The final the sovereign debt swap proposal was disclosed. Initial analyses indicate that there was a strong improvement with respect to the initial offer, many the results of negotiations with bondholders groups. Although the present value of the offer is very close to creditor’s requests, prospectus presented to 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 can keep the 2005 contract in the new bonds. Although some smaller funds (Gramercy, Fintech) have already made public their support for the proposal, the largest groups (Ad-Hoc and Exchange) answer was initially negative and we understand that the acceptance of these groups will depend on the success or not of the exchange.
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Fixed Income Weekly