<b>Bankers celebrate as Cavallo buys a little time </b>
|Headline: Bankers celebrate as Cavallo buys a little time
Date: July 2001
Author: Danielle Robinson
Argentina’s $29.5 billion sovereign debt exchange deal was a great coup for the banks lead-managing it. Liability management deals are making up for a slowdown in the emerging-market debt business. How much it helped Argentina is less clear. Investors participated for technical reasons, not out of faith that the economy is improving.
If the bankers needed any more motivation to make every call, to consider every technical twist to make the deal work, they might have considered that the near-term prospects of the business in which they work – emerging-debt capital markets – also depended on the outcome.