Finally, the final proposal for the sovereign debt exchange was disclosed. Our first analysis indicates that there was a strong improvement compared to the initial offer, mostly as a result of negotiations with bondholders groups. Although in present value the offer is close to creditors’ requests, the prospectus filed at the SEC continues to maintain some controversies such as the redesignation of series. The positive side is that it was accepted that bondholders of the previous swap may keep the 2005 contract in the new bonds. Although some smaller funds (Gramercy, Fintech) have already made public their support for the proposal, it remains to be seen the position of the larger funds of the Ad-Hoc committee, which have just disclosed that small improvements should be included, indicating that the final offer was not consensual.
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Fixed Income Weekly