阿根廷總統提出自願債務互換計劃

Investors shunned Argentine bonds yesterday, pushing prices to their lowest level in two months after a plan by President Cristina Fernández to launch a voluntary debt swap dashed hopes of a quick settlement with some of its creditors.

投資者昨日紛紛避開阿根廷債券，導致其價格降至兩月來最低點。此前，阿根廷總統克里斯蒂娜•費爾南德斯(Cristina Fernández)提出的一項自願債務互換計劃撲滅了這個南美國家與某些債權人很快達成和解的希望。

A successful debt swap could theoretically allow the South American nation to exit its default and limit the impact from the debt crisis on the country’s economy.

理論上說，如果債務互換計劃成功，阿根廷將得以擺脫違約，將債務危機對本國經濟的影響限制在一定範圍內。

However, analysts said the bond swap plan meant a resolution to the decade-long dispute with holdout creditors, largely consisting of hedge funds led by billionaire Paul Singer’s Elliott Management Corp, was unlikely during the rest of Ms Fernandez’s presidency.

然而，分析師表示，這項債務互換計劃的提出意味着，阿根廷與“釘子戶”債權人——大多是對衝基金，以億萬富翁保羅•辛格(Paul Singer)的Elliott Management Corp爲首——長達10年的爭端，不太可能在費爾南德斯剩餘的總統任期內得到解決。

“There had been hopes for a swift resolution to the dispute with the holdouts early next year,” said David Rees, an emerging markets economist at Capital Economics. “It was notable that Ms Fernandez stated last night that she had little time left in office and that ‘this is not for this government but for the next one’. A deal  . . . seems unlikely until 2016 at the earliest.”

“人們曾希望，與釘子戶債權人的爭端可以在明年初迅速解決。”凱投宏觀(Capital Economics)的新興市場經濟學家戴維•里斯(David Rees)表示，“值得注意的是，費爾南德斯昨晚聲明，她剩餘的任期不長了，‘這不是本屆政府要解決的問題，而是要留待下屆政府去解決’。看上去2016年之前……不可能達成協議了。”

After a rally in July amid speculation about a deal between Argentina and the holdouts, the value of its bonds started to decline in August.

阿根廷債券價格7月曾反彈，當時人們猜測阿根廷與釘子戶債權人有望達成和解。進入8月份以後，阿根廷債券價格開始下跌。

They dropped further yesterday, with the country’s benchmark restructured bonds due in 2033 falling 2.67 cents to 80.07 cents on the dollar in New York – the lowest price since June 19, according to Bloomberg.

據彭博(Bloomberg)數據，阿根廷債券價格昨日進一步下跌，基準的2033年到期的重組後債券價格在紐約市場下跌2.67%，至每1美元面值的80.07美分。

A visibly nervous Ms Fernandez fought back tears in a televised speech late on Tuesday night as she announced that the government was seeking to allow bondholders to exchange their debt under foreign law for bonds of the same value governed by local law.

在週二晚間的電視講話上，明顯緊張的費爾南德斯強忍眼淚，宣佈阿根廷政府正試圖讓債券持有人將持有的適用外國法律的債券，轉換爲適用該國法律的等值債券。

Argentina’s move was aimed at dodging a US court ruling that last month triggered the country’s second default in less than 13 years and suspended coupon payments on its restructured debt. There is about $30bn in Argentine debt outstanding in foreign markets.

阿根廷此舉旨在規避美國法院的一項判決，該判決導致阿根廷不到13年來第二次違約，暫停了對其重組後債務的利息支付。阿根廷在外國市場上的未償付債券金額約爲300億美元。

“We are going to ensure payment. If one channel is obstructed, we will find another one,” said economy minister Axel Kicillof. He did not offer a timeline for the debt swap, which still needs to be approved by Congress.

阿根廷經濟部長阿克塞爾•基奇洛夫(Axel Kicillof)表示：“我們打算確保償付。如果一條渠道被堵塞，我們會找到另一條。”他未提到實施債務互換計劃的具體時間，該計劃還有待阿根廷國會批准。

New York-based Elliott declined to comment on Argentina’s proposal.

總部位於紐約的埃利奧特資本管理公司(Elliott Management)拒絕就阿根廷的提議置評。