Mon, Jan 16, 2017
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. Southpoint Capital gains 3.8% in Q3, bringing year-to-date returns to 5.2%[more]

    From Valuewalk.com: Southpoint Capital Advisors, the $3 billion New York hedge fund founded by former employees of David Einhorn’s Greenlight Capital, added 3.8% net during the third quarter of 2016, bringing year-to-date returns to 5.2% and cumulative returns since inception (July 2004) of 237.4% a

  2. The Big Picture: The case for emerging market debt in 2017[more]

    Benedicte Gravrand, Opalesque Geneva: Emerging market (EM) assets outperformed in 2016 mainly because of stronger fundamentals and an improving international environment, with GDP picking up speed, leading to positive earnings revisions for the first time in five years,

  3. Amplitude's Klassic CTA up 29% in 2016[more]

    Benedicte Gravrand, Opalesque Geneva: Swiss CTA manager Amplitude Capital can boast outperformance for one of its short-term trading strategies. The Klassik strategy, which trades equities, FX, fixed income and commodities, returned 29.39% in

  4. Hedge funds gain across strategies in December, outperform MSCI to close at record index level in 2016[more]

    Komfie Manalo, Opalesque Asia: Hedge funds posted gains across all strategies in December to conclude 2016, with the HFRI Fund Weighted Composite Index (FWC) rising to a record index value level as oil prices surged, equities gained and U.S. interest rates increased into year end, accordin

  5. Performance - BlackRock's robot stock-pickers post record losses, Soros-backed fund Glen Point loses in first trading year, Regal Funds Management: Bleak year as returns in key funds plunge 25pc, Elm Ridge Capital up 25% in 2016[more]

    BlackRock's robot stock-pickers post record losses From Bloomberg.com: Like so many fund titans these days, Laurence D. Fink is betting on machines to turn around BlackRock Inc.'s beleaguered stock-picking business. Trouble is, they just might have made things worse. BlackRock