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Argentina Hinders Debt Swap by Not Offering Puts on Peso Bonds
Argentina’s central bank isn’t offering put options for peso bonds the government is selling this week in a record debt swap, a move that’s discouraged private banks from participating in the deal, according to two people with direct knowledge. The decision not to include puts — pledges to buy back bonds if they fall below a certain price — is key because they’re one of the main tools to persuade banks to swap peso bonds maturing this year for new notes that stretch between 2025 and 2028, the people said. While Argentina’s treasury is conducting the swap, the central bank oversees the puts and informed ... (full story)