In the first case, what happened was that the Court of Appeals and the Supreme Court of Great Britain They did not accept an appeal presented by the Government, which implies that he proved the four demanding funds, Palladian Partners, HBK Master Fund, Hirsh Group LLC and Virtual Emeraldso Argentina must pay $ 1330 million compensation.
It should be noted that, in this case, the State was accused of harming investors when modified how to calculate the internal gross product (GDP), which affected in 2013 the bonds “PBI coupon”, issued in 2005 and 2010.
In turn, it was added to this situation that, on this day, it was known that Judge Loretta Preska authorized the embargo of US $ 200 million corresponding to the bonds collateral. In addition to ordering the freezing of other US $ 100 million until Attestor Master and Bainbridge Fund, Two groups of debt creditors in default, resolve their dispute over these funds.
In this case, the first one, Attestor Master has the right to US $ 460 million, while Bainbridge Fundover US $ 100 million. The US Supreme Court rejected in January the appeal presented by Argentina, What left the order of embargo from Judge Preska.
Bonds: What is the impact for the price of sovereign debt?
For Rafael Di Giorno of Professionthe case of PBI coupon “It is a failure for a relatively small amount, US $ 300 million, so it does not seem to me that this will affect the market today. It is a cause that takes 10 years and that it was tried to appeal but that you had high probabilities of not winning “He said.
“What the Government had done at that time had no cocksince they had changed the calculation bases measured back, it had been something very rough to not pay the PBI coupon, that is, brought to international courts it is logical that they fail you against“He said.
And about the “drives” that impact today on the market, said that, It weighs more a bad economic fact of the United States, because it impacts the 10 -year treasuries rate, That this failure.
For the analyst, Leonardo Svirsky, the market is not taking this news bad. “The bonds are starting a little above yesterday’s closure, and the actions outside are also up. I believe that the most important thing for Argentina today is to achieve an agreement with the IMFthat is quite advanced, so the government could receive fresh money, “he said.
Source: Ambito
