(Bloomberg) -- Argentine bonds declined for the first time in 10 days ahead of today’s deadline on the country’s offer to restructure $18.3 billion in defaulted bonds held out of a 2005 settlement. The yield on dollar bonds due in 2015 rose 3 basis points, or 0.03 percentage point, to 12.47 percent at 7:34 a.m. New York time. The price slid 0.09 cent to 80.9 cents on the dollar.
Argentina’s restructuring offer is slated to close today at 5 p.m. New York time. The swap may be extended if creditors holding at least 60 percent of the defaulted bonds agree to tender their securities, newspaper Clarin reported June 20.
President Cristina Fernandez de Kirchner opened the debt swap May 3, five years after her husband and predecessor, Nestor Kirchner, offered creditors about 30 cents on the dollar, the harshest restructuring terms since at least World War II, according to Arturo Porzecanski, an international finance professor at American University in Washington.
Argentina defaulted on a record $95 billion of debt in 2001. Economy Minister Amado Boudou says a successful restructuring will help South America’s second-biggest
economy regain access to international credit markets and lower borrowing costs for provinces and companies that seek to sell debt.
To contact the reporter on this story: Drew Benson in Buenos Aires at This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Last Updated: June 22, 2010 07:41 EDT
Source: http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aa9Mz9hLmgTY
