YPF swaps most 2028s for shorter bonds

YPF swaps most 2028s for shorter bonds

Bonds

Bondholders tendered $85.2m of YPF’s 10% 2028 bond in exchange for an 8.875% 2018 instrument which it first issued in December, the Argentine state-run energy company said on Thursday. The participation means that 85.2% of the outstanding paper was submitted to the par-swap offer. The B3/-/B- rated borrower priced the 2018 bond to yield 9% last year. It was YPF’s second international bond deal since the government of Cristina Fernandez nationalized Repsol’s 51% stake in the company in 2012. The

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