Argentine bonds were paralyzed on Monday as investors awaited word from debt tal...
BUENOS AIRES - Argentine bonds were paralyzed on Monday as investors awaited word from debt talks between the cash-strapped government and its biggest creditor, the International Monetary Fund, that were expected to set the tone for a massive bond restructuring ahead.
Local debt prices took a hit last week after the government was forced to abandon a bond sale due to low investor interest, and then stunned holders by unilaterally pushing back the principal payment of a local bond that had been due on Thursday. A statement expected from the fund on Wednesday, at the conclusion of the talks, may indicate how much debt relief it is willing to grant, and how supportive it will be of the country’s plan to restructuring more than $50 billion in sovereign bonds.
“But if the IMF sounds like it will not be flexible on collecting its own loans, it will be mayhem because that would mean Argentina would have to be even harsher in the restructuring of is privately held bonds,” Reschini said.
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