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Bond Market News
Argentina Ordered to Hand Over Majority YPF Stake by US District Court
July 1, 2025
A US District Court has ordered Argentina to surrender its controlling 51% stake in energy firm YPF SA within two weeks, which will be transferred to litigation firm Burford Capital that represents the plaintiffs. Argentina’s federal government owns 26% of YPF and has custody over provincial governments’ 25% stake. The overall stake the government has been ordered to hand over is about $6bn. The judge ruled that the 2012 nationalization of YPF violated its bylaws that required the company to make a tender offer to all shareholders.
The ruling comes at a key time, ahead of President Javier Milei’s crucial mid term elections. Besides, this also comes-in when the government is saving every penny to build up hard currency reserves. US District Judge Loretta Preska went against the position of the US government as well, as the Biden administration had earlier urged her to not order Argentina to hand over the shares. Argentina now has three legal options: (a) secure a two-thirds congressional vote to approve the transfer; (b) amend the national law or; (c) reach a settlement with the judgment holders.
Argentina’s 5% 2038s are trading at 71.78, yielding 7.36%.
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