March 21, 2016 |
Argentina’s new president, Mauricio Macri, has reached a preliminary agreement to end a 15-year legal battle with holdout bondholders that locked the country out of capital markets. Argentina plans to issue $15 billion in bonds to fund the payments to holdout creditors, paving the way for other issuances by Argentine provinces and private companies.
Even before the holdout announcement, Argentina’s local debt capital market showed signs of activity, as several companies, including state oil firm YPF, oil producer Pan American Energy and Telecom Personal, took advantage of market optimism following Macri’s electoral victory in November.
More Argentine companies and entities are expected to te
For Argentine companies eyeing a return to debt markets, timing could be crucial