During last week there were no major news regarding the debt exchange. Although the latest proposals note a small difference in present value (approximately USD 5-7) between the bondholders' proposals and the official offer, the discrepancy seems to be on the contractual and legal side. Argentina wants to issue the bonds under the 2016 indenture, while certain groups seek all or part of the issue under the 2005 one, with broader legal clauses and greater protection for the creditor. On the other hand, there would also appear to be discrepancies between contingent coupons and current interest payments.
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Fixed Income Weekly