background preloader

Argentina vs vulture funds

Facebook Twitter

Ante Griesa, Deutsche Bank denunció a fondos buitre por "acoso" Economía Martes 7 de Julio de 2015 Bonar 2024 La entidad alemana envió una carta el juez Thomas Griesa.

Ante Griesa, Deutsche Bank denunció a fondos buitre por "acoso"

El Deutsche Bank AG, el más grande de Alemania, acusó a los fondos buitre NML Capital y Aurelius Capital Management por intimación y violación de confidencialidad en la causa por la deuda argentina. El acoso incluyó demandas abusivas de pruebas, filtraciones a la prensa de material confidencial y representaciones erróneas a al juez de Estados Unidos, Thomas Griesa, dijo la entidad alemana en una carta enviada al magistrado neoyorquino. Deutsche Bank Claims NML ‘Harassment’ Over Argentine Bonds. Deutsche Bank AG accused NML Capital and other Argentina bond holdouts of harassing banks that participate in legal debt offerings by the South American nation.

Deutsche Bank Claims NML ‘Harassment’ Over Argentine Bonds

That harassment has included abusive demands for evidence, press leaks of confidential material and misstatements to a U.S. judge, Deutsche Bank said in a letter to U.S. District Judge Thomas Griesa in Manhattan Monday. The bank said it plans to ask him to throw out a subpoena by NML, a unit of Paul Singer’s Elliott Management, Aurelius Capital and other holders of defaulted Argentine debt. “Plaintiffs’ true motivation is not discovery of relevant information but harassment of financial intermediaries,” Phillippe Zimmerman, a lawyer for the Frankfurt-based bank, said in the letter. The hedge funds seek information from Deutsche Bank about $1.4 billion in Bonar 2024 bonds issued in April. Buitres: Euroclear también avalará pago de deuda en Buenos Aires. Junto con Clearstream, también Euroclear (la otra agencia de custodia de pagos de la deuda externa que tiene contratada la Argentina) decidió apoyar la operación de liquidación de los vencimientos de los títulos públicos del país en Buenos Aires.

Buitres: Euroclear también avalará pago de deuda en Buenos Aires

La agencia envió el martes pasado a sus clientes una comunicación por la cual los llama a abrir "una cuenta en la Comisión Nacional de Valores" y les garantiza el cobro de la deuda sin mayores dificultades. Con esto el Gobierno se garantiza el apoyo del 100% de las compañías de custodia de pago de los próximos vencimientos de deuda, que en su totalidad serán pagados en la Argentina; los que ahora, con las garantías cruzadas de Euroclear y Clearstream, se podrán ejecutar eludiendo eventuales sanciones de Thomas Griesa. Clearstream Banking will open account at the Argentinian Central Securities Depository, Clearstream Banking1 advises customers that it will shortly finalise the opening of a direct account at the Argentinian Central Securities Depository, Caja de Valores S.A.

Clearstream Banking will open account at the Argentinian Central Securities Depository,

(“CVSA”). Clearstream Banking will transfer all securities from Clearstream Banking’s account at Citibank N.A., Buenos Aires, to Clearstream Banking’s new direct account at CVSA on 17 or 18 June 2015. An announcement confirming the effective date of the transfer will follow shortly. Changes to Clearstream’s setup Clearstream Banking’s new account at CVSA will be opened in the name of, and operated by, Clearstream Banking. US court clears way for Argentina appeal in Citibank dispute. Tuesday, June 2, 2015 The US 2nd District Court of Appeals has determined that Argentina can appeal the ruling handed down by judge Thomas Griesa, which blocked local agent Citibank from processing payments to creditors of debt held in the country's jurisdiction.

US court clears way for Argentina appeal in Citibank dispute

Today's decision from the court, based in New York, dismissed a counter-petition from holdout investors to reject the Argentine appeal request. The original appeal had been made in May by the government, relating to Griesa's decision to ban Citi from processing payments of restructured bonds. The bank had previously been cleared to operate with a series of injunctions, but a subsequent agreement with major litigants NML Capital to allow for an eventual exit from the Argentine custody business provoked a negative reaction from the nation. La Argentina logró aval clave contra buitres: Clearstream. Buitres: bonistas italianos apelan fallo para cobrar. Soros, Hayman Funds Get U.K. Court Order on Argentina Bonds.

(Bloomberg) -- A group of Argentina’s creditors including George Soros’s Quantum Partners and Kyle Bass’s Hayman Capital Management won part of a U.K. court ruling, when a judge said an account holding about 226 million euros ($258 million) in interest payments is covered by English law.

Soros, Hayman Funds Get U.K. Court Order on Argentina Bonds

While Judge David Richards made the order sought by the funds, holders of Euro-denominated bonds, he said he wasn’t prepared to wade into New York lawsuits over the South American nation’s 2001 default. He refused to issue an order about Bank of New York Mellon Corp.’s obligations to make payments from the account, over which it is trustee. The judge said he was “very concerned not to intrude improperly into matters which are before U.S. courts.” On the issue of repaying the Euro bondholders from the account, “it is clearly right to keep those matters open,” Richards said in a written decision Friday in London.

Waiting for RUFO. Soros UK lawsuit. US Judge Griesa orders Argentina to reinstate BoNY. Vulture funds 'undermine development, make workers suffer' - UN Advisory Committee head. Sunday, October 5, 2014 The head of the UN Human Rights Council Advisory Committee to investigate US hedge funds that took Argentina to court, Swiss expert Jean Ziegler, said that the speculative funds “undermine development (of debtor countries) and make workers suffer.”

Vulture funds 'undermine development, make workers suffer' - UN Advisory Committee head

“(Hedge funds) affect social and cultural rights in a direct or indirect way,” stated Ziegler during an interview with Página/12 newspaper. The expert appointed by the Human Rights Council to head the committee that will draft a report on the consequences of the actions of vulture funds on human rights praised the creation of the Advisory Committee. He pointed out that it is the first time that the action of global hedge funds “will be studied not only from a financial point of view, where the United States weighs upon, but from a Human Rights viewpoint.”

IMF Endorses Bond Contract Changes to Avoid Argentina Repeat. The International Monetary Fund is proposing changes to international sovereign bond contracts to help avoid a repeat of the legal battle between Argentina and minority creditors that pushed the country into its second default in 13 years.

IMF Endorses Bond Contract Changes to Avoid Argentina Repeat

The Washington-based IMF recommended modifying a provision known as “pari passu,” a clause that led New York judges to rule that Argentina cannot make payment to holders of its restructured debt as long as it refuses to pay holders of defaulted debt from 2001 in full. The country went into default in July after settlement talks failed. “If future courts interpret the New York court decisions broadly, there is a significant risk that the sovereign debt restructuring process will become more complicated,” fund staff wrote in a report discussed by the board on Oct. 1. “These decisions have increased the risk that holdouts will multiply, as they now have the ability to extract a preferential recovery outside of a debt exchange.”

Collective Action. Debeaking the Vultures by Joseph E. Stiglitz ... NEW YORK – In the midst of the ongoing dispute between Argentina and the “vulture funds” that hold its bonds, a broad consensus has emerged concerning the need for sovereign-debt restructuring mechanisms (SDRMs).

Debeaking the Vultures by Joseph E. Stiglitz ...

Otherwise, US Federal Judge Thomas P. Argentina's bond soap opera. UN Passes Argentine Resolution Condemning Vulture Funds. Griesa calls for new hearing on Citibank injunction request to pay Argentine bonds. Last Friday the judge clarified that whatever decision he made would take into account the fact that titles under Argentine law “have a completely different treatment to those bonds under foreign law,” referring to the ruling Griesa previously handed down blocking payment to the holders of bonds restructured in 2005 and 2010.

Griesa calls for new hearing on Citibank injunction request to pay Argentine bonds

This could be a signal that the blockade on Argentina's debt commitments could be partially lifted, following the decision of the New York Second District Appeals Court to declare itself incompetent to rule on Citibank's appeal, returning the case to Griesa. Citibank claims Argentina has threatened civil and criminal sanctions, including the possible nationalization of Citibank Argentina, if it fails to pass the interest payment to holders of 8.4 billion in U.S. dollar-denominated bonds issued under Argentine law and payable locally. Citibank said it will obey the court order.

U.S. court tosses Argentina, Citigroup appeal in bond case. Argentina’s ‘Default’ Begs a Few Questions. Pay Up or Shut Up (1) Not a single one of Argentina’s CDS has been payed out yet. Why not? (2) What’s on ISDA’s mind that’s taking oh so long to collect insurance on something that (supposedly) has already ‘happened’? Argentina’s supposed “default” was officially declared on June 30 and unequivocally reconfirmed a month later after a 30-day grace period. Right ? (3) Who else other than the absolutely maximum judiciary authorities within the legally-binding Argentine bond jurisdiction has any further say on this matter?

Bondholders in Talks With Argentina On Legal Strategies - WSJ. Global giants head for court in Argentine assets wrangle. U.S. judge sets hearing in Argentina bond case over Citi subpoena. Griesa convocó a una audiencia entre los buitres y el Citibank. Economía Viernes 29 de Agosto de 2014 Litigio con los holdouts El juez distrital de Nueva York, Thomas Griesa, convocó para el próximo 10 de septiembre a una nueva audiencia al Citibank, a que presente mayores detalles respecto de su situación en el litigio con los fondos buitre, tras el pedido realizado por NML Capital. La convocatoria, surgida por un pedido realizado por el fondo NML, fue pautada para las 14.30 horas (15.30 en Argentina), en la corte distrital de Nueva York, ubicada en el 500 de la calle Pearl. El llamado del magistrado se producirá un día después de la votación de la ONU de un nuevo marco legal para quiebra de países, y antes de la audiencia del 18 de septiembre que será llevada adelante en la Corte de Apelaciones del Segundo Circuito, en el marco del caso.

Griesa permitió realizar el pago parcial y desigual a bonistas que ingresaron a los canjes de 2005 y 2010 "por única vez", y sólo a quienes tienen títulos en dólares bajo ley argentina. Sovereign Bonds Changed by ICMA to Head Off Repeat of Argentina. Sovereign bond contracts are being changed by the International Capital Market Association to prevent a repeat of the wrangling that has marred the restructuring of Argentina’s debt. The new terms, known as collective action clauses, allow a majority of bondholders to agree changes to bonds that are binding on all investors, ICMA said in a statement.

After Argentina row with vultures, ICMA revises rules for sovereign defaults. Friday, August 29, 2014 Banks, investors and other users of bond markets have agreed to change how they would deal with defaulting government debt, removing the right of veto from holdouts to avoid a repetition of the fracas over Argentina. The International Capital Market Association (ICMA) published the revised framework today that allows a majority of investors holding sovereign bonds that default to make changes to the terms, such as extending maturities or reducing the principal. These changes would then be made legally binding on all holders of the bonds, including those who vote against the restructuring.

The ICMA move comes a month after Argentina was pushed into default when a small group of US hedge funds rejected the country's 2005 and 2010 debt restructurings. Soros and Bass Suing BNY Mellon London. Hedge fund group sues BNY Mellon London to force release of Argentina debt payments Kyle Bass, founder of hedge fund Hayman Capital Management LP, and other investors including George Soros and his Quantum Partners LP are suing The Bank of New York Mellon Corporation (NYSE:BK) in London for failure to distribute interest payments of 226 million euros ($298 million) relating to Argentine sovereign debt. The group of investors involved in the lawsuit owns more than 1.3 billion euros of Argentina’s euro-denominated bonds, according to court documents reviewed by Bloomberg News.

Also read Kyle Bass On The Bullish Case For Argentinian Debt. Hayman’s Bass Says BNY Mellon Is Failing Investors. Kyle Bass, founder of hedge fund Hayman Capital Management LP, says Bank of New York Mellon Corp. is failing in its duties to holders of Argentine bonds by refusing to pass along debt payments. Bass and a group of investors including George Soros’s Quantum Partners LP are suing BNY Mellon in London for failure to distribute 226 million euros ($298 million) of interest on Argentine debt. The group, which also includes Knighthead Capital Management LLC and RGY Investments LLC, holds more than 1.3 billion euros of Argentina’s euro-denominated bonds, according to Aug. 21 court documents obtained by Bloomberg News.

The lawsuit names BNY Mellon’s London unit, which the group says is required to pass along funds despite a court ruling in the U.S. that bars the trustee from doing so until Argentina has also paid holders of defaulted bonds from 2001, including billionaire Paul Singer’s hedge fund Elliott Management Corp. Press spacebar to pause and continue. Vulture cash greases Senate. Singer financed at least 18 out of 45 Republican seats in Upper House Paul Singer, the owner of the primary vulture fund litigating against Argentina, is a well-known tycoon who invests millions of US dollars a year on political lobbying and supporting Republican candidates. For example, Singer’s dollars backed the campaigns of at least 18 of the currently sitting 45 conservative senators. However, a financial analysis of US politics has shown that the money linked to other firms involved with the debt restructuring and hedge funds also flows towards to the Democratic Party.

Singer is a standout. So far this year and with three months to go before legislative elections, the businessman has forked over more than seven million dollars through his Elliott Management hedge fund. The number places him as the primary financier for the conservative US opposition and the eighth-largest overall in US politics (donations for Democrats from unions and civil society lead the rankings). @sebalacunza. Griesa Does Not Rule Argentina In Contempt. Argentina's Exchange Offer May Not Be Clever Enough Yet. Fintech Advisory fund welcomes new debt swap under Argentine law. Sunday, August 24, 2014 Fintech Advisory hedge fund head David Martínez Guzmán has said the fund is willing to accept the new debt swap proposed by the Argentine government in order to “isolate (US) judge Thomas Griesa and vulture funds, and resume the chain of payment arbitrarily interrupted.”

Martínez Guzmán welcomed the Argentine plan to reopen the debt swap under Argentine legislation during an interview with Página 12 newspaper. “The solution is to switch to a local plan,” he said, supporting the government’s project to replace the bank of New York Mellon (BoNY) with local Banco Nación as trustee. He stressed that “it is the right way (for the country to) regain its lead of business” and to “rebuild the chain of payment of restructured bonds.” Stiglitz would have recommended debt swap reopening. In an interview with Argentina’s daily Ámbito Financiero, Nobel Economics laureate Joseph Stiglitz considered the government’s move to reopen the debt swap and replace the Bank of New York Mellon with local Banco Nación as trustee a “good call” saying the reopening would not be mandatory, “voluntarily" inviting bondholders to join the strategy.

"La reapertura del canje es una buena decisión" "La reapertura del canje para cambiar de jurisdicción el pago de los bonos es una buena decisión, ya que no es obligatoria e invita voluntariamente a hacerlo a los tenedores de bonos". Flash - Argentina to pay bondholders despite US court ruling. Argentina To Try To Pay Creditors At Home—In Defiance Of U.S. Court. Kicillof warns 'no change of payment jurisdiction' Italian bondholders praise jurisdiction change. Argentina plans legislation to take back control of debt.

20 August 2014 | By Pamela Morris Argentina’s president Cristina Fernandez has taken steps to introduce new legislation to avoid the US ruling that has stopped the Argentinian government from paying its creditors, Reuters reports. Nueva ingeniería para asegurar los pagos. Argentina default? Griesafault is much more accurate. “Don’t Give Up the Ship!” Argentina Takes on Pirates and Vultures. Greg Palast on Paul Singer. Argentina bashes creditors for making “irrational threats” on default. Argentina’s Euro Investors Appeal. Argentina’s Euro Investors Appeal Ruling Freezing Funds. Argentina files legal action against the US at The Hague over debt default. Argentina’s default raises more questions than answers. Obama le tiene mucho miedo a Singer. Where Do We Go Now? How Singer scored a gain of $904 million, all courtesy of the US taxpayer. How Barack Obama could end the Argentina debt crisis.

ISDA declares Argentine credit event. Payment and default definitions in bonds contract. Regolamento_Obbligazioni_-_2005.pdf. JPMorgan in talks to buy Argentine holdout bonds, among other options: DJ. Italian bondholders say banks deal would trigger RUFO clause. Bonistas italianos dicen que un acuerdo entre privados también gatillaría la cláusula RUFO. The Examiners: Adam Levitin on Argentina and Distressed Investors - Bankruptcy Beat. It Depends, Argentina Edition. Kicillof confirms no deal with holdouts reached, Argentina will analyse other options to pay bondholders' Nearly a decade after financial catastrophe, rating agencies still play God with sovereigns - Argentine Banker Said to Propose Debt Deal to Avert Default. Bank representatives begin talks with holdouts in New York. Argentina Fights With Debt Holdouts; Default Nears. When U.S. Hedge Funds Abuse the Rule of Law. Argentina's euro bondholders ask U.S. judge to suspend debt ruling.

Pisar el palito. “The issues separating the parties remain unresolved at this time”, Special Master Pollack. Argentina, bondholder talks with mediator rescheduled for Thursday. US Judge Griesa rejects stay request, Argentine lawyers says deal not possible by July 30 without it. U.S. Judge Delays Decision on Paying Some Holders of Argentine Bonds - WSJ. NY hearing begins with all eyes on Griesa's stay decision. Exorbitant privilege, meet pari passu. Argentine Creditors Seek Names to Stop Deal Killer Clause. El martes se define sobre el corralito. Griesa schedules hearing july 22. Bank, bondholder letters to Griesa pile up. Se publicó el Aviso Legal de pago a los bonistas : Radio Hache. Argentina's Euro Bondholders Dispute US Court Ruling. European bondholders claim to Judge Thomas Griesa. Argentine Eurobond Holders Sue Euroclear, BNY Mellon: Tiempo. Argentina Bondholders File Suit in Europe Against Bank of New York & Euroclear for Blocked Millions (VIDEO)

Will Argentina Be First To Bolt from Bankrupt System? Memento. Argentina bond investors challenge long arm of US law. Euroclear Clearing House asked Griesa an order to pay European bondholders of the Argentine swap. Letter from euro bondholders to Griesa 2014-07-03. Correct: Argentina Eyes Changing Bank to Pay Bondholders. BNY Mellon to U.S. judge: What should we do with Argentina's money? BoNY caught in the middle of Argentina’s bond debacle. Argentina’s Interest Payment Hangs In Limbo - MoneyBeat. Argentina Eurobond Holders Seek Exemption From Block. Motion for exemption from Euro bondholders 2014-06-29. Argentina's debt trail favours speculators and the super rich. Zepp-LaRouche: The Greed of the Vulture Funds Will Backfire, There Is A Limit To the Tyrant’s Power. Country and organizations support for Argentina's litigation with hedge funds increases.

Vultures' Picnic. Vulture fund.