Ecuador will extend the deadline for creditors to vote on its US$ 17.4 billion debt restructuring plan to Monday following a lawsuit by a small group of bondholders, the finance ministry said on Thursday.
Ecuador pushed forward with its debt overhaul plans on Monday, requesting a vote among its creditors on reconfiguring the terms of US$ 17.4 billion of its external bonds, with its largest group of creditors backing the proposal.
Uruguay raised US$ 2 billion from a dual-currency debt deal on Wednesday, issuing UYU47.1 billion (US$ 1.12 billion) in new inflation-linked, 20-year notes and adding US$ 400 million to its 4.375% 2031 bonds, plus a rescheduling of US$ 500 million in 2027, 2028 and 2030 Indexed Units.
Argentina has extended confidentiality agreements with creditors by one day to allow further negotiations as the two sides seek a last-ditch agreement to restructure around US$ 65 billion in debt.
Argentina's Economy Minister Martin Guzman has given the country's biggest bondholders until this Friday to accept the offer he has put on the table to suspend payments until 2023 and reduce interest rates thereafter. One of the largest of those creditors, the investment management firm BlackRock, rejected Guzman's proposal and immediately presented a counteroffer.
Ecuador received a temporary reprieve over the weekend when the government announced that a sufficient number of investors had agreed to a consent solicitation to defer interest payments.
The Group of 20 nations announced support on Wednesday for a temporary halt to debt payments by the world's poorest nations as they struggle to deal with the coronavirus pandemic.
Carnival Corp, the world's largest cruise operator, said it has raised US$6.25 billion by issuing new debt and equity on Wednesday, borrowing at a high cost to weather the economic storm of the coronavirus pandemic.
At the request of the Argentine authorities and reflecting close collaboration with them, the International Monetary Fund (IMF) released on Friday a technical note prepared by IMF staff on Argentina’s public debt sustainability.
Argentine President Alberto Fernandez is in Italy, the first leg of his tour of Europe, which begins Friday with an official visit to Pope Francis, and Italian leadership, after which he will concentrate on trying to renegotiate the country's burdensome national debt.