Bondholders pile pressure on Arg provinces

Province of Buenos Aires, PBA, Argentina, cathedral, LatAm
By Oliver West
26 Nov 2020

The Province of Neuquén has become the fourth Argentine regional or local government to wrap up a debt restructuring this year. But with most provincial issuers struggling to reach agreements with creditors, several provinces’ bondholders have joined forces to bolster their negotiating position. This may help bondholders force the provinces to offer deals that are better than those the national government wants both sides to make.

Neuquén joined the provinces of Mendoza and Chubut and the City of Córdoba this week in wrapping up debt restructurings.

Some 87% of holders of Neuquén’s $317m of senior secured 2028s and 93% of the holders of its $366m of unsecured 2025s agreed to participate in a consent solicitation ...

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