Corporate Debt Restructuring Masterclass

18 July 2022 (Mon), 5pm Singapore/HK time

The IMF board approved a new $44bn debt deal with Argentina. The deal replaces a failed $57bn program from 2018, for which Argentina still owes over $40bn to the IMF, Reuters notes. An amount of ~$9.66bn will be disbursed immediately. IMF’s Managing Director  Kristalina Georgieva said that deal has “exceptionally high” risks and that “identification and adoption of appropriate measures, as needed, will be critical to achieve the program’s objectives.” Goals include strengthening public finances, efforts to reduce inflation, and building up the local currency debt market. Analysts say that the deal is unlikely to trigger a positive confidence shock or increase private investment.

Argentina’s dollar bonds are trading at 33 cents on the dollar.

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