Tierra del Fuego improves restructuring offer

Tierra del Fuego improves restructuring offer

Corporate & Sovereign Strategy Bonds Debt Fixed Income Latin America South America Argentina

Tierra del Fuego, the southernmost province of Argentina, has amended an offer to restructure a $200 million 8.95% 2027 bond, but a source close to the negotiations said there is still room for improvement. The province said it will pay a step-up coupon from 4.5% from April 2021 to October 2023, increasing to 5.5% through October 2026 and then 7% until maturity in 2030, according to a statement that did not provide details on the original offer. The second proposal equals a net present value of

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