In positive news for Latin American capital markets,
Argentina is finally negotiating with its holdouts. Counsel are
looking on with measured optimism.
The government has offered around $6.5 billion to US
holdouts, which represents about a 25% haircut on the
country’s defaulted sovereign bonds.
Significantly, some major holdouts have accepted the offer,
including Montreux Equity Partners and Dart Management.
That’s a positive sign and could signal a more
general change in Argentina’s position.
"The new administration has moved quickly to resolve the
holdouts standoff and this offering could change the dynamics
of negotiations completely," said Gabriel Gómez Giglio,
Baker & McKenzie.
Simon Whistler, Control RisksArgentina is
making a broad effort with its holdouts. Agreeing terms
would likely signal the country's return to international
capital markets. Under President Mauricio
Macri the administration has requested the end to an
injunction preventing it from paying creditors without also
paying the holdouts. ...