If you’re going to accept the offer you have until June 3rd to deposit your bonds. The big question now is how many holdouts there will be, as the 5% gravy added today (largesse thanks to the recent pop in the price of crude more than a long-term cunning plan, I’d wager) is clearly designed to sway the fence sitters over the The Way Of The Muffin. The number being bandied about Quito today is 90% and if they really get that many the daring holdouts will be left with a long, long wait.
Telling you now, I doff my cap to Studmuffin on this one. If he pulls this off and retires all this debt at a 2/3rds haircut without getting bogged down รก la Argentine in the New York courtrooms (as is now likely) he’ll have done a great favour to his country going forward. I had my serious doubts all the way through this but I’ll be happy to eat humble pie.
PS: Here’s a Bloomie report on the 35% news and here’s Felix Salmon with his take.