TVPP TVPA TVPY Cupones Vinculados al PBI

[bullbear]

Una forma de mostrar un % de crecimiento es que el denominador sea bajo, Hoy dejaron bajos algunos bonos TVPY y PR13, veremos si mañana le ponen un poco de onda y muestran un incremento ficticio.
Una cosa es dejar el PR13 a 78 y otra a 76 para devolverlo en 78, ahi dibujás un incremento porcentual "marcado". Si mañana se caen los bonos EASY borra este post

[Aleajacta]

Che, no se puede poner nombres. Pero qué buen que el banco más cercano al gobierno realice ganancias.

[All Ramon]

Argentina Offers 66.3% Haircut on Defaulted Bonds (Update1)
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By Drew Benson and Eliana Raszewski

April 15 (Bloomberg) -- Argentina offered new bonds to holders of $20 billion of debt left out of an earlier settlement, seeking to end a nine-year default and regain access to international capital markets.

The government proposed similar terms to its 2005 restructuring, granting bonds due in 2033 at 66.3 percent discount, Economy Minister Amado Boudou said at a news conference in Buenos Aires. The proposal excludes past payments on warrants linked to economic growth and includes bonds due 2017 with an 8.75 percent coupon for past-due interest, he said.

“It’s an important first step,” said former central bank President Martin Redrado. “Argentina needs to get back to the international, voluntary capital markets.”

Argentina’s offer would compensate holders from Greenwich, Connecticut-based Gramercy to Stone Harbor Investment Partners of New York, as well as tens of thousands of individuals, many in Italy. For the government, resolving the issue sets the stage for its first international bond sale since the 2001 default on $95 billion of debt. The country needs to borrow $12.5 billion this year, about $6 billion of which has not been lined up yet, according to estimates from Credit Suisse Group AG.

Boudou appealed to holders not to make a “mistake” and reject the terms. He said the government is “tough but serious” with debt holders. The government expects at least 60 percent of holdouts to accept the offer, Boudou said.

‘Fix Problem’

“If Argentina can fix the problem with the international community, investors won’t treat Argentina as they do now,” Alberto Bernal, head of fixed-income research at Bulltick Capital Markets in Miami. “Argentina will be able to manage its fiscal policy according to the needs of the economy and refinance its upcoming debt, which means interest rates will come down.”

Argentina’s borrowing costs fell to the lowest level since 2008 ahead of Boudou’s announcement, with the extra yield investors demand to own Argentine bonds instead of U.S. Treasuries narrowing 17 basis points, or 0.17 percentage point, to 6.01 percent, according to JPMorgan Chase & Co. That’s the smallest yield gap since June 2008. Boudou said lower interest rates and a long-term sustainable debt level are the goals of the proposal and the deal creates a “new opportunity” for investors.

Bank Fees

Creditors will pay banks’ fees on the swap, Boudou said. The government will pay no more than $160 million in interest, while par bonds issued in the swap will be capped at $2 billion, he said. Boudou said individual investors holding less than $50,000 of debt will receive a cash payment.

The government plans to start the debt swap offer in 10 days and will keep it open for 30 days. Boudou also said the government may sell additional bonds due 2017 during the swap offering as much as $1 billion worth.

By excluding payments on the gross domestic product-linked warrants, the government will save about $1.36 billion, Boudou said.

For investment funds that bought defaulted debt at prices as low as 15 cents on the dollar after the 2005 exchange, “it’s a no-brainer,” he said in an interview before the announcement. The government had vowed after that restructuring not to negotiate a new deal with holdout creditors.

The total value, through December, for investors who participated in the 2005 offer was 57 cents, according to Exotix Ltd., a brokerage that specializes in distressed securities. Igor Arsenin, a strategist with Credit Suisse AG in New York, said the government’s proposal today has a value of more than 50 cents on the dollar.

‘Lower End’

“The announcement came at the lower end of expectations,” Arsenin said. “Still the value is above 50 cents to the dollar and that includes past due payments.”

The country is restructuring debt as the economy emerges from an economic slowdown. South America’s second-largest economy grew an average of more than 8.5 percent a year from 2003 to 2008, before slowing to 0.9 percent last year, according to the national statistics institute.

The government budget forecasts economic growth of 2.5 percent this year, while Boudou said earlier this month that 2010 growth exceed 5 percent.

Argentina’s budget deficit may double to 1.4 percent of GDP as President Cristina Fernandez de Kirchner seeks to bolster her popularity ahead of elections in 2011, RBS Securities Inc. economist Boris Segura wrote in a report last month.

Lawsuits

Lawsuits from creditors who rejected the 2005 offer have deterred Argentina from selling bonds overseas since the nation defaulted on a record $95 billion of debt in 2001.

U.S. District Judge Thomas Griesa in Manhattan granted a request last week by Kenneth Dart’s EM Ltd and Elliott Management Corp.’s NML Capital, funds that own defaulted Argentine debt and are seeking full repayment, to “attach” assets deposited by the central bank of Argentina in the New York Federal Reserve.

The judge overseeing a lawsuit against Argentina by bondholders said in court that he wants to review the terms of the government’s bond exchange offer before it goes forward.

Lawsuits will remain a threat should Argentina seek to tap markets following the exchange as long as any creditors who are filing lawsuits remain, said Arturo Porzecanski, an international finance professor at American University.

“The day there is some new money flowing in from the rest of the world to Buenos Aires, I think they are going to grab it” to cash in on legal rulings in their favor, he said in a telephone interview from Washington.

Bank Reserves

Fernandez moved this year to tap $6.6 billion in central bank reserves to pay debt due this year, saying that her government won’t sell bonds “at just any interest rate” and ruling out a cut in spending and in subsidies. Argentina made its first payment to private creditors with reserves on April 5.

Exotix quoted Argentina’s defaulted untendered dollar bonds at a midpoint of 49.5 cents on the dollar today, about the highest since the 2001 default. The debt traded as low as 11 cents after the collapse of Lehman Brothers Holdings Inc. in September 2008, according to Amir Zada, a New York-based director at the firm.

The restructuring will allow Argentina’s 23 provinces to sell bonds as they struggle to cover rising financing needs, according to Standard & Poor’s.

Provincial financing needs will jump to 26 billion pesos ($6.7 billion) in 2010 from 18.5 billion pesos last year, Veronica Sosa, an analyst at Buenos Aires research company Economia y Regiones, said earlier this month. The local governments’ deficit will swell to 13 billion pesos this year, equal to 0.8 percent of GDP, from 9 billion pesos in 2009, she said.

To contact the reporters on this story: Drew Benson in Buenos Aires at abenson9@bloomberg.net; Eliana Raszewski in Buenos Aires at eraszewski@bloomberg.net;

[Goldfinger]

aun en el caso que sea asi, es una empresa privada, gestionada con capitales privados.

6,7,8 (la emision al aire) y Canal 7 son propiedad del Estado, sostenido con dineros publicos, que pagamos todos.

Comparar e IGUALAR estos dos medios es Irracional, es un absurdo, es maniqueo y perverso.

Saludos.

[boquita]

en lugar de Clarin debiera
llamarse CORPORACION

[Fisther]

La verdad que clarinete hace rato dejo de ser un diario que "valga la pena" como para llamarlo de alguna forma.
NI hablar de los noti-antioficialismo como el del solcito y tn...ambos 2 deje de mirarlos hace rato dado que me indignan!!!

Ojo, con esto tampoco estoy diciendo que miro solo el canal del fuchibol...para las noticias...

Se viene, se viene..para los que (como diria apolo) tuvieron fundamentos y cojones !!!

Salute a tutti.

Dario (El cuponcista)

[Goldfinger]

si, Bonelli miente, la poblacion esta fenomeno, salta de alegria con el canje, Boudou es un ministro que piensa en los trabajadores y los jubilados,
por favor, seamos serios, hagamos negocios, pero otra cosa....en fin :113:

Gold, hace un toque hablaba boneli en tn y explicaba lo malo de la propuesta y de como cagan a los acreedores y que no nos olvidemos que los problemas del pais siguen mañana mismo...
desastroso.... no soy oficialista, pero no me parece que sea un desastre como lo pinta.

[Pascua]

¿Anunció algo amadito?

[Patricio2]

Patricio


La sorpresa del EMAE va a ser abril y mayo.

Si, con lo que dijo Cristina hoy nos cagó la sorpresa del 16 y encima la del mes que viene...