News of debt restructuring

DEBT RESTRUCTURING DEAL

Support – and silence – from opposition economists in wake of debt deal

Today 00:31 Luis Caputo the most effusive in celebrating the government's deal with creditors, while Hernán Lacunza and Lucas Llach also express support. Alfonso Prat-Gay, the former official who was most critical of the deal, leads the criticism.

by Andrés Fidanza

DEBT RESTRUCTURING

Creditors 'pleased' with 'preliminary agreement' on debt restructuring

Yesterdat 23:43 IMF chief Kristalina Georgieva welcomes debt deal reached by Argentina and its creditors as a "very significant step."

DEBT RESTRUCTURING

Economists praise debt deal but warn challenges on horizon

Yesterdat 18:38 Experts welcome government's agreement with creditors, but warn that Argentina must now correct imbalances and other issues.

DEBT RESTRUCTURING

'We resolved an impossible debt,' declares delighted Fernández

Yesterdat 14:19 President Alberto Fernández hails government after officials confirm Argentina has reached an agreement with three major creditors over restructuring of US$66-billion debt.

DEBT DEAL AGREED

Government hails ‘significant debt relief’ in accord with creditors

Yesterdat 09:44 Deal involves the Ad Hoc, Argentina Creditor Committee and Exchange Bondholder groups, as well as "certain other significant holders," Economy Ministry confirms in a statement.

BLOOMBERG

Argentina, creditors inch closer on US$65-billion debt deal

03-08-2020 17:47 The sides have moved closer over the weekend and are discussing a deal where creditors would receive about 54.8 cents on the dollar, according to three people with direct knowledge of the talks.

DEBT RESTRUCTURING

Ecuador wins bondholders’ approval for debt restructuring

03-08-2020 15:26 Creditors vote in favour of a restructuring plan for US$17.4 billion of debt that will see the South American country's capital and interest payments reduced.

BLOOMBERG

Creditors seek international backing on debt clauses

02-08-2020 17:01 Bondholders approach several international organisations, including IMF and US Treasury, to seek endorsement for a proposal to change the rules that govern some of the country’s overseas securities.

DEBT RESTRUCTURING

Senate approves debt swap bill for bonds under Argentine law

31-07-2020 19:05 Unanimous approval did not exclude acrimonious debate in which each side blamed the other for the increase in debt.

DEBT RESTRUCTURING

Government to seek new IMF plan, regardless of outcome of debt talks

28-07-2020 14:43 Argentina will seek a new programme with the IMF whatever the outcome of talks with bondholders, says Economy minister Martín Guzmán.

DEBT RESTRUCTURING

Creditors once again reject government's debt restructuring offer

28-07-2020 14:36 In a letter sent to Economy Minister Martín Guzmán, signed by 30 funds, main bondholder groups reiterate rejection of deal on table and say they hold veto power over any agreement.

BLOOMBERG

Argentina's creditors boost bargaining power with new funds

27-07-2020 23:21 Main bondholder groups now say they represent 50% of Argentina's overseas debt, potentially strengthening their bargaining power against the government.

council of the americas

Fernández asks creditors for 'understanding' on debt offer

22-07-2020 01:18 Argentina simply cannot pay more than the offer that is on the table, president says during Council of the Americas event.

DEBT RESTRUCTURING

Debt deal at impasse as creditors unite to reject government's offer

20-07-2020 23:50 Three groups of creditors announce they have rejected Argentina's proposal to restructure US$66 billion of debt and delivered a counter offer to government – which President Alberto Fernández promptly dismisses out of hand.

Bloomberg

Creditors join forces to demand better terms on debt deal

20-07-2020 21:54 Three largest creditor groups join forces in negotiations, rejecting government's "final" offer and submitting their own counter proposal.

DEBT RESTRUCTURING

The ball is in the creditors' court, says Guzmán

16-07-2020 16:55 Economy Minister Martín Guzmán says Argentina is not seeking a "confrontational" relationship in debt talks and says the onus to make a deal is now on the country's creditors.

DEBT RESTRUCTURING

'We can't do more than this,' Fernández tells Argentina's creditors

13-07-2020 23:54 President says in a radio interview that Argentina has made its "maximum effort" to reach an agreement with bondholders, reiterating that what's on the table is the country's "final offer."

BLOOMBERG

Ecuador’s speedy debt deal underscores Argentina’s hang-ups

10-07-2020 17:31 President Lenín Moreno’s administration struck an agreement with some of its top bondholders this week ahead of a mid-August deadline, when a moratorium on payments ends. By contrast, Argentina has presented a second binding offer to creditors after pushing back its deadline five times.

DEBT RESTRUCTURING

Guzmán rules out changes to offer, but creditors say proposal 'falls short'

09-07-2020 02:37 Economy Minister Martín Guzmán rules out further changes to government's debt restructuring offer as offer wins support from IMF and some G20 finance ministers. Large creditors, however, aren't impressed.

BLOOMBERG

Malbec bonds beat defaulted Argentine peers on investor hope

09-07-2020 02:26 A glimmer of hope is lurking within Argentina’s default-ravaged debt landscape: Bonds sold by Mendoza, the Andean-bordering province famed for exports of full-bodied Malbec wine.

DEBT RESTRUCTURING

This is Argentina's final debt offer, Guzmán tells creditors

08-07-2020 17:33 Economy minister describes talks as "a cold shower of reality for creditors," as they've come to realise Argentina's limitations.

DEBT RESTRUCTURING

Favourable initial reaction to Argentina's new debt swap offer

08-07-2020 16:58 Two investment funds, Gramercy and Fintech Advisory, express approval for Argentina's new debt restructuring offer. Creditors entering the swap stand to obtain 53.5 cents for every dollar loaned as against 39 cents in the first offer rejected by most creditors.

DEBT RESTRUCTURING

Government files new debt restructuring offer with SEC

07-07-2020 14:04 Argentina formally presents its new proposal to the US Securities and Exchange Commission, extending deadline for acceptance to August 4.

BLOOMBERG

Ecuador reaches debt deal in principal with major creditors

07-07-2020 02:15 President Lenín Moreno's government reaches preliminary agreement with bondholders to restructure US$17.4 billion in outstanding debt.

BLOOMBERG - OPINION

Mohamed A. El-Erian: Argentina's debt proposal deserves support

07-07-2020 01:35 It would be in neither side's long-term interest to allow the theoretical best to be the enemy of the attainable good – what is now on the table warrants support by both Argentina and its creditors.

DEBT RESTRUCTURING

Fernández: New offer to creditors on way, deadline moved to August 4

05-07-2020 22:10 Argentina to present new offer to bondholders on Monday, with deadline extended until August 4.

DEBT RESTRUCTURING

Two creditor groups mull 'lock-up' to oppose government's offer

03-07-2020 03:47 The Ad Hoc and Exchange Bondholder groups are closely watching to see if the government submits an offer that it has discussed with a third creditor group – the Argentina Creditor Committee – and would reject it.

DEBT RESTRUCTURING TALKS

Government weighs earlier coupon payments as debt talks stall

30-06-2020 19:09 Argentina is considering paying coupons sooner than previously announced, as it aims to close a gap with creditors in debt restructuring talks, according to people with knowledge of the matter.

DEBT RESTRUCTURING

Argentina's creditors urge officials to move ahead on debt talks

30-06-2020 15:10 Creditors groups call for progress on talks, saying the "lack of serious engagement from the Argentine authorities is deeply concerning."

BLOOMBERG

Argentina reached ‘an understanding’ with one creditor group, says Guzmán

25-06-2020 16:30 Argentina reached an understanding – but not an agreement – with one group of creditors, but major differences remain with another key faction, says Economy Minister Martín Guzmán said Thursday.

DEBT RESTRUCTURING

Guzmán says Argentina cannot commit to demand from creditors group

23-06-2020 21:31 Guzmán says Argentina cannot commit to legal terms proposed by one of the leading creditor groups, the Ad Hoc Bondholder Group, but remains open to discussion.

DEBT RESTRUCTURING

Creditors accuse Argentina of 'terminating dialogue' in order to 'provoke division'

20-06-2020 08:46 Ad Hoc and Exchange Bondholder groups says they’re “united in disappointment” about the decision to “terminate dialogue” with creditors and extend talks at a critical juncture of negotiations.

DEBT RESTRUCTURING

Debt restructuring 'progressing,' deadline extended for five weeks

20-06-2020 08:25 Deadline now set for July 24 "to continue discussions and allow the investors to contribute to a successful restructure," the government said in a statement.

DEBT RESTRUCTURING

Creditors' group issues court threat as debt talks hit a wall

18-06-2020 02:19 Talks seemed to have hit a wall, with one government source saying it was "highly unlikely" a deal will be agreed before Friday's deadline.

DEBT RESTRUCTURING

Debt talks with creditors stall amid growing animosity

18-06-2020 01:21 Ad Hoc Bondholder Group, one of several that have been most active in the talks, slammed Argentina for rejecting what it called a “sustainable and sensible solution.”

BLOOMBERG – ANALYSIS

Argentine corporates are bright spot after nation's debt default

18-06-2020 00:28 You might think Argentine companies will struggle to make bond payments due this year amid the government’s ninth default, a long recession and ever-stricter capital controls. You’d be wrong.

DEBT RESTRUCTURING

Argentina extends confidentiality agreements with creditors as talks continue

16-06-2020 23:12 Government likely to present its new offer on Friday, with deadline set for another extension until Monday.

Bloomberg

Farmers shun government's solution to debt conundrum

16-06-2020 22:28 Agriculture sector lobbying against the government’s proposal to sweeten an offer on its overseas debt restructuring with payments tied to sector's exports.

BLOOMBERG

Creditors present new debt swap offer, but differences remain

15-06-2020 23:58 Two groups submitted offer to government over weekend, in which they agreed to accept losses on a net-present value basis of about 44% to 46%, according to reports.

DEBT RESTRUCTURING

Fernández: Argentina working on improved offer to creditors

15-06-2020 09:00 "We all want to avoid default, but we are acting with economic rationality," declares Peronist leader, confirming a new improved offer is on the way.

EXPROPRIATION OF VICENTIN?

Government leaves door ajar for Vicentin U-turn

13-06-2020 08:00 After fierce pushback from agro industry and opposition, President Alberto Fernández meets with Vicentin executives and says Argentina will consider other options. Nationalisation remains on the cards for now, however.

DEBT RESTRUCTURING

Argentina extends debt offer deadline as talks start wrapping up

12-06-2020 17:39 The country will push back the deadline by a further week to June 19, according to a statement from the Economy Ministry.

DEBT RESTRUCTURING

Stiglitz again calls for debt deal: 'Argentina's creditors have no shame'

12-06-2020 14:52 "Short-termism is being reflected in the debt negotiations with Argentina, with some creditors demanding money that exceeds what is sustainable," says Nobel economics laureate.

Another debt deadline day

Government prepares new proposal for creditors, extension likely

12-06-2020 02:58 Government expected to deliver new proposal to bondholders on Friday, with likely deadline extension to follow.

DEBT RESTRUCTURING

Fernández says Argentina will improve its debt offer to creditors

11-06-2020 01:51 "The offer that we are going to make is not going to put at risk the sustainability of the debt and the Argentine economy," president declares in interview.

BLOOMBERG

Government mulls export sweetener to bridge gap with creditors

09-06-2020 18:13 Officials may offer warrants linked to agricultural exports to close the gap with top creditors in debt restructuring talks and the idea is gathering support among bondholders, Bloomberg reports.

DEBT RESTRUCTURING

Argentina's stock exchange surges as hopes build debt deal is close

08-06-2020 22:42 Buenos Aires Stock Exchange climbed to a record 48,881 points having also gained 19.3% last week. Reports speculate that the government will announce a day with creditors on Friday.

DEBT RESTRUCTURING TALKS

Government ‘optimistic’ debt deal with creditors will be agreed soon

06-06-2020 08:30 Guzmán warns against rumours in press, saying bondholders are “playing hard”; IMF once again breaks ground to offer support for Argentina’s debt restructuring efforts.

DEBT RESTRUCTURING

IMF remains 'hopeful' Argentina and creditors will agree debt deal

04-06-2020 16:48 "We are hopeful that an agreement can be reached that will restore the sustainability of the debt," IMF spokesperson Gerry Rice tells reporters.

BLOOMBERG - OPINION

Good behaviour won't deliver Argentina from economic pain

03-06-2020 15:50 Argentina deserves debt relief, but also a credible way forward. The country still needs a path to growth, new investment and the prospect of fiscal reasonableness beyond the pandemic – and that is where the road map ends.

by Mac Margolis