News Topic: Sovereign Debt

Just ba ... Read full article

The Second Circuit has refused to hear Citibank's appeal of Judge Griesa's order enjoining Citi from making payment on USD-denominated, Argentine-law bonds. The Second Circuit's order  is a bit... Delphic. ... Read full article

Ding Dong! The Witch is Dead!  We have a contract fix against holdouts in sovereign debt restructuring. Here are my two cents on the proposed reforms, as of last Friday. Bottom line is way positive. In my admittedly biased opinion, this is unusually ... Read full article

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President Cristina Fernandez de Kirchner has proposed a law authorizing the executive to reroute payments on the restructured bonds out of New York, and to offer all bondholders local-law bonds on 2010 exchange terms. All the buzz has been about the swap. ... Read full article

Here is the proposed law rerouting payments under the restructured, now-defaulted Argentine bonds away from New York. Contrary to some reports, it is not a swap, just a unilateral attempt at firing Bank of New York Mellon and substituting Banco Nacion in ... Read full article

From today's Washington Post editoria l: And the battle between Argentina and the hedgies has certainly clarified U.S. law, to wit: If you borrow money, sooner or later, you have to pay it back. ... Read full article

Axl Rose may have said it best , but "where do we go now" was the theme of today's Argentina hearing. There wasn't really any official business to conduct. Unless you count all those pending motions about whether Bank of New York ... Read full article

If some or all of Argentina's Exchange Bond holders accelerate their bonds after last night's default , the amount Argentina owes NML et al. under the terms of Judge Griesa's injunction could plummet. Here is the relevant language: ... Read full article

The phrase "it depends" was invented 130 year ago by a small group of drunk lawyers from London and New York for the sole purpose of annoying first-year law students, nonlawyers, and people from civil law jurisdictions. Like all things annoying, ... Read full article

Unless the plaintiffs request a stay (and quick!), this will probably be the last request for Judge Griesa to stay the injunction before Argentina defaults officially fails to put money into the bank accounts of exchange bondholders. ... Read full article

I name names and point fingers in the Wall Street Journal .  NML gets some blame for overplaying its hand, but the fault primarily lies with the federal courts for letting the case go forward. I understand the courts being angered by an unrepentant debtor ... Read full article

Judge Griesa has approved Citibank's request to transfer funds it received in payment of both dollar- and peso-denominated, Argentine-law bonds. Order  attached . ... Read full article

The bill admits, that the whole amount divided among all the [creditors], was not enough to satisfy the complainant’s debt. What a singular proposition then to maintain, that although the whole were only entitled, in Law, to a less sum than this ... Read full article

As Anna points out , there are indeed moments of poignancy in the pari passu litigation, largely having to do with the fact that, days from a major sovereign default induced in no small part by their rulings, the US courts only now seem to be discovering ... Read full article

It is too easy to miss poignant moments in the news avalanche of Argentina debt litigation. Here is one from Judge Griesa's monologue at the July 22 hearing : ... Read full article

Kudos to Joseph Cotterill at FTAlphaville for an excellent post on the obsession with the Rights-Upon-Future-Offers (RUFO) clause in Argentina's restructured bonds, which seems to be driving Argentina to a payment default on those very bonds. ... Read full article

I thought I'd write a quick follow-up to Anna's thorough post about the latest in the Argentine bond saga. ... Read full article