YPF bondholders mobilise against exchange offer

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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