Argentina’s sweetened debt offer wins early support

Argentina’s new debt restructuring offer won a tentative thumbs up from creditors as they digested the details. Under the proposal, Argentina would start making payments in one year versus three in its original offer, made in April. Coupon payments start low but could rise to around 5%. Two prominent funds, Gramercy and FinTech, said they would back the deal. However, there was no immediate sign of whether it would gain the blessing of the biggest bloc of creditors, including BlackRock and Fidelity, which could torpedo any deal.

Source: Reuters