Argentina Exchange Bondholders

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Who We Are

We are an organized group of investment institutions known as the Exchange Bondholder Group. Many of our firms have been investors in Argentina for decades. Collectively, we hold nearly $4bn in bonds issued by Argentina in connection with its debt exchanges in 2005 and 2010, in which bondholders voluntarily accepted large reductions in net present value to assist Argentina's recovery from the 2001 default.

What We Hope To Achieve

The Exchange Bondholder Group supports the debt restructuring proposal announced by The Republic of Argentina on August 4, 2020 and set forth in the Invitation to Exchange dated August 17, 2020. We encourage all creditors to join us, the other principal bondholder groups and additional significant bondholders in accepting this offer.

Our Proposals

The Exchange Bondholder Group confirms its support of the debt restructuring proposal announced by The Republic of Argentina on August 4, 2020 and set forth in the August 17, 2020, amendment to the prospectus supplement. We encourage all creditors to join us, the other principal bondholder groups and additional significant bondholders in accepting this offer. Note that if you do not accept the offer, it will have the same effect as a rejection so it will be necessary to take affirmative steps to accept. Further details regarding this proposal are available here.

Distinctions between Exchange Bonds and “Macri” Bonds

Exchange Bonds (“Pars” and “Discounts”) were issued to bondholders who agreed to restructure their bonds following Argentina’s 2001 default in exchanges that took place in 2005 and 2010. While certain bondholders refused to exchange their bonds and triggered litigation lasting more than a decade, exchange bondholders agreed to compromise their claims.

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