Wed, Jul 30, 2014
A A A
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

Argentina to pay hedge funds a portion of debt owed after default

Monday, August 26, 2013

amb
Cristina Fernndez de Kirchner
Bailey McCann, Opalesque New York:

Earlier this year, Opalesque reported on the going court challenge launched by hedge funds and pensioners the wake of the Argentine default. Since then, the Argentine government has been doing everything it can to avoid making payouts to the debt holdouts, even though they've lost much of their ability to make other payments or borrow money from international financial bodies. On Friday, a US Court of Appeals ordered the country to pay $1.47bn to hedge funds holding Argentina's debt. The ruling effectively ended appeals by Buenos Aires against a similar judgement first issued in 2012.

The court held that Argentina must compensate two hedge funds 100% of the value of defaulted Argentine government bonds they hold. Those two hedge funds - Gramercy, and Elliott Associates may never see any of the money they believe they are owed, but the case itself sets an important precedent for sovereign debt cases going forward. Both funds and others, are also involved in a political group American Task Force Argentina, which has represented and worked with pensioners who lost out on bonds they held at the time of default.

Argentina's government may have sealed its own fate on this appeal before any judgement was rendered, given the many public statements made by Argentine President Cristina Fernndez de Kirchner, c......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing
  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. Hedge fund manager Winton Capital making headway with long-only strategy[more]

    From PIonline.com: North American investors are helping Winton Capital Management Ltd. make progress — albeit slowly — toward its founder's goal of becoming a $100 billion company. The firm's ticket to quadrupling its assets under management is unlikely to be one of its scientifically designed manag

  2. Opalesque Roundtable: Success in hedge fund marketing not linked to performance, but investor appetite[more]

    Komfie Manalo, Opalesque Asia: Success in marketing a fund is not linked to the performance, but to investor appetite, to the way you can market the fund, and to how much time you can spend to raise assets, said Antoine Rolland, the CEO of incubator and seeding firm

  3. Opalesque Radio: Now is a good time to buy protection cheaply in the options market[more]

    Benedicte Gravrand, Opalesque Geneva: Investors are showing an increased interest in risk parity funds and strategies, Opalesque reported last year. Risk parity strategies have the

  4. The Big Picture: Charlemagne Capital smoothes risk out of frontier market investing with portfolio approach[more]

    Benedicte Gravrand, Opalesque Geneva: Opalesque recently talked to one of the portfolio managers of the Oaks funds, which are emerging and frontier market hedge funds focusing on equity long/short with a directional approach. They are run by

  5. Winton’s low-cost equities fund tops $1bn for first time[more]

    From FT.com: Winton, the London-based hedge fund, has increased the assets in its low-cost equities fund to more than $1bn for the first time in a sign that traditional stock managers may come under increasing pressure from computer-driven rivals. Winton, which manages about $25bn in total ass