#EMTA NWI’s Hariharan – locals in Brazil in complete panic mode. Usually a great signal to buy Brazil.
#EMTA annual meeting. Discussion about credit growth, U.S. tapering impact on EM. Not much concern among panel 1 on liquidity dry up.
NEW YORK, Nov 22 (Reuters) – Emerging market credit default
swap contract trading volume rose 39 percent to $297 billion in
the third quarter of this year versus the same period in 2012,
according to data released on Friday by EMTA, the trade
association for the emerging markets.
CDS act as a kind of insurance for investors who own debt,
in this case debt issued by sovereign nations, against potential
default or restructuring.
NEW YORK (Reuters) – The euro tumbled across the board on Wednesday after a report that the European Central Bank is considering negative deposit rates to boost inflation closer to its target.
Additional selling pressure on the euro ensued after the release of minutes from the U.S. Federal Reserve’s October interest rate policy-setting meeting. The minutes showed many members felt the downside risks to the economic outlook have diminished and if data warranted it could decide to slow the pace of quantitative easing at one of its next few meetings.
NEW YORK, Nov 18 (Reuters) – A U.S. appeals court on Monday
declined to reconsider an order requiring Argentina to pay $1.33
billion, ruling in favor of bondholders who refused to
participate in two debt restructurings spinning out of the
country’s 2002 default.
The 2nd U.S. Circuit Court of Appeals in New York denied a
petition by Argentina for rehearing by all of the judges sitting
on the court.
NEW YORK, Nov 18 (Reuters) – Investors holding restructured
Argentine sovereign debt are in the final stages of formalizing
a proposal aimed at ending more than a decade of litigation by
holdout investors who have refused to participate in two prior
sovereign debt exchanges.
“In an attempt to create a solution for a decade-old
standoff, exchange bondholders have held several meetings over
the last couple of weeks and are forming an ad hoc group and a
steering committee to formalize a proposal for a global
resolution, end litigation and avoid a default by Argentina,”
Robert Koenigsberger, managing partner and chief investment
officer at Gramercy Funds Management, said in an emailed