LONDON, May 6 (Reuters) – Greece on Wednesday won a London court ruling on its plans to \u200cbuy back GDP-linked securities issued to holders \u200cof government bonds as part of the country’s 2012 sovereign debt \u200brestructuring.<\/p>\n
Greece had told its investors that it wanted to repurchase all of the outstanding warrants due in 2042 for a call price of just over 25 cents on \u200cthe euro.<\/p>\n
The country \u2060applied to London’s High Court for declarations that it had validly exercised its option \u2060to purchase all of the GDP-linked securities and that its calculation of the call price was lawful and \u200bbinding.<\/p>\n
A group \u200bof investors, represented by \u200blaw firm White & Case, \u200cdisputed that Greece had validly exercised its option to buy back the securities or calculate the call price.<\/p>\n
But Judge Robert Bright ruled in Greece’s favour, a decision which could be challenged on appeal.<\/p>\n
Greece’s finance ministry and \u200cWhite & Case did not immediately \u200brespond to a request for \u200bcomment.<\/p>\n
GDP-linked warrants are fixed \u200bincome instruments that usually pay out \u200conce economic growth exceeds a \u200bcertain threshold. They \u200bcan be highly illiquid and complex to value.<\/p>\n
Argentina and Ukraine have issued similar instruments to the \u200bGreek GDP warrant \u200cin debt restructurings.<\/p>\n
(Reporting by Sam Tobin; additional reporting \u200bby Karin Strohecker and Lefteris Papadimas in \u200bAthens; Editing by Louise Heavens)<\/p>\n","protected":false},"excerpt":{"rendered":"LONDON, May 6 (Reuters) – Greece on Wednesday won a London court ruling on its plans to \u200cbuy…\n","protected":false},"author":2,"featured_media":29864,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[8015,13022,9778,13021,5,6,13023],"class_list":{"0":"post-29863","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-uk","8":"tag-greece","9":"tag-outstanding-warrants","10":"tag-securities","11":"tag-sovereign-debt","12":"tag-uk","13":"tag-united-kingdom","14":"tag-white-case"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116527269326476396","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/29863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=29863"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/29863\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/29864"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=29863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=29863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=29863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}