CGC underwhelms with bond swap

CGC underwhelms with bond swap

Corporate & Sovereign Strategy Bonds Debt Fixed Income Argentina Gas Oil

Argentine oil company Compañía General de Combustibles (CGC) received offers by an early bird deadline to swap $8 million of the up to $40 million in 9.5% 2021 bonds for new 9.5% 2025 notes, a sign of the waning investor appetite for assets in the country. CGC launched the offer September 16 to swap up to 43% of the $93.4 million in outstanding 2021s for the new 2025s, helping to ease its near-term debt payments. But only 20% of the bondholders accepted the terms by the early bird deadline on We

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