YPF bondholders mobilise against exchange offer

YPF, Argentina, LatAm, 575, oil, gas
By Oliver West
13 Jan 2021

Holders of bonds issued by Argentine state oil and gas company YPF are seeking to form a creditor committee to block a proposed distressed debt exchange that analysts say is unlikely to gain much traction with creditors.

On Friday, YPF launched an exchange offer for all $6.228bn of international bonds maturing between 2021 and 2047, asking bondholders to swap their debt for a combination of senior secured export-backed 2026s, senior unsecured 2029s and 2033s, and — in the case of its 2021s — a ...

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