ARGENTINA PROVINCES: Jujuy Extends Maturity Until 2027

 Argentina’s Jujuy Reaches Deal With Bondholders on 2022 Notes

 

ADCAP

ARGENTINA PROVINCES: Jujuy Extends Maturity Until 2027

 

The Province of Jujuy has reached a deal in principle with the Ad-hoc group of bondholders of the 2022 notes, led by VR

 

With a 5-year extension until 2027 and a low reduction of coupons to an average 7.90%, we estimate a 7.7% haircut to NPV (at EY 11%).

 

We recommend to buy the 2022 notes expecting a +35% upside from yesterday’s close at $52 to $76, targeting a 17.5% Exit Yield