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
28 March 2024
The country’s largest gas field is a bright spot for the North Sea, boasting cleaner operations amid a changing mood in Europe over hydrocarbons
28 March 2024
Whether OPEC+ starts to unwind its oil production cuts from June will depend on heavily debated unfolding supply-demand balances
28 March 2024
As a gas supply shortfall looms, balancing regulatory flexibility with energy security and investor confidence will be critical
27 March 2024
Oil producers have to untangle the increasingly complicated relationship with their natural resources