Restructuring of Argentine debt


ARG USDProfiting from other people´s panic

Liqui­di­ty con­cerns led to Argen­ti­ne debt tra­ding up to below 20% of nomi­nal in the finan­ci­al cri­ses. 1000 Dol­lar of nomi­nal exch­an­ged hands for only 200 Dol­lar. This hap­pen­ed even as the rela­ti­on of government debt to GDP at 11% is one of the lowest on this pla­net for debtor nati­ons. Even the bonds of the sta­te con­trol­led oil com­pa­ny col­lap­sed, which ins­tead was cer­tain to keep its inte­rest pay­ments going as this com­pa­ny exports oil and thus exter­nal debt collec­tion is pos­si­ble. Nowa­days the­se bonds are tra­ding at 300% of the deeply dis­tres­sed levels.

GAMAG Black+White pro­fi­ted from the several Argen­ti­ne debt rest­ruc­tu­rings with one of the lea­ding emer­ging mar­kets dis­tressed hedge funds as well as from its own hol­dings of bonds until today.