From the Argentine Exchange Bondholders group, which represents the creditors, celebrated the disbursement and recalled that other US $ 1,500 million are still pending.
Argentina made the first payment of the sentence issued in London in the case of bonds PBI couponpaying approximately US $ 1,400 million to the holders of these instruments. Demand arose as a result of the alleged manipulation of 2013 economic growth data, which would have allowed the State to avoid the payment of interest.
From the group Argentina Exchange Bondholders, which represents the creditors, They celebrated the disbursement and recalled that other US $ 1,500 million is still pending according to the British judicial resolution. Through the social network X, they expressed that the decision represents a step towards justice in a litigation that lasted for years, questioning the management of the PBI coupon in 2014.
PBI coupons: the case
In 2023, the British Justice ordered Argentina to pay about US $ 1,500 million (1.3 billion euros plus interest) to the bonists of the PBI coupon, after a ruling that determined the breach of the payment of these instruments. After various efforts, A period of 45 days was established to settle the debt, which won on December 6 without the country making the payment.
As a consequence, on January 14, the United Kingdom Court of Appeals requested that Banco Santander execute a guarantee for USD 313 million. According to analyst Sebastián Maril, The bonds could use these funds to initiate processes of embargo and advance in the collection of the remaining US $ 1,400 million.
It is not yet defined if the Argentine government will seek to negotiate with the creditors to reach a payment agreement.
Four investment funds, including Palladian Partners LP, filed a lawsuit against Argentina, claiming the Payment of the bonds “pbi coupon”, issued after debt restructuring in 2005. These funds had approximately 48% of the bonds issued between 2005 and 2010.
The conflict over figures
The conflict originated following the Data Manipulation of INDEC in 2007, when the then Secretary of Internal Commerce, Guillermo Moreno, intervened in the inflation figures. In 2013, the agency modified the calculation of GDPreporting a growth of 3.2% instead of 4.9% estimated with the 1993 base. This reduction prevented interest payment to the creditors, who had to receive compensation if the growth exceeded 3.3% per year. As a result, the government at that time avoided disburseing more than US $ 3,600 million.
The Superior Court of London failed in 2022 in favor of the bonds, establishing that Argentina should pay 1,330 million euros plus interest. Since the Treasury procurement they pointed out that this case is the fifth most relevant in terms of demanded amount and that involves bonds called euros under English legislation. Currently, the Argentine government evaluates with its legal advisors the implications of the ruling of the UK Supreme Court.
Source: Ambito
