YPF dodges default
Financially beleaguered producer reaches debt compromise, allowing it to focus efforts on boosting Vaca Muerta supply
Argentinian state energy company YPF has agreed to restructure the bulk of its near-term debt, deferring the immediate threat of default, after bondholders accepted a fourth bond-swap offer. The Vaca Muerta producer reached an almost 60pc consensus among creditors to issue new bonds that will cover the $413mn bond, set to expire in March. Under the agreed terms, investors holding $100 in capital will receive $40 in cash and $70 in bonds maturing 2026. “When you use a 12pc discount rate to value the new 2026s, the combination of cash plus the new bonds is worth $102,” says Ezequiel Fernandez, research head at Argentinian investment bank Balanz. “That is very close to the $104 that YPF was sup
Also in this section
7 May 2024
Ample stocks and a soft demand outlook will limit how much LNG Europe can import this year
3 May 2024
Upcoming elections are likely to deliver a win for the party of president Andres Lopez Obrador, but analysts differ over to what degree his successor will stick to his energy policies
2 May 2024
Faster-than-expected economic growth fails to mask macro imbalances and shifting structural oil product trends
1 May 2024
Energean CEO Mathios Rigas looks to results of critical Anchois appraisal well