Monday, 2 February 2009

Argentina Reopens GL Swap; International Investors Allowed to Bid

One source just told us that in a second tranche, international holders of the Guaranteed Loans can participate. The swap will be under exactly the same conditions and participants will deliver PG's with a 2 percent haircut from the technical value and will receive instead a five-year bullet peso bond under local law, with a variable quarterly coupon of 2.75 percentage point plus Badlar. For the first year it will have a fixed coupon of 15.4 percent.

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