Day: March 2, 2020

Argentina hires Lazard, HSBC and Bank of America to restructure $100bn debt

Argentina’s government said on Sunday it had hired Lazard as financial advisor and Bank of America and HSBC as debt placement agents for the debt restructuring process it hopes to close by the end of March. In a brief statement the Finance Ministry limited itself to disclosing the names of the financial institutions that will be intermediaries for the restructuring of close to $100 billion in public debt.

Latam officials in talks to push Argentina auto exports that fell 54% in January

Government officials throughout Latin America are working on ways to help push automobile exports coming from Argentina. While the country’s automobile production in January (2020) rose 39.7% year-over-year to 20,683 units, exports dropped 54.2% to 8,691 units, according to the country’s vehicle manufacturers association Adef. The domestic market (dealership sales) was also down by more than 14% in the same comparison.

Investors fear that IMF talks will let Argentina off the fiscal hook

A new program being discussed by Argentina and its biggest lender, the International Monetary Fund (IMF), could set up private bondholders for heavy losses without requiring the spending cuts needed to make the country solvent, investors say. Argentina and the IMF announced last month they will explore the possibility of a new program that would replace a defunct $57 billion loan agreement struck by the previous government in 2018.