January 27, 2020 / 7:33 PM / 22 days ago

Argentine OTC bonds close 1.6% lower, country risk jumps - traders

BUENOS AIRES, Jan 27 (Reuters) - Argentine over-the-counter (OTC) bonds closed 1.6% lower on Monday, traders said, while country risk rose 71 basis points to 2,141 as measured by the JPMorgan EMBI Plus.

The drop in OTC bonds and rise in country risk came as Buenos Aires province offered bondholders a deal sweetener if a majority agrees to a proposed extension on debt payments, a key test for Argentina’s larger debt negotiations.

Buenos Aires is seeking to delay a $250 million payment on a 2021 bond until the start of May, and needs consent by holders of 75% of the debt by Friday for the proposal to go ahead. (Reporting by Walter Bianchi, writing by Cassandra Garrison)

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