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Argentina

ARS/USD Exchange Rate Divergence

FX and Currency Derivatives Documentation

KEY INDUSTRY VIEWS: ARGENTINA

EM CASELAW: ARGENTINA - For lawsuits brought against Argentina in the International Financial Architecture/ Debt Restructuring Emerging Markets context, please visit our EM Caselaw area.

 

NEW DEVELOPMENTS

September 19, 2024
EMTA Forum: Argentina's Economic and Political Outlook. Register Here.

May 30, 2024
EMTA publishes its Recommended FX and Currency Derivatives Market Practice No. 100 on the ARS MAE Rate.  EMTA Members may CLICK HERE to view this Market Practice

May 21, 2024
Notice of the Mercado Abierto Electronic (MAE) Regarding Shift to a T=1 Settlement Cycle on June 3, 2024.

March 7, 2024
EMTA Forum in Buenos Aires. Register Here.

February 22, 2024
EMTA Seminar Argentina: The First 100 Days of the Milei Administration in London. Register Here.

November 12, 2023
Communication A 7915 of the Central Bank of Argentina.

October 19, 2023
EMTA Forum: Argentina's Economic and Political Outlook - New York. Register Here.

October 3, 2023
EMTA Forum: The Economic and Political Outlook for Argentina - London. Register Here.

June 1, 2023
EMTA Forum: The Economic and Political Outlook for Argentina. Register Here.

May 10, 2023
EMTA Forum: Argentina's Economic and Political Outlook - New York. Register Here.

March 8, 2023
EMTA Forum in Buenos Aires. Register Here.

October 26, 2022
Fitch Ratings Downgrades Argentina's Long-Term Foreign-Currency and Local-Currency Issuer Default Ratings (IDRs) from CCC to CCC-.
October 7, 2022
EMTA Forum: Economic and Political Outlook for Argentina - London. Register Here

May 27, 2022
Province of Buenos Aires Holders Organize Around Excluded Series in August 2021 Bond Exchange.

January 14, 2022
EMTA Webinar: Argentina's Economic and Political Outlook. Register Here

August 12, 2021
Banco Central de la Republica Argentina adds FX restrictions ---CLICK HERE to  see Comunicacion “A” 7340 dated August 12, 2021.

July 26, 2021
Province of La Rioja Bondholders File for Summary Judgment.

July 21, 2021
Province of Buenos Aires’ Agreement with Certain Bondholders.

Majority Statement of Ad Hoc Group of Province of Buenos Aires Bondholders.

June 16, 2021
EMTA Issues CAC’s Primer and Compendium on a Proposed New York State Bill.

June 11, 2021
S&P Global Ratings Upgrades Province of Mendoza’s Issuer Creditor Rating from SD to CCC+.

April 22, 2021
Bondholder Group Sues Province of La Rioja (English/Spanish).

March 25, 2021
Ad Hoc Group of Province of Buenos Aires Bondholders Claims Statements by Finance Minister are "False and Misleading".

March 23, 2021
Bondholder Group Sues Province of Buenos Aires in New York.

February 18, 2021
EMTA Webinar: Update on EM Sanctions. Learn more.

February 1, 2021
EMTA Webinar: Argentina’s Economic Outlook. Learn more.

January 12, 2021
Statement of the Ad Hoc Bondholder Group of the Province of Cordoba in Support of Amended Consent Solicitation.

January 11, 2021
The Province of Cordoba Reaches Agreement with Ad Hoc Bondholder Group & Announces Amendment to Consent Solicitations.

November 24, 2020
Coalition of Argentine Provincial Bondholders Forms (English/Spanish).

November 2, 2020
Statement of the Steering Committee of the Ad Hoc Group of Bondholders of the Province of Buenos Aires.

October 22, 2020
Statement from Members of the Ad Hoc Group of Argentina Exchange Bondholders and of the Argentina Creditor Committee.

September 12, 2020
Statement of Province of Cordoba Ad Hoc Bondholder Group on Proposed Restructuring Terms.

September 11, 2020
Province of Cordoba Presents Restructuring Proposal (and Spanish Version).

September 7, 2020
S&P Global Ratings Upgrades Argentina’s Long-term Foreign-Currency Sovereign Credit Rating from SD to CCC+.

August 21, 2020
Argentina Exchange Bondholder Group Statement (and Spanish Version).

August 18, 2020
Argentina Creditor Committee Confirms Support for Argentina’s Revised Exchange Offer (and Spanish Version).

August 17, 2020
Argentina Announces Amendment to Invitation to Exchange.

August 6, 2020
EMTA Webinar: Argentina's Debt Restructuring and Economic Outlook.  Learn more.

August 4, 2020
Argentina Creditor Committee Supports Agreement with Republic of Argentina (and Spanish Version).

Exchange Bondholder Group Statement in Support of Debt Restructuring Proposal (and Spanish Version).

July 27, 2020
Letter of Support of Joint Argentine Debt Restructuring Proposal (and Spanish Version). 

July 20, 2020
Bondholder Groups Present Joint Proposal and Sign Cooperation Agreement (English/Spanish).

July 8, 2020
Joint Statement by the Argentina Ad Hoc Bondholder Group and the Exchange Bondholder Group.

July 6, 2020
Gramercy Funds Management and Fintech Advisory Inc. Issue Statement Supporting Argentina Debt Proposal.

July 5, 2020
Argentine Republic Announces the Amendment to the Invitation to Exchange.

July 3, 2020
Argentina Creditor Committee Presented Proposal (English/Spanish).

June 30, 2020
Joint Statement of the Exchange Bondholder Group and the Ad Hoc Argentine Bondholder Group (and Spanish Version).

June 23, 2020
Market Practice Recommendation for Trades of Province of Mendoza Bonds.

June 19, 2020
Joint Statement of the Exchange Bondholder Group and the Ad Hoc Argentine Bondholder Group (and Spanish Version).

June 17, 2020
Argentine Minister of Finance Restructuring Proposal.

Argentina Creditor Committee Restructuring Proposal.

June 14, 2020
Joint Debt Restructuring Proposal of Argentina’s Ad Hoc Bondholder Group and Exchange Bondholder Group.

June 10, 2020
Province of Cordoba Bondholders Announce Organization (and Spanish Version).

June 2, 2020
Argentine Creditor Committee Affirms that its Proposal is Consistent with the IMF’s Assessment of Argentina’s Payment Capacity (and Spanish Version).

June 1, 2020
Argentina Exchange Bondholder Group Comment on IMF’s Statement (and Spanish Version).

IMF Staff Technical Statement on Argentina (and Spanish Version).

May 27, 2020
Argentine Exchange Bondholder Group and the Ad Hoc Argentine Bondholder Group Submit Joint Proposal (and Spanish Version).

May 26, 2020
S&P Global Ratings Downgrades Four of Argentina’s Foreign Currency Bonds from CC to D.

Fitch Ratings Downgrades Argentina’s Long-Term Foreign Currency Issuer Default Rating from C to RD.

Revised Argentine Debt Proposal.

May 23, 2020
Argentina Exchange Bondholder Group Comment on IMF’s Statement (and Spanish Version).

Argentina Exchange Bondholder Group Corrects Misstatements and Provides Update Regarding Negotiations (and Spanish Version).

May 22, 2020
Market Practice Recommendation for Trades of Argentina's Foreign Law Bonds.

Statement from Argentine Minister of Economy Martín Guzmán.

Bondholders Object to Argentina’s Latest Default and Acknowledges its Intention to Reach a Consensual Resolution (and Spanish Version).

May 21, 2020
EMTA Webinar: The Economic Outlook for Argentina. Click Here to Register.

May 19, 2020
Key Features of the Ad Hoc Group of Argentina Exchange Bondholders Restructuring Proposal (and Spanish Version).

May 16, 2020
Argentina Exchange Bondholder Group Submits Counterproposal (and Spanish Version).

May 14, 2020
The Steering Committee of the of the Ad Hoc Group of Bondholders Note Exchange Offer Extension for Province of Buenos Aires Bonds and Urge Negotiation (and Spanish Version).

Market Practice Recommendation for Trades of Province of Buenos Aires Bonds.

May 13, 2020
Distinctions between Exchange Bonds and “Macri” Bonds Explained by Argentina Creditor Group (and Spanish Version).

May 8, 2020
Argentina Exchange Bondholders FAQ (and Spanish Version).

May 5, 2020
Bondholders Reconfirm Rejection of Province of Buenos Aires Exchange Offer and Highlight Coercive Strategy (and Spanish Version).

May 4, 2020
Press Release from 3 Argentine Bondholder Groups Rejecting the Exchange Offer (and Spanish Version).

Argentine Exchange Bondholder Group Announces Webinar on May 4 to Apprise Bondholders of Critical Issues Related to the Exchange Offer. Materials Distributed: Bondholders Can Do Better Than Argentina's Unilateral Exchange Offer.

April 27, 2020
Bondholders Reject the Province of Buenos Aires’ Restructuring Proposal (and Spanish Version).

April 23, 2020
Argentina's Ministry of Finance Press Release (in Spanish).

April 20, 2020
Bondholders Reject Argentina's Unilateral Offer and Outline Viable Solution.

April 17, 2020
Terms of Argentine Proposal Subject to Regulatory Approval.

April 9, 2020
Market Practice Recommendation for Trades of Argentina Local Law Bonds.

April 7, 2020
S&P Global Ratings Downgrades Argentina’s Long-Term Foreign Currency Sovereign Credit Rating from CCC- to SD.

April 6, 2020
Fitch Ratings Downgrades Argentina's Long-Term Foreign-Currency Issuer Default Rating from CC to RD.

March 20, 2020
Communication “A” 6942 of the Central Bank of Argentina.

Decree No. 297/2020 of the Government of the Republic of Argentina.

March 17, 2020
Ministry of Economy of the Republic of Argentina Extends Deadline for Disclosure of Security Holder Information.

March 11, 2020
Bondholders Prepared for Negotiations with the Province of Buenos Aires.

March 3, 2020
Ministry of Economy of the Republic of Argentina Requests Disclosure of Security Holder Information.

February 6, 2020
S&P Global Ratings on Province of Buenos Aires Remains Unaffected.

January 21, 2020
Province of Buenos Aires Bondholder Committee Notes Consent Solicitation Challenges.

January 13, 2020
Province of Buenos Aires Bondholder Committee Retains Counsel.

January 6, 2020
EMTA Special Seminar: Argentina's Economic Outlook in New York to be held on February 10, 2020. Click Here to Register.

December 12, 2019
Province of Buenos Aires Bondholders Announce Organization, together with accompanying Principles for Stable Capital Flows and Fair Debt Restructuring.

November 8, 2019
ARS/USD Exchange Rate Divergence - Insufficient notices received.

November 7, 2019
ARS/USD Exchange Rate Divergence - Insufficient notices received.

November 5, 2019
ARS/USD Exchange Rate Divergence - Insufficient notices received.

November 4, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

November 1, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 31, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 30, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 29, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 28, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 25, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 24, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 23, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 22, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 21, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 18, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 17, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 16, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 15, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 11, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 10, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 9, 2019
Implementation Protocol for 2019 ARS Amendment Agreement for Argentine Peso Non-Deliverable FX Forward and Currency Option Transactions Published.

EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 8, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 7, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

EMTA Publishes Recommended FX and Currency Derivatives Market Practice No. 87 on updated terms for ARS non-deliverable FX forward and currency option transactions.

October 4, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 3, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 2, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

October 1, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

September 30, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

September 27, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

September 26, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

September 25, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

September 24, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

September 23, 2019
EMTA confirms receipt of ARS Exchange Rate Divergence notices. CLICK HERE to view the notices.

September 16, 2019
EMTA Publishes a Supplemental Notice on Argentine Capital Controls and NDF Contracts.

September 6, 2019
EMTA Special Seminar: The Argentine Economic Outlook in New York to be Held on October 7, 2019. Click Here to Register.

September 5, 2019
EMTA Publishes Notice on Argentina's Capital Controls and NDF Contract Implications.

September 4, 2019
EMTA Seminar on the Outlook for Argentina in London to be Held on October 3, 2019. Click Here to Register.

September 2, 2019
Client Memorandum of Estudio O’Farrell Regarding New Argentine Central Bank Foreign Exchange Regulations.

September 1, 2019
Communication “A” 6770 of the Central Bank of Argentina (in Spanish) regarding imposition of certain currency controls.

Decree No. 609 / 2019 as published in the Official Bulletin of the Republic of Argentina (in Spanish) regarding imposition of certain currency controls.

August 30, 2019
S&P Global Ratings Upgrades Argentina’s Foreign- Currency Sovereign Credit Rating from SD to CCC-.

August 29, 2019
S&P Global Services Downgrades Argentina’s Long-Term Sovereign Credit Rating from B- to SD.

August 16, 2019
S&P Global Ratings Downgrades Argentina’s Long-Term Sovereign Credit Rating from B to B-.

Fitch Ratings Downgrades Argentina’s Long-Term Foreign-Currency Issuer Default Rating from B to CCC.

April 16, 2019
EMTA Forum in Buenos Aires to be Held on May 14, 2019. Click Here to Register.

March 5, 2019
EMTA Special Seminar: Argentina's Economic Outlook to be Held on April 4, 2019. Click Here to Register.

November 28, 2018
Argentina's National Securities Commission Passes Legislation For the Registration of Derivatives Contracts To Facilitate Close-Out Netting (in Spanish).

September 24, 2018
EMTA Special Seminar: Argentina's Outlook to be Held in London on October 23, 2018. Click Here to Register.

May 14, 2018
EMTA Special Seminar - Argentina: Economic Outlook to be Held on June 7, 2018. Click Here to Register.

May 10, 2018
Keynote Address by Vladimir Werning, Subsecretary of Coordination and Economic Analysis for the Republic of Argentina, Delivered at EMTA Forum in Buenos Aires (in Spanish).

April 17, 2018
EMTA Forum in Buenos Aires to be Held on May 10, 2018. Click Here to Register.

September 6, 2017
EMTA Special Seminar: Argentina’s Midterm Elections to be Held in London on October 5, 2017. Click Here to Register.

April 4, 2017
S&P Global Ratings Upgrades Argentina’s Long-Term Sovereign Credit Rating on Argentina from B- to B.

March 30, 2017
EMTA Special Seminar: Argentina Economic and Political Outlook in New York on April 26, 2017. Click Here to Register.

March 8, 2017
EMTA Forum in Buenos Aires to be Held on March 21, 2017. Click Here to Register.

May 10, 2016
Fitch Upgrades Argentina's Long-Term Foreign Currency Issuer Default Rating from RD to B.

May 6, 2016
Standard & Poor’s Upgrades Argentina’s Long-Term Foreign Currency Rating from SD to B-.

May 3, 2016
BNY Mellon Notice Regarding Argentina Bond Payment Date of May 5.

April 26, 2016
New Market Practice for Argentine Bonds.

BNY Mellon Notice Regarding Argentina Bond Record Date of April 29.

April 7, 2016
EMTA Forum in Buenos Aires to be Held on April 28, 2016. Click Here to Register.

February 18, 2016
Instructions for Argentine Bondholders to Accept the Settlement Proposal.

February 5, 2016
Statement of Daniel A. Pollack, Special Master In Argentina Debt Litigation.

January 15, 2016
EMTA Special Seminar: A New Argentina?, to be held in New York on February 3, 2016. Click Here to Register.

January 13, 2016
Statement by the Ministry of the Economy of Argentina Regarding a Proposal to Investors.

January 11, 2016
EMTA Special Seminar: A New Argentina?

December 9, 2015
Statement of Daniel A. Pollack, Special Master in Argentina Debt Litigation.

December 7, 2015
EMTA Special Seminar: A New Argentina?, to be held in London on January 11, 2016. Click Here to Register.

October 16, 2015
EMTA Special Seminar: Argentina Elections - What the Future Will Hold.

September 3, 2015
EMTA Special Seminar: Argentina Elections - What The Future Will Hold in New York on October 16, 2015. Click Here to Register.

September 1, 2015
Foreign Sovereign Immunity: Second Circuit Issues New Ruling on Central Bank Immunity Under the Foreign Sovereign
Immunities Act – Sullivan & Cromwell Memorandum.

July 7, 2015
Market Practice for Argentina Local Law Discount and Par Bonds.

June 5, 2015
EMTA Special Seminar: Argentina Update.

May 4, 2015
EMTA Special Seminar: Argentina Update to be Held in London on June 5, 2015. Click Here to Register.

May 1, 2015
EMTA Special Seminar: Argentina Update.

March 16, 2015
EMTA Forum in Buenos Aires to be Held on April 16, 2015. Click Here to Register.

March 13, 2015
EMTA Special Seminar: Argentina Update to be Held in New York on May 1, 2015. Click Here to Register.

February 19, 2015
Statement of Daniel A. Pollack, Special Master in Argentina Debt Litigation.

August 25, 2014
Republic of Argentina Untendered, Defaulted Noteholders Invited to Join Ad Hoc Group.

August 21, 2014
Final ISDA Auction List for Argentine Bond Deliverables. New Auction Date of September 3, 2014.

August 19, 2014
ISDA Determinations Committee Reviewing Challenge to Inclusion of Two JPY Argentine Bonds in Deliverable Obligations; Auction Date Postponed.

August 18, 2014
ISDA Receives Challenge to Inclusion of Two JPY Argentine Bonds in Deliverable Obligations; Final Auction List Postponed.

August 13, 2014
ISDA Determinations Committee Decision on Argentina Bonds; Auction Date of August 21, 2014.

August 8, 2014
New Clarification on Market Practice Recommendation for Most Argentina Sovereign Bonds.

August 6, 2014
Argentina Finance Ministry Statement to The Bank of New York.

Argentina Finance Ministry Statement to Citibank (in Spanish).

August 1, 2014
Argentina Finance Ministry Statement (in Spanish).

Clarification on Market Practice Recommendation for Most Argentina Sovereign Bonds.

ISDA Determinations Committee Triggers Failure to Pay Credit Event.

July 31, 2014
Fitch Downgrades Argentina’s Foreign Currency Issuer Default Rating from CC to RD (Restricted Default).

Market Practice Recommendation for Most Argentina Sovereign Bonds.
Non-Members - please contact Aviva Werner (awerner@emta.org) or Jonathan Murno (jmurno@emta.org) for EMTA's Market Practice document.

Moody’s Changes Argentina’s Outlook to Negative.

July 30, 2014
Standard & Poor's Downgrades Argentina's Long-Term Foreign Currency Sovereign Credit Rating from CCC- to SD (Select Default).

July 25, 2014
EMTA Special Seminar: Argentina: Way Forward to be Held in Buenos Aires on August 20, 2014. Click Here to Register.

July 2, 2014
Moody's Places Argentina's Caa2 Foreign-Legislation Debt on Review, Direction Uncertain.

June 30, 2014
Argentina Finance Ministry Statement (in Spanish).

June 27, 2014
Griesa Transcript. Additional Legal Documents can be Found in EMTA's Litigation Section.

Press Statement from the Republic of Argentina to Court Order to Bank of New York to Return Payment (Spanish).

June 26, 2014
Argentine Economy Minister Kiciloff Statement (in Spanish).

June 25, 2014
U.S. Supreme Court Rules that Sovereign States Are Not Immune from U.S. Court Discovery into their Worldwide Assets – Clifford Chance Memorandum.

June 24, 2014
EMTA Special Seminar: Argentina: Post U.S. Supreme Court Review to be Held in London on July 9, 2014. Click Here to Register.

Sovereign Pari Passu Clauses: NML Capital 2, Argentina 0 - Clifford Chance Memorandum.

June 18, 2014
Southern District Court Transcript in NML Capital v. Argentina.

Press Statement from the Republic of Argentina in Response to Second Circuit Court of Appeals Order (in Spanish).

June 17, 2014
Standard & Poor's Downgrades Argentina’s Long-Term Foreign Currency Rating from CCC+ to CCC-.

June 16, 2014
Supreme Court Decision in NML Capital, et al v. Argentina (Discovery Case) and Denial of Argentina's Cert Petition.

U.S. Supreme Court Rejects Limits on Post-Judgment Discovery Into Foreign States’ Assets – Sullivan & Cromwell Memorandum.

June 6, 2014
EMTA Issues its Recommended FX and Currency Derivatives Market Practice No. 72 recommending a change effective June 30, 2014 in the Primary Settlement Rate Option for ARS Non-Deliverable FX Forward and Currency Option Transactions.
CLICK HERE for Market Practice No. 72
CLICK HERE for New Template Terms and Related Documentation
CLICK HERE for Information on Amending Outstanding Contracts

EMTA Special Seminar: Argentina: Update on Its Prospects for Supreme Court Review to be Held in NYC on June 19, 2014. Click Here to Register.

May 29, 2014
Paris Club Issues Press Release on Agreement with Argentina to Resume Payments and Clear Arrears.

March 17, 2014
Moody's Downgrades Argentina's Government Bond Rating from B3 to Caa1.

March 11, 2014
EMTA Forum in Buenos Aires to be Held on April 8, 2014. Click Here to Register.

February 28, 2014
EMTA Special Seminar: The Future of Argentina: Through the Looking Glass

January 24, 2014
Ad Hoc Group of Argentine Bondholders Adds Members

January 23, 2014
EMTA Special Seminar: Argentina: Averting the Coming Crisis in NYC

January 16, 2014
EMTA Special Seminar: Argentina: Averting the Coming Crisis to be Held in NYC on January 23, 2014. Click Here to Register.

January 15, 2014
EMTA Special Seminar: The Future of Argentina: Through the Looking Glass to be Held in NYC on February 28, 2014. Click Here to Register.

September 30, 2013
EMTA Special Seminar: Argentina's Prospects for U.S. Supreme Court Review in London

September 16, 2013
EMTA Special Seminar: Argentina and its Prospects for Supreme Court Review in NYC

September 10, 2013
Standard & Poor’s Downgrades Argentina’s Long-Term Foreign Currency Sovereign Credit Rating from B- to CCC+.

September 6, 2013
EMTA Special Seminar: Argentina and Its Prospects for Supreme Court Review to be Held in New York on September 16, 2013. Click Here to Register.

August 23, 2013
Decision by Second Circuit Court of Appeal in NML Capital and Aurelius Capital v. Argentina.

June 24, 2013
Argentina's Petition for Writ of Certiorari to the United States Supreme Court.

May 21, 2013
Results of Poll of Attendees at EMTA’s 6th Annual Forum in Buenos Aires.

April 24, 2013
EMTA Forum in Buenos Aires to be Held on May 21, 2013. Click Here to Register.

April 11, 2013
Standard & Poor’s Reaffirms Argentina’s Long-Term Sovereign Credit Rating of B-.

March 1, 2013
Order of the Second Circuit in NML Capital and Aurelius Capital v. Argentina.

February 28, 2013
Recording of Oral Hearing in Second Circuit Case NML Capital and Aurelius Capital v. Argentina.

February 12, 2013
EMTA Special Seminar: Recent Legal Developments in Argentine Debt in London

February 6, 2013
EMTA Special Seminar: An Overview of Argentine Debt Litigation and Its Market Implications to be Held in Buenos Aires on February 25, 2013. Click Here to Register.

February 4, 2013
Save the Date! EMTA Special Seminar: An Overview of Argentine Debt Litigation and Its Market Implications to be Held in Buenos Aires on February 25, 2013.

January 17, 2013
EMTA Special Seminar: Recent Legal Developments in Argentine Debt to be Held in London on February 12, 2013. Click Here to Register.

January 7, 2013
EMTA Special Seminar: Recent Legal Developments in Argentine Debt in NYC

December 5, 2012
EMTA Special Seminar: Recent Legal Developments in Argentine Debt to be Held in New York on January 7, 2013. Click Here to Register.

November 28, 2012
Fitch Downgrades Argentina’s Long-Term Foreign Currency Issuer Default Rating from B to CC.

November 26, 2012
For Recent Developments in NML Capital and Aurelius Capital v. Argentina Litigation, Visit EMTA's Litigation Area.

November 14, 2012
Recent Developments in NML Capital and Aurelius Capital v. Argentina Litigation.

November 7, 2012
NML Capital and Aurelius Capital v. Argentina.

October 26, 2012
Market Reaction to the United States Second Circuit Court of Appeals’ Decision Regarding Argentina – Commentary from Bulltick Capital, Goldman Sachs, Scotia Capital and UBS.

NML Capital and Aurelius Capital v. Argentina.

August 20, 2012
EM Ltd. and NML Capital v. Argentina.

July 25, 2012
Litigation Against Argentina - Views by Anna Gelpern (American University) and Felix Salmon.

May 14, 2012
NML Capital and Aurelius Capital v. Argentina – Prof. Mann and EM Ltd. Amicus Brief.

April 25, 2012
NML Capital and Aurelius Capital v. Argentina – Argentina’s Reply Brief.

April 24, 2012
NML Capital and Aurelius Capital v. Argentina – Argentine Law Professors’ Amicus Brief and Professor Dam’s Amicus Brief.

April 18, 2012
EMTA Special Seminar: Argentina and Its Pari Passu Clause

NML Capital and Aurelius Capital v. Argentina – Argentina Brief, NML Brief, Aurelius Brief, Montreaux Partners and Wilton Capital Amicus Brief.

April 13, 2012
EMTA Special Seminar: Argentina and Its Pari Passu Clause (NYC) to be Held on April 18, 2012. Click Here to Register.

April 5, 2012
NML Capital and Aurelius Capital v. Argentina - US Amicus Brief and Clearing House Amicus Brief.

March 28, 2012
EM Ltd. and Aurelius Capital Partners v. Argentina.

March 15, 2012
Esteban Fernández Medrano, of GlobalSource Partners and MacroVision Consulting, S.A., to deliver keynote address at Fifth Annual EMTA Forum in Buenos Aires on April 19, 2012. Click Here to Register.

March 1, 2012
NML Capital v. Argentina (Order and Transcript).

December 7, 2011
NML Capital v. Argentina.

Aurelius Capital Partners v. Argentina.

November 29, 2011
Aurelius Capital Partners v. Argentina

August 5, 2011
Argentina Announces Cancellation of Brady Bond Exchange Offer.

July 21, 2011
Capital Ventures International v. Argentina.

July 8, 2011
NML Capital et al v. Argentina.

NML Capital v. Argentina (UK).

NML Capital and EM Ltd. v. Argentina (Opinion 7/5/11).

June 30, 2011
NML Capital et al v. Argentina

November 5, 2010
EMTA Special Seminar: Argentina: Pros and Cons

October 22, 2010
EMTA Special Seminar: Argentina: Pros and Cons to be Held on November 5, 2010 in NYC. Click Here to Register.

October 13, 2010
Argentine Undersecretary of Finance, Adrián E. Cosentino, Will Deliver a Keynote Address at EMTA’s Fall Forum on October 19, 2010. Sponsored by Bulltick Capital Markets. Click Here to Register.

September 13, 2010

Standard & Poor’s Upgrades Argentina’s Foreign Currency from B- to B.

July 26, 2010

Aurelius Capital Partners v. Argentina.

July 19, 2010

EM Ltd. and NML Capital v. Argentina: Prof. Hal Scott Amicus Curiae Brief and Various Motions Relating Thereto.

July 12, 2010

Fitch Upgrades Argentina’s Long-Term Foreign Currency Issuer Default Rating from RD (Restricted Default) to B.

July 1, 2010

Argentina Announces Results of Tender Offer.

June 28, 2010

EM Ltd. and NML Capital v. Argentina.

June 7, 2010

Argentina Issues New FX Regulations (In Spanish).

June 4, 2010

EM Ltd. and NML Capital v. Argentina (FRBNY Amicus Curiae Brief).

June 1, 2010

Argentina Announces Extension of the Expiration Date of the Submission Period and Change of Schedule.

May 28, 2010

EM Ltd. and NML Capital v. Argentina: Defendant’s Appellate Brief and Central Bank’s Appellate Brief.

May 24, 2010

Argentina Announces Preliminary Results of Exchange Offer.

Various Retail Bondholders v. Argentina.

May 21, 2010

EMTA Recommends Confirmation Forms for When-And-If-Issued Trading in Argentina’s New Bonds and GDP-Linked Securities: EMTA Memorandum, Confirmations, Bilateral Netting Agreement for Bonds and Bilateral Netting Agreement for GDP-Linked Securities.

May 12, 2010

Argentina Announces Extension of Early Tender Deadline and Change of Schedule.

April 23, 2010

New York State Senate Committee on Banks Hearing on Argentina's Default.

Testimonies can be accessed by selecting each panelist’s name below:

April 15, 2010

Argentina Announces Terms of Exchange Offer. Market Reaction from Credit Suisse, Goldman Sachs, HSBC and The Royal Bank of Scotland.

April 14, 2010

Various Bondholders Seek to Enjoin Argentina Exchange Offer.

April 7, 2010

EM Ltd. and NML Capital v. Argentina.

March 26, 2010

Carlos Pagni, Political Columnist, La Nacion and Miguel Broda, Estudio Miguel A.A. Broda to Speak at EMTA’s Third Annual Forum in Buenos Aires, Argentina on April 15, 2010. Click Here to Register.

March 24, 2010

Argentina Shelf Registration.

February 4, 2010

NML Capital v. Argentina (UK Decision).

January 14, 2010

Plaintiffs’ Motions and Memorandum and Defendant’s Memorandum in EM Ltd. and NML Capital v. Argentina.

January 13, 2010

Attachment Orders for EM Ltd. and NML Capital v. Argentina and Aurelius Capital Partners v. Argentina.

Restraining Order in EM Ltd. and NML Capital v. Argentina.

October 22, 2009

Economy Minister Announces Argentina Has Accepted a Proposal to Restructure Untendered Debt. Press Release (in Spanish). Commentary from Credit Suisse.

October 15, 2009

Aurelius Capital Partners v. Argentina.

September 22, 2009

Market Responds to Speculation of Argentina Reaching a Deal with Holders of Untendered Bonds. Commentary from Bank of America/Merrill Lynch, Barclays Capital, Bulltick Capital Markets, Credit Suisse, Goldman Sachs and RBS.

September 9, 2009

Argentina's Ministry of Finance Announces Results of Debt Exchange Offer (in Spanish).

August 19, 2009

EM Ltd. and NML Capital v. Argentina.

Various Retail Bondholders v. Argentina.

July 13, 2009

Various Retail Bondholders v. Argentina.

July 9, 2009

Comunicado Nro. 49516 of the Banco Central de la Republica Argentina declaring July 10, 2009 a bank holiday (in Spanish).

June 12, 2009

Press Release of Argentine Ministry of Finance Regarding Results of Tender for BODEN 2012 Coupon (in Spanish).

June 10, 2009

Press Release of Argentine Ministry of Finance Regarding Tender for BODEN 2012 Coupon (in Spanish).

June 1, 2009

Aurelius Capital Partners v. Argentina, et al.

May 21, 2009

Congress Introduces Legislation on Argentine Debt and Court Defaults.

May 13, 2009

"El Mundo Está en Crisis… y Por Casa Como Andamos?" Presentation by Miguel Kiguel at EMTA Forum in Buenos Aires.

April 27, 2009

EMTA Forum - Buenos Aires To Be Held on May 13, 2009. Click Here to Register.

April 8, 2009

NML Capital et al v. Argentina.

March 9, 2009

EMTA Special Presentation “Recent and Potential Litigation in EM Area” in NYC (with London video-link hosted by Herbert Smith) on March 9, 2009.

January 14, 2009

Capital Ventures International v. Argentina.

January 9, 2009

Various Retail Bondholders v. Argentina.

December 12, 2008

Aurelius Capital Partners v. Argentina.

December 1, 2008

Argentina Announces Calculation of GDP Payments.

November 5, 2008

Aurelius Capital Partners v. Argentina.

October 31, 2008

Standard & Poor's Downgrades Argentina's Foreign-Currency Sovereign Rating from B to B-.

October 30, 2008

Aurelius Capital Partners v. Argentina.

September 24, 2008

Commentary on Argentina Bond Swap Proposal from Credit Suisse.

September 22, 2008

President Kirchner Confirms that Argentina Considering Proposals to Restructure Outstanding Defaulted Bonds. Commentary from BCP and Credit Suisse.

August 11, 2008

Standard & Poor's Downgrades Argentina's Long-Term Foreign Currency Rating from B+ to B.

May 30, 2008

"The Economy in 2008: Challenges and Risks in A More Difficult External Environment." Presentation by Miguel A. Kiguel (Econviews) at EMTA Forum in Buenos Aires.

"Regulatory Developments: The European Perspective." Presentation by Ruari Ewing (ICMA) at EMTA Forum in Buenos Aires.

May 12, 2008

EMTA Forum - Buenos Aires To Be Held on May 30, 2008. Click Here to Register.

April 21, 2008

Various Retail Bondholders v. Argentina.

April 3, 2008

CMS Gas Transmission Co. v. Argentina.

December 3, 2007

Various Retail Bondholders v. Argentina.

November 7, 2007

Various Retail Bondholders v. Argentina.

October 28, 2007

Cristina Fernandez de Kirchner wins Argentine Presidency in First Round, Market reaction from Goldman Sachs, Lehman Brothers and Merrill Lynch.

October 1, 2007

EM Ltd. and NML Capital v. Argentina Supreme Court Writ of Certiorari Denied.

September 26, 2007

Capital Ventures International v. Argentina.

September 10, 2007

German Federal Constitutional Court Decision Relating to Argentina.

July 18, 2007

EM Ltd. and NML Capital v. Argentina Brief in Opposition of Petition for Writ of Certiorari. Click Here

EM Ltd. and NML Capital v. Argentina Central Bank Brief in Opposition of Petition for Writ of Certiorari. Click Here

EM Ltd. and NML Capital v. Argentina Reply Brief in Support of Petition for Writ of Certiorari. Click Here

June 4, 2007

Special Presentation: "The Argentina Precedent: Will Others Follow?"

May 31, 2007

EM Ltd. and NML Capital v. Argentina Petition for Writ of Certiorari.

May 16, 2007

EMTA to Hold a Special Presentation “The Argentina Precedent: Will Others Follow?" in NYC on June 4, 2007. Click Here to Register.

March 14, 2007

EM Ltd. and NML Capital v. Argentina Motion for Notice of Offering.

EM Ltd. and NML Capital v. Argentina Motion to Stay.

February 13, 2007

Citibank, as Fiscal Agent, Receives Notice from 25% of Par and Discount Brady Bondholders to Accelerate the Debt.

February 9, 2007

EM Ltd. and NML Capital v. Argentina Southern District of New York Transcript.

February 7, 2007

Calculation Formula for Argentina GDP Payments.

January 31, 2007

Banca Arner v. Argentina Amended Judgment in SDNY Court.

January 24, 2007

Petition for Rehearing and Rehearing En Banc in NML Capital v. Argentina.

January 5, 2007

Second Circuit Decision in EM Ltd. and NML Capital v. Argentina.

November 28, 2006

Argentina GDP Warrants Record Date of December 14 (Other Than for YEN Warrants, Which Have a Record Date of December 1) and Payment Date of December 15 Expected. Trades are ‘Ex-Dividend’ on December 12 (Other Than for YEN Warrants Trades, Which Are 'Ex-Dividend' on November 29). Note that Euroclear Changed the Record Date for the Euro-Denominated Warrants (XS0209139244) and the Yen-Denominated Warrants (ARARGE03E675) to November 30, 2006.

November 8, 2006

EM Ltd. and NML Capital v. Argentina.

October 6, 2006

EM Ltd. and NML Capital v. Argentina.

October 5, 2006

EMTA Special Seminar on "Enforcement Under the Foreign Sovereign Immunities Act”:

October 2, 2006

EMTA Forum in Singapore to Be Held on November 1, 2006. Click Here to Register.

List of Live Auction and Silent Auction Items for EM Benefit to Be Held in London on October 6, 2006 Now Available.

Standard & Poor's Raises Argentina's Long-Term Foreign Currency Rating to B+.

September 28, 2006

Stipulation Order in EM Ltd. and NML Suits Against Argentina.

September 20, 2006

EM Ltd. and NML Capital Suits Against Argentina Previously Under Seal.

August 9, 2006

EMTA Special Seminar on "'Partial' Sovereign Restructurings and their Implications" hosted by Clifford Chance to be held in London on October 12, 2006.

August 1, 2006

Fitch Upgrades Argentina's Ratings on Performing Foreign Currency Debt Issued Under Foreign Law to B-.

July 27, 2006

World Bank Arbitration Tribunal (ICSID) Decision in Azurix Corp. v. Argentina.

Barboni et al v. Argentina.

Standard & Poor's Upgrades People's Republic of China Long-Term Rating to A.

July 14, 2006

EMTA to Host a Special Seminar on "Partial Sovereign Restructurings and Their Implications: Enforcement Under the Foreign Sovereign Immunities Act" in New York City on October 5, 2006.

June 7, 2006

EMTA Special Seminar on "'Partial' Sovereign Restructurings and Their Implications”:

June 5, 2006

EM Ltd. v. Argentina.

March 27, 2006

Second Circuit Decision in Capital Ventures International v. Argentina.

March 23, 2006

Standard & Poor's Upgrades Argentina's Long-Term Rating to B.

March 2, 2006

Italian Bondholder Association (TFA) Announces ICSID Proceeding Against Argentina (in Italian).

February 24, 2006

Southern District Court of NY Decisions in Suits Against Argentina by Greylock, Exposito and Colella and FFI Fund.

German Court Decision Against Argentina: Press Release (German), Press Release (Unofficial Translation) and Judgment (Unofficial Translation).

January 19, 2006

Greylock v. Province of Mendoza Second Circuit Affirmation of District Court Decision.

December 13, 2005

GMO Emerging Country Debt Investment Fund and GMO Emerging Country Debt Fund v. Argentina.

November 21, 2005

EMTA Primer for the Detachment of Argentina GDP-Linked Securities, Which Includes Market Practice Recommendations, Detachment Procedures and Timelines.

August 2, 2005

Forward Trading in Argentina GDP-Linked Securities: EMTA Memo, Forms of Confirmation and Bilateral Netting Agreement.

July 19, 2005

Fontana v. Argentina and Applestein v. Buenos Aires, Second Circuit Decisions Re: Bondholder Standing to Sue.

June 10, 2005

Argentina's Ministry of Economy Issues Statement on Conclusion of Debt Exchange.

June 3, 2005

Argentina Bonds Credited by Euroclear to Bondholder Accounts; Settlement Date for W/I Trades is June 9.

June 2, 2005

Argentina's Ministry of Economy Issues Statement on Conclusion of Debt Exchange.

Primer for Settlement of W/I Trades in Argentina Par and Discount Bonds.

Memorandum of Law in Support of Plaintiff's Motion to Dismiss Counterclaim in NML Capital v. Argentina.

June 1, 2005

Standard & Poor's Upgrades Argentina's Long-Term Issuer Credit Rating to B-.

May 27, 2005

Euroclear Fact Sheet for Argentina Closing.

May 25, 2005

EM Ltd. and NML Capital Motion for Recall of Mandate and Stay of Vacatur.

May 24, 2005

District Court Upholds Vacation of Attachment Order and Restraining Notice in Argentina Litigation.

May 23, 2005

Motion for Immediate Issuance of Mandate Affirmed by Second Circuit in EM Ltd. and NML Capital v. Argentina Litigation.

May 13, 2005

EM Ltd. and NML Capital v. Argentina Second Circuit Decision.

Argentina to Challenge Unfavorable ICSID Ruling in First of Several FDI Investor Suits Brought Before World Bank Tribunal. Commentary from CSFB and Goldman Sachs.

April 26, 2005

EM Ltd. and NML Capital v. Argentina Oral Argument Schedule in Second Circuit.

April 20, 2005

EM Ltd. v. Argentina Reply Brief.

NML Capital v. Argentina Reply Brief.

Amicus Brief by the Clearing House Association on Behalf of Argentina in Connection with the EM Ltd. Litigation.

Amicus Brief by the Clearing House Association on Behalf of Argentina in Connection with the NML Capital Litigation.

Amicus Brief by Argentina Pension Fund on Behalf of Argentina.

Amicus Brief by Fintech Advisory Inc. on Behalf of Argentina in Connection with the EM Ltd. Litigation.

Amicus Brief by EMCA in Connection with NML Capital v. Argentina Litigation.

Holiday Schedule for EM Bond Trades for UK May Day Bank Holiday.

April 13, 2005

EM Ltd. v. Argentina Appellee Brief.

April 7, 2005

NML Capital v. Argentina Appellate Brief.

April 6, 2005

EM Ltd. v. Argentina Appellate Brief.

April 4, 2005

Second Circuit Motions Panel Granted the NML and EM Ltd. Motions for an Expedited Appeal in Litigation Against Argentina. Proposed Filing Schedule: Appellants' Brief and Appendix Due on April 6; Appellee's Brief in Opposition Due on April 13; Reply Brief Due on April 20; Appeal Ready for Argument Week of April 25.

April 1, 2005

Certification Orders in NML Capital and EM Ltd. v. Argentina Actions.

New Class Action Certifications in Litigation Against Argentina.

March 31, 2005

Transcript of Oral Argument in NML Capital v. Argentina.

March 29, 2005

Attachment Proceedings in NML Capital v. Argentina.

Restraining Notice in EM Ltd. v. Argentina.

March 18, 2005

Market Practice Recommendations for the Trading and Settlement of Argentina Par and Discount Bonds.

Argentina Announces Results of Exchange Offer.

March 8, 2005

Argentina Ministry of Finance Commentary on its Debt Exchange.

Revised Recommended Argentina WI Confirmation Forms for ARS Par and Discount Bonds.

March 3, 2005

Revised Recommended Argentina WI Trading Documentation: EMTA Memorandum, WI Confirmation Forms and Bilateral Netting Agreement.

March 1, 2005

Recommended Argentina WI Trading Documentation: EMTA Memorandum, WI Confirmation Forms and Bilateral Netting Agreement.

February 24, 2005

Commentary from JP Morgan on Belgian Legal Reform's Effects on Argentine Debt Restructuring.

February 16, 2005

EMTA Advisory Regarding Trading in Existing Argentina Bonds.

Rabbi Jacob Joseph School v. Province of Mendoza Opinion.

February 15, 2005

GCAB: ICSID Position Paper.

February 10, 2005

Greylock v. Province of Mendoza Opinion.

January 28, 2005

Rabbi Jacob Joseph School v. Province of Mendoza. Plaintiff's and Defendant's Memoranda of Law in Support of their Respective Motions for Leave to Join Additional Defendants.

January 24, 2005

EM Sovereign Bond Chart for Argentina (Prospectus Supplement).

January 20, 2005

Citibank, as Fiscal Agent, Requests FRBNY, as Collateral Agent, to Release Interest Collateral on Argentina's USD Discount Series L Bonds. Record Date of February 4, 2005 and Payment Date of February 11 Expected.

January 13, 2005

Market Reacts to the Argentine Debt Restructuring Offer. Commentary from CSFB, Goldman and JP Morgan.

January 12, 2005

EM Sovereign Bond Chart for Argentina (Post-Effective Amendment No. 1).

January 6, 2005

Greylock v. Province of Mendoza. Plaintiff's and Defendant's Memoranda of Law in Opposition to their Respective Motions for Summary Judgment.

December 20, 2004

Greylock v. Province of Mendoza. Plaintiff's and Defendant's Memoranda of Law in Support of their Respective Motions for Summary Judgment.

November 24, 2004

Transcript of Urban v. Argentina Action.

Court Decides on Argentina Prospectus Language. Commentary from CSFB.

November 23, 2004

Transcript of Urban v. Argentina Action.

Bank of New York Resigns as Exchange Agent for Argentine Restructuring. Commentary from Citigroup and JP Morgan.

November 19, 2004

Transcript of Urban v. Argentina Action.

November 18, 2004

Court Allows Argentina Restructuring to Proceed. Commentary from Citigroup.

November 16, 2004

Argentina’s Briefs in Response to Urban and Retail Bondholder Suits.

November 10, 2004

GCAB Files Amicus in Support of Motion to Enjoin Argentine Exchange Offer.

November 8, 2004

Retail Bondholder Suits Against Argentina.

November 2, 2004

Memorandum of Law in Urban v. Argentina (Requesting Preliminary Injunction).

Citibank, as Fiscal Agent, Requests FRBNY, as Collateral Agent, to Release Interest Collateral on Argentina’s USD Discount Series L Bonds. Record Date of November 17 and Payment Date of November 24 Expected.

October 21, 2004

EM Sovereign Bond Charts for Brazil and Mendoza (a Province of Argentina).

October 20, 2004

Second Legal Action Brought Against Argentine Province of Mendoza.

October 12, 2004

Opinion in Greylock v. Province of Mendoza.

October 6, 2004

Mendoza Province of Argentina Responds to Legal Action.

September 30, 2004

Legal Action Brought Against Mendoza Province of Argentina.

Holiday Schedule for EM Bond Trades for US Columbus Day Holiday.

September 7, 2004

Second Circuit Affirms EM Limited's $700 Million Judgment Against Argentina.

August 4, 2004

Global Committee of Argentina Bondholders (GCAB) White Paper and Press Release Relating to Roadshows in US, Europe and Asia.

July 15, 2004

Press Release Issued by the Republic of Argentina.

July 14, 2004

Global Committee of Argentina Bondholders Roadshow in New York -- Presentation and Analyst Comments:

July 9, 2004

Global Committee of Argentina Bondholders Announce July 13-22 Road Show Schedules for US and Europe. Click Here for US Schedule. Click Here for Europe Schedule.

July 2, 2004

Press Release Issued by the Republic of Argentina Announcing the Filing with the SEC of a Shelf Registration.

April 1, 2004

The Pari Passu Clause -- What is Fair Treatment? (Michael M. Chamberlin).

March 27, 2004

"An Update on Argentina," Presentation Made By Guillermo Nielsen, Secretary of Finance of Argentina at the IADB Meeting in Lima. Click Here for English Version. Click Here for Spanish Version.

March 24, 2004

Argentina's March 10, 2004 Letter of Intent to the IMF.

March 10, 2004

Transcript of Conference on March 5, 2004 Before Judge Griesa Regarding the Freezing of Bank Deposits.

February 9, 2004

Citibank, as Fiscal Agent, Requests FRBNY, as Collateral Agent, to Release Interest Collateral on Argentina’s USD Discount Series L Bonds. Record Date of February 24 and Payment Date of March 2 Expected.

January 30, 2004

Amended Opinion in District Court Decision in Urban v. The Republic of Argentina (Granting Class Action Certification).

January 26, 2004

Transcript of Conference on January 15, 2004 Before Judge Griesa Regarding Pari Passu.

January 15, 2004

EMCA Letter States its Views on Pari Passu Question Before Judge Griesa.

January 13, 2004

U.S. Statement of Interest, New York Fed Amicus Curiae Brief, New York Clearing House Amicus Curiae Brief, Plaintiffs' Memorandum of Law and Argentina Memorandum of Law in the Macrotecnic International Corp. and EM Ltd. v. Argentina District Court Case.

January 6, 2004

District Court Decision in Urban v. The Republic of Argentina (Granting Class Action Certification).

December 4, 2003

EMTA’s Annual Meeting Focuses on Argentina.

  • EMTA Seeks to Promote Better Dialogue
    [Excerpt from Michael Chamberlin's Remarks]
  • ABC Describes their Counterproposal;
    Announces Agreement in Principle among Creditors to Form Global Steering Committee to Negotiate with Argentina.
  • Secretary Nielsen Senses Common Ground with Creditors; Reaffirms that Argentina will not Make Unilateral Offer. While declining to discuss in any detail his December 3 meeting with ABC, or his reaction to the ABC Counterproposal, Secretary Nielsen did note his sense that Argentina and its Creditors were "getting closer to common ground" in their restructuring dialogue. Click on the following links for Mr. Nielsen's speech. Click Here for English Version. Click Here for Spanish Version.

December 3, 2003

Costa Rica Announces of All Outstanding Series B 6-1/4% Bonds Due 2015.

Argentina Bondholders Committee presents Counter Guidelines to Argentina.

EM Sovereign Bond Documentation Chart for Peru.

October 1, 2003

Citibank Notice on Argentina’s Floating Rate Bonds.

September 20, 2003

Argentina's Ministry of Economy Releases IMF Agreement.

September 18, 2003

District Court Decisions in EM Ltd. v.The Republic of Argentina.

September 3, 2003

Citibank, as Fiscal Agent, Requests FRBNY, as Collateral Agent, to Release Interest Collateral on Argentina’s USD Discount Series L Bonds. Record Date of September 18 and Payment Date of September 25 Expected.

August 18, 2003

Fiscal Agent Notice that No Collateral Remains for Interest Payments on Argentina’s Par Bonds (Including May 31, 2003 Interest Payment).

June 26, 2003

Argentine Ministry of Economy Issues Communiqué to Its Creditors.

May 15, 2003

Press Release Issued by the Argentine Ministry of Economy Regarding Formation of Investor Groups.

May 1, 2003

EMTA, with the Assistance of the Participating Banks, Successfully Launched its Automated Version of the ARS Industry Survey on April 23, 2003.

February 28, 2003

Argentine Ministry of Economy Issues Communiqué to Its Creditors.

January 31, 2003

Citibank, as Fiscal Agent, Requests FRBNY, as Collateral Agent, to Release Interest Collateral on Argentina’s Par Bonds and Discount Bonds. Record Dates of February 26 and Payment Dates of March 5 Expected.

January 27, 2003

Argentina Releases IMF Letter of Intent, including Cover Letter , Memorandum of Economic Policies, Quantitative Performance Targets, and Technical Memo of Understanding.

January 21, 2003

Argentina Bondholders Committee Issues Press Release on Argentina's Agreement with the IMF.

January 16, 2003

Argentina Announces It Has Reached an Agreement with the IMF for a Stand-By Program.

December 20, 2002

Amendments to Annex A Argentine Peso Settlement Rate Options; Adoption of revised EMTA Template Terms for ARS Non- Deliverable FX Transactions; Revision of EMTA ARS Industry Survey Methodology; and Adoption of a new EMTA ARS Indicative Survey Rate Methodology.

December 2, 2002

Exchange of Argentine Provincial Bonds.

August 15, 2002

Citibank, as Fiscal Agent, Requests FRBNY, as Collateral Agent, to Release Interest Collateral on Argentina’s Discount Bonds. Record Date of September 6 and Payment Date of September 13 Expected.

August 9, 2002

Citibank, as Fiscal Agent, Requests FRBNY, as Collateral Agent, to Release Interest Collateral on Argentina's Par Bonds; 25% Threshold Still Not Met for Discount Bonds. Record Date of September 3 and Payment Date of September 10 Expected for Par Bonds.

July 29, 2002

Press Release Issued by the Republic of Argentina.

July 11, 2002

Revised Primer on Interest Collateral for Argentina's USD Par and Discount Bonds, Supplemented to Include the Euroclear DACE Notice for Liquidation of Collateral.

June 28, 2002

Primer on Interest Collateral for Argentina's USD Par and Discount Bonds.

June 10, 2002

Citibank Notice on Argentina's Discount and Par Bonds.

May 3, 2002

Argentina Bondholders' Committee Issues Principles for the Restructuring of Argentina International Bonds.

April 23, 2002

New ARS Market Practice and Template Terms for a 30-Day Deferral Period.

April 10, 2002

Letter to the Republic of Argentina's Bondholders from Finance Secretary Lisandro Barry.

April 5, 2002

Citibank Notice on Argentina's FRBs.

March 8, 2002

The Slide Presentation Made by Paris Club Officials at a Meeting with Private Sector Representatives Is Available at http://www.clubdeparis.org/rep_upload/presentationcomplete0.pdf.

March 5, 2002

Argentine Economy Minister Lenicov Issues Letter to EMTA Detailing Its Efforts to Open A Dialogue with External Creditors on a Resolution of the Country's Credit Situation.

February 11, 2002

NDF Market Practice for Argentina NDF Contracts - Members Only can View this NDF Market Practice by Clicking Here.

EMTA Announces 2001 Annual EM Debt Trading Volume Stood at $3.5 Trillion.

January 11, 2002

CME/EMTA ARS Industry Survey Rate is Available in the Activities & Services, Market Data, CME/EMTA ARS Industry Survey Rate Area.

NDF Market Practice for Settlement of Outstanding Argentine NDF Contracts - Members Only can View this NDF Market Practice by Clicking Here.

January 9, 2002

Market Practice Relating to Argentina 2018 and 2031 Bonds - Members Only can View this Market Practice by Clicking Here.

NDF Market Practice for Argentina NDF Contracts - Members Only can View this NDF Market Practice by Clicking Here.

January 2, 2002

NDF Market Practice for Deferral of Valuation Dates.

December 31, 2001

New NDF Market Practice for Deferral of December 21, 2001 Valuation Date to January 2, 2002.

December 24, 2001

EMTA Recommends Trades of Argentina's Brady Bonds and Sovereign Eurobonds Should Be 'Flat.'

December 21, 2001

Unscheduled Holiday Declared by Argentina - Members Only can View NDF Market Practices Relating to this Event by Clicking Here.

December 20, 2001

For Questions Regarding Argentine Income Payments Relating to Bonds Held at Euroclear, Please Contact Euroclear Client Support in Brussels at + (32) 2224-2810, Euroclear's New York Representative Office at +1 (646)835-5400 or your Euroclear Account Manager.

CME/EMTA ARS Industry Survey Rate is Available in the Activities & Services, Market Data, CME/EMTA ARS Industry Survey Area.

Request for ARS Industry Survey was Made to CME Today at 9:02 a.m. (NYC time).

December 3, 2001

Argentine Economy Minister Cavallo's Speech to Argentine Bondholders.

November 20, 2001

Argentine Economy Minister Cavallo Issues Letter to Holders of Argentine Bonds.

July 13, 2001

Argentina Letes Settle on T+1 Basis.

July 10, 2001

EMTA, ISDA and FX Committee announce new and amended Argentine Peso rate source definitions in Annex A to the 1998 FX and Currency Option Definitions.

Argentine Peso NDF Market Practice, Template Terms and ARS Methodology are now final and effective.

June 21, 2001

Argentina Approves EMTA Market Practice Recommendation for the Trading and Settlement of Argentine 2018 and 2031 Bonds.

June 14, 2001

Market Practice for Argentina 2018 and 2031 Bonds.

May 30, 2001

Argentina Exchange Offer. For a Copy of the Clearstream Notice, click here. For Clearstream Contact Information, click here. For a Copy of the Euroclear DACE Notice related to Non-Local Bonds, click here.

May 25, 2001

Argentina Exchange Offer. For a Copy of the Euroclear DACE Notice, click here. For Contact Information, click here.

April 27, 2001

Analysts Highlight Developments in Argentina at EMTA Spring Forum.

Drafts of the ARS NDF Template Terms and CME/EMTA ARS Methodology Summary are now available. (The procedures for requesting the ARS Methodology and conducting the ARS Industry Survey are also provisionally in place.) Members only may access these documents in Standard Documentation, FX/Derivatives Index.

February 1, 2001

Argentina Announces Exchange Offer.

March 18, 1999

Market Practice for the trading and settlement of Argentina 12.125% Bonds.

September 27, 1996

Market Practice for trades of Brady bonds with related Rights or Warrants.

March 26, 1993

Market Practices for the settlement of when-issued trades of par and discount bonds to be issued under the Argentina 1992 Financing Plan.

February, 1993

Market Practices for the expiration date for when-issued trades of bonds to be issued under the Argentina 1992 Financing Plan and the settlement of such bonds after their release from escrow.

September, 1992

Market Practices for pricing of accrued but unpaid interest on debt to be exchanged for bonds under the Argentina 1992 Financing Plan.

July 16, 1992

Market Practices for the Argentina 1992 Financing Plan.

June 17, 1992

Market Practices for treatment of interest on interest for Argentina medium-term debt.