Greece wins UK ruling on buyback of GDP-linked securities over creditor opposition

LONDON, May 6 (Reuters) - Greece on ​Wednesday ⁠won a London court ruling ​on its plans to buy back GDP-linked securities issued to holders ​of ‌government bonds as part of the country's 2012 sovereign debt ⁠restructuring.

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 ​the ‌euro.

The country applied to London's High Court for declarations that it had validly exercised its option to purchase all of the GDP-linked securities and that ​its calculation of the call price was lawful and binding.

A ‌group of investors, represented by law firm White & Case, disputed that Greece had ‌validly exercised its option to buy back the securities or calculate the call price.

But Judge Robert Bright ruled ​in Greece's favour, a decision which could be challenged on appeal.

Greece's ‌finance ministry and White & Case did not immediately respond to a request for comment.

GDP-linked warrants are fixed income ⁠instruments ⁠that usually pay out once economic growth ‌exceeds a certain threshold. They can be highly illiquid and complex ​to value.

Argentina ​and Ukraine have issued similar instruments ‌to the Greek GDP warrant in debt restructurings.