Highland Capital Management LP actively anticipates buying Argentinas international bonds. The country hopes to raise $12 billion to clear debts with creditors like the billionaire Paul Singer. The firm is optimistic that the government of Argentina is a safe bet compared to other Latin American sovereigns.
The president and co-founder of Highland Capital, James Dondero, said that the asset management firm hopes to buy new bonds from Argentina on top of the original bonds. The firm has been in recent past the biggest holder of Argentina’s notes worth $4 billion due in 2033. The asset management firm manages hedge funds and emerging market credit funds which amount to $19 billion.
Finance Ministry told Congress that the country hopes to raise $11.68 from bonds to settle Argentina’s debts that have been hindering most creditors to close deals. The country anticipates selling three bonds with varying maturities namely 5, 10 and 30 years.
Argentina has been screened from the global market after defaulting a record of $91 in 2001 when Cristina Fernandez violated the U.S. court orders to pay creditors. The country was incapable of paying foreign-law bonds in 2014 after it canceled due payments in July 2014. However, President of Argentina, Mauricio Macri has reversed the policies and gained market access.
Dondero has great experience in credit and equity market for over 30 years. Dondero is a graduate of the University of Virginia with dual majors in Accounting and Finance. He is also a Certified Public Accountant (CPA), a Chartered Financial Analyst(CFA) and a Certified Management Accountant (CMA). He is also the chairperson at NexBank, CCS Medical, and Cornerstone Healthcare.
Dondero was a Corporate Bond Analyst between 1985 and 1989. He then became a Portfolio Manager at the renowned American Express. In 1989 to 1993, he helped the GIC, a subsidiary of Protective Life when it was commencing to when it was worth $2billion as its Chief Investment Officer.
Highland Capital has grown to be one of the largest firms in credit-oriented solutions and has offered many products like hedge funds, private equity funds, CLOs and mutual funds.
More on this article can be found on Bloomberg.