Foro Bursátil
https://foro.rava.com/foro3/
rcabsy escribió:Como andas boquita, el pp no pasa nada! la Cometa ahi frenada!
rcabsy escribió:Cual es el gaucho?
rcabsy escribió:Cual es el gaucho?
criacuervos escribió:Argentina estaría evaluando una propuesta de canje de todos los papeles ley NY por ley local
De esta forma evitaría los clearing houses de NY y el riesgo que le embarguen fondos para pagarle a holdouts..
la nota de Bloomberg
(To be sent this column daily, click SALT ARCREDIT. For
credit-market news, click on TOP CM.)
By Katia Porzecanski and Camila Russo
March 7 (Bloomberg) -- Argentine bondholders are taking
comfort in the prospect the country may swap them into notes
governed by local law rather than halting payments for a second
time since 2001 in defiance of a U.S. court order.
Dollar-denominated debt due 2017 has recovered almost all
of its 12.5 percent loss on Feb. 28, a day after Argentina told
the court it wouldn’t obey a ruling to pay $1.3 billion to
holdout creditors and ignited speculation it would opt to
default on its restructured bonds. The notes rallied as the
court requested details on how Argentina planned to pay the
holdouts and El Cronista newspaper said it may exchange the New
York-law bonds for notes issued under its own legislation.
President Cristina Fernandez de Kirchner’s promises to
honor commitments on debt that was issued after the country’s
record $95 billion default have increased speculation that she
will find a way to circumvent the U.S. courts and pay holders of
the restructured bonds, according to Greylock Capital Management
LLC. The nation’s decade-long legal dispute over its defaulted
debt has left its borrowing costs at 13.81 percent, about three
times the 4.8 percent average in emerging markets.
“It’s hard for me not to think that those bondholders are
going to get paid somehow,” Diego Ferro, who helps manage more
than $500 million in emerging-market debt at Greylock, said in a
telephone interview from New York. Would they prefer a default
or “are they going to say, ‘Okay, give me whatever bond you
want, I want to get my money,’” Ferro said.
Interest Payments
Norma Madeo, a spokeswoman for the Economy Ministry,
declined to comment about the possibility of a swap.
Bondholders who accepted notes governed by New York law in
2005 and 2010 debt swaps as part of a settlement that imposed
losses of about 70 percent are due to receive $529 million in
interest payments this year. About half that amount is due over
the next three months, with an interest payment on the 2017
bonds scheduled for June 2.
In anticipation of a ruling that would force Argentina to
pay holders of defaulted bonds in full and bar trustee Bank of
New York Mellon Corp. from transferring payments to bondholders,
Fernandez may try to alter the terms of the notes or swap them
for local ones before payments are due, avoiding a technical
default, according to Puente Hermanos Sociedad de Bolsa SA.
Voluntary Exchange
Argentina can change which legislation governs a single
series of the so-called exchange bonds if holders of 75 percent
of the securities give their consent, according to the
securities’ prospectuses. Changing the jurisdiction of two or
more series would require approval by owners of at least 85
percent of all affected bonds, and by holders of at least two-
thirds of each individual series.
If it can’t garner that much support, Argentina may offer a
voluntary exchange for local-law bonds before or after a
technical default is triggered, said Agostina Nieves, an analyst
at Puente Hermanos in Buenos Aires. While trading in one-year
credit-default swaps reflects a 59 percent chance of technical
default, average bond yields of 13.81 percent indicate investors
expect payment one way or another, she said.
“The bonds are saying, ‘I’m going to get paid,’” Nieves
said in a telephone interview from Buenos Aires. “Nobody knows
if it will be in New York or Argentina, with a technical default
or without, but they do expect the bonds to get paid -- if they
didn’t, they would yield much more.”
Yields Tumble
The yield on the country’s 2017 bonds has dropped 350 basis
points, or 3.5 percentage points, to 16.49 percent from a record
19.98 percent on Feb. 28. The current yield is 83 basis points
more than the day before the hearing, while the cost of
protection against default over the next 12 months through
credit-default swaps has jumped 1,249 points to 6,323.
Investors are overestimating Argentina’s ability to pay
bondholders if it loses the U.S. case, according to Vladimir
Werning, an analyst at JPMorgan Chase & Co.
If U.S. District Judge Thomas Griesa’s ruling is upheld,
third parties that help Argentina pay bondholders could be found
in contempt. The country is currently subject to a March 2012
order by a U.S. District Judge that prohibits it from taking
action to evade the court ruling during the appeals process,
including “altering or amending the processes or specific
transfer mechanisms by which it makes payments.”
‘Clearly Violate’
“Any action taken to alter the payment mechanism while the
appellate process continues would clearly violate a U.S. court
order that is in effect,” said Peter Truell, a spokesman for
NML Ltd., a unit of billionaire Paul Singer’s Elliott Management
Corp., the hedge fund leading the litigation against Argentina.
“Anyone who assists Argentina in such an effort would be in
contempt of court.”
Any legal or financial institution involved in arranging a
swap before or after a ruling would therefore be exposing itself
to lawsuits from New York-based Elliott, Werning said.
“The market will have to acknowledge that the ‘deal
completion risk’ is much larger than anticipated,” Werning said
in a telephone interview from New York. “That will pose
downside risk for prices.”
Institutional investors that are only allowed to own
securities governed by New York law would either have to abstain
from a swap or sell their holdings shortly afterwards, according
to Felipe Hernandez, an economist at Royal Bank of Scotland
Group Plc.
Peso Payment
Owning local law bonds also puts creditors at risk of
Argentina deciding to pay them in pesos instead of dollars, a
concern that drove the gap between bonds with different
legislations to widen to a record 533 basis points in June,
Hernandez said in a telephone interview from Stamford,
Connecticut.
The extra yield investors demand to buy the government’s
bonds instead of U.S. Treasuries narrowed four basis points to
1,173 at 8:50 a.m. New York time, according to JPMorgan’s EMBI
Global index.
The peso was unchanged at 5.0610 per dollar.
To avoid legal risks, a swap would have to be handled by
Argentine institutions, according to Greg Saichin, who helps
oversee about $207 billion as head of emerging market and high
yield portfolio management at Pioneer Investment Management in
London. A swap would be the last resort after exhausting all
legal avenues, including attempts to appeal to a larger group of
appellate judges and U.S. Supreme Court, he said.
“They will do a PR campaign where they will avow again
their willingness to pay,” Saichin said at a March 5 conference
in London. “Argentina will do its utmost to continue paying.”
For Related News and Information:
Argentina May Pay Bonds Early to Avoid Default, Cronista Says
NSN MIZE2S6JTSF1 <GO>
Argentine Dollar Bonds Rebound on Court Order for Payment Option
NSN MIZV6A6TTDS8 <GO>
Top Argentina stories: ARG <GO>
Argentine money markets monitor: BTMM AR <GO>
Argentine economic statistics: ECST AR <GO>
Top credit market stories TOP CM <GO>
Top emerging-market news: TOP EM <GO>
Top Latin America news: TOPL <GO>
--With assistance from Maria Levitov in London. Editors: Richard
Jarvie, Lester Pimentel
To contact the reporters on this story:
Katia Porzecanski in New York at +1-212-617-0408 or
kporzecansk1@bloomberg.net;
Camila Russo in Buenos Aires at +54-11-4321-7737 or
crusso15@bloomberg.net
To contact the editors responsible for this story:
David Papadopoulos at +1-212-617-5105 or
papadopoulos@bloomberg.net;
Michael Tsang at +1-212-617-3277 or
mtsang1@bloomberg.net
hstibanelli escribió: una nota basada en otra nota de un diario "amigo" parece joda directamente
criacuervos escribió:Argentina estaría evaluando una propuesta de canje de todos los papeles ley NY por ley local
De esta forma evitaría los clearing houses de NY y el riesgo que le embarguen fondos para pagarle a holdouts..
la nota de Bloomberg
(To be sent this column daily, click SALT ARCREDIT. For
credit-market news, click on TOP CM.)
By Katia Porzecanski and Camila Russo
March 7 (Bloomberg) -- Argentine bondholders are taking
comfort in the prospect the country may swap them into notes
governed by local law rather than halting payments for a second
time since 2001 in defiance of a U.S. court order.
Dollar-denominated debt due 2017 has recovered almost all
of its 12.5 percent loss on Feb. 28, a day after Argentina told
the court it wouldn’t obey a ruling to pay $1.3 billion to
holdout creditors and ignited speculation it would opt to
default on its restructured bonds. The notes rallied as the
court requested details on how Argentina planned to pay the
holdouts and El Cronista newspaper said it may exchange the New
York-law bonds for notes issued under its own legislation.
President Cristina Fernandez de Kirchner’s promises to
honor commitments on debt that was issued after the country’s
record $95 billion default have increased speculation that she
will find a way to circumvent the U.S. courts and pay holders of
the restructured bonds, according to Greylock Capital Management
LLC. The nation’s decade-long legal dispute over its defaulted
debt has left its borrowing costs at 13.81 percent, about three
times the 4.8 percent average in emerging markets.
“It’s hard for me not to think that those bondholders are
going to get paid somehow,” Diego Ferro, who helps manage more
than $500 million in emerging-market debt at Greylock, said in a
telephone interview from New York. Would they prefer a default
or “are they going to say, ‘Okay, give me whatever bond you
want, I want to get my money,’” Ferro said.
Interest Payments
Norma Madeo, a spokeswoman for the Economy Ministry,
declined to comment about the possibility of a swap.
Bondholders who accepted notes governed by New York law in
2005 and 2010 debt swaps as part of a settlement that imposed
losses of about 70 percent are due to receive $529 million in
interest payments this year. About half that amount is due over
the next three months, with an interest payment on the 2017
bonds scheduled for June 2.
In anticipation of a ruling that would force Argentina to
pay holders of defaulted bonds in full and bar trustee Bank of
New York Mellon Corp. from transferring payments to bondholders,
Fernandez may try to alter the terms of the notes or swap them
for local ones before payments are due, avoiding a technical
default, according to Puente Hermanos Sociedad de Bolsa SA.
Voluntary Exchange
Argentina can change which legislation governs a single
series of the so-called exchange bonds if holders of 75 percent
of the securities give their consent, according to the
securities’ prospectuses. Changing the jurisdiction of two or
more series would require approval by owners of at least 85
percent of all affected bonds, and by holders of at least two-
thirds of each individual series.
If it can’t garner that much support, Argentina may offer a
voluntary exchange for local-law bonds before or after a
technical default is triggered, said Agostina Nieves, an analyst
at Puente Hermanos in Buenos Aires. While trading in one-year
credit-default swaps reflects a 59 percent chance of technical
default, average bond yields of 13.81 percent indicate investors
expect payment one way or another, she said.
“The bonds are saying, ‘I’m going to get paid,’” Nieves
said in a telephone interview from Buenos Aires. “Nobody knows
if it will be in New York or Argentina, with a technical default
or without, but they do expect the bonds to get paid -- if they
didn’t, they would yield much more.”
Yields Tumble
The yield on the country’s 2017 bonds has dropped 350 basis
points, or 3.5 percentage points, to 16.49 percent from a record
19.98 percent on Feb. 28. The current yield is 83 basis points
more than the day before the hearing, while the cost of
protection against default over the next 12 months through
credit-default swaps has jumped 1,249 points to 6,323.
Investors are overestimating Argentina’s ability to pay
bondholders if it loses the U.S. case, according to Vladimir
Werning, an analyst at JPMorgan Chase & Co.
If U.S. District Judge Thomas Griesa’s ruling is upheld,
third parties that help Argentina pay bondholders could be found
in contempt. The country is currently subject to a March 2012
order by a U.S. District Judge that prohibits it from taking
action to evade the court ruling during the appeals process,
including “altering or amending the processes or specific
transfer mechanisms by which it makes payments.”
‘Clearly Violate’
“Any action taken to alter the payment mechanism while the
appellate process continues would clearly violate a U.S. court
order that is in effect,” said Peter Truell, a spokesman for
NML Ltd., a unit of billionaire Paul Singer’s Elliott Management
Corp., the hedge fund leading the litigation against Argentina.
“Anyone who assists Argentina in such an effort would be in
contempt of court.”
Any legal or financial institution involved in arranging a
swap before or after a ruling would therefore be exposing itself
to lawsuits from New York-based Elliott, Werning said.
“The market will have to acknowledge that the ‘deal
completion risk’ is much larger than anticipated,” Werning said
in a telephone interview from New York. “That will pose
downside risk for prices.”
Institutional investors that are only allowed to own
securities governed by New York law would either have to abstain
from a swap or sell their holdings shortly afterwards, according
to Felipe Hernandez, an economist at Royal Bank of Scotland
Group Plc.
Peso Payment
Owning local law bonds also puts creditors at risk of
Argentina deciding to pay them in pesos instead of dollars, a
concern that drove the gap between bonds with different
legislations to widen to a record 533 basis points in June,
Hernandez said in a telephone interview from Stamford,
Connecticut.
The extra yield investors demand to buy the government’s
bonds instead of U.S. Treasuries narrowed four basis points to
1,173 at 8:50 a.m. New York time, according to JPMorgan’s EMBI
Global index.
The peso was unchanged at 5.0610 per dollar.
To avoid legal risks, a swap would have to be handled by
Argentine institutions, according to Greg Saichin, who helps
oversee about $207 billion as head of emerging market and high
yield portfolio management at Pioneer Investment Management in
London. A swap would be the last resort after exhausting all
legal avenues, including attempts to appeal to a larger group of
appellate judges and U.S. Supreme Court, he said.
“They will do a PR campaign where they will avow again
their willingness to pay,” Saichin said at a March 5 conference
in London. “Argentina will do its utmost to continue paying.”
For Related News and Information:
Argentina May Pay Bonds Early to Avoid Default, Cronista Says
NSN MIZE2S6JTSF1 <GO>
Argentine Dollar Bonds Rebound on Court Order for Payment Option
NSN MIZV6A6TTDS8 <GO>
Top Argentina stories: ARG <GO>
Argentine money markets monitor: BTMM AR <GO>
Argentine economic statistics: ECST AR <GO>
Top credit market stories TOP CM <GO>
Top emerging-market news: TOP EM <GO>
Top Latin America news: TOPL <GO>
--With assistance from Maria Levitov in London. Editors: Richard
Jarvie, Lester Pimentel
To contact the reporters on this story:
Katia Porzecanski in New York at +1-212-617-0408 or
kporzecansk1@bloomberg.net;
Camila Russo in Buenos Aires at +54-11-4321-7737 or
crusso15@bloomberg.net
To contact the editors responsible for this story:
David Papadopoulos at +1-212-617-5105 or
papadopoulos@bloomberg.net;
Michael Tsang at +1-212-617-3277 or
mtsang1@bloomberg.net
rcabsy escribió:Los Tvpe se mantienen pero los Pepitos no pasa naranja! Quizas en algun otro año se muevan
Josef escribió:A los peperos les recuerdo que el cupon tiene que subir a 9,5 pesos mañana para recuperar los dolares de diciembre.
Cincuenta por ciento de suba en dolares.....
Macaneadores...
verdolaga escribió: Este es otro aspecto que nadie quiere tener en cuenta....
