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Bond Market News
Argentina Appeals US Court Decision on Overturning YPF Stake
July 11, 2025
Argentina has formally appealed the US court decision requiring it to transfer its 51% stake in YPF. This follows a $16.1bn judgment tied to YPF’s 2012 nationalization without a required tender offer to minority investors. US District Court Judge Loretta Preska orderered that YPF shares be handed over to plaintiffs Petersen Energía Inversora and Eton Park Capital Management. The dispute originated from Argentina’s expropriation of YPF shares owned by Spain’s Repsol in 2012, without extending a tender offer to other shareholders. In 2023, Judge Preska awarded $14.39bn to Petersen and $1.71bn to Eton Park, totalling $16.1bn in damages. Argentinian President Javier Milei’s crucial mid-term elections is due in October and he is said to rely on YPF’s role in the Vaca Muerta shale region to attract foreign investment and drive economic stabilization.
Argentina’s 5% 2038s are trading at 70.9, yielding 7.5%. YPF’s dollar bonds were trading with a positive bias – its 7.875% 2032s were up 0.4 points to 99.3, yielding 8%.
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