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Emerging MarketsEM LatAm

YPF warns over default as creditor group rejects improved terms

YPF, Argentina, LatAm, 575, oil, gas

A set of investors owning more than 45% of a YPF bond maturing next month say they will not support the Argentine oil and gas company’s attempt to swap the notes for a combination of new senior secured bonds due in 2026 and cash — even after the issuer improved the offer on Monday. However, emboldened by the public support of a separate bondholder group, YPF responded late on Tuesday that investors should participate in the deal “with a view to contributing to the preservation of their investments”.

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