Provinz Buenos Aires

[rubberneck]

Warte schon auf die nächste Fristverlängerung vom 26.02.2021 bis ???? - konnte aber bisher noch nichts dazu finden

Die anderen Provinzen, zuletzt Salta und Feuerland sind da schon weiter - aber was juckt das Buenos Aires!

[OceanCloud]

es scheint wohl eine weitere Verlängerung bis 26. März zu geben

[Prospektständer]

Erneute Verlängerung (laut meiner Depotbank Eingang bis 24.03.).

[efuzzy]

Am 5.3.2021 um 15:05 von Prospektständer:

Erneute Verlängerung (laut meiner Depotbank Eingang bis 24.03.).

Das passt  offensichtlich zur mutmaßlichen Strategie von PBA.

Ad Hoc Group of Buenos Aires Bondholders Expresses Concern about Long-Standing Bond Default and Signals Readiness to Exercise Remedies.html

[Franz.Josef]

Ich fürchte, wir müssen mit weiteren Verlängerungen rechnen.

ARG hat kein Interesse an einem Abkommen mit dem IWF und PBA und ARG scheinen kein Interesse daran zu haben, wieder kapitalmarktfähig zu werden. 

Das scheint bei einem großen Teil der Wähler gut anzukommen. 

[gravity]

Renegociación de la Deuda Pública Privada bajo Legislación Extranjera ... Google-Übersetzung:

Zitat

Renegotiation of Public Private Debt under Foreign Legislation

 

The Province held good faith conversations under a confidentiality agreement with one of the main creditors.

 

Since the beginning of the administration of the current governor, Axel Kicillof, in the face of the situation in which the provincial public debt was found, work was done to ensure that the Province once again had a sustainable debt, aligned with its real payment capacity. Thus, on December 20, 2019, the PBA government began the process of consultations with its external private creditors with a view to defining measures to ensure the sustainability of the provincial public debt. Already in February 2020, the governor announced that the process of restructuring the public debt in foreign currency was beginning and progress was made in the process of identifying the main holdings.

 

The Province always showed a willingness to pay within its possibilities, as evidenced by the fact that in the first 3 months of 2020 debt services denominated in foreign currency with the private sector have been canceled for approximately USD 388 million, despite facing an international market closed and the enormous uncertainty generated by the pandemic.

 

The crisis unleashed worldwide by covid-19 accelerated the need for the Province to seek long-term solutions for the sustainability of its debt. To that end, the Province took various steps that made it possible to formalize a specific proposal to debt holders under foreign legislation on April 24, 2020, which incorporated some of the ideas and requests that creditors had made to the Province throughout the year. process.

 

Since the invitation was formalized, the Province held numerous meetings and conversations with representatives of the main creditors and their advisers.

 

The main request of the creditors during the first months was time to obtain clarity about the solution that the National Government reached with its own creditors under foreign law, which led the Province to extend the original expiration date of its invitation.

 

In August 2020, Argentina announced its final offer for creditors of national securities under foreign law and, on the 31st of the same month, the results of the process were known. With the national outlook cleared, during September 2020, the Province held a meeting with those creditors who had formed a bondholders' committee, in which the Province updated its fiscal, economic and social information, intensifying the dialogue in good faith with the advisers to major security holders who had not yet accepted the offer.

 

Unfortunately, this process was interrupted and delayed by the decision of the bondholders' committee to change its advisers. In November 2020, the bondholders' committee hired new advisers, which allowed the dialogue to be resumed in good faith to find a constructive solution to the problem of unsustainable debt denominated in bonds under foreign legislation.

 

In the repeated meetings with said advisers, the Province exposed the fiscal restrictions and the limitations at the macroeconomic level, as conditions to evaluate the possibilities of payment of the provincial debt services. The need to agree on initial payments that did not compromise the Province's ability to resume a path of sustained growth was also underlined.

 

The new advisers to the committee said investors expected a change in the terms of the initial offering in many respects. In turn, the bondholders' committee approached proposals whose characteristics exposed the Province to future defaults, putting at risk the sustainability at the aggregate level and the self-interest of the set of provincial creditors.

 

During the first months of 2021, conversations with the advisors of GoldenTree Asset Management LP, the main creditor of the Province and the most proactive, intensified. This dialogue has been very useful, and led to restricted discussions with that creditor. In this framework, the Province presented indicative terms of a possible amendment to the current invitation, which show an important effort by the Province to respond to the demands of creditors to the greatest extent possible, without losing the goal of ensuring the sustainability of the the commitments assumed by the Province.

 

In particular, the capital deduction was eliminated, coupons were raised and the average life of more than 13 years was reduced to 11 years. Additionally, preserving good faith, it was proposed to recognize the contractual interest accrued by the eligible bonds throughout the process, in the terms and conditions of the new bonds, to those investors who agreed to participate in the invitation. Thus, the Province indicated that it would dedicate payments for almost USD 1,800M above the original offer to the repayment of the bonds under foreign legislation in the 2021-2030 period.

 

Despite the improvement in the total value of the package, bondholders continue to demand concessions that would contribute nothing to the real solution of the provincial debt problem. Terms and conditions have been requested that are impossible for the Province to accept, including rates of 7.5%, a value equivalent to the average coupon of the debt that is being restructured.

 

Faced with this situation, the Province will continue to state that any agreement has to be aligned with the fiscal reality and the genuine payment capacity of the Province, considering the macroeconomic context. The new maturity profile should seek to make the debt sustainable in financial and social terms, ruling out agreements with mere short-term reliefs that imply finding the provincial debt in the same situation again within a few years.

 

We have numerous debts to face; the data on poverty and indigence for the first half of 2020 show that almost half of the people living in the districts of Greater Buenos Aires are poor, the data on people living in extreme poverty is unacceptable and the situation is even more critical in the youngest, more than 60% of the children of the Province of Buenos Aires live in poverty.

 

There is no ability to pay if there is no growth. In order to repay the debt, it is necessary to grow steadily and for this it is necessary to promote provincial activity with a strong investment in physical and social infrastructure. It is necessary to have sufficient fiscal space that allows carrying out a comprehensive program that boosts productivity within the provincial territory, which must inevitably be accompanied by a responsible management of public debt. This path, in short, ensures an improvement in tax revenues and thus the future payment capacity.

 

Currently, the invitation period expires on March 26, 2021. The Province and its advisers have expressed the desire to continue discussions in good faith with creditors to promote a debt restructuring that significantly contributes to stabilizing the current economic situation. , alleviate the medium and long-term limitations of the Province's economy created by the debt burden and return the Province's economic trajectory to long-term growth. The Province has candidly communicated its genuine ability to pay. Creditors are aware of the challenges facing the Province and we hope that they will reflect that understanding in their counterproposals.

 

The following link incorporates the indicative terms presented by the Province in the framework of the restricted conversations.

 

Link: Illustrative Terms

[Franz.Josef]

Vielen Dank für diese schnelle Information!

Sehr bemerkenswert und ungewöhnlich,  das PBA  jetzt mit Informationen an die Öffentlichkeit geht, die eigentlich absolut vertraulich sind.

[ricci]

Die Absicht eine Lösung herbeizuführen ist erkennbar. Danke für die Information.

[Maikel]

Auch von mir danke für die Info. Und die Bitte, mich mal in Kurzform auf den aktuellen Stand zu bringen:

 

Ich halte noch das Rest-Sechstel von PBA20 A0GJKV. Ich hatte mich ausgeklinkt, weil das erste Angebot für diese Papiere absolut lächerlich war, und ich die Hoffnung hatte, daß der Rest doch noch komplett zurückgezahlt werden.

 

Von meiner Bank (maxblue) habe ich nie eine Anfrage zur Annahme eines Angebots bekommen, und mich auch nicht darum gekümmert.

 

Das jetzige Angebot ohne Haircut erscheint mir akzeptabel (auch wenn ich es lächerlich finde, daß mein Rest-Sechstel dann in 15 Raten zurückgezahlt würde).

 

Muß ich mich aktiv um eine Annahme des Angebots kümmern?

[Franz.Josef]

Aus meiner Sicht musst du nicht aktiv werden, falls das Angebot nach einer Einigung der Gläubiger mit PBA vorliegt:

Falls die für die Annahme des Umschuldungsangebots notwendige Mehrheit erreicht wird, werden ALLE Anleihen umgeschuldet, auch solche, die nicht mit abgestimmt haben oder für Ablehnung votiert haben. 

[droescher]

vor 6 Stunden von Franz.Josef:

Aus meiner Sicht musst du nicht aktiv werden, falls das Angebot nach einer Einigung der Gläubiger mit PBA vorliegt:

Falls die für die Annahme des Umschuldungsangebots notwendige Mehrheit erreicht wird, werden ALLE Anleihen umgeschuldet, auch solche, die nicht mit abgestimmt haben oder für Ablehnung votiert haben. 

Es ist unklar, ob man beim Tausch mit und ohne Zustimmung dasselbe bekäme. Im von gravity verlinkten Dokument steht:

PDI recognition for consenters: capitalized into the New Bonds

Bei der Restrukturierung der Republik erhielten die Zwangstauscher einen geringeren Anteil der Stückzinsen als diejenigen, die zugestimmt hatten.

[OceanCloud]

Verlängerung bis 23. April

[efuzzy]

Am 22.3.2021 um 17:38 von Franz.Josef:

Aus meiner Sicht musst du nicht aktiv werden, falls das Angebot nach einer Einigung der Gläubiger mit PBA vorliegt:

Falls die für die Annahme des Umschuldungsangebots notwendige Mehrheit erreicht wird, werden ALLE Anleihen umgeschuldet, auch solche, die nicht mit abgestimmt haben oder für Ablehnung votiert haben. 

Heute habe ich endlich eine Antwort einer BAFIN-Mitarbeiterin gesehen: BAFIN ist kein Anwalt von MiFiD. Ich habe bisher angenommen,, dass in dem Angebot steht, dass  die Eigner, die MiFid unterliegen, nicht umtauschen können. Daher überrascht mich obiger Kommentar. 

 

 

PBA - Proposed Offer Press Release 4.23.2020.pdf brief an bafin.odt

VBS 2_QB 4100-2021_0011.pdf

[gravity]

Renegociación de la Deuda Pública Privada bajo Legislación Extranjera ... Verlängerung bis 07.05.2021

Zitat

(Google-Übersetzung) ... The Province still relies on a last-ditch effort to reach an understanding with a majority of creditors, this being the only reason for not having formally amended the invitation.
The Province remains committed to good faith negotiation, and has demonstrated this throughout the entire process, despite the uncompromising attitude of some individual creditors. In this way, and from the full conviction that it is possible to reach a sustainable agreement with the creditors that have not yet accepted the offer, we will invite the main holders to a final round of consultations in order to identify the final improvements to incorporate in a formal amendment to the proposal, which will incorporate all possible improvements within the framework of provincial debt sustainability and aggregate macroeconomic sustainability. The Province will make public, during the next weeks, terms and conditions to amend the original proposal.
The Province remains optimistic that an understanding leading to a successful debt restructuring is possible.

 

[s1lv3r]

Am 30.3.2021 um 13:11 von efuzzy:

Ich habe bisher angenommen,, dass in dem Angebot steht, dass  die Eigner, die MiFid unterliegen, nicht umtauschen können.

 

Hast du diese Ansicht denn nach Durchsicht der von dir angehängten Pressemitteilung gewonnen?

Für mich steht da nämlich ehrlich gesagt etwas anderes:

• Es geht darum, dass die neuen Umtauschanleihen nicht für den Vertrieb an Kleinanleger bestimmt sind (es wird in diesem Zuge darauf hingewiesen, dass es kein KID geben wird, welches einen entsprechenden Handel ermöglichen würde).
• Selbst wenn man den Passus irgendwie so interpretiert, dass ein Umtausch ausgeschlossen wäre, erfolgt die Erwähnung von MiFiD ja einzig in Bezug auf die Definition, wer als Kleinanleger zu gelten hat. Das heißt der Kontext ist gar kein "wegen MiFiD" sondern nur ein hilfsweiser Verweis auf MiFiD um zu definieren, wer als Kleinanleger gilt.

 

Hier nochmal der entsprechende Part:

Zitat

The New Securities [...] should not be offered, sold or otherwise made available to any retail investor in a Relevant State. For these purposes, a “retail investor” means a person who is one (or more) of: (i) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”);

 

[...]

 

Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling [...] has been prepared and therefore offering or selling [...] may be unlawful under the PRIIPs Regulation.

 

[MagicMike]

Der 3.5. ist ja jetzt auch schon eine Weile durch. Gibt es a was neues?

[Aldy_BB]

vor 16 Minuten von MagicMike:

Der 3.5. ist ja jetzt auch schon eine Weile durch. Gibt es a was neues?

Du errätst es selbst ... erneute Verlängerung.

Ich glaube bis 21. Mai.

[OceanCloud]

Wohl Verlängerung bis 4. Juni

 

[efuzzy]

Am 26.4.2021 um 19:56 von s1lv3r:

 

Hast du diese Ansicht denn nach Durchsicht der von dir angehängten Pressemitteilung gewonnen?

Für mich steht da nämlich ehrlich gesagt etwas anderes:

• Es geht darum, dass die neuen Umtauschanleihen nicht für den Vertrieb an Kleinanleger bestimmt sind (es wird in diesem Zuge darauf hingewiesen, dass es kein KID geben wird, welches einen entsprechenden Handel ermöglichen würde).
• Selbst wenn man den Passus irgendwie so interpretiert, dass ein Umtausch ausgeschlossen wäre, erfolgt die Erwähnung von MiFiD ja einzig in Bezug auf die Definition, wer als Kleinanleger zu gelten hat. Das heißt der Kontext ist gar kein "wegen MiFiD" sondern nur ein hilfsweiser Verweis auf MiFiD um zu definieren, wer als Kleinanleger gilt.

 

Hier nochmal der entsprechende Part:

 

Was gilt nun für Kleinanleger aus dem EU-Raum?

[asche]

vor 3 Stunden von efuzzy:

Was gilt nun für Kleinanleger aus dem EU-Raum?

Dass sie (offiziell) nicht tauschen dürfen. Manche Banken scheinen das nicht so genau zu nehmen; den anderen bleibt nur auf CAC-Zwangstausch zu warten (ohne "consent" Zuckerle) oder zu verkaufen.

[asche]

Am 24.5.2021 um 18:00 von OceanCloud:

Wohl Verlängerung bis 4. Juni

Wie nicht anders zu erwarten, erneute Verlängerung bis (erstmal) 18. Juni (aus dem BB kopiert):

Zitat

La Plata, Buenos Aires, Argentina: The Province of Buenos Aires (the “Province”) today announced that it has further extended the expiration of its invitation (the “Invitation”) made to holders of certain eligible bonds (the “Eligible Bonds”) listed in the Invitation Memorandum dated April 24, 2020 (as amended and supplemented from time to time, the “Invitation Memorandum”) to submit orders to exchange their Eligible Bonds for new bonds pursuant to the terms and subject to the conditions described in the Invitation Memorandum from 5:00 p.m., Central European Time, on June 4, 2021, to 5:00 p.m., Central European Time, on June 18, 2021 (the “Expiration”), unless further extended or early terminated. Accordingly, unless the Province, among other things, does not further extend the Expiration or terminate the Invitation early, the Invitation Period (as defined in the Invitation Memorandum) is extended through the new Expiration, the Results Announcement Date (as defined in the Invitation Memorandum) shall be June 21, 2021 or as early as practicable thereafter, and the Execution Date, the Effective Date and the Settlement Date, each as defined in the Invitation Memorandum, shall be June 25, 2021 or as early as practicable thereafter.

 

[Prospektständer]

Terminsache: Eingang bis 01.07.2021 - 16:30 Uhr Umtauschangebot mit Zustimmung - Erneute Verlängerung der Frist zur Annahme des Angebotes

betrifft bei mir: BUENOS AIRES, PROVINCE OF...EO-BONDS 2005(20-35) REG.S

[gravity]

Provincia y su principal acreedor acuerdan términos para enmendar oferta de canje de deuda bajo legislación extranjera ... Google-Übersetzung:

 

Province and its main creditor agree terms to amend debt exchange offer under foreign legislation

 

The Ministry of Finance and Finance informs that, today, the Province reached the agreement of its main creditor and other bondholders regarding terms and conditions that will allow amending the formal invitation to exchange existing bonds for new bonds and move forward towards the completion of the debt restructuring process with private parties under foreign legislation.

This is a key support for the launch of the final exchange proposal, which will provide significant financial relief for the Province. The new terms will imply a reduction in total services during the 2020-2024 period of approximately usd 4,450 M (equivalent to 75% of the original commitments), the repayment terms (average life) will be tripled, while there will be a significant reduction in the total cost of the debt: the maximum coupon that the Province had to face prior to the restructuring will be reduced by about 40%, while the average coupon will be reduced to 5.6%.

The Minister of Finance and Finance, Pablo López, stated that: “Having achieved this understanding, after intense negotiations, was possible thanks to the shared efforts that make it possible to move towards a definitive solution. This is a key step to recover a sustainable debt profile, according to our ability to pay and the enormous difficulties that we must face, also taking care of the impact of the provincial debt on our macroeconomy. Undoubtedly, concluding this instance of negotiation was possible due to the improvement of the economic and social context, and due to the reduction of the risks associated with the pandemic, as a result of the extensive vaccination program that is being carried out in the province of Buenos Aires and all the country". 

In this way, the Province will advance with the formal amendment to the invitation to reflect the agreement reached. Once the process is completed, there will be a debt profile compatible with the economic and social development objectives of the Province, where there will be the necessary fiscal space to sustain the economic recovery, and thus generate an adequate repayment capacity.

 

The following link incorporates the agreed terms and conditions.

[Ramstein]

Bisher habe ich aber keine Aussage zu Retail Investoren gesehen, nur für Instis.

[MagicMike]

vor 5 Stunden von gravity:

Provincia y su principal acreedor acuerdan términos para enmendar oferta de canje de deuda bajo legislación extranjera ... Google-Übersetzung:

 

Province and its main creditor agree terms to amend debt exchange offer under foreign legislation

 

The Ministry of Finance and Finance informs that, today, the Province reached the agreement of its main creditor and other bondholders regarding terms and conditions that will allow amending the formal invitation to exchange existing bonds for new bonds and move forward towards the completion of the debt restructuring process with private parties under foreign legislation.

This is a key support for the launch of the final exchange proposal, which will provide significant financial relief for the Province. The new terms will imply a reduction in total services during the 2020-2024 period of approximately usd 4,450 M (equivalent to 75% of the original commitments), the repayment terms (average life) will be tripled, while there will be a significant reduction in the total cost of the debt: the maximum coupon that the Province had to face prior to the restructuring will be reduced by about 40%, while the average coupon will be reduced to 5.6%.

The Minister of Finance and Finance, Pablo López, stated that: “Having achieved this understanding, after intense negotiations, was possible thanks to the shared efforts that make it possible to move towards a definitive solution. This is a key step to recover a sustainable debt profile, according to our ability to pay and the enormous difficulties that we must face, also taking care of the impact of the provincial debt on our macroeconomy. Undoubtedly, concluding this instance of negotiation was possible due to the improvement of the economic and social context, and due to the reduction of the risks associated with the pandemic, as a result of the extensive vaccination program that is being carried out in the province of Buenos Aires and all the country". 

In this way, the Province will advance with the formal amendment to the invitation to reflect the agreement reached. Once the process is completed, there will be a debt profile compatible with the economic and social development objectives of the Province, where there will be the necessary fiscal space to sustain the economic recovery, and thus generate an adequate repayment capacity.

 

The following link incorporates the agreed terms and conditions.

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