Prof. Jayanth R. Varma's Financial Markets Blog

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Prof. Jayanth R. Varma's Financial Markets Blog, A Blog on Financial Markets and Their Regulation

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Thu, 31 Mar 2005

More on who owns the bonds?

The issue of who owns the bonds is still not fully resolved. Bloomberg quotes the New York judge as saying ‘Both sides have raised serious issues, good faith issues’. The judge ruled that the creditor could not seize the defaulted bonds held by the the exchange agent for swap becuase these bonds still belong to the bondholders not to Argentina. But, he then went on to say that the creditor may be entitled to attach Argentina's right to receive the bonds, if not to attach the bonds themselves before the exchange takes place.

Posted at 16:23 on Thu, 31 Mar 2005     View/Post Comments (0)     permanent link