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US District Court ruling sees Argentina’s bonds slip further

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US District Court ruling sees Argentina’s bonds slip further

US District Court Judge Thomas Griesa ruled that he would not suspend a ruling that is blocking Argentina from paying its debt and threatening to trigger a default by month’s end, leading the nation’s bonds to extend their losses. Government dollar bonds due in 2033, whose payments were blocked by the judge on June 30, dropped 1.4 cents to 86.67 cents on the dollar during afternoon trading in New York, the lowest level since July 7. The yield on the notes rose 0.21 percentage point to 10.05%.

A $539 million payment for bondholders was blocked by Griesa last month and is currently being held in a Bank of New York Mellon Corp. account at the Argentine central bank. The rejection of the stay requested yesterday means Argentina will default unless it pays defaulted bondholders about $1.5 billion at the same time it pays interest on the 2033 bonds by July 30.

Argentine officials say complying with the ruling would trigger claims of about $15 billion from other holdouts and as much as $500 billion from restructured bondholders demanding the same terms.

The nation has $29.7 billion of international reserves.

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Ebene Cybercity,
Mauritius,
J. Balcikonio str. 9,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.