News of restructuring

DEBT RESTRUCTURING

Debt renegotiations to continue – with confidentiality agreements

Yesterdat 18:22 Economy Ministry asks bondholders negotiating with it to sign a confidentiality agreement, after government extends deadline for talks to June 2.

DEBT RESTRUCTURING

Government to rework debt offer after missing interest payment

22-05-2020 23:05 Counter-offers submitted by bondholder groups are better than their original proposals, yet still far from what the country considers sustainable, says Martín Guzmán.

BLOOMBERG

Argentina faces ninth default with bondholder talks extended

22-05-2020 13:15 Argentina’s Ambassador to the United States Jorge Argüello publishes letter saying the government won't meet payment due today until a new agreement is reached with creditors.

DEBT RESTRUCTURING

Default looms for Argentina despite debt deadline extension

22-05-2020 13:15 Argentina was teetering on the brink of a second default this century on Friday as the deadline for a US$500-million bond interest repayment approached.

DEBT TALKS

Economy Ministry extends deadline for debt talks to June 2

22-05-2020 03:12 Government will miss US$500-million payment due today; Economy Ministry extends deadline for negotiations with creditors for 10 days.

DEBT RESTRUCTURING

Argentina has been 'in default for months,' says Fernández

22-05-2020 02:16 "We have been in default for months, before December even we were in default," says Peronist leader.

BLOOMBERG

BlackRock, Ashmore form Ecuador creditor group as swaps pay out

21-05-2020 14:02 Ecuador is slashing spending and negotiating a new loan package with the IMF, while money managers line up together to present a united front for restructuring talks.

DEBT RESTRUCTURING

'Any kind of default could be cured in short order,’ says creditor group

21-05-2020 13:39 While some kind of default in Argentina is likely, investors said a default wouldn’t be immediately followed by litigation because taking legal action amid the talks solves nothing.

DEBT RESTRUCTURING

Government to extend debt offer as talks continue past Friday

21-05-2020 13:23 Argentina will skip delayed US$500-million interest payment on Friday, but plans to extend talks by at least 10 days, sources say.

DEBT RESTRUCTURING

Creditors, government still far apart on debt offers as deadline looms

19-05-2020 18:02 In a webinar, Economy Minister Martín Guzmán says he expected negotiations to extend past May 22. Two sides remain some way apart, just days before default deadline arrives.

BLOOMBERG

Provinces gear up for debt battles after first 'selective default'

18-05-2020 16:53 Half-a-dozen regional governments are taking their own steps to weigh up options as Argentina negotiates with holders of its overseas debt ahead of a May 22 deadline.

BLOOMBERG

Argentine bonds climb on hopes new offers will spark a deal

18-05-2020 16:42 Rally extended after largest creditor groups present new debt restructuring counter-proposals, fuelling speculation the parties could be closer to reaching a deal.

DEBT RESTRUCTURING

Government studies counter-offers as debt talks enter crucial week

17-05-2020 21:22 Government is continuing to analyse three counter-offers from creditors they hope will break the debt deadlock.

DEBT RESTRUCTURING

Creditors submit new debt proposals to government

15-05-2020 23:22 Argentina’s largest creditors have sent Alberto Fernández’s government new counter-offers in an effort to reach a US$65-billion restructuring deal in the coming week.

BLOOMBERG

Buenos Aires Province cut to selective default by S&P global

15-05-2020 23:22 Argentina’s largest and most populous province is considered to be in selective default because negotiations with creditors are ongoing, making the proposal a “distressed exchange,” according to an S&P statement.

DEBT RESTRUCTURING

Argentine bonds climb as creditors, government narrow the gulf

15-05-2020 15:51 Argentine bonds rose Friday on optimism that the government and its creditors will seal an agreement to restructure US$65 billion in foreign bonds.

BLOOMBERG

What you need to know about Argentina’s debt crisis: Q&A

14-05-2020 12:51 Argentina is just a week away from a deadline to avoid a chaotic default, its ninth since independence in 1816. Here's what you need to know.

DEBT RESTRUCTURING

Buenos Aires Province misses debt payment, extends deadline for offer

12-05-2020 17:20 Provincial government extends deadline to creditors to consider US$7-billion restructuring offer, following a similar move the national government.

BLOOMBERG - OPINION

Mohamed A. El-Erian: Argentina gives debt negotiation another chance

12-05-2020 09:17 The change in the government stance kicks the ball back to the creditors, raising two dynamics that may be best viewed through a game-theory lens.

BLOOMBERG

Stiglitz: Creditors to shoulder blame if Argentina defaults

11-05-2020 22:42 “If creditors don’t put forward a sustainable offer, Argentina has no choice; it’s creditors who are really driving the default here,” declares Nobel-winning economist.

DEBT RESTRUCTURING

Government extends debt deadline until May 22

11-05-2020 08:38 Deadline has been extended to May 22 after bondholders opposed the offer. The previous cut-off was May 8, and the extension means results will now be announced on May 25 and liquidated on May 27.

DEBT SWAP PROPOSAL

Government extends offer to restructure debt until Monday

10-05-2020 09:11 "The possibility of extending the offer continues until Monday, May 11. When this term expires, we will define the steps to be followed," President Fernández tweeted Saturday.

DEBT RESTRUCTURING

Fernández: Argentina awaiting debt counter-offers from creditors

09-05-2020 14:30 Speaking in an interview with Futurock radio, the president said that Argentina wants to avoid default, and that he expects counter-proposals in coming days after the nation blew past a deadline for bondholders to accept a US$65-billion restructuring offer. The deadline passed on Friday afternoon with no signs of a deal, acceptance rate or an extension.

BLOOMBERG

Debt deadline passes with no sign of deal, extension

09-05-2020 10:05 Deadline for bondholders to accept a US$65-billion restructuring offer from government passed Friday afternoon with no signs of a deal, acceptance rate or an extension.

DEBT SWAP PROPSAL

Argentina misses deadline on international debt agreement

09-05-2020 08:46 "Argentina is maintaining a dialogue," Economy Minister Martín Guzmán told reporters on Friday.

DEBT RESTRUCTURING

Argentina's joust with bondholders likely to drag on beyond Friday

07-05-2020 12:43 Battle of attrition between Argentina and international creditors over restructuring US$65 billion in debt is likely to continue unabated past a Friday deadline, analysts say.

BLOOMBERG

Guzmán: Argentina is open to new debt offers from creditors

06-05-2020 23:16 Argentina and its biggest creditors have begun ironing out possible revisions to the country’s US$65-billion debt restructuring proposal before crucial bond payments come due later this month.

DEBT SWAP PROPOSAL

High-profile economists back Argentina's debt restructuring bid

06-05-2020 19:38 Group of 138 economists from 20 countries, including Nobel laureates Joseph Stiglitz and Edmund S. Phelps, call on bondholders to accept a "responsible resolution," saying it would set a positive precedent for the world.

ECONOMIC INDICATORS

Argentina's tax revenue fell in April as lockdown kicked in

06-05-2020 11:21 Tax revenue fell sharply in April as the nationwide lockdown and shutdown in economic activity kicked in.

Bloomberg

Argentina, creditors said to look past May 8 deadline for debt deal

06-05-2020 08:12 Officials have shown some willingness to improve the terms of the exchange, and the bondholders have pared some of their initial expectations, according to reports.

PARIS CLUB DEBT

Guzmán says Argentina will miss US$2.1B Paris Club debt payment

05-05-2020 19:00 Economy Minister Martín Guzmán confirms in interview that Argentina has missed a US$2.1-billion debt payment to the Paris Club, seeking restructuring.

DEBT RESTRUCTURING

Creditors: Debt swap offer imposes 'unjustified, disproportionate losses'

04-05-2020 13:40 Three creditor groups on Monday rejected the debt restructuring offer made by Argentina's government for US$66 billion in bonds, saying the proposed haircut on their investment is too steep.

BLOOMBERG

Bondholders and government officials trade barbs on debt plan

04-05-2020 13:18 With an initial deadline for an accord looming on Friday, both sides are digging in.

DEBT SWAP PROPSAL

Government claims support for debt swap offer is growing

03-05-2020 16:45 Economy Minister Martín Guzmán says he has noticed a "growing understanding" among bondholders and that investors have "expressed support" for debt restructuring deal.

BLOOMBERG

Argentina will work with debt holders if offer is rejected, says Guzmán

03-05-2020 16:32 Economy minister says government is willing to keep working toward a deal to restructure its debt if an offer that expires on Friday is rejected.

DEBT RESTRUCTURING

Guzmán asks creditors to 'avoid destructive patterns of the past'

03-05-2020 16:20 Economy minister pens column for Britain’s influential ‘Financial Times’ daily, reiterating that Argentina cannot pay more than what’s on the table in US$65-billion debt restructuring deal.

BLOOMBERG

Argentina and creditors at loggerheads over take it or leave it offer

28-04-2020 22:50 Relations are so tense that most large bondholders have even refused to attend video calls with Economy Minister Martín Guzmán, according to reports.

BLOOMBERG

Harvard economist: Argentina’s debt workout won’t be its last

27-04-2020 21:51 Argentina’s latest effort to restructure its overseas debt will need to be revisited in a few years, given the impact of the coronavirus pandemic, according to Harvard University economist Carmen Reinhart.

BLOOMBERG

Officials begin 'virtual' roadshow as part of debt restructuring efforts

27-04-2020 08:17 Officials from national and Buenos Aires Province governments to call on about 20 institutions and funds to present their offer to restructure more than US$79 billion in debt.

BLOOMBERG

Rush to black-market dollars as economic woes mount

24-04-2020 01:49 Argentines are flocking to buy black-market dollars as real interest rates sink below zero and fears mount of yet another default.

BLOOMBERG

Buenos Aires Province proposes its own debt delay

24-04-2020 01:37 The province of Buenos Aires, the country's largest, is following the footsteps of the national government in requesting a three-year debt moratorium.

DEBT RESTRUCTURING

Argentina skips US$500-million debt payment, starting default countdown

22-04-2020 23:02 Economy Ministry confirms government did not pay up on interest payments due today, kicking off a race against time 30-day negotiation to avoid default.

economy

Argentina faces critical decision with US$500 million payment due

22-04-2020 15:20 Skipping the coupons due today on three global bonds would trigger a 30-day grace period that Argentina could use to reach a settlement with creditors before going into a hard default.

DEBT RESTRUCTURING TALKS

Guzmán warns disappointed creditors that debt offer ‘is what it is’

21-04-2020 23:43 As creditor groups reject government's proposal, economy minister warns debt restructuring offer presented to bondholders is the only one on the table and reiterates that no payments are possible before 2023.

Bloomberg

Without access to credit, Argentina turns to its Central Bank

21-04-2020 14:27 Money supply is increasing as Argentina grapples with the economic consequences of the coronavirus pandemic, stoking inflation fears and increasing the likelihood of a default next month.

BLOOMBERG - ANALYSIS

Debt relief for poor nations not an easy sell to bondholders

20-04-2020 15:20 A pause in debt payments for the world’s poorest countries to help them battle the coronavirus will be a hard sell for private creditors.

EDITORIAL

When default comes by default

18-04-2020 10:36 The government said everything and nothing on Thursday but it might as well have said nothing, given the extreme flux in which the economy is drifting both here and abroad. This seems to have been implicitly recognised by debtor and creditors alike.

BLOOMBERG – ANALYSIS

Debt offer delays most principal until next decade

17-04-2020 23:47 Holders of the country’s overseas debt are being offered a series of new securities of various maturities, none of which will accrue interest before 2022. No principal will be returned before 2026.

DEBT RESTRUCTURING

Government finally unveils foreign debt restructuring proposal

17-04-2020 02:25 Economy Minster Martín Guzmán asks bondholders to accept cut of 62% on bond interest, worth US$37.9 billion, and 5.4% on debt capital, worth another US$3.6 billion. It will also seek a three-year grace period until 2023.

BLOOMBERG – ANALYSIS

Argentina makes opening move in debt talks

17-04-2020 01:12 The highlights: a three-year moratorium, a 62 percent reduction in interest payments and a five-percent cut in the value of the principal.