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ARTICLE · 01 JUNE 2016

Sovereign Debt Update - May/June 2016

Jones Day
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Argentina restructured its debt in 2005 and again in 2010 by exchanging new bonds for defaulted bonds.

United StatesInsolvency/Bankruptcy/Re-Structuring
Mark Douglas
Mark Douglas
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The Republic of Argentina returned to global debt markets after a 15-year absence on April 19, 2016, when it sold $16 billion in bonds to fund a series of landmark settlements reached earlier this year with holdout bondholders from the South American nation's 2005 and 2010 debt restructurings. This latest development in the more than decade-long battle between Argentina and the holdouts—led by hedge funds Aurelius Capital Master Ltd. ("Aurelius") and NML Capital Ltd. ("NML")—may provide an unlikely, albeit welcome, dénouement to a story that has long captivated the international community—so much so, that Argentina's protracted sovereign debt saga even prompted the United Nations and other international organizations to call for the implementation of regulations specifically designed to curb perceived abuse by "vulture" investors speculating in sovereign debt.

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