Paula Lugones
Mary Church
06/18/2020 - 17:36
- Clarín.com
- Economy
- Economy
The differences seem to have deepened in recent hours between private debt creditors and Argentina . After the confidentiality agreements were dropped, Martín Guzmán's economic team decided to announce the latest proposals that were on the table and the bondholders also marked their position.
After the harsh statement that the Ad Hoc group (which is made up of the BlackRock fund) released on Wednesday night, in which it does not rule out going to court, the other two, that of the Exchange Bond Holders and the Argentine Creditors Committee made their positions known.
“Our group's most recent joint restructuring proposal includes significant improvements to Argentina than our previous offers. It demonstrates our commitment to working with the country and was designed to put Argentina on the path to sustainable prosperity, ” the Exchange Bondholders Committee tweeted in its account.
A source from that group highlighted that the difference in the counteroffer they presented with the Argentine proposal is minimal and also said that they believe that the country would be in a position to reach the minimum thresholds of the collective action clauses (CAC), to avoid possible lawsuits. .
"Argentina is accruing US $ 11 million in interest per day. The difference of US $ 1,100 million between what Argentina offers and what we want is compensated in three months, ”they assured.
They also sent several charts with the proposal they made and with the difference that there would be with Argentina. According to the promoters of this proposal, they justify that it implies a debt relief of US $ 40,000 million until 2028, with coupons that do not exceed 5%. In addition, they highlight, it is "without debt amortization during the current presidential term." The average coupon over the life of the bond package at 3.91%, lower than countries like Brazil, Colombia or Mexico and offers financing until 2046, a period that it indicates as "substantially higher than other available sources", they assure.
"I think that with this proposal they come to the CAC. We have to wait, " added the source in dialogue with Clarín .
Reaching the clauses (CAC) implies achieving for each bond series an adherence of 50% in the case of the securities issued since 2016 to this part and 66% for those placed in the exchanges of 2005 and 2010.
As they explained from that group, the interests that they calculate for US $ 11 million per day arise from what the country would have to pay while not restructuring, "and without counting penalties for being in default," they assured.
These demonstrations are in addition to those that the Ad Hoc group made on Wednesday night through a harsh statement. "Given the failure of the bondholder negotiations, our Group is now considering all available rights and resources in our capacity as trustees for the millions of savers we serve around the world," they said.