News of debt

Banco de la Nación wants to sell debt after a 30-year hiatus

Yesterday 12:11 Daniel Tillard, the new head of Argentina’s largest bank, wants state-run Banco de la Nación international capital markets for the first time in three decades.

POVERTY IN ARGENTINA

Private estimates: Three million new poor created so far this year

24-09-2024 16:19 Private estimates, published ahead of the INDEC national statistics bureau's latest update, suggest that some three million people have slipped below the poverty line since the turn of the year.

by Gonzalo Martínez

INTERNATIONAL MONETARY FUND

IMF eyes decision on loan-penalty relief by October meetings

16-09-2024 13:20 The IMF’s executive board plans Monday to hold an informal meeting on the review of the so-called surcharges, fees that apply to nations including Argentina.

DEBT WOES

La Rioja creditors win US$40 million in NY court over bond spat

12-09-2024 16:29 US judge orders La Rioja Province to pay creditors nearly US$40 million in damages.

ECONOMIC INDICATORS

55% of Argentina’s population below poverty line, says UCA body

05-09-2024 08:53 Extreme poverty affected 17.5% of people in first half of 2024, reports private observatory from the Catholic University of Argentina (UCA).

US COURT RULING

Debt default case: US appeals court delivers new legal setback

22-08-2024 00:43 A United States appeals court on Wednesday upheld a judicial ruling authorising an embargo on US Treasury bonds used by Argentina to guarantee the issuing of debt.

SEARCH FOR FUNDS

Argentina discusses raising US$1 billion through Santander

07-08-2024 19:34 President Javier Milei’s government in talks with Banco Santander for potential loan ahead of debt payment.

Bloomberg

Bondholders in Buenos Aires Province question Milei’s resolve

28-05-2024 14:46 Bondholders in Buenos Aires Province are speculating that even Javier Milei isn’t ruthless enough to let the nation’s richest region go bankrupt.

IMF DEBT PROGRAMME

IMF endorses Milei austerity, paves way for new funds

13-05-2024 13:05 Multilateral lender signs off on eighth review but says Milei government has put US$44-billion programme “firmly back on track”; Argentina to receive US$800 million in funds to make upcoming loan payment.

ENERGY & GAS

Power producers seek better terms for US$2-billion Argentina debt

08-05-2024 15:46 Privately-run power producers Pampa Energía SA and Central Puerto SA will reject the government's current offer to settle a US$2-billion debt.

STATE ENERGY FIRM

Burford seeks Argentina’s YPF stake to pay US$16-billion award

22-04-2024 20:29 Burford Capital asks US judge to grant it controlling 51% stake in YPF as part of its effort to collect on a US$16-billion court judegment.

Provincial debt

La Rioja Province creditors gear up for battle on missed bond payment

09-04-2024 16:47 Creditors of Argentina’s La Rioja Province tapped advisers ahead of potential debt talks as they quibble with officials over more than US$16 million in bond payments.

INTERNATIONAL MONETARY FUND

IMF hails Argentina’s ‘impressive’ progress under Milei

04-04-2024 19:27 Progress made by Milei administration is "impressive" but "the road to stabilisation is never easy," says IMF Communications Director Julie Kozack.

US COURT CASE

Argentina sued in United States over unpaid fuel for presidential plane

14-03-2024 18:29 Associated Energy Group files lawsuit against Argentina for failing to make payments to cover fuel costs from the presidential plane during trips by former president Alberto Fernández and current head of state Javier Milei.

DEBT DOWNGRADE

Argentina downgraded to selective default by S&P on debt swap

13-03-2024 23:08 Standard & Poor's downgrades Argentina's peso-denominated debt to "selective default," following announcement of US$55.3-billion debt swap.

Options for peso bonds

Argentina hinders debt swap by not offering puts on peso bonds

12-03-2024 12:23 Central Bank isn’t offering put options for peso bonds the government is selling this week in a record debt swap.

MARKETS

Argentina seeks breathing room with peso swap worth US$65 billion

11-03-2024 11:46 Government starting a record swap of peso-denominated debt Monday in a bid to roll over almost all of its 2024 maturities into the next four years.

Argentina peso bond

Argentina peso bond puts balloon, spurring inflation risk

05-03-2024 14:16 Puts on Argentina’s peso debt issued by the Central Bank have surged under Javier Milei’s government, reaching a record and prompting officials to scale back their use amid growing investor concern.

IMF DEBT PROGRAMME

Argentina, IMF talking about new programme outline

29-02-2024 12:20 Argentina, IMF in talks about outline of possible new programme to speed up exit from capital controls.

YPF RULING

Argentina’s US$18-billion Chinese FX line eyed for US YPF judgement

29-02-2024 00:15 Burford Capital, trying to collect on a US$16-billion US court judgement against Argentina, is exploring whether a currency swap line with China could be used to satisfy the debt.

FOCUS ON VENEZUELA

Venezuela calls in oil debt it once traded away for literal beans

26-02-2024 10:56 Impoverished and desperate for cash, Venezuela is trying to collect old debts from the Petrocaribe oil exchange programme.

IMF DEBT PROGRAMME

IMF deputy chief says Argentina needs 'consistent' monetary, exchange policy

23-02-2024 09:30 International Monetary Fund second-in-command Gita Gopinath said Argentina's government is making significant efforts to "restore macroeconomic stability" after meeting with President Javier Milei.

COURT RULING

Argentina ordered to pay deposit in UK hedge funds case

22-02-2024 11:24 Argentina must pay a large deposit in a case brought by four hedge funds seeking US$1.5 billion in compensation for losses in the nation’s growth-linked securities.

ECONOMIC INDICATORS

Poverty hit 20-year high of 57.4% in January, says UCA body

18-02-2024 10:21 Prestigious UCA Social Debt Observatory says poverty is at 20-year high: 57.4%, equivalent to 27 million people, are now considered poor in Argentina. Extreme poverty affects 15%, some seven million people.

by Gonzalo Martínez

El Salvador Elections

Next hurdle for El Salvador's Bukele: the economy

05-02-2024 11:35 With high public debt, nearly a third of the population living in poverty and fast-rising consumer prices, Salvadorans are increasingly starting to think of what comes next.

IMF DEBT PROGRAMME

Milei wins IMF approval for US$4.7-billion Argentina disbursement

31-01-2024 20:29 International Monetary Fund signs off on US$4.7-billion loan disbursement to Argentina.

IMF DEBT PROGRAMME

IMF to postpone Argentina review to give Milei more time

31-01-2024 12:28 Troubled nation’s quarterly review, scheduled for September, will move to November, according to Reuters. If confirmed, it would give the government greater scope to implement economic changes and potentially negotiate a new programme.

IMF DEBT

Milei vows to ‘keep promises’ after meeting with IMF chief

18-01-2024 01:15 President Javier Milei met IMF Managing Director Kristalina Georgieva after his speech to world leaders in Davos; Talks focused on Argentina’s US$44-billion programme and reaction to government’s austerity bid.

ypf nationalisation case

Blow for Argentina as court rules against nation in YPF nationalisation case

11-01-2024 17:12 US Judge Loretta Preska rejects the motion for extension by the government and confirms January 10 was deadline to provide guarantees; Plaintiffs can now seek seizure of assets for compliance.

ypf nationalisation case

Argentina’s US$16.1-billion YPF judgement is now open to collection

11-01-2024 16:12 US judge rules against Argentina's bid to push back collection efforts for US$16.1-billion court judgement related to its 2012 takeover of oil company YPF SA.

IMF DEBT PROGRAMME

IMF staff show support for Milei’s 'ambitious stabilisation plan'

10-01-2024 22:04 Staff-level agreement paves the way for a new disbursement of US$4.7 billion in funds from Argentina’s "fallen" programme, says Economy Minister Luis Caputo.

STATE ENERGY FIRM

YPF sells US$800-million bond to fund debt buyback

10-01-2024 21:26 State-owned oil driller YPF SA taps international investors with a new dollar bond to help finance a buyback of existing debt.

IMF DEBT DEAL

Government reaches deal with IMF staff to unlock US$4.7 billion

10-01-2024 17:15 Argentina reached an agreement Wednesday with staff from the International Monetary Fund on the seventh review of the country’s US$44-billion programme.

DEBT SWAP OFFER

Government proposes peso debt swap that may top US$71 billion

05-01-2024 14:30 Argentina’s government is proposing a debt swap to banks in the country that could top US$71 billion for peso notes due this year with the aim of postponing maturities and reducing the financial deficit to zero.

IMF DEBT TALKS

Government postpones IMF payments as it seeks new deal

04-01-2024 00:40 While awaiting the arrival of IMF officials for crunch talks over its multi-billion-dollar programme, Argentina’s government wants to unify its January commitments and push them to the end of the month.

by Ramiro Speranza

BLOOMBERG - ANALYSIS

Perpetual bonds unlikely to be the answer in YPF case

28-12-2023 00:35 Javier Milei’s suggestion that Argentina could issue debt to comply with a US$16-billion lawsuit award related to the nationalisation of oil company YPF has met with scepticism from investors.

IMF DEBT

Argentina to pay IMF next week, ‘reformulate’ deal, Caputo says

14-12-2023 19:02 Argentina will pay US$912 million owed to the International Monetary Fund next week, says Economy Minister Luis Caputo.

ECONOMIC INDICATORS

Argentina’s poverty rate has risen to 44.7%, says UCA body

05-12-2023 23:12 Latest study by UCA’s social debt observatory says that without welfare programmes, poverty would affect 49% of the population; Extreme poverty has risen 9.6%, finds report.

IMF DEBT TALKS

IMF’s Georgieva, Milei discuss economic challenges in video call

25-11-2023 08:49 Argentina's president-elect Javier Milei and IMF chief Kristalina Georgieva had a first meeting via video call on Friday, in which they discussed the country's economic crisis.

US COURTS

Argentina gets delay on payment of US$16.1 billion in YPF case

23-11-2023 13:06 Judge agrees to temporarily delay enforcement of a US$16.1 billion court judgment against Argentina over its 2012 expropriation of oil company YPF.

ELECTION 2023: REACTION

IMF chief looks forward to 'working closely' with Javier Milei

20-11-2023 11:18 Reacting to Javier Milei's election win, Kristalina Georgieva says she looked forward to working with Argentina's president-elect.

ELECTION 2023

As run-off nears, Massa draws a yuan bridge to avoid IMF pressures

14-11-2023 11:28 When an agreement was reached in August, the IMF’s board of directors wanted to distance itself from Argentina’s electoral process, preparing for the next stage of negotiations with the future government. An informal meeting, held after the October 22 elections, has placed in doubt the remittance of US$3.3 billion which the country needs to meet debt deadlines. The Economy Ministry has assembled a safety buffer with the Chinese currency swap, hoping to reach the next harvest in acceptable shape.

by Ariel Maciel

Bloomberg

Argentina’s utility bondholders are still waiting for payment

11-11-2023 08:02 Some bondholders of Argentina’s state-owned water utility are still awaiting their money more than a week after a debt payment deadline passed.

IMF DEBT DEAL

IMF toughens stance, questions Massa's measures

09-11-2023 19:42 Directors on multilateral lender's board reportedly concerned by dramatic loss of reserves as they toughen criticism of Argentina’s government.

IMF DEBT DEAL

Argentina pays US$2.6 billion maturity to IMF

01-11-2023 21:12 State news agency confirms Argentina's government made US$2.6-billion payment to settle maturity from record International Monetary Fund debt programme.

WARNING FROM FUND

IMF warns Argentina not to dawdle on incremental economic reform

14-10-2023 07:47 Argentina has no time to make gradual economic adjustments as it faces soaring consumer prices and its sixth recession in a decade, says top IMF official.

MONETARY POLICY

Central Bank likely to hold rate despite inflation spike

09-10-2023 21:04 Argentina’s Central Bank board plans to keep its benchmark interest rate unchanged despite inflation data hovering around a three-decade high.

IMF DEBT

The IMF’s US$43-billion Argentina problem is about to get worse

06-10-2023 17:33 Geopolitics helped keep the credit flowing to Argentina. Even so, at some point the International Monetary Fund — and its biggest shareholder, the United States — might call time.

IMF DEBT PROGRAMME