIRES, July 29 (Reuters) – Argentine debt
negotiators held talks in New York on Tuesday with the U.S.
mediator in the South American country’s battle with holdout
investors, in a last-ditch attempt to avert a default.

After a series of setbacks in U.S. courts, Argentina has
until the end of Wednesday to either pay the New York hedge
funds in full their defaulted bonds resulting from the country’s
2001/02 financial crisis or cut a deal to stave off a fresh

Jul 29, 2014

As Argentina stares down deadline, one group will make default call

July 29 (Reuters) – As Argentina’s options run out as the
clock ticks down to the deadline before a default, attention is
turning to the committee that makes the “official” call on such
matters – even though that call is really only for the benefit
of those investors who bought insurance in case of non-payment.

Argentina is out of legal options to avoid paying a
court-ordered $1.33 billion, plus interest, to the holdout
creditors who declined to restructure their bonds. If the
payments are not made, the country will have defaulted on its
debt obligations for the second time since it missed a payment
in January 2002 that affected roughly $100 billion in sovereign

Jul 29, 2014

Analysis – Argentine debt defiance may strengthen holdouts’ legal position

NEW YORK (Reuters) – Argentina has fought in court for a dozen years against the claims of holdout investors in its defaulted debt, and Argentina has lost. The holdouts, led by Paul Singer’s Elliott Capital Management and Mark Brodsky’s Aurelius Capital Management, are still waiting to collect a single penny or peso.

Argentina defied court-ordered demands to pay all its bondholders by a June 30 deadline, and a 30-day grace period runs out this week. Argentina says a payment to its trustee bank insulates it against charges it doesn’t pay its bills on time. It has described the holdouts as vultures and the judge who made the orders as unjust. The country has enough foreign currency to cover about five months’ worth of imports, and billions of dollars of debt coming due next year. Until it pays the holdouts, it will remain locked out of international capital markets.

    • About Daniel

      "I'm a New York-based global investment correspondent with over 20 years of experience covering financial markets, business and foreign policy. My current post lets me roam across all asset classes and geography, from the developed to the emerging markets. I've reported and taught business and economic journalism from Asia, Europe, Latin America and the United States. Prior to joining Reuters I was a producer at CNN Business News in New York."
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