Argentina: Schedule of actions for the management of the External Public Debt restructuring

10.02.2020

On Wednesday, 29 January 2020, the Republic of Argentina (RoA) Chamber of Deputies approved the Law for the Restoration of the Sustainability of External Public Debt.

On Thursday, 6 February 2020, the Argentine Congress approved the Law.

Schedule for the exchange programme

Pre – Launch

February -  Week 1

  • The External Public Debt Sustainability Unit, created within the scope of the Ministry of Economy, formally invites information agents, financial advisors and distribution agents to present advice offers and/or assistance related to the process considered in the Law of Restoration of the Sustainability of External Public Debt.
  • The Law of Restoration of the Sustainability of External Public Debt is treated in the Chamber of Senators.
  • The Secretary of Economy meets with the IMF Managing Director, Mrs. Kristalina Georgieva, in Rome.

February – Week 2

  • Information agents are nominated upon proposals received.
  • Signing of the Information Agent Hiring Letter.
  • The RoA will receive the International Monetary Fund (IMF) Mission for Argentina in Buenos Aires (February 12-14).
  • The Secretary of Economy will present the guidelines of the Analysis of Sustainability of the public debt of the Republic of Argentina in the Congress (February 12 to 17).

February –Weeks 3 and 4

  • Distribution agents  and financial advisors are nominated upon proposals received.
  • Signing of the distribution agents and financial advisors hiring letter.
  • 10-day period of meetings with bondholders based on the guidelines of the Analysis of Sustainability of the public debt of the RoA presented by the Secretary of Economy in the Congress.
  • Report based on the bondholders comments.

March - Week 1

The RoA determines the final structure of the Offer with the objective of restoring the sustainability of the external public debt. FAQs of the Offer circulated through the distribution agents.

Launch

March – Week 2

  • Launch of the Offer
  • Information meetings about the Offer.

Acceptance Period and Settlement of the Offer

March – Weeks 3 and 4

  • The Acceptance Period expires.
  • Press Release announcing the results of the Offer.
  • Preparation of the documentation needed for the Offer Settlement.

The schedule can be found on the RoA website (in Spanish)

There is currently no list of impacted ISINs available.

We will continue to monitor the situation and will provide further information as soon as it becomes available.

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