Day: December 6, 2019

Argentina’s industrial activity falls by over 7% this year

Manufacturing activity accumulates a year-on-year decrease of 7.2%, according to the latest report of the National Institute of Statistics and Census (INDEC). The result is explained by the negative performance of the manufacturing subsectors, with stronger falls in cars and auto parts, machinery and equipment, chemicals and clothing. On the other hand, construction activity had a fall of 9.5% in October compared to the same month last year, while in ten months accumulates a decrease of 8.3%.

Buenos Aires Province May Default on $571 mn in January 2020

The Province of Buenos Aires is unlikely to have the cash to pay investors $571 million in January 2020. Of note, the province’s $500 million of bonds maturing in 2021 are already trading at about 50 cents on the dollar. To make matters worse for bondholders, their adversary in any restructuring talks will be Axel Kicillof, known as the economy minister who fought the tail end of an epic battle with debt investors after the nation’s $95 billion default in 2001.

Argentine soy giant Vicentin defaults on $350 mn of debts

Argentine soy giant Vicentin has revealed that is struggling to pay more than $ 350 million in debt due on Thursday and some plants are likely to stop production. Vicentin, exported 5.7 million tonnes of oils and byproducts last year, and it is the the sixth largest exporter of cereals, oilseeds and byproducts combined. A source close to the company,  said the restructuring negotiations involved around $ 350 million in debts with suppliers and an additional significant amount of bank loans.