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