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Jul 16, 2014

U.S. judge to hear latest motions in Argentina debt case July 22

NEW YORK (Reuters) – A U.S. judge said in New York on Wednesday that he would hear arguments next Tuesday related to the banks and payment agents caught up in Argentina’s sovereign debt case as a potential default looms at the end of the month.

U.S. District Judge Thomas Griesa has received motions from the Bank of New York Mellon , the indentured trustee that currently holds a deposit from the government of $539 million in its account at the Central Bank of Argentina, on what it should do with the money.

Jul 16, 2014

U.S. 10-year yields edge lower in range-bound trade

NEW YORK, July 16 (Reuters) – U.S. benchmark Treasury yields
edged lower on Wednesday, slipping back from an early boost
delivered after data suggesting the world’s largest economy is
on solid footing.

Higher-than-expected June producer price index data was
balanced against data showing a lower-than-expected increase in
June industrial production.

Jul 15, 2014

Treasuries flat on steady policy message from Fed’s Yellen

NEW YORK, July 15 (Reuters) – The bond market traded in a
narrow range on Tuesday, absorbing Federal Reserve Chair Janet
Yellen’s message that the U.S. economic recovery remains
incomplete and early signs of a pick-up in inflation are not
enough to accelerate anticipated interest rate increases.

Yellen’s testimony before the Senate Banking Committee
generated little market movement, with prices gyrating a few
points above and below the day’s opening level, reflecting
market views that the loose monetary policy stance was not about
to change.

Jul 15, 2014

U.S. Treasuries steady after weak retail sales; eyes on Yellen

NEW YORK, July 15 (Reuters) – U.S. Treasuries hewed to
narrow ranges on Tuesday, slightly weaker ahead of congressional
testimony from Federal Reserve Chair Janet Yellen, who is
expected to emphasize the central bank’s flexibility in policy.

Prices on Treasuries were little changed after data showing
a smaller-than-expected rise in June U.S. retail sales,
including a surprising decline in receipts at automobile
dealerships. However, the view of an economy on sounder footing
at the end of the second quarter remains intact.

Jul 8, 2014

Argentina’s other holdouts start organizing investor committees

NEW YORK, July 8 (Reuters) – Investors holding over $6
billion worth of unrestructured Argentine sovereign debt are
starting the process of organizing negotiating committees,
encouraged by Buenos Aires’ stated desire to settle with 100
percent of all of its creditors.

These are Argentina’s “other” holdouts, the ones it fears
will bring lawsuits and open it to liabilities in the
government’s estimation close to $15 billion.

Jul 7, 2014

Argentina asks mediator for stay on U.S. court debt ruling

NEW YORK/BUENOS AIRES (Reuters) – Argentina’s economy minister on Monday told a mediator in the country’s dispute with holdout investors that the U.S. court ruling against the country is “impossible” to fulfill and a stay is necessary in order to reach a solution for all creditors.

The country needs to make a deal with the holdouts who rejected debt restructurings after its 2002 default if it is to avoid a new default just as it struggles with recession and dwindling reserves.

Jul 7, 2014

Argentine economy minister to meet debt case mediator in New York

NEW YORK/BUENOS AIRES (Reuters) – Argentina‚Äôs Economy Minister, Axel Kicillof, will meet in New York with a court-appointed mediator in the country’s dispute with holdout investors of its bonds at 2:30 p.m. EDT on Monday, the Argentine Economy Ministry said.

The country needs to come to a deal with the holdouts who rejected its debt restructurings in the wake of its 2002 default on $100 billion, in order to avoid a fresh default.

Jul 2, 2014

BNY Mellon to U.S. judge: What should we do with Argentina’s money?

NEW YORK (Reuters) – Bank of New York Mellon, fearful of being sued by Argentine bondholders and unwilling to defy a court order blocking their coupon payments, will seek guidance from U.S. Judge Thomas Griesa on what to do with the money, a source said on Wednesday.

“Following an exchange of letters today, the court asked BNY Mellon to make a formal motion asking for clarification on what actions it should take with the money that the government deposited in its account at the Central Bank of Argentina last week,” said a source with direct knowledge of the situation.

Jul 2, 2014

Argentine holdout sees Repsol, Paris Club deals as model for talks

NEW YORK/BUENOS AIRES, July 1 (Reuters) – Argentina’s past
deals to settle claims with Spanish oil major Repsol SA and the
Paris Club of creditor nations could serve as examples of how to
negotiate a settlement to a decade-old debt dispute, one of the
lead holdout bondholders said on Tuesday.

Argentina faces a potential default unless it reaches a deal
with holdout investors by July 30 when it must make a payment on
its restructured sovereign debt. The holdouts rejected previous
restructuring deals Argentina offered after it defaulted on
about $100 billion in 2001-2002.

Jul 1, 2014

Argentine debt holdout flags Repsol, Paris Club deals for talks -CNBC

NEW YORK, July 1 (Reuters) – Argentina’s past deals to
settle claims with Spanish oil major Repsol and the Paris Club
of creditor nations could serve as examples of how to negotiate
a settlement to a decade-old debt dispute, one of the lead
holdout bondholders said on Tuesday.

“The Repsol and Paris Club structures are very good models
for what a settlement might look like with unexchanged
bondholders,” Jay Newman, senior portfolio manager at Elliott
Management, one of the lead holdouts in the sovereign debt
dispute with Argentina, told CNBC TV.

    • 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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