As the first anniversary of the completion of Argentina’s debt restructuring passes this month, some analysts are arguing that the deal is proving to be much more generous than many people initially assumed. The $81.8 billion bond exchange provoked tremendous controversy (and still does) as many investors criticized it as unfair – after all about $20 billion-worth of bonds remain untendered.
Walter Molano, managing partner at BCP Securities, takes a different view. “Little do these investors realize that had they participated in the exchange they would have been made whole,” he says.
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