It was one of the longest-awaited press releases in recent memory. “Argentina announces settlement of its successful exchange offer” was the headline; the date at the top was June 10 2005. No-one imagined it would take anywhere near so long, but now the largest bond exchange in history has been officially concluded.
It was probably also the most lucrative bond exchange in history for the banks involved. A total of $62.3 billion of bonds was tendered into the exchange, of which $36.75
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