->
Who takes the win. After fifteen years, and a long legal battle, ends the dispute on “Tango Bond ‘, ie the titles of Argentina bought about 50,000 Italian bondholders in default and finished in 2001. The Treasury and Public Finance in Buenos Aires Task Force Argentina (TFA) have announced that they have signed in New York, and offices in the White House, the definitive agreement by the end of June 2016 the payment in cash equal to 150% of the original nominal amount of these bonds. The total transaction value is estimated at approximately $ 1.35 billion. The official go-ahead came after the ruling of the New York Court of Appeal which has lifted the last restrictions to Buenos Aires allowing Argentina to return to finance itself on the capital market after 15 years thereby recovering the resources to pay its creditors.
The money earmarked for this refund was filed yesterday in a blocked account with a “major international financial institution pending the completion of all formalities with individual bondholders in order to receive reimbursement at their reference banks “.
In a statement the President of the Task Force Argentina, Nicola Stock, reaffirms the” great satisfaction with the good and fair conclusion of a each lasting too many years that will help the normalization of relations between Argentina and the international financial markets. ” Stock expresses thanks “Italians bondholders who have placed their trust in our work and now reap the fruits of their courage and commitment of TFA continuous and active.” The Italian investors had not accepted the two previous renovations in 2005 and 2010.
Buenos Aires has also begun to close the case open, more about the default of 2001, with the so-called “vulture funds”, ie hedge funds who had purchased the major market packages of bonds on which Argentina had declared bankruptcy. In fact, the Argentine Treasury will pay out a total of 9.352 billion dollars as a result of 220 agreements with the “Tango bond holders.” In recent days, Argentina was back on the international capital markets by collecting $ 16.5 billion: the amount exceeding the various repayments, about 7.2 billion, will be used to strengthen the reserves of the central bank.
->
No comments:
Post a Comment