Argentina sketches out $70 billion debt revamp with big coupon cut, three-year payment halt [Reuters]
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Source: Reuters
Argentina sketches out $70 billion debt revamp with big coupon cut, three-year payment halt BUENOS AIRES (Reuters) - Argentina sketched out its debt restructuring proposal to international creditors on Thursday, involving a three-year grace period, large coupon cuts and a smaller reduction in capital, as it looks to win over bondholders to a deal. Economy Minister Martin Guzman laid out the framework of the country’s proposal, which would see it restructure close to $70 billion in foreign debt as it grapples with a biting recession that is being sharpened by the coronavirus pandemic. The offer, which will be formally launched to creditors on Friday, would involve a sizeable cut to interest payments, with an average proposed new rate of 2.33%, amounting to a saving of around $37.9 billion, or 62% of current total payable interest. There would be a smaller capital cut of around $3.6 billion, or 5.4% of the total debt stock, Guzman said. “I think it is a good proposal,” said Gabriel Zelp
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