The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

In profile - Guillermo Nielsen

You did your first dollar bond since the default in July. What was the strategy behind that?

Guillermo Nielsen,
Finance secretary

We are augmenting issues that are already in the market, be they peso-denominated or dollar bonds. But they are basically Bodens, which is post-restructuring debt, issued under local legislation. One of the lessons of the restructuring is that local versus international legislation doesn't make any significant difference, if any at all. We are in a truly globalized market. People that buy the bonds come from the usual hedge funds in New York, London and so on. What we have been doing is increasing the supply of bonds they already own.

We also had to be very careful during the restructuring process to disentangle the [huge] number of bonds and financial instruments. That made things very difficult to manage. So now we're keeping indebtedness in as few bonds as possible.

Who were the main investors in the dollar bond?

Hedge funds.

Do you think that the bond showed that investors have short memories?

[Pausing] No.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree