« We want to let you know that Gramercy, Fintech, Greylock and Oaktree will support your offer. » announced an email he received Martín Guzmán on his cell phone and which signs RK, the initials of Robert Koenigsberger, leader of the Gramercy fund.
The Economy Minister smiled at the news, but then the uncertainty about the debt restructuring returned with all its political burden: « We have difficulties in formally joining ACC due to governance problems or challenges, » Koenigsberger added in his mail sent from the United States.
While the support from creditors is still good news, the largest and most lockable funds – that is, holdings that together would allow them to prevent a successful swap – are still a long way from a deal.
Those who were most forceful were the BlackRock leaders, one of the country’s main creditors and some of its allies. In a statement today, they said there had been « no significant compromise » between them and the country’s government since June 17, when talks stalled to restructure around $ 65 billion in debt. The groups of creditors Ad Hoc and Exchange said in a joint statement that the « serious lack of commitment of the Argentine authorities is deeply worrisome », but that they remained willing to « engage constructively » to reach an agreement.
ACC means in Spanish the Committee of Creditors of Argentina, and unlike the Ad Hoc Bondholder Group -where BlackRock, Fidelity and Ashmore coexist- and the Exchange Bondholder Group-led by Monarch and VR-, they always had a close position to the proposals that Alberto Fernández and Guzmán designed. They are funds that have investments in Argentina, even in services or the real economy, with which they have several priorities.
If Koenigsberger informs the economy minister that his ACC partners have not yet adhered to the formal proposal, Guzmán will have to row continuously in the next few hours to make his latest official offer – even informal and under analysis by other private creditors – finally it becomes the proposal that Argentina intends to register with the United States Securities and Exchange Commission (SEC).
“We are in this together. We look forward to working together to get others on the boat, ”Koenigsberger encouraged Guzmán at the close of his personal email. The leader of Gramercy is convinced of the latest official initiative. But among his colleagues from other groups of private creditors, there is not as much optimism and discomfort abounds.
The tension of AD Hoc Bondholder and Exchange Bondholder rests on two basic reasons, they explained to Infobae spokespersons for those groups that bring together powerful investment funds. First of all, they are not satisfied with the informal offer they designed Alberto Fernández and Guzmán during the last weekend. And secondly, These private creditors did not like that the initiative be turned by UBS, a bank that works for Fintech and its allies in the negotiation.