Argentina Throws in Towel on Brady Exchange

Argentina Throws in Towel on Brady Exchange

Argentina Corporate & Sovereign Strategy

Argentina has canceled its offer to exchange $340m of defaulted Brady bonds after a US court decision meant the conditions of the swap couldn’t be met. The US Court of Appeals overturned an initial court order to release and transfer collateral securing the bonds to pay accepting holders, leaving the sovereign unable to complete the agreement. Officials had previously indicated an 80% acceptance rate, or $267m, for the offer launched in December. Despite the deal’s small size relative

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