Argentinian Bonds Tanking (In The Country's Latest Round With Hedgie Paul Singer)

Paul Singer made it clear he was not going to take no for an answer from Argentina when he had a Ghanaian Court seize the country's naval vessel, the ARA Libertad last month, BI reports..

Since then, most of the drama has played out off the high seas and in a New York Court.

Last week, Judge Griesa ordered Argentina to pay Singer's hedge fund Elliott Capital the $1.3 billion that it's owed after an investment in Argentine bonds in 2001. The bonds mature in 2017.

Most hedge funds that made that same investment restructured with Argentina, taking haircuts of up to 70% — but not Singer. He wants the full amount, and for now, the Court says he should get his payments along with other restructured bondholders starting in December.

There's still a few legal moves Argentina can make to evade the order, and President Cristina Fernandez de Kirchner has said that she will not pay Singer or any of the other "vulture funds" looking for money.  In the meantime, the yield on the Argentine bonds Singer holds has soared

Read more:

http://www.businessinsider.com/singer-argentina-feud-hurts-bond-yields-2012-11