Macroeconomy/Finance

BA province averts default and pays $277mn for BP21 bonds

Buenos Aires province will not default and will pay this week $250 million capital plus $27 million interest of bond BP21 originally due on Jan. 26, Governor Axel Kicillof said. The announcement came after failure of negotiations for getting agreement with 75% of bondholder over a delay until May 1, being Fidelity Investments the main group opposed to the deal. The province will use own resources to fulfil obligations rather than seeking assistance from federal government.

Source: Clarín