The Argentine government said in an official filing that it would offer a series of bonds from April 12 to May 7, giving holders of Argentine debt a chance to swap for new bonds.
The payment date for the bonds will be June 18.
Argentina's risk spread -- the spread of its benchmark debt over U.S. Treasuries -- dropped 24 basis points to 632 basis points, its tightest level since August 2008, after the Japan filing gave more details of its proposed debt swap.
A successful swap of defaulted debt would help lower Argentina's borrowing costs in international finance markets.
The offer includes bonds with different maturities and in different currencies.
In the Japan filing, Argentina said it would offer a euro bond maturing on Dec. 31, 2033, under a discount option, and a 575.228 million euro bond maturing on Dec. 31, 2038, under a par option.
It will also offer a global bond in dollars, with a 9.5 percent coupon. The Japanese filing said the amount was $654,000.
Argentina filed paperwork in Italy on Tuesday to launch the debt swap and U.S. regulators have already given the green light.
Argentina is on a drive to clean up defaulted bonds and issue global paper for the first time since a $100 billion default in 2001/2002, and raise money as it faces tight financing this year.
The offer to restructure up to $20 billion in defaulted debt is conditioned on the sale of a new $1 billion 7-year global bond to raise fresh cash, according to the filing with Italian regulators.
Buenos Aires Herald
