IRSA launches bond swap up to $181.5 mn

Argentina’s IRSA Inversiones y Representaciones said Friday that it had launched an offer to swap up to $181.5 million in 10% bonds due this November for the same amount in two classes of new notes that will mature in 2023, the latest setback for the real estate developer as access to dollars tightens in the cash-strapped country. The offer is for swapping the 2020s for new bonds paying the same interest plus a cash sweetener of 40%, IRSA said in a securities filing.