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MarketScreener Homepage  >  Equities  >  Nyse  >  Citigroup Inc.    C

CITIGROUP INC.

(C)
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Delayed Quote. Delayed Nyse - 09/20 06:30:00 pm
69.35 USD   -0.55%
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Citigroup : U.S. court authorizes Citigroup to process Argentine bond payments

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03/22/2015 | 07:50pm EDT
The Citibank logo is pictured at its Nicaragua headquarters in Managua

BUENOS AIRES (Reuters) - Citigroup Inc said it has been authorized by a U.S. judge to process two Argentine debt payments, the bank said, which could ease tensions between the bank and the default-hit nation.

The U.S. bank, which acts as custodian of some Argentine bonds, has been embroiled in a court battle between the South American country and a group of New York-based hedge funds seeking full payment on their defaulted sovereign bonds.

A potential resolution may have moved closer after a ruling by the U.S. District Court for the Southern District of New York on Friday.

The court has stipulated that it will not restrict Citi from meeting its payment-processing obligations relating to dollar-denominated Argentine bond payments under local law due on March 31 and June 30, the bank said in a statement.

The court also said it will not impede the bank from exiting the Argentine custody business, as it has said it wants to do.

Leftist President Cristina Fernandez's government had threatened to cancel Citibank Argentina's operating license if it refused to process payments to other bond holders.

U.S. District Judge Thomas Griesa in New York ruled that Argentina must settle with the hedge funds seeking full payment on their defaulted sovereign bonds before it continues paying interest to the large majority of investors who accepted significant writedowns on the debt holdings after the country's record default on $100 billion in 2002.

Most investors holding Argentina bonds exchanged them for bonds worth much less, but a group of bondholders rejected the swaps.

These holdouts, including billionaire Paul Singer's Elliott Management LP hedge fund and its NML Capital affiliate, as well as the Aurelius Capital Management hedge fund, have insisted they be paid in full if holders of exchanged bonds are paid.

Commenting on the agreement, a spokesman for NML said, "NML and other creditors reached an agreement with Citibank, according to which Citibank agreed not to appeal the court's determination that the pari passu injunction covers all of Argentina's exchange bonds.

The spokesman added that Griesa had approved the agreement that was "specifically tailored to address the unique circumstances facing Citi Argentina after Citibank announced it was exiting the custody business in Argentina."

(Reporting by Nicolas Misculin; Additional reporting by Jonathan Stempel in New York; Writing by Anthony Esposito; Editing by David Goodman and Leslie Adler)

Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP INC. -0.55% 69.35 Delayed Quote.33.21%
EURO / ARGENTINE PESO (EUR/ARS) 0.08% 62.433 Delayed Quote.44.29%
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Financials (USD)
Sales 2019 73 856 M
EBIT 2019 31 287 M
Net income 2019 17 182 M
Debt 2019 -
Yield 2019 2,77%
P/E ratio 2019 9,12x
P/E ratio 2020 8,24x
Capi. / Sales2019 2,12x
Capi. / Sales2020 2,08x
Capitalization 157 B
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Technical analysis trends CITIGROUP INC.
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 80,08  $
Last Close Price 69,35  $
Spread / Highest target 52,8%
Spread / Average Target 15,5%
Spread / Lowest Target -25,0%
EPS Revisions
Managers
NameTitle
Michael Louis Corbat Chief Executive Officer & Director
James Anthony Forese President & CEO-Institutional Clients Group
John C. Dugan Chairman
John C. Gerspach Chief Financial Officer
Anthony M. Santomero Independent Director
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