Friday, 23 January 2009

Argentina: Guaranteed Loans Swaps a Done Deal? Swap of Bodens May Come Next

Ambito newspaper reported today that the government already sealed the local tranche of the guaranteed loans (GLs) swap. Investors have submitted bids worth $3 billion of GLs, the equivalent to 50 percent participation of debt eligible for the transaction, according to the paper. The swap is scheduled to take place next Wednesday. HSBC Securities analysts estimated recently that a transaction in such terms would trim borrowing requirements this year by about $1 billion. One investor said that next in the government plans could be a new swap of 2012 Bodens for discounts, aimed at international investors.

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