On April 22, the Executive Branch issued Decree 391/2020, heralding the beginning of the public debt restructuring process for floreign-law securities. The Argentine Government ordered new debt securities to be issued in dollars and euros and invited those holding bonds to exchange them. The securities eligible under the Restructuring Proposal are listed here.

The decree establishes that the “maximum amount” of all dollar-denominated series may not exceed a nominal value of USD 44.5 billion, while the “maximum amount” of all euro-denominated series may not exceed a nominal value of 17.6 billion Euros. Access the scope, terms and conditions here, and the Terms of Issue of the New Securities here.