News of debt

RATINGS AGENCIES

Ratings agencies downgrade Argentina after payment freeze

07-04-2020 23:03 S&P adjusted Argentina's rating to "selective default" on Tuesday, after government freeze payments on dollar-denominated debt under local law. Move follows in the footsteps of downgrades from Fitch and Moody's.

BLOOMBERG

Suspension of local debt payments shows not all bondholders are equal

06-04-2020 16:11 Plan to stop payments on some dollar-denominated debt burns investors who put their faith in domestic bonds, improves outlook for holders of international notes.

DEBT RESTRUCTURING

Debt restructuring talks with creditors delayed, but offer is coming

04-04-2020 09:29 Economy Minister Guzmán admits coronavirus pandemic has complicated talks, but says government will deliver an offer “very quickly,” most likely in the coming week.

Bloomberg

Argentina in dispute with creditors over debt grace period

02-04-2020 19:44 Argentine authorities are at odds with international bondholders over a proposal for a four-year moratorium on payments to creditors.

Bloomberg

Government to press on with debt talks amid virus delays, says Guzmán

01-04-2020 08:33 The government is continuing negotiations with bondholders this week and next, and looking to present an offer at some point after that, Economy Minister Martín Guzmán tells reporters.

Bloomberg

Argentina says it aims to avoid default amid lockdown extension

30-03-2020 16:27 President Fernández says country will still prioritise avoiding a default on its overseas debt, even though the already economy will be hampered by government-ordered lockdown until April 12.

Coronavirus pandemic

President Fernández extends mandatory quarantine period until April 12

29-03-2020 22:55 Alberto Fernández praises citizens for complying with shutdown, announces "preventative and obligatory" quarantine period for all citizens will be extended until midnight on Sunday, April 12.

Coronavirus pandemic

Coronavirus in Argentina: Worst yet to come, quarantine may be extended

24-03-2020 12:03 Extension of nationwide lockdown is "a possibility" admits President Fernández, as experts warn the number of confirmed cases will double or treble in the coming weeks as testing is decentralised.

bloomberg

Ecuador lawmakers call for debt moratorium amid virus fight

23-03-2020 18:31 Ecuador’s Congress called on the government to suspend debt payments to free up cash to deal with the coronavirus pandemic, sending the nation’s bonds deeper into distressed territory.

Pandemic in Latin-America

Bolivia begins total quarantine, postpones presidential election

23-03-2020 18:27 Bolivian interim leader Jeanine Áñez announced a complete quarantine to come into effect from Sunday in a bid to stop the spread of the novel coronavirus.

DEBT TALKS

Government warns creditors that virus crisis will delay 'uncertain' recovery

23-03-2020 08:11 "The debt is not payable due to the critical situation in the country, in a context in which interests have grown rapidly," he said.

Bloomberg

Pandemic to disrupt US$160 billion of debt talks – including Argentina's

23-03-2020 07:00 Coronavirus crisis threatens to complicate matters for several of the world’s most indebted nations, potentially disrupting the restructuring of some US$160 billion in international bonds.

DEBT BURDEN

Argentina will need ‘substantial debt relief,’ says IMF chief

21-03-2020 08:23 Fund blunt in its assessment of country’s economic problems, warning that issues are “even more pressing” amid coronavirus crisis.

Debt restructuring

Argentina pushes forward 311 billion pesos with latest swap

20-03-2020 18:37 Alberto Fernández administration managed to swap a debt of 311 billion pesos, reducing short-term domestic obligations while renegotiating the foreign debt with creditors.

Coronavirus pandemic

Latin America isn’t ready for the virus onslaught headed its way

20-03-2020 18:33 For weeks, as the world was gripped by panic over the spreading coronavirus, Latin America looked largely unscathed.

Coronavirus pandemic

Officials confirm 31 new cases of coronavirus, taking total to 128

20-03-2020 12:55 There are now 128 people who have been infected with the new coronavirus in Argentina, of which three have died, according to data from the Health Ministry.

Coronavirus pandemic

President Fernández orders nationwide lockdown in bid to contain virus

20-03-2020 00:15 Alberto Fernández announces "preventative and compulsory" lockdown of Argentina, from midnight tonight until March 31, in bid to stop the spread of coronavirus.

Coronavirus pandemic

Governors to meet President Fernández for talks on 'total quarantine'

19-03-2020 12:32 Reports suggest "total quarantine" being considered by president, who will meet with governors at 5pm at Olivos.

Bloomberg

Argentina’s largest peso swap in a decade may lead to new snub

18-03-2020 18:08 Analysts warn that Argentina's largest peso-denominated debt swap since 2005 may not attract sufficient investor support.

Coronavirus pandemic

Fernández vows to clamp down on virus price gouging

17-03-2020 12:04 Peronist president says he will put "AFIP to work against speculators," saying he will not "tolerate rogues taking us for fools."

Debt talks & Covid-19

Pandemic poses perfect storm scenario for Argentine debt

16-03-2020 08:05 The global downturn, and the crisis caused by the coronavirus, could yet strangely benefit Argentina, according to some economists.

DEBT TALKS

Washington backs Alberto on debt but fears the ‘CFK risk’

14-03-2020 10:08 The United States government is backing President Alberto Fernández’s debt restructuring efforts and hopes he will emerge strengthened after a successful outcome.

by Patricia Valli

BBC WORLD QUESTIONS

Panel of experts debate Argentina’s future on BBC World Service

13-03-2020 19:18 BBC World Service’s ‘World Questions’ event affected by coronavirus outbreak – so experts hold debate without an audience, prompting series of fiery exchanges.

by James Grainger

Price increases

Inflation in February came in at 2%, the lowest in two years

12-03-2020 17:16 Prices increases slow to slowest in the last two years, according to INDEC. Inflation in last 12 months now totals 50.3%.

Bloomberg

Once deemed safe, Argentina’s oil bonds imperiled by price crash

12-03-2020 14:07 Oil-backed bonds in Argentina's Chubut province, once considered among the nation's safest assets, are being affected by the collapse of oil prices, impending sovereign debt talks and the province's own call for restructuring.

Markets slump

Merval suffers another rout fuelled by Covid-19 pandemic

12-03-2020 13:22 As coronavirus pandemic prompts economic turmoil and a downturn in the markets, Dow index slumps 8.7% and Argentina's Merval index falls 9.52%.

Debt restructuring

Government hires banking veterans for debt talks

10-03-2020 21:45 Three experienced Latin American bankers from HSBC Holdings Plc, Citigroup Inc. and Bank of America Corp. will lead the restructuring of more than US$76 billion of debt owed to global investors by Argentina and the province of Buenos Aires.

WOMEN'S RIGHTS

Thousands rally to demand gender equality in National Feminist Strike

09-03-2020 22:48 Demonstrators call for legal and free abortion, gender-pay equality, and end to gender violence during two days of rallies across the country.

Debt talks

Buenos Aires Province hires Bank of Amercia, Citigroup for debt restructuring

09-03-2020 16:20 Citigroup and Bank of America have been contracted by the Buenos Aires provincial government to renegotiate debt issued under foreign legislation.

Economic indicators

Data shows businesses in Argentina cutting jobs amid crisis

09-03-2020 08:00 Argentina lost 28,500 private sector jobs in December, the worst monthly decline in four years, according to government data released on Thursday.

Bloomberg

Argentina faces catch-22 on peso debt bomb after swap tradeoff

06-03-2020 15:37 The local debt of 1.8 trillion pesos (US $29 billion) is an amount roughly equivalent to all the cash in circulation in the country.

Price increases

Fernández asks private sector to help ‘contain’ inflation in Argentina

05-03-2020 16:01 President urges employers to “contain” price increases, in a effort to stabilise Argentina's runaway inflation rate, which reached 53.8% in 2019.

Interest rate cuts

Central Bank will continue lowering rates to curb inflation

04-03-2020 17:00 Central Bank plans to keep reducing its key interest rates further as inflation is expected to decelerate and as a tool to reduce debt costs.

Bloomberg

BlackRock, Pimco fly to Argentina for private talk on debt

04-03-2020 16:58 Some of Argentina’s largest creditors flew to Buenos Aires for talks with Alberto Fernández’s government this week.

Debt talks

Argentina hires Morrow Sodali as it asks bondholders to come forward

04-03-2020 12:26 Government recruits leading banks to help restructure debt. On Tuesday, New York-based firm Morrow Sodali was contracted to help identify bondholders.

DEbt talks

Argentina contracts Bank of America, HSBC & Lazard for debt talks

02-03-2020 17:17 Argentina hired Bank of America, HSBC to become its placement agents of the debt restructuring and engaged Lazard in order to be its financial advisor, according to a statement from Economy Minister published on Sunday.

Bloomberg

Alberto Fernández says debt deal must be 'sustainable'

02-03-2020 13:12 President emphasises in speech to Congress that “the most important thing is that the deal we reach with creditors is sustainable.”

SPEECH TO CONGRESS

Fernández vows to send abortion bill to Congress ‘in next 10 days’

01-03-2020 23:42 Peronist president says he will seek to legalise abortion, reform the Judiciary and make Argentina’s debt burden sustainable, as he opens new sessions in Congress.

Bloomberg

Agri-food giant Molino Cañuelas considers US$1.4-billion bankruptcy

01-03-2020 21:30 one of Argentina's largest food and grain mill producers is nearing bankruptcy, after 18 months of fruitless negotiations with creditors to restructure a US$1.4-billion debt.

DEBT RESTRUCTURING

Guzmán’s long March

29-02-2020 08:56 Argentina’s president is trying to sort out the country’s debt problems politically. Still, in the end, it will all be about money – the success of the ‘gently does it’ approach hinges on the bondholders accepting a considerable haircut.

by Martín Gambarotta

MISSION TEAM

Fernández praises Guzmán as IMF confirms team will visit next week

28-02-2020 13:52 International Monetary Fund confirms it will send a mission team to Buenos Aires again next week to continue auditing public accounts.

POLITICS & CONGRESS

Fernández set to outline agenda in speech to Congress

28-02-2020 07:00 Abortion, agriculture, pensions and debt restructuring expected to be included in Peronist leader’s address to lawmakers this Sunday.

Debt Crisis

IMF says debt talks with Argentina are 'conversations, not negotiations'

27-02-2020 16:11 IMF spokesperson Gerry Rice tempers excitement over debt restructuring, noting that Argentina and the IMF have yet to formally open negotiations over how to restructure US$44 billion credit-line.

DEBT NEGOTIATION

Guzmán heads home after meeting bondholders in United States

27-02-2020 07:00 Economy minister flies back to Buenos Aires after meeting with Argentina's creditors and officials from IMF in United States, as debt restructuring talks continue.

DEBT NEGOTIATIONS

20%? 35%? Analysts ponder what's an acceptable haircut for bondholders

27-02-2020 07:00 The IMF's support for the government last week won't convince bondholders to accept a larger haircut of Argentina's debt than initially foreseen, according to analysts.

by Mirta Fernandez

PROVINCE DEBT

La Rioja Province late on bond payment, will seek talks with creditors

26-02-2020 18:54 Authorities in La Rioja say province facing difficulties in making interest payments for US$300M in bonds due 2025 and plans to initiate consultations with bondholders.

Free Trade

EU believes Argentina and Mercosur will ratify agreement

26-02-2020 15:17 Brussels maintains that the free trade agreement is "very balanced" and will boost the growth of the economy.

President in Congress

Alberto Fernández looks to relaunch term in speech to Congress

26-02-2020 13:41 President expected to discuss IMF support, abortion, and judicial reform in his upcoming speech to lawmakers, which will mark opening of congressional sessions.

Bloomberg

Amid Argentina’s bond carnage, a few standouts lure investors

26-02-2020 12:35 As Argentina descends into a hellscape for creditors, with bond prices taking a fresh leg down as each new development saps spirits, there are a few securities bucking the trend.

DEBT RESTRUCTURING

IMF hails 'productive' meeting with Guzmán, as minister faces creditors

25-02-2020 08:54 Economy minister says Argentina is facing "a critical moment" ahead of meeting with private creditors and bondholders in Washington on Tuesday.