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Bond Market News
Buenos Aires to extend deadline of $7.1 Billion restructuring offer
April 27, 2021
The province of Buenos Aires extended its deadline to accept the restructuring offer for bondholders of its $7.15bn in external bonds, with the aim to attract more creditors as it considers improving the deal. Talks will take place within the next two weeks and the deadline to reach an agreement is set for May 7. The first offer was made on April 24, 2020 and consisted of a three-year grace period, a 55% interest payment reduction, 7% discount on principal payments, and two interest-only bonds. Creditors have not yet accepted the terms, and some filed a lawsuit in New York for repayment in March. GoldenTree Asset Management made the only reported counteroffer to swap the original bonds for new notes with no reduction in the principal, but with extended maturities, grace periods and step-up interest rates. Buenos Aires rejected the offer on the grounds that it cannot afford the $2bn repayment over the next four years nor the 7.5% average interest rate on the new notes. However, the province “remains optimistic that an understanding leading to a successful debt restructuring is possible,” according to a statement released by Buenos Aires. Buenos Aires is amongst the last of several provinces in Argentina to restructure its debts.
Buenos Aires´ USD bonds were slightly up. Its 7.875% 2027s up .75 to 37.938, yielding 30.49%.
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