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Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"

 
Uncle Fuck Stick
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08/02/2014 01:57 AM

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Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
[link to mobile.bloomberg.com]
Argentine bonds posted the biggest two-day loss since 2012 as a committee ruled that the failure to pay interest will trigger $1 billion of credit-default swaps.

The International Swaps & Derivatives Association’s determinations committee made the ruling on the contracts in response to a question posed by Swiss bank UBS AG after the government missed a July 30 payment deadline on $539 million of notes. Argentina is the first nation to trigger the insurance since Greece restructured its debt in 2012.

While Argentina says there was no default since it made the payment to the trustee for the bond, a U.S. judge’s ruling bars it from passing the money to holders without a resolution of the nation’s dispute with hedge funds led by Elliott Management Corp., which won an order for full repayment on defaulted debt from 2001. Benchmark notes due in 2033 declined 2.75 cents on the dollar to 86 cents as of 3:36 p.m. in New York, bringing losses over the two days since the country missed the interest payment to 9.57 cents.

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Last Edited by Uncle Fuck Stick on 08/04/2014 09:03 AM
:4hlick:
Shoot-Straight Johnny

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08/02/2014 02:00 AM
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Re: Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
Financial doom is the most boringest of dooms to select from the plethora of dooms available to select from.
The chariots of God are tens of thousands, and thousands of thousands.
Anonymous Coward
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08/02/2014 02:04 AM
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Re: Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
Financial doom is the most boringest of dooms to select from the plethora of dooms available to select from.
 Quoting: Shoot-Straight Johnny


But, the Argentine population tends to make up for that by acting in interesting ways..
Anonymous Coward
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08/02/2014 10:44 AM
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Re: Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
bump
Uncle Fuck Stick  (OP)

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08/02/2014 11:44 AM

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Re: Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
Article from a day before ruling

[link to nypost.com]
The International Swaps and Derivatives Association (ISDA) said Thursday it had received its first request to consider whether a credit event had occurred, according to the ISDA website.
Swiss bank UBS asked the ISDA’s determinations committee to consider whether a “failure to pay” credit event had occurred, citing a missed deadline to deliver interest payments to exchange bondholders.
If the request is accepted, the 15-member committee will vote on whether a payment on Argentine credit default swap (CDS) contracts can be triggered. It could meet and make a decision as soon as Friday, market participants say, although the process could take longer.
Any ruling that a credit event had occurred would set off a series of insurance payments and give most of Argentina’s current bondholders the right to demand their money back immediately. The deadline is Aug. 4, according to analysts.
Credit Suisse earlier said CDS contracts were “likely to be triggered.”
:4hlick:
Uncle Fuck Stick  (OP)

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08/02/2014 01:05 PM

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Re: Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
[link to finance.yahoo.com]

11 countries close to bankruptcy
:4hlick:
Anonymous Coward
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08/02/2014 01:30 PM
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Re: Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
You know that they are using these credit swaps in a way that once you do a swap someone else has to take care of it. Thusly id they do it, it will lead to to the whole system defaulting and this might be the start of it/
Anonymous Coward
User ID: 53823766
Argentina
08/02/2014 02:08 PM
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Re: Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
No doom here guys!
We never get out of the 2001 default.
Argentina re arranged it's defaulted debt with the 97% of their boneholders. But this 3% the vulture funds, never signed shit with Argentina. So Argentina never enter again in the international credit game. Since 2003 Argentina never ask for loans from entities like IMF or World Bank. Because all this time we were on a default.
The thing here is that if Argentina arrange a pay with the vulture funds, we are out of the default and we can ask for money to international entities.
If we dont arrange, we will keep on the default.

Stocks are up here!
Anonymous Coward
User ID: 47331455
Argentina
08/02/2014 02:16 PM
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Re: Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
No doom here guys!
We never get out of the 2001 default.
Argentina re arranged it's defaulted debt with the 97% of their boneholders. But this 3% the vulture funds, never signed shit with Argentina. So Argentina never enter again in the international credit game. Since 2003 Argentina never ask for loans from entities like IMF or World Bank. Because all this time we were on a default.
The thing here is that if Argentina arrange a pay with the vulture funds, we are out of the default and we can ask for money to international entities.
If we dont arrange, we will keep on the default.

Stocks are up here!
 Quoting: Anonymous Coward 53823766


Esto es diferente amigo, están hablando de otra cosa me parece.

Hey yanks, could you please explain more of this situation?
Thanks.

PD: I hope that our president Cristina fall with her plane soon.
Anonymous Coward
User ID: 61089465
Argentina
08/02/2014 02:22 PM
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Re: Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
Financial doom is the most boringest of dooms to select from the plethora of dooms available to select from.
 Quoting: Shoot-Straight Johnny


But, the Argentine population tends to make up for that by acting in interesting ways..
 Quoting: Anonymous Coward 61032449


YEAH, WE´RE A MESS... WE SILL GOT GREAT MEAT, GREAT WINE, GREAT WOMAN, AND, OF COURSE TANGO ;) WHOOHOO!!! LET THE ECONOMIC ARMAGEDDON BEGIN (AGAIN).
Anonymous Coward
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08/02/2014 02:22 PM
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Re: Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
bleedin' bump
ReefRaider

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08/02/2014 03:24 PM

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Re: Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
Article from a day before ruling

[link to nypost.com]
The International Swaps and Derivatives Association (ISDA) said Thursday it had received its first request to consider whether a credit event had occurred, according to the ISDA website.
Swiss bank UBS asked the ISDA’s determinations committee to consider whether a “failure to pay” credit event had occurred, citing a missed deadline to deliver interest payments to exchange bondholders.
If the request is accepted, the 15-member committee will vote on whether a payment on Argentine credit default swap (CDS) contracts can be triggered. It could meet and make a decision as soon as Friday, market participants say, although the process could take longer.
Any ruling that a credit event had occurred would set off a series of insurance payments and give most of Argentina’s current bondholders the right to demand their money back immediately. The deadline is Aug. 4, according to analysts.
Credit Suisse earlier said CDS contracts were “likely to be triggered.”
 Quoting: Uncle Fuck Stick


Duh, default = I cannot pay my debt! What is there to consider??

More prolonging of the inevitable global debt problem!

wtf
Life's a Beach, then you Dive!
Judethz
Israel is Eternal

User ID: 47012985
United Kingdom
08/02/2014 03:54 PM

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Re: Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
Hey yanks, could you please explain more of this situation?
Thanks.

 Quoting: Anonymous Coward 47331455


skidrowkitty Well basically your fucked if you do, and your fucked if you don't. If I was you I'd just say fuck it and default.
The way things are going the USA is on it's last legs anyway.
G3

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08/02/2014 03:54 PM

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Re: Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
[link to finance.yahoo.com]

11 countries close to bankruptcy
 Quoting: Uncle Fuck Stick


whoa1

sheetst
Anonymous Coward
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United States
08/02/2014 04:02 PM
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Re: Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
Bonds are toilet paper.

Who swaps used toilet paper?
G3

User ID: 48058967
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08/03/2014 04:14 AM

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Re: Argentine Bonds Decline as Default Triggers $1 Billion of credit-default swaps...."Derivatives"
bump





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