Arg provinces line up to restructure as PBA expected to up offer

Province of Buenos Aires, PBA, Argentina, cathedral, LatAm
By Oliver West
10 Sep 2020

At least 12 Argentine provinces are either deep in restructuring talks with bondholders or are preparing to begin negotiations. But as Argentina’s finance minister Martín Guzmán calls for regional governments to renegotiate their debts in line with the federal government’s sustainability guidelines, investors are unlikely to grant the same level of debt relief they agreed with the sovereign.

Axel Kicillof, former Argentine finance minister and one-time bond market foe who now governs the Province of Buenos Aires (PBA), kicked off provincial bondholder negotiations back in January.  

At that time, he failed to persuade creditors to agree to a delayed amortisation payment — instead paying up at the ...

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