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Argentine Bonds Rally as Government May Debate Holdout Payments

November 27, 2012

Argentine bonds rose the most in a week after the government said it is willing to consider paying holders of defaulted debt under the same terms it gave investors that accepted the 2010 restructuring.

The extra yield investors demand to own Argentine government dollar bonds over U.S. Treasuries fell 67 basis points, or 0.67 percentage point, to 1,281 basis points at 11:25 a.m. New York time. The spread is dropping the most in emerging markets, according to JPMorgan Chase & Co.

Argentina said that a scenario in which holdouts seek equal terms with investors who accepted swaps in restructurings may be debated in Congress, according to a statement e-mailed by the Economy Ministry yesterday. Judge Thomas Griesa’s ruling that holdouts have the right to receive all the principal and interest they are owed is unfair, according to the statement.

The statement from Argentina may prompt the appeals court to block orders by Griesa, according to Aberdeen Asset Management Plc’s Edwin Gutierrez, who helps manage $9 billion of emerging-market debt, including Argentine bonds.

What is driving bond prices is “this mention by the Argentines of a potential reopening of the exchange,” he said. “The appeals court might look upon the offer favorably and reinstate the stay while they consider the matter.”

To contact the reporter on this story: Camila Russo in Buenos Aires at

To contact the editor responsible for this story: David Papadopoulos at

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