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Argentina creditors seek global support for bond clause changes

By Rodrigo Campos and Tom Arnold

NEW YORK/LONDON (Reuters) – A group of Argentina’s creditors has contacted the Institute of International Finance and other global bodies for support to amend legal clauses in its sovereign bond restructuring, a spokesman for the organisation said.

Buenos Aires is trying to clinch a deal to restructure around $65 billion in foreign debt by Tuesday, though it is likely to push that deadline back after bondholders grouped behind a counter-proposal, causing an impasse in talks.

Specific details of what creditors are seeking the support of the organisations on was unclear.

But collective action clauses (CACs), which determine the requirements for any future changes made to the bond agreements, are a key issue in the negotiations.

The bondholders, including BlackRock, Ashmore and Fidelity Management and Research, also made informal contact with the International Monetary Fund, U.S. Treasury and the International Capital Market Association, a creditor

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Argentina Creditors Seek Foreign Backing on Debt Clauses

(Bloomberg) — Argentina’s creditors have approached several international organizations to seek endorsement for a proposal to change the rules that govern some of the country’s overseas securities, according to people familiar with the matter.

The International Monetary Fund, the U.S. Treasury, the International Capital Market Association and the Institute of International Finance are among the organizations that have been informally approached by bondholders, said the people, who asked not to be identified discussing a private matter.

While the groups have no formal say over how bond contracts are worded, the idea is that their buy-in would give Economy Minister Martin Guzman political cover to accept the changes, which bolster creditors’ rights by closing legal loopholes for Argentine bonds issued in 2016 and later. The changes to the indentures is a key point of negotiation in the final stretch of talks between Argentina’s government and major creditors including Blackrock Inc., Ashmore

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Argentina Creditors Seek International Backing on Debt Clauses

(Bloomberg) — Argentina’s creditors have approached several international organizations to seek endorsement for a proposal to change the rules that govern some of the country’s overseas securities, according to people familiar with the matter.

The International Monetary Fund, the U.S. Treasury, the International Capital Market Association and the Institute of International Finance are among the organizations that have been informally approached by bondholders, said the people, who asked not to be identified discussing a private matter.

While the groups have no formal say over how bond contracts are worded, the idea is that their buy-in would give Economy Minister Martin Guzman political cover to accept the changes, which bolster creditors’ rights by closing legal loopholes for Argentine bonds issued in 2016 and later. The changes to the indentures is a key point of negotiation in the final stretch of talks between Argentina’s government and major creditors including Blackrock Inc., Ashmore

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Virus Spurs Emerging Market Investors to Seek Returns in ESG

(Bloomberg) — Emerging-market investors may have identified the rare animal that offers a path to sustainable post-pandemic returns. Now they just need to find it.

The worst crisis since World War II is prompting some fund managers to rethink their strategies in a world with $13 trillion of sub-zero yielding debt and an increasing view that a V-shaped recovery is unlikely. Seeking opportunities in ESG, investments in countries and companies that are improving environmental, social and governance standards, are becoming crucial more than ever as investors navigate the pandemic-stoked market volatility.

“This is a crisis unlike anything we’ve seen and we cannot just go back to our old textbooks anymore that say ‘go buy the dip’,” said Thu Ha Chow, a money manager at Loomis Sayles Investment Asia Pte, who has been investing since Enron’s collapse. “The social and governance elements are going to be more important, but they can

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Puppy scams thrive amid coronavirus pandemic as Americans seek company: Illegal Tender podcast

This is part 1 of Yahoo Finance’s Illegal Tender podcast Season 6 ‘The Puppy Crimes of Quarantine’. Listen to the series here. 

In the early days and weeks of the COVID-19 pandemic, Americans acted on equal parts fear and necessity converting their homes into offices, gyms, and schools.

Those who were healthy found themselves restless and in search of a distraction. People painted rooms different colors and baked banana bread, and some saw an opportune time to get a puppy. 

Would-be dog parents took to the internet in droves searching for new dogs to adopt. Pandemic puppies were such hot commodities that reports of possible shortages of adoptable dogs first made headlines in late March.

Online dog scammers, which typically work during the winter holidays, came out in full force to exploit the pandemic. With stolen images or stock photos, they create online profiles of dogs, communicate with potential adopters, … Read More