LatinNews Daily - 06 April 2023

* Argentina is facing a pay-out of over €1.3bn (US$1.4bn) after losing a UK high court case over payments due on euro-denominated bonds linked to the country’s economic growth. The high court in London ruled on 5 April against Argentina in a lawsuit that related to GDP-linked securities issued in 2005 and 2010, as part of a major sovereign debt restructuring launched in 2005 in the wake of a national financial crisis. The lawsuit was brought by four corporate and institutional investors – Palladian Partners, HBK Master Fund, Hirsh Group and Virtual Emerald – and was connected to a dispute that arose after Argentina changed its method of calculating GDP in 2013 and whether it was still obliged to make payments on the bonds after this change. Judge Simon Picken ruled in favour of the investors, ordering Argentina to pay the amount owed on the bonds, which he said equated to €1.33bn plus interest, of which €643m would go to the four investors who brought the case.

End of preview - This article contains approximately 168 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial