Argentina

Political woes compounded by risk-off day in markets

Argentine oil and gas company looking to chip away at near-term maturity after Sinopec acquisition

Argentine province already has the approval of 63.7% of its bondholders

Shunted bondholders feel the Province of Buenos Aires’ coercive negotiation tactics will hurt its reputation in credit markets, but investors rarely have such long memories

Argentine power company will issue $366m of green bonds as part of debt exchange

Argentina’s largest province notches 98% approval for its bond exchange, meaning new 2037 issue will surpass $5bn

Provinces of Buenos Aires and La Rioja secure creditor approval but limited impact on sovereign outlook

Sovereign’s bonds enjoy second consecutive day of gains as finance minister seeks to ‘redefine’ IMF debt

Power company tightens covenants, promises additional new notes

With the bond market monitoring Argentina’s progress in negotiating a deal with the IMF, the country’s economy ministry has promoted from within to replace its outgoing finance secretary.

Power company Genneia has become the latest Argentine company to look to refinance bonds with an exchange considered distressed by rating agencies, as capital controls in the country limit corporate issuers’ access to hard currency. Unusually, the distressed exchange will result in the issuance of green bonds.

The Province of Buenos Aires reached a debt restructuring agreement with some but not all of its bondholders last week, leaving observers pondering what was left to resolve a stalemate that has already lasted 15 months.