BNY Mellon caught in Argentinian bond row

Argentinian Flag

The $1.65bn standoff between Argentina and hedge fund mogul Paul Singer is threatening to take a hostage: the Bank of New York Mellon.

The New York Post reports that Argentina deposited $539m in BoNY to make its June 30 quarterly payment to bondholders who agreed to debt swaps years ago.

But Manhattan federal court judge Thomas Griesa on Friday forbade the bank from making that payment — citing his ruling that Argentina pay Singer and other holdout bondholders their $1.65bn concurrently.

Meanwhile, Argentina on Wednesday said the bank is continuing to “breach its obligations by not allowing all bondholders to get paid.”

The money sits in a BoNY vault in Buenos Aires — and BoNY is feeling squeezed.

To access the complete New York Post article hit the link below:

BoNY caught in the middle of Argentina’s bond debacle

Venture capitalist is sole winner of U.S. bitcoin auction

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts