Returning to the “markets”?

ARGENTINA - Report 04 May 2015 by Esteban Fernandez Medrano
Executive Summary With the objective of validating access to the local capital market and softening the financing burden of sterilization costs on the Central Bank, the government reversed its prior “capital market independent” strategy, placing AR$ and US$ debt. The US$ debt placement not only had the objective of improving the net reserves of the BCRA ahead of the maturing of the BODEN 15 on October 3, but also represented a response to Judge Griesa’s prohibition against paying debt under Argentine jurisdiction and his compelling US financial institutions not to collaborate with the local...

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