The Government will try to reach 100% of the exchange of debt. For this, it will initiate a process of contact with the 1% that was still outside the call to restructure, and look for a way to incorporate it; under the same conditions as the remaining 99%. You could not act otherwise. For the investment funds and individuals that entered the process, the Right Upon Future Offers (RUFO) clause already governs, by which, and for five years counting from September 4, any improvement in the payment conditions for the “ holdouts ”must be applied to all those who entered. Therefore, the 1% offer that was left out must not exceed 54.8% of the Net Present Value (NPV), which the bondholders who did enter the call received. In total it is about US $ 653 million; distributed almost equally between Par bonds in euros and dollars, coming from the 2010 swap organized by the government of Cristina Fernández de Kirchner with Amado Boudou as Minister of Economy. And, because of the way that call was organized, it focused on European bondholders (many of them retirees and pensioners or their heirs), those who, angry with the country in 2005, chose to reject Kirchnerism’s first call to restructure. the debt in default of 2001 and wait for new legal opportunities. They finally chose to enter the second call.
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