Argentina

Argentina creditors seek global support for bond clause changes

By Rodrigo Campos and Tom Arnold

NEW YORK/LONDON (Reuters) – A group of Argentina’s creditors has contacted the Institute of International Finance and other global bodies for support to amend legal clauses in its sovereign bond restructuring, a spokesman for the organisation said.

Buenos Aires is trying to clinch a deal to restructure around $65 billion in foreign debt by Tuesday, though it is likely to push that deadline back after bondholders grouped behind a counter-proposal, causing an impasse in talks.

Specific details of what creditors are seeking the support of the organisations on was unclear.

But collective action clauses (CACs), which determine the requirements for any future changes made to the bond agreements, are a key issue in the negotiations.

The bondholders, including BlackRock, Ashmore and Fidelity Management and Research, also made informal contact with the International Monetary Fund, U.S. Treasury and the International Capital Market Association, a creditor

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Argentina Creditors Seek Foreign Backing on Debt Clauses

(Bloomberg) — Argentina’s creditors have approached several international organizations to seek endorsement for a proposal to change the rules that govern some of the country’s overseas securities, according to people familiar with the matter.

The International Monetary Fund, the U.S. Treasury, the International Capital Market Association and the Institute of International Finance are among the organizations that have been informally approached by bondholders, said the people, who asked not to be identified discussing a private matter.

While the groups have no formal say over how bond contracts are worded, the idea is that their buy-in would give Economy Minister Martin Guzman political cover to accept the changes, which bolster creditors’ rights by closing legal loopholes for Argentine bonds issued in 2016 and later. The changes to the indentures is a key point of negotiation in the final stretch of talks between Argentina’s government and major creditors including Blackrock Inc., Ashmore

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Argentina Creditors Seek International Backing on Debt Clauses

(Bloomberg) — Argentina’s creditors have approached several international organizations to seek endorsement for a proposal to change the rules that govern some of the country’s overseas securities, according to people familiar with the matter.

The International Monetary Fund, the U.S. Treasury, the International Capital Market Association and the Institute of International Finance are among the organizations that have been informally approached by bondholders, said the people, who asked not to be identified discussing a private matter.

While the groups have no formal say over how bond contracts are worded, the idea is that their buy-in would give Economy Minister Martin Guzman political cover to accept the changes, which bolster creditors’ rights by closing legal loopholes for Argentine bonds issued in 2016 and later. The changes to the indentures is a key point of negotiation in the final stretch of talks between Argentina’s government and major creditors including Blackrock Inc., Ashmore

Read More