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Argentina and the Holdouts Reach a Deal

posted by Mark Weidemaier

The title pretty much sums it up, but this fastFT article gives a few details. The short of it: $4.65 billion to the group of holdouts led by NML (a roughly 25% haircut, reportedly), with the payment still requiring legislative approval in Argentina.


So, what does this settlement amount mean for the world of sovereign debt generally? Presumably, all of the folks who worked at NML on this and who have a share of the winnings can retire in style? Given the discount that they must have purchased the bonds at, and the high amount of interest they generated over the past decade (their strategies there were especially clever), this must surely be one of the most lucrative settlements with holdout creditors ever.

Are we going to see this settlement spawn a whole bunch of baby NML/Elliotts?

Think of all the cash that can now be invested in distressed Puerto Rican, Venezuelan, and [name your distressed debtor]'s bonds ...

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