EM bond defaults: rising
It’s been a good year for emerging markets bonds. Even as investors, unnerved by the latest in the eurozone debt crisis, continue to pull out of EM equities and EM currencies, appetite for EM bonds...
View ArticleYo ho ho! Argentine ship seized
There’s been a lot of water under the bridge since Argentina’s debt default of 2001 but some creditors haven’t given up the fight to get their money back. An Argentine tall ship with 200 crew has been...
View ArticleArgentine bonds fall following “selective default”
Cristina Fernández, Argentina’s president (pictured), maintains her government has not “clamped” the dollar, despite imposing a rash of restrictions on greenback purchases in recent months. Try telling...
View ArticleGhana: ship’s going nowhere (for now)
Hedge fund 2, Argentina 0. A court in Ghana has rejected an appeal by Argentina to release the navy vessel ARA Libertad, after the ship was seized last week at the request of NML Capital, a hedge...
View ArticleArgentina ordered to pay hedge funds $1.3bn
Argentina will have to pay $1.3bn to hedge funds that refused to restructure their debts after the country’s 2001 default when it makes regular payments to its restructured bondholders in December, a...
View ArticleArgentina’s sovereign shift
A hundred years ago if a country was reluctant to pay its debts, gunboats might have steamed to its shores. Since then sovereign immunity has reigned but the latest development in a legal argument over...
View ArticleArgentina debt: it’s not just the ruling, it’s the attitude
Argentina’s reaction to Thomas Griesa’s New York court ruling was probably enough to make the octogenarian judge choke on his Thanksgiving turkey. It was expected that Argentina would promise to fight...
View ArticleNew York law: not what it used to be
There was a time, not long ago – until Wednesday night, to be exact – when investors would pay a premium on emerging market debt subject to New York law. Not any more. Judge Thomas Griesa’s ruling that...
View ArticleGuest post: what Argentines really worry about
By Federico Sturzenegger of Banco Ciudad de Buenos Aires Last week Judge Griesa ruled that Argentina should pay to a holdout fund by the name of NML before December 15 the full amount of debt owed by...
View ArticleGuest post: Time to ratchet up the pressure on Argentina
By James K Glassman As the global economy continues its sputtering recovery, policymakers have an opportunity to take a strong stand on principles that may help mitigate further long-term damage. In...
View ArticleDark times for China’s Suntech
Things are going from bad to worse for Suntech Power, the Chinese solar panel maker. The company, which has been fighting to stay afloat amid falling panel prices and slowing demand, became the latest...
View ArticleEM bond defaults: new high
2012, as beyondbrics readers know, was a record year for emerging markets bonds. But it turns out it was also a record year for defaults. According to a new report out from Standard & Poor’s,...
View ArticleGuest post: Argentina threw its creditors under the bus
By Arturo C. Porzecanski Carlos Mauleon, the former Barclays Capital investment banker who handled Argentina’s 2005 debt restructuring, recently wrote a guest post on beyondbrics justifying that...
View ArticleChina’s first bond default is no Bear Stearns moment
Analysts from Bank of America Merrill Lynch think that China will experience its “Bear Stearns moment” on Friday, when the country will probably see as its first ever bond default. That is a bold,...
View ArticleGuest post: Argentina’s day in court [corrected]
By Samuel George of the Bertelsmann Foundation On February 18 the Republic of Argentina submitted a petition to the US Supreme Court requesting a judicial review of a 2012 decision from the New York...
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