Buenos Aires Province Offers $3 Billion Swap

Argentina’s richest province, Buenos Aires, has offered to swap around 30% or $3.1 billion of its total $9 billion debt. This is the largest debt restructuring in the country since the federal government closed its sovereign debt program earlier this year. The offer will be open for around six weeks and will be carried out early next year. The province said it will offer three types of bonds denominated in dollars or euros: a 30-year par bond, a 15-year par bond and a 12-year discount bond. The global coordinator of the swap is Citigroup Global Markets Inc.