Argentina

Buenos Aires Province has offered more incentives to bondholders to encourage them to accept a three-month delay of a small debt payment. The move makes the Argentine sovereign’s aim to restructure all its external debt by March 31 as ambitious.

Bankers and investors say that the Province of Buenos Aires is facing difficulties in persuading 75% of bondholders to support a two month delay in debt payments, prompting the government to offer a sweetener in the shape of advance interest payments.

A group of institutional investors owning Argentine government bonds said on Tuesday that they have hired Mens Sana — which is also advising creditors of the Province of Buenos Aires — and UBS as financial advisors ahead of a likely sovereign restructuring.

A group of institutional investors who own bonds issued by Argentina’s largest regional government, the Province of Buenos Aires, has hired advisors as analysts say a January amortisation from the issuer could be indicative of the new administration’s attitude to debt obligations.

A friendly face in the finance ministry was apparently enough to lift Argentine sovereign bonds ahead of a looming restructuring, but analysts warned that the government was still showing no willingness to implement the austerity measures that would make debt sustainable.

Just four days after extending the expiry date on an exchange offer, Telecom Argentina has given up trying to persuade bondholders to swap existing 2021s for a combination of longer-dated bonds and cash.

With Argentina's elections days away, the fate of the country’s $56bn International Monetary Fund bailout plan will depend on the attitude taken by Alberto Fernández, the odds-on favourite to be the next president, said bondholders.

Ministers from Argentina are flying into Washington this week but with elections just days away, the fate of the country’s IMF bailout plan will depend on the attitude taken by Alberto Fernández, the odds-on favourite to be the next president.

One of the strongest credits in Argentina will seek to entice bondholders to push out maturities by turning a portion of its existing bond into cash and increasing the coupon on the remaining amount.

One of the strongest credits in Argentina will look to entice bondholders to push out maturities by turning a portion of its existing bond into cash and increasing the coupon on the remaining amount.

Crisis-hit countries that go through a painful debt restructuring programme as part of a bailout enjoy much steeper cuts in their medium-term debt, according to an independent analysis of International Monetary Fund rescue programmes.

The same capital controls that have brought some calm to Argentine bond markets could lead to the exclusion of certain government notes from some JP Morgan indices, said the US bank on Tuesday.