Buenos Aires bonds added to recent losses on Tuesday after the province asked ho...
BUENOS AIRES - Buenos Aires bonds added to recent losses on Tuesday after the province asked holders for an extension for a more than $250 million payment due later this month.
“The overall purpose of the proposed amendments is to temporarily relieve the Province from certain of its short-term financial obligations by deferring the next principal payment date, originally due on January 26, 2020, to May 1, 2020,” a filing by the province said. Buenos Aires Economy Minister Pablo Lopez said in an interview with a local radio station that he was confident the provincial government would obtain enough support from bondholders to postpone the payment. It needs consent by 75% of bondholders to go into effect.
Provincial bonds maturing this year and through 2027 fell one to 10 points on Monday. The January 2021 maturity fell six points to 60 cents, according to Refinitiv data, after Economy Minister Martin Guzman confirmed the national government would not help the province with the payments.
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