阿根廷和債權人達成和解 Argentine debt blockade set to end after settlement with holdouts

Argentina is poised to return to international capital markets after a 15-year ban as it finally reached agreement with a group of creditors led by Paul Singer’s Elliott Management.

在遭禁15年以後，阿根廷終於和以保羅鬠格(Paul Singer)的埃利奧特資本管理公司(Elliott Management Corp)爲首的一組債權人達成協議，準備重回國際資本市場。

The deal, which needs approval by Argentine lawmakers, is to pay $4.653bn to settle all claims with four “holdouts” that refused to restructure debt after the country’s 2001 default.

該協議還需要阿根廷國會的批准。根據協議，阿根廷需要支付46.53億美元，以結清4個“釘子戶”債權人的所有償付要求。這些債權人在該國2001年違約後拒絕接受債務重組。

During the 15-year legal battle creditors have attempted to embargo everything from navy frigates to satellite launches to claw back the money a New York court said they were owed from defaulted bonds.

在15年的訴訟戰期間，債權人嘗試阻撓從阿根廷海軍護衛艦到衛星發射的一切事物，以拿回紐約一個法庭宣稱阿根廷的違約債券對他們欠下的錢。

Argentina suffered a second technical default in 2014 after New York judge Thomas Griesa said it was forbidden from servicing its restructured debt abroad without paying the holdout creditors first.

2014年，紐約法官托馬斯格里薩(Thomas Griesa)聲稱阿根廷在償付釘子戶債權人之前，禁止在國外支付其重組後債務的利息，導致阿根廷出現第二次技術性違約。

The agreement is a victory for Mauricio Macri, the Argentine president, who took office on December 10, after he made ending the legal battle against holdout funds one of his campaign promises.

達成這項協議對12月10日上任的阿根廷總統毛裏西奧氠克里(Mauricio Macri)而言是一次勝利，此前他曾將結束和釘子戶債權人的訴訟戰作爲一項競選承諾。

Elliott welcomed the agreement. “We are hopeful the completed negotiations... cleared the way for other plaintiffs to reach satisfactory resolutions as well,” it said.

埃利奧特資本管理公司對這項協議表示歡迎。“我們希望完成協商……將給其他原告達成令人滿意的解決方案鋪平道路，”該公司表示。

To lift the financial blockade on Argentina, the country’s congress must approve the deal and lift two laws that prevent the country from paying creditors who had rejected the 2005 and 2010 restructurings. Analysts and allies of Mr Macri are optimistic that they have the necessary votes to pass the measures once Congress resumes today.

要解除對阿根廷的金融封鎖，該國國會必須批准這項協議，並取消兩項阻止該國向拒絕2005年和2010年重組方案的債權人償債的法律。分析人士和馬克裏的盟友樂觀地認爲，他們能在今天國會重開之後立即獲得必要的票數以通過這些舉措。

After issuing decision after decision against Argentina, the judicial tables began to turn in favour of the country last month when the new government offered to pay about $6.5bn in cash to the holdouts for claims of $9bn.

在發佈一項又一項針對阿根廷的決議後，在新政府提出爲釘子戶債權人90億美元的償付要求支付約65億美元現金以後，上個月司法方面開始轉爲支持該國。

“Put simply, President Macri’s election changed everything,” wrote Judge Griesa on February 19 after he agreed in principle to lift the injunction.

“簡單的說，馬克裏總統贏得競選改變了一切，”原則上同意解除禁令後，格里薩法官在2月19日寫道。

Cristina Fernández de Kirchner, Mr Macri’s predecessor, had refused to negotiate with the holdouts, frequently referring to them as “vultures”.

馬克裏的前任克里斯蒂娜費爾南德斯德基什內爾(Cristina Fernández de Kirchner)曾拒絕與釘子戶債權人協商，經常將他們稱爲“兀鷲”。

The deal with the four biggest creditors means that agreements in principle have been reached with bondholders who hold more than 85 per cent of the claims against Argentina that have favourable rulings in US courts, according to mediator Daniel Pollack.

調解人丹尼爾波拉克(Daniel Pollack)表示，與四個最大債權人達成協議意味着，阿根廷原則上與在美國法庭獲得有利判決、擁有超過85%償付要求的債券持有人達成了一致。

Alfonso Prat-Gay, the Argentine finance minister, has said the country plans to issue $15bn in debt to fund the payments without dipping into reserves. As part of the agreement, the holdouts agree not to try to interfere with that issuance, Mr Pollack said. That is expected to be the first of several issuances by Argentina, provinces and private companies.

阿根廷財長阿方索渠拉特-加伊(Alfonso Prat-Gay)表示，該國計劃發行150億美元的債務，以在不動用儲備的情況下爲償付提供資金。作爲協議的一部分，釘子戶債權人同意不干涉發債，波拉克說。預計這將是阿根廷國家政府、省政府和私人企業的數筆發行中的第一筆。

“This is the equivalent of a giant albatross being lifted from Argentina’s neck and comes just in the nick of time,” said Brett Diment, head of emerging market debt at Aberdeen Asset Management.

“這相當於一個巨大的累贅從阿根廷的脖子上解了下來，而且是在千鈞一髮之際，”安本資產管理(Aberdeen Asset Management)新興市場債務主管佈雷特戴門特(Brett Diment)表示。