Analysts expect the Province of Buenos Aires to achieve a 90% participation rate for its $3 billion debt restructuring, when it closes on December 16. If it succeeds, it will be a stunning result, given that those investors who accept the restructuring own debt worth about 40 cents on the original dollar.
Typically, a deal with a 60% haircut would be considered derisory and insulting. But the rules of the game have changed following the sovereign’s restructuring earlier this year.
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