Argentine bank wraps swap but default looms

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Argentine bank wraps swap but default looms

BCRA, Banco CEntral de la República Argentina, central bank, Buenos Aires, Argentina, LatAm, currency controls, peso, 575
Alexandr Vorobev - stock.adobe.com

Banco Hipotecario, the Argentine bank focussed on mortgage and consumer loans, will swap nearly 47% of its dollar bonds maturing on November 30 for new 2025s and cash. Fitch says it understands the central bank — which in September announced restrictions on hard currency debt refinancing — has approved the deal and that Hipotecario will be able to access a sufficient amount of dollars to carry out the swap.

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