YPF dodges default
Financially beleaguered producer reaches debt compromise, allowing it to focus efforts on boosting Vaca Muerta supply
Argentinian state energy company YPF has agreed to restructure the bulk of its near-term debt, deferring the immediate threat of default, after bondholders accepted a fourth bond-swap offer. The Vaca Muerta producer reached an almost 60pc consensus among creditors to issue new bonds that will cover the $413mn bond, set to expire in March. Under the agreed terms, investors holding $100 in capital will receive $40 in cash and $70 in bonds maturing 2026. “When you use a 12pc discount rate to value the new 2026s, the combination of cash plus the new bonds is worth $102,” says Ezequiel Fernandez, research head at Argentinian investment bank Balanz. “That is very close to the $104 that YPF was sup

Also in this section
14 March 2025
Gas production slumped to an eight-year low in 2024, but new discoveries and partnership with Cyprus paint a more positive outlook
13 March 2025
Gas will become a more important part of the energy mix longer-term, raising the alarm for much-need investment as supply struggles to keep up with demand
13 March 2025
The spectre of Saudi Arabia’s 2020 market share strategy haunts a suffering OPEC+ as Trump upends the energy world
12 March 2025
Petronas-Eni eyes joint venture to prioritise key gas developments, with huge opportunities for growth in Indonesia and a steady Malaysia portfolio