YPF ups offer but Arg investors fear more of the same

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 ...Already a subscriber? Login
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