Argentine massive bonds swap on track

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Chalk one more up for Nestor.

The United States Securities and Exchange Commission, SEC has given the much awaited green light to the huge restructuring package of Argentine debt.

“The debt swap has been approved and now we must wait for Argentina to advance”, said John Heine SEC spokesperson.

Argentina defaulted in December 2001 and has offered to swap an estimated 101 billion US dollars of unpaid sovereign bonds for approximately 42 billion US dollars in new debt.

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Analysts expect an estimated 70% of investors to accept the offer, but some bondholders have already expressed their disagreement with the offer.

MercoPress