jueves, 31 de julio de 2014

Estamos o no estamos en DEFAULT?

Vamos a hacer un pequeño aporte a la confusión general

La semana pasada leíamos a nuestro amigo  explicarnos que es y que no es default.

repasemos

"“El default no es un concepto abstracto sino un término preciso, definido en el contrato de fideicomiso que vincula a la Argentina con el fiduciario, el BoNY, y los bonistas”, resaltó Soler a Página/12. A pesar del expreso deseo de las calificadoras de riesgo, analistas financieros y los propios fondos buitre, ese contrato contiene dos definiciones relevantes respecto de los posibles escenarios que se presenten la próxima semana. La cláusula 4.1 de ese contrato, explicó el abogado, establece que habrá un “evento de default” si la Argentina incumple un pago de los bonos y no corrige la omisión dentro de los 30 días. En segundo lugar el ítem 3.5 dispone que Argentina cumple con el pago cuando transfiere los fondos necesarios a la cuenta del fiduciario un día antes de la fecha prevista para el pago a los bonistas"

Hoy el crack de Tommy nos acerca via tuiter el contrato

Section 3.5. Payments. (a) In order to provide for the payment of principal of and
interest on the Debt Securities of any Series as such principal and interest will become due and
payable, the Republic hereby agrees to pay or to cause to be paid to an account of the Trustee at
the Corporate Trust Office or such other office of the Trustee as may be agreed between the
Trustee and the Republic (or, in the case of payments denominated in a currency other than U.S.
Dollars, at such other place as set forth in an Authorization), not later than 1:00 P.M. local time
at such place of payment no later than the Business Day prior to each interest payment date or
principal payment date (each, a “Payment Date”) of such Debt Securities, in immediately
available funds in U.S. dollars (or in such other currency as shall be specified in the Terms of the
Debt Securities of the Series with respect to which payment is to be made), an amount which
(together with any funds then held by the Trustee and available for the purpose) shall be
sufficient to pay the aggregate amount of interest or principal or both and any other amounts, as
the case may be, becoming due in respect of such Debt Securities on such Payment Date.
Subject to actual receipt of such funds in accordance with this Section 3.5(a), the Trustee shall
apply such amount to the payment due on such Payment Date. Pending such application, such
amounts shall be held in trust by the Trustee for the exclusive benefit of the Trustee and the
Holders entitled thereto in accordance with their respective interests and the Republic shall have
no interest whatsoever in such amounts.


Section 4.1. Events of Default. Each of the following events will constitute an “Event
of Default” under the Debt Securities of any Series:
(i). Non-Payment: the Republic fails to pay any principal of any of the Debt
Securities of any Series when due and payable and such failure continues for 30 days or
fails to pay any interest on the Debt Securities of any Series when due and payable and
such failure continues for a period of 30 days; or
(ii). Breach of Other Obligations: the Republic does not perform or comply
with any one or more of its other obligations in the Debt Securities of any Series or in
this Indenture, which default is incapable of remedy or is not remedied within 90 days
after written notice of request to remedy such default shall have been given to the
Republic by the Trustee;

podemos agregar estas oraciones del prospecto del canje del 2005

Neither Argentina nor the U.S.-European trustee shall have any responsibility or liability for any aspect of the records of, or payments made by, the relevant clearing system or its nominee or direct participants, or any failure on the part of the relevant clearing system or its direct participants in making payments to holders of the New Securities from the funds they receive.

Y aca el párrafo q se presta a la confusión general

Notwithstanding the foregoing, Argentina’s obligations to make payments of principal, interest or other amounts on the New Securities shall not have been satisfied until such payments are received by the common depositary (or its nominee), as registered holder of the New Securities. 

3 comentarios:

Diego dijo...

Sorry, pero el indenture que el pago se encuentra satisfecho cuando el HOLDER recibe los fondos.

Notwithstanding anything herein to the contrary, (i) the Republic's obligation to make
payments of principal of and interest on the Securities shall not have been satisfied until
such payments are received by the Holders of the Securities, and (ii)
Holders shall be entitled to receive the last installment of principal payable by the Republic
hereunder only upon surrender of this Security to the Trustee or a trustee paying agent for
cancellation thereof.” The Indenture defines the “Holder” as any person in whose name a
Security shall be registered.

Alejandro dijo...

Condición necesaria pero no suficiente. Mira la página C-2 que dice

Notwithstanding anything herein to the contrary, the Republic’s obligation to make payments of principal of and interest on the Securities shall not have been satisfied until such payments are received by the Holders of the Securities.

claudio Maxl dijo...

De acuerdo al punto 4.1 del indenture el default puede desencadenarse x varias razones, la primera q especifica es la falta d pago d Argentina, pero d acuerdo a 3.5 Argentina paga cuando transfiere fondos al fiduciario (BONY) x lo cual d acuerdo al primer item del punto 4.1 no hay default, sin embargo 4.1 en otro item aclara q habria default en caso q no se cumpliera 1 o mas puntos del indenture, en tal caso Argentina dispondria d 90 dias para remediarlo contados a partir d recibir intimacion x el fiduciario. Lo q keda claro es q default x falta d pago no existe, d eso no hay duda, lei solamente los puntos q describe el perfeccionamiento del pago y el punto q determina causales del default, desconozco si Argentina estaria incumpliendo algun otro punto del indenture q podria dar lugar a intimacion del BONY y empezar a correr los 90 dias para remediacion d la falta. Pero si se diera este ultimo caso tampoco en este momento estariamos en default puesto q Argentina no fue intimada x el fiduciario y mas aun ni sikiera empezaron a correr los 90 dias.