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Argentina announces preliminary results of Brady Bonds swap

January 03, 2011 | Cbonds

On December 30, 2010 The Republic of Argentina announced the preliminary results of its invitation launched on December 6, 2010 to tender $330 mln of defaulted Brady Bonds for a basket of U.S. dollar-denominated bonds (New Securities) and a Cash Payment. The invitation expired on December 29, 2010.

According to SEC filings, the invitation has received
  • 81.67% approval rate from the holders of U.S.$185,047,000 in USD Par Bonds due 2023;
  • 89.56% approval rate from the holders of U.S.$77,900,000 in USD Discount Bonds due 2023;
  • 69.27% approval rate from the holders of EUR 46,417,633 in DM Par Bonds due 2023; and
  • 59.85% approval rate from the holders of EUR 7,756,298 in DM Discount Bonds due 2023.

Aggregate principal of New Securities to be issued amounts to
  • U.S.$28,954,735 in US dollar-denominated discount bonds due December 31, 2033;
  • U.S.$8,502,875 in U.S. dollar-denominated 8.75% global bonds due 2017; 
  • U.S.$86,329,073 in U.S. dollar-denominated GDP-linked Securities expiring no later than December 15, 2035.
Argentina will also pay $166.6 mln in cash.

Argentina has not issued global bonds since its 2001-02 default because of default-related lawsuits. The goverment has restructured about 92% of the $100 billion in defaulted debt through 2005 and 2010 exchanges which did not include Brady bonds.

Організація: Argentina

Повна назва організаціїRepublic of Argentina
Країна ризикуArgentina
Країна реєстраціїArgentina


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