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Capital Markets Weekly: Market activity revives but pending tapering decisions remain key
The Province of Buenos Aires announced on 30 August that 98% of its bondholders had accepted its latest debt restructuring proposals. This provided a qualifying majority for the planned restructuring of USD7.1 billion of debt, which will provide USD4.6 billion of debt relief by 2027, lowering coupons and tripling the province's average debt maturity according to Ámbito newspaper. Reaching agreement almost ends a process that has lasted over a year and involved 21 extensions of the Province's proposed restructuring offers. Prior reports noted that USD1.9 billion of the Province's debt have collective action clauses ... (full story)