Argentina: 国债更新(英文版)

Last Updated: 2 August 2016
Article by Mark G. Douglas

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.

The story began in December 2001, when Argentina announced that it was suspending payments on approximately $90 billion in bonds marketed during the previous decade to individual, and in some cases institutional, investors in Argentina, Italy, other parts of Europe and Latin America, and the U.S. The ensuing default in 2002 pushed Argentina into the worst economic crisis in its history.

Argentina restructured its debt in 2005 and again in 2010 by exchanging new bonds for defaulted bonds. The holders of 93 percent of the defaulted debt agreed to the exchanges. Pursuant to a "temporary moratorium" renewed each year, Argentina made payments to exchange bondholders but did not pay bondholders who did not participate in the exchanges. Holdout bondholders (representing the remaining 7 percent of Argentina's defaulted debt)—many of which, like Aurelius and NML, acquired the debt at a steep discount—sued Argentina in the U.S. District Court for the Southern District of New York (the old bond instruments having been governed by New York law) to collect unpaid principal and interest. The holdouts ultimately obtained several large judgments against Argentina, all of which were affirmed on appeal to the U.S. Court of Appeals for the Second Circuit. According to these rulings, holdout bondholders were entitled to be repaid the full face value of the bonds they held.

On February 23, 2012, U.S. district court judge Thomas P. Griesa ruled that Argentina's continued payments to exchange bondholders violated the pari passu, or "equal treatment," clause in the original bond indenture, and he enjoined further payments to exchange bondholders without corresponding payments to holdout bondholders. The Second Circuit Court of Appeals upheld that ruling in NML Capital, Ltd. v. Republic of Argentina, 699 F.3d 246 (2d Cir. 2012). The U.S. Supreme Court refused to review that ruling on October 7, 2013.

Issuance of the injunction sparked an all-out war of litigation between the holdouts and Argentina, with Argentine President Cristina Fernández de Kirchner vowing never to surrender to "vulture" investors. The ensuing three years saw a flurry of court rulings, all of which reaffirmed Argentina's obligation to pay the holdouts in full, failing which it could not make payments on exchange bonds despite the specter of another default on its sovereign debt.

Key events during this period included the following:

October 3, 2013 —Judge Griesa issues an order barring Argentina from proceeding with a plan by President de Kirchner to exchange restructured bonds, which are governed by New York law, for debt instruments governed by Argentine law. The judge notes that the plan is "an apparent attempt to evade" his February 23, 2012, orders barring Argentina from paying exchange bondholders without also paying holdout bondholders.

June 16, 2014 —Despite Argentina's warning that it may once again be forced to default on its sovereign debt, the U.S. Supreme Court denies Argentina's petition seeking review of the Second Circuit's rulings affirming the February 2012 injunction and directing Argentina to pay holdout bondholders $1.4 billion. In a separate ruling handed down on the same day, the court affirms a Second Circuit decision directing two banks, in connection with Argentina's long-running dispute with holdout bondholders, to disclose comprehensive information concerning assets Argentina owns outside the U.S.

June 30, 2014 —Argentina fails to make a $539 million payment to exchange bondholders as a consequence of Judge Griesa's injunction.

July 30, 2014 —Argentina defaults on its sovereign debt for the second time in approximately 13 years when the 30-day grace period expires following the payment default that occurred on June 30.

August 6, 2014 —Judge Griesa issues an order barring Argentina from making payments on euro-denominated exchange bonds as part of his larger decision that forbids Argentina from paying holders of dollar-denominated exchange bonds.

August 29, 2014 —The International Capital Market Association, a group of banks and investors, announces a proposal designed to reduce the ability of holdout investors to undermine sovereign debt restructurings. Under the proposal, pari passu clauses would be interpreted to bind all bondholders to the terms of any debt restructuring agreement approved by at least 75 percent of bondholders.

September 4, 2014 —In an effort to end-run Judge Griesa's orders, Argentina's Senate passes a bill authorizing its government to bypass U.S. courts and pay its bondholders through local channels. The proposal is approved by Argentina's lower legislative body, the Chamber of Deputies, on September 11, 2014.

September 9, 2014 —The United Nations (the "UN") General Assembly passes a resolution to begin an "intergovernmental negotiation process aimed at increasing the efficiency, stability and predictability of the international financial system." That process would include negotiations toward the implementation of a global bankruptcy process for sovereign debtors. The resolution passes by a supermajority vote of 124–11 with 41 abstentions. The U.S. votes "no" along with 10 other countries. Such a bankruptcy process could make it more difficult for holdout bondholders to prevent countries from successfully restructuring their debts and could limit future defaults.

September 26, 2014 —The UN Human Rights Council passes a resolution condemning "vulture funds" like Argentina's holdout bondholders. Among other things, the resolution notes that "vulture funds, through litigation and other means, oblige indebted countries to divert financial resources saved from debt cancellation and diminish the impact of, or dilute the potential gains from, debt relief for these countries, thereby undermining the capacity of [a Government] to guarantee the full enjoyment of human rights of its population." The resolution, which was tabled by Argentina, Brazil, Russia, Venezuela, and Algeria, passes in the 47-member council with 33 votes in favor. Nine member states abstain and five—the Czech Republic, Britain, Germany, Japan, and the U.S.—oppose the text.

October 6, 2014 —The International Monetary Fund (the "IMF") releases a series of new proposals entitled "Strengthening the Contractual Framework to Address Collective Action Problems in Sovereign Debt Restructuring." The proposals include reforms to sovereign debt agreements, including strengthened collective action clauses and modification of pari passu clauses.

October 30, 2014 —Argentina again defaults on its sovereign debt when it fails to make a coupon payment on $5.4 billion in bonds issued under foreign law, thus increasing the risk of acceleration and economic collapse. If the debt is accelerated, Argentina could be obligated to pay investors $30 billion immediately—$2 billion more than the South American nation holds in its national reserves.

December 23, 2014 —The Second Circuit Court of Appeals upholds a lower court order directing Argentina and several banks to disclose information to holdout bondholders about the country's assets, including diplomatic and military property, rejecting Argentina's claims that sovereign immunity shields it from complying with such discovery requests under the Foreign Sovereign Immunities Act.

December 29, 2014 —The UN votes 128 to 16 to begin negotiations to create a global bankruptcy process. The legal framework is held out to prevent a global financial crisis, minimize sovereign debt defaults, and prevent predatory behavior. Sixteen nations vote against the resolution, including the U.S., Japan, Australia, and much of the European Union. Although these nations express support for improving debt restructuring and stopping predatory funds, they advocate the discussion of such measures not by the UN, but by the IMF or the Paris Club, an informal group of officials from creditor countries whose role is to find coordinated and sustainable solutions to the payment difficulties experienced by debtor nations.

December 31, 2014 —The "rights upon future offers" ("RUFO") clause in indentures governing bonds that were not exchanged as part of Argentina's 2005 and 2010 debt restructurings expires, paving the way for a potential settlement between Argentina and holdout bondholders. The RUFO clause prevented Argentina from settling with holdout bondholders on more favorable terms than those accepted by exchange bondholders in the debt restructurings. The clause could have triggered as much as $120 billion in new claims if the nation had settled with holdout bondholders prior to the clause's expiration.

March 3, 2015 —"Me too" holdout bondholders seeking compensation for debt owed by Argentina since the country's 2002 default lodge claims with the U.S. District Court for the Southern District of New York for between $7 billion and $8 billion, in the hope of gaining from Argentina's ongoing legal battle with holdout bondholders.

April 20, 2015 —Argentina announces that, in an effort to evade U.S. restrictions on its market access, the country will issue $500 million of a new series of "BONAR 2024" bonds.

June 5, 2015 —Judge Griesa grants partial summary judgment to the group of 526 "me too" plaintiffs in 36 separate lawsuits, finding that, consistent with his previous ruling in litigation commenced by holdout bondholders, Argentina violated the pari passu clause in bonds issued to the "me too" bondholders by refusing to make payments on their bonds at the same time that it paid holders of restructured debt. The decision obligates Argentina to pay the plaintiffs $5.4 billion before it can make payments on restructured debt.

December 10, 2015 —Mauricio Macri succeeds Cristina Fernández de Kirchner as President of Argentina. President Macri pledges to return Argentina from credit markets exile and to make a fresh start by resolving disputes with holdout bondholders. By contrast, former President de Kirchner systematically refused to negotiate with the holdouts for eight years, characterizing them as "economic terrorists."

February 2, 2016 —Argentina announces that it has reached a $1.35 billion settlement with 50,000 Italian holdout bondholders.

February 5, 2016 —Argentina announces that it has reached a $1.1 billion settlement with holdout bondholders EM Ltd. and Montreux Partners LP.

February 29, 2016 —Argentina announces that it has reached a $4.6 billion settlement with NML, Aurelius, and other major holdout bondholders.

March 2, 2016 —Judge Griesa enters an order conditionally dissolving his injunctions precluding Argentina from making payments on its restructured debt unless it also pays amounts owed to holdout bondholders. However, certain holdouts, including NML and Aurelius, appeal the order to the Second Circuit, contending that the ruling "rests on the erroneous premise that 'changed circumstances' necessary to warrant lifting the Injunctions exist solely on the basis of Argentina's hope that it will pay some subset of creditors who agreed to terms under coercive conditions."

March 16, 2016 —Argentina's Chamber of Deputies approves legislation to issue new debt and repeal the sovereign payment law and the "Lock Law," which prohibits payments to bondholders other than holders of exchange bonds. The repeals would permit Argentina to consummate settlements it has reached with holdout bondholders.

March 30, 2016 —Argentina's Senate approves the repeal legislation. The law allows Argentina to issue $12 billion in bonds and use part of the proceeds to fund settlements with holdout bondholders.

April 13, 2016 —The Second Circuit Court of Appeals affirms Judge Griesa's ruling provisionally lifting the injunctions, paving the way for the South American country to begin funding $6 billion in settlements.

April 19, 2016 —Argentina returns to the global capital markets, completing an oversubscribed, $16.5 billion bond issue that will enable the nation to pay outstanding creditors and fund economic priorities. The bond issue marks the largest debt deal ever for an emerging-markets country or company, eclipsing an $11 billion corporate bond issuance by Brazilian energy giant Petrobras in 2013.

April 22, 2016 —Argentina pays holdout bondholders more than $6 billion. Judge Griesa confirms the payments and issues an order vacating his previous injunctions and allowing Argentina to resume servicing its exchange bonds.

The End?

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

Mark G. Douglas
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Up-coming Events Search
Font Size:
Mondaq on Twitter
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
Email Address
Company Name
Confirm Password
Mondaq Topics -- Select your Interests
 Law Performance
 Law Practice
 Media & IT
 Real Estate
 Wealth Mgt
Asia Pacific
European Union
Latin America
Middle East
United States
Worldwide Updates
Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:
  • To allow you to personalize the Mondaq websites you are visiting.
  • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our information providers who provide information free for your use.
  • Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.
    If you do not want us to provide your name and email address you may opt out by clicking here
    If you do not wish to receive any future announcements of products and services offered by Mondaq you may opt out by clicking here

    Terms & Conditions and Privacy Statement (the Website) is owned and managed by Mondaq Ltd and as a user you are granted a non-exclusive, revocable license to access the Website under its terms and conditions of use. Your use of the Website constitutes your agreement to the following terms and conditions of use. Mondaq Ltd may terminate your use of the Website if you are in breach of these terms and conditions or if Mondaq Ltd decides to terminate your license of use for whatever reason.

    Use of

    You may use the Website but are required to register as a user if you wish to read the full text of the content and articles available (the Content). You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these terms & conditions or with the prior written consent of Mondaq Ltd. You may not use electronic or other means to extract details or information about’s content, users or contributors in order to offer them any services or products which compete directly or indirectly with Mondaq Ltd’s services and products.


    Mondaq Ltd and/or its respective suppliers make no representations about the suitability of the information contained in the documents and related graphics published on this server for any purpose. All such documents and related graphics are provided "as is" without warranty of any kind. Mondaq Ltd and/or its respective suppliers hereby disclaim all warranties and conditions with regard to this information, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. In no event shall Mondaq Ltd and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use or performance of information available from this server.

    The documents and related graphics published on this server could include technical inaccuracies or typographical errors. Changes are periodically added to the information herein. Mondaq Ltd and/or its respective suppliers may make improvements and/or changes in the product(s) and/or the program(s) described herein at any time.


    Mondaq Ltd requires you to register and provide information that personally identifies you, including what sort of information you are interested in, for three primary purposes:

    • To allow you to personalize the Mondaq websites you are visiting.
    • To enable features such as password reminder, newsletter alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
    • To produce demographic feedback for our information providers who provide information free for your use.

    Mondaq (and its affiliate sites) do not sell or provide your details to third parties other than information providers. The reason we provide our information providers with this information is so that they can measure the response their articles are receiving and provide you with information about their products and services.

    Information Collection and Use

    We require site users to register with Mondaq (and its affiliate sites) to view the free information on the site. We also collect information from our users at several different points on the websites: this is so that we can customise the sites according to individual usage, provide 'session-aware' functionality, and ensure that content is acquired and developed appropriately. This gives us an overall picture of our user profiles, which in turn shows to our Editorial Contributors the type of person they are reaching by posting articles on Mondaq (and its affiliate sites) – meaning more free content for registered users.

    We are only able to provide the material on the Mondaq (and its affiliate sites) site free to site visitors because we can pass on information about the pages that users are viewing and the personal information users provide to us (e.g. email addresses) to reputable contributing firms such as law firms who author those pages. We do not sell or rent information to anyone else other than the authors of those pages, who may change from time to time. Should you wish us not to disclose your details to any of these parties, please tick the box above or tick the box marked "Opt out of Registration Information Disclosure" on the Your Profile page. We and our author organisations may only contact you via email or other means if you allow us to do so. Users can opt out of contact when they register on the site, or send an email to with “no disclosure” in the subject heading

    Mondaq News Alerts

    In order to receive Mondaq News Alerts, users have to complete a separate registration form. This is a personalised service where users choose regions and topics of interest and we send it only to those users who have requested it. Users can stop receiving these Alerts by going to the Mondaq News Alerts page and deselecting all interest areas. In the same way users can amend their personal preferences to add or remove subject areas.


    A cookie is a small text file written to a user’s hard drive that contains an identifying user number. The cookies do not contain any personal information about users. We use the cookie so users do not have to log in every time they use the service and the cookie will automatically expire if you do not visit the Mondaq website (or its affiliate sites) for 12 months. We also use the cookie to personalise a user's experience of the site (for example to show information specific to a user's region). As the Mondaq sites are fully personalised and cookies are essential to its core technology the site will function unpredictably with browsers that do not support cookies - or where cookies are disabled (in these circumstances we advise you to attempt to locate the information you require elsewhere on the web). However if you are concerned about the presence of a Mondaq cookie on your machine you can also choose to expire the cookie immediately (remove it) by selecting the 'Log Off' menu option as the last thing you do when you use the site.

    Some of our business partners may use cookies on our site (for example, advertisers). However, we have no access to or control over these cookies and we are not aware of any at present that do so.

    Log Files

    We use IP addresses to analyse trends, administer the site, track movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information.


    This web site contains links to other sites. Please be aware that Mondaq (or its affiliate sites) are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read the privacy statements of these third party sites. This privacy statement applies solely to information collected by this Web site.

    Surveys & Contests

    From time-to-time our site requests information from users via surveys or contests. Participation in these surveys or contests is completely voluntary and the user therefore has a choice whether or not to disclose any information requested. Information requested may include contact information (such as name and delivery address), and demographic information (such as postcode, age level). Contact information will be used to notify the winners and award prizes. Survey information will be used for purposes of monitoring or improving the functionality of the site.


    If a user elects to use our referral service for informing a friend about our site, we ask them for the friend’s name and email address. Mondaq stores this information and may contact the friend to invite them to register with Mondaq, but they will not be contacted more than once. The friend may contact Mondaq to request the removal of this information from our database.


    From time to time Mondaq may send you emails promoting Mondaq services including new services. You may opt out of receiving such emails by clicking below.

    *** If you do not wish to receive any future announcements of services offered by Mondaq you may opt out by clicking here .


    This website takes every reasonable precaution to protect our users’ information. When users submit sensitive information via the website, your information is protected using firewalls and other security technology. If you have any questions about the security at our website, you can send an email to

    Correcting/Updating Personal Information

    If a user’s personally identifiable information changes (such as postcode), or if a user no longer desires our service, we will endeavour to provide a way to correct, update or remove that user’s personal data provided to us. This can usually be done at the “Your Profile” page or by sending an email to

    Notification of Changes

    If we decide to change our Terms & Conditions or Privacy Policy, we will post those changes on our site so our users are always aware of what information we collect, how we use it, and under what circumstances, if any, we disclose it. If at any point we decide to use personally identifiable information in a manner different from that stated at the time it was collected, we will notify users by way of an email. Users will have a choice as to whether or not we use their information in this different manner. We will use information in accordance with the privacy policy under which the information was collected.

    How to contact Mondaq

    You can contact us with comments or queries at

    If for some reason you believe Mondaq Ltd. has not adhered to these principles, please notify us by e-mail at and we will use commercially reasonable efforts to determine and correct the problem promptly.

    By clicking Register you state you have read and agree to our Terms and Conditions