YPF ups offer but Arg investors fear more of the same

Argentina, Buenos Aires, storm, YPF, LatAm, 575, lightning
By Oliver West
28 Jan 2021

Argentine oil and gas company YPF triggered a rally in its bonds this week by improving the terms of a proposed debt exchange that bondholders had initially rejected. Yet if the amendment was a sign of pragmatism from the government owned issuer, investors hardly saw it a reason for cheer, and yet another government related default is still on the cards.

YPF had stunned investors on January 8 by asking to swap all of its $6.228bn of international bonds for a combination of new senior secured 2026s and unsecured 2029 and 2033s.

A successful offer would have imposed significant losses on bondholders, as it included a two-year interest payment ...

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