Buenos Aires province dips into reserves to avoid default

Buenos Aires province dips into reserves to avoid default

Asset Management Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Funds Politics Argentina

Buenos Aires Gov. Axel Kicillof said Tuesday that the province will dip into its own finances to make a last-minute bond payment of $250 million to avoid default as it refocuses on restructuring all of its foreign-currency debts over the next few months.Kicillof announced the decision an hour after the noon deadline for holders of the $750 million in 10.875% 2021 bonds to accept an offer to defer the $250 million payment due January 26 until May 1. The province, the largest in Argentina, fell sh

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