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'The swap is going forward, absolutely'
La Nacion
February 04, 2010

President Cristina Kirchner said yesterday that the debt swap is going forward within the expected timetable for an operation of this kind.

At a press conference, the president said that "it is continuing exactly as we'd seen it going" and recalled that before the implementation of the debt swap in 2005 "there were three exchanges of opinions between the Economy Ministry, which monitored the swap, and the SEC (Securities and Exchange Commission", the U.S. authority in stock market matters.

The President confirmed that the Economy Minister had last week sent the required details to the SEC regarding the swap prospectus and that it was also sent to other markets, like those in Luxembourg and Italy.

"They are issues of a technical order for the prospectus is in order," Cristina argued. "A week or so ago the documentation that the SEC required was completed, also to Luxembourg and Italy," she added. "The swap is going forward, absolutely," she insisted.

Approaching

The government plans to swap US$20 billion, more than US$9 billion in interest, through a menu that will include a Discount bond and maybe a Par.

Last week the process moved forward with consultations with big and small European investors. The authorities of the Finance Secretariat and the Economy Ministry split up to try to move forward in approaching the small and large investors, in Rome and in London, respectively, still without giving details of the final offer planned for February.

In the Italian capital, Finance Secretary Hernan Lorenzino met with the controversial Nicola Stock, who represents a group of bondholders that hold some US$4.5 billion. In London, Undersecretary of Finance Adri n Cosentino held meetings with investment funds and their institutional clients, who were more enthusiastic than the Italian creditors.

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