Argentine province Buenos Aires sees breakthrough in $7 billion debt talks

22 Tháng Bảy 2021
Argentine province Buenos Aires sees breakthrough in $7 billion debt talks

By Adam Jourdan and Marc Jones

BUENOS AIRES (Reuters) -Argentina's Buenos Aires province said on Wednesday that it had struck a breakthrough agreement in long-running talks with key creditors to restructure $7 billion of its international debt.

The provincial government said the agreement https://www.prnewswire.com/news-releases/the-province-of-buenos-aires--agreement-with-certain-bondholders-301338433 with its main creditor GoldenTree Asset Management and other bondholders would allow it to formally amend its current offer and "move forward towards the completion of the debt restructuring process."

It sent the bonds at the centre of the talks sharply higher on hopes it would draw a line under one of the main unresolved debt issues in Argentina after the national government and other provinces struck their own restructuring deals last year.

The negotiations had sparked tensions with creditors, who earlier this year filed a lawsuit against what they called a "continued default" by the provincial government.

The province said the new offer would imply a total reduction in debt service payments of some $4.45 billion between 2020 and 2024, while average payment coupons would be reduced to 5.6%.

"Reaching this understanding, after intense negotiations, was possible thanks to the shared efforts allowing us to move towards a definitive solution," provincial finance minister Pablo López said in the statement.

Reuters could not immediately reach the province's main creditor committee for comment, though one investor involved, who requested anonymity, called it "a very generous deal for creditors".

"I would not have expected that they would have gone so far," he added.

Dollar debt issued by the province roared higher with the 2024 bond adding more than 3 cents to trade at levels last seen in September last year.

Buenos Aires' López added that the agreement had been helped, in part, by improving economic conditions and declining cases of COVID-19 amid a national and regional vaccination push.

"This is a key step to recover a sustainable debt profile, according to our ability to pay and the enormous difficulties that we must face," he said.

Earlier in July the province, the South American country's wealthiest, extended the deadline for the negotiations to July 23 to allow a "last round" of talks.

The agreement with top creditors is key, though the local government will now need to formally amend its offer to allow all bondholders to decide on accepting or rejecting it. It said it would extend the invitation deadline for this to Aug. 13.

"I have to think that this should get done," said Siobhan Morden, head of Latin America fixed income strategy at Amherst Pierpont Securities.

"The deal risk is much lower with Buenos (Aires) conceding on higher coupons, more recognition of PDI (past due interest), partial cash payment and stronger indentures."

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03-08-2021 07:03:35 (UTC+7)

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 EUR/USD1.1874↑ Buy
 GBP/USD1.3892↑ Buy
 USD/JPY109.25↑ Sell
 AUD/USD0.7362Sell
 USD/CAD1.2496Neutral
 EUR/JPY129.72Sell
 EUR/CHF1.0751Neutral
 Gold1,816.05Buy
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 Crude Oil WTI71.45Sell
 Brent Oil73.12↑ Sell
 Natural Gas3.976↑ Sell
 US Coffee C172.95↑ Sell
 Euro Stoxx 504,116.62↑ Sell
 S&P 5004,387.11Sell
 DAX15,568.73↑ Sell
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 Hang Seng26,148.00Sell
 Small Cap 20002,218.51Buy
 IBEX 358,758.70Neutral
 BASF66.305↑ Sell
 Bayer50.57↑ Sell
 Allianz194.20↑ Buy
 Adidas318.15↑ Buy
 Lufthansa9.531↑ Sell
 Siemens AG135.28Buy
 Deutsche Bank AG10.510↑ Sell
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SJC Nhatrang5,650/ 5,722
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