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Bond Market News
Argentina GDP Warrant Holders Push for US Recognition of UK Court Ruling
June 24, 2025
Holders of Argentina’s €1.5bn GDP-linked warrants have filed a petition in US courts seeking recognition of English court judgments that held the sovereign liable for missed payments. This move puts Argentina on a backfoot, as they plan to reform and move towards capital market access. 48% of the output-linked securities issued between 2005 and 2010 are being held by hedge funds, and they sued Argentina in 2019.
The creditors argued that Argentina had a “propensity” to manipulate economic data to save billions of dollars. The English courts ruled in the creditors’ favour in April 2023 and upheld the decision in October last year. While the claimants are open for consensual resolution with respect to the sums outstanding under the English judgments, they want to also enforce their rights in all possible forums. The law firm Quinn Emanuel Urquhart & Sullivan, representing certain warrant holders, argued that Argentina should not be given any market access unless they resolve their default under the English Judgments.
Argentina’s 5% 2038 dollar bonds have trended 1 point lower over the past week to currently trade at 70 cents on the dollar, yielding 7.62%.
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