The Minister of Economy, Martín Guzmán, held a meeting on Tuesday at the Palacio de Hacienda with ambassadors and commercial representatives from 10 countries, where he discussed matters of bilateral interest in view of the next G20 meetings in Italy, to be held on July 9 and 10.

At the meeting, Mr. Guzmán also spoke with the ambassadors and commercial representatives about the understanding reached by Argentina and the creditor countries of the Paris Club, which consists of a “time bridge” until March 2022 that averts a default and implies a financial relief for the country of USD 2,000 million.

Likewise, Mr. Guzmán confirmed Argentina’s intention to continue working constructively with the representatives of the International Monetary Fund (IMF) and anticipated that he will travel with his team to the G20 meeting that will take place next July.

The Ambassadors attending the meeting were Ulrich Sante (Germany), John Gartke (Canada), Javier Sandomingo Nuñez (Spain), Michelle Riebeling and Leah Severino (United States), Claudia Scherer-Effosse (France), Takahiro Nakamae (Japan), Mirta Gentile (Italy), Bernd Scholtz (The Netherlands), Elizabeth Green (UK), and Heinrich Schellenberg (Switzerland).

Mr. Minister was accompanied by the Secretary of Finance, Mariano Sardi, and the Head of the International Affairs Unit of the Ministry of Economy, Maia Colodenco.

The Minister of Economy, Martín Guzmán, announced last Tuesday that Argentina has achieved a “time bridge” until March 2022, as part of the negotiations that are being sustained with the member countries of the Paris Club. The understanding averts default and implies an economic relief for Argentina of 2,000 million dollars.

“The understanding is that Argentina will have until March 31, 2022 to seek a more permanent restructuring with the Paris Club, and that Argentina will continue to make efforts to reach an understanding with the IMF that will allow the country to refinance the 45,000 million dollar debt burden that Juntos por el Cambio (“Together for Change”) administration took between 2018 and 2019, whose funds were not used to increase the productive capacity of the economy in any way, but rather to pay unsustainable debt incurred with private creditors, which was restructured by our administration, and also to finance the capital outflow from Argentina,” Guzmán explained at a conference held at the Palacio de Hacienda.

This way, Mr. Minister stressed that the understanding “allows us to avert a situation of default on July 31 of this year”, and he emphasized that “solving the issue of unsustainable debt is a fundamental pillar in the process of calming the economy”. Likewise, Guzmán stated that the international negotiations that the country is conducting seek to “enable Argentina to sustain economic recovery and to target the creation of jobs, the reduction of inflation and poverty and the growth of economic activity”.

Along these lines, the Minister said that the agreement reached with the Paris Club, “implies a financial relief for Argentina of 2,000 million dollars between now and March 31”. In this sense, Guzmán pointed out that “the principle of comparable treatment between official bilateral creditors will be observed” and that “in an eight-month period, instead of facing the scheduled payment amounting to approximately 2,400 million dollars, we will make a set of payments that will add up to around 430 million dollars”.

Within the framework of said progress in the negotiations, this morning, Mr. Guzmán held a Zoom meeting with the President of the Paris Club, Emmanuel Moulin. After this dialogue, Argentina undertook to continue negotiating with said group of creditors and agreed that default will be averted by postponing the 2,450 million-dollar payment.

During his presentation, the Minister reassured his commitment to continue negotiating with the IMF in a constructive manner and stated that “this time horizon gives us greater certainty.” “The date March 31, 2022 is not in any way connected to the goal of an agreement with the IMF; our goal is to achieve a good agreement, the sooner the better, but the priority is for it to be good”, clarified Guzmán.

Mr. Guzmán also praised the work done by President Alberto Fernández; Vice President Cristina Fernández de Kirchner, the president of the Chamber of Deputies, Sergio Massa, and the head of the Frente de Todos (“Everybody´s Front) coalition, Máximo Kirchner, to calm the economy. “We will continue to take steps to calm the economy under the leadership of those who head our front, that is, President Alberto Fernández and Vice President Cristina Fernández de Kirchner; hand in hand with Congress, as we have been doing throughout the entire debt restructuring process with private creditors, “he said.

Finally, he pointed out: “We will continue to make efforts to solve all the problems that had been left to the Argentine economy both on the financial front and on the real front in order to have a country with an economic structure that is able to create more work, to add more value to the economy every day and to build a stable and calm environment for the people, homes, and businesses. Also this must be done in a federal way so that development abilities are distributed throughout all regions”.

Buenos Aires, Argentina:  The Republic of Argentina (the “Republic”) announces that, after the early adhesion period ended last September 1^st, it has received orders for 98.80% of the outstanding aggregate principal amount of all Eligible Securities accepting the invitation to exchange foreign-currency denominated securities issued under Argentine law. Holders who have accepted the Republic’s invitation shall receive new bonds to be issued (the “New Bonds”), which shall be settled on September 7^th observing the terms of the Invitation.

The Eligible Securities for the Invitation published on August 18^th and the offers received are detailed below:

 

CVSA Codde	Eligible Securities	Bid Fave Value	Eligible Face Value	Acceptance (in %)
5283	TREASURY BILLS U$S 217D Due 30/08/19	165,580,947	175,970,796	94.10%
5285	TREASURY BILL U$S 217 Due 13/09/19	228,945,508	244,880,186	93.49%
5286	TREASURY BILL U$S 217D Due 27/09/19	581,686,353	589,703,947	98.64%
5291	TREASURY BILL U$S Due 11/10/19	336,174,264	355,654,803	94.52%
5292	TREASURY BILL U$S Due 25/10/19	254,294,365	278,702,612	91.24%
5294	TREASURY BILL U$S Due 15/11/19	427,461,107	440,301,887	97.08%
5296	TREASURY BILLS U$S Due 29/11/19	346,289,595	346,819,269	99.85%
5332	TREASURY BILL LINKED TO U$S 4.25% Due 5/11/19	1,000,299	1,001,991	99.83%
5333	TREASURY BILL LINKED TO U$S 4.25% Due 4/12/19	2,931,224	2,938,773	99.74%
5334	TREASURY BILLS U$S Due 20/12/19	134,678,087	145,068,056	92.84%
5336	TREASURY BILL U$S Due 17/01/20	107,552,245	107,810,719	99.76%
5338	TREASURY BILLS U$S Due 31/01/20	208,190,951	208,270,961	99.96%
5339	TREASURY BILLS U$S Due 14/02/2020	18,802,396	18,820,148	99.91%
5342	TREASURY BILLS U$S Due 28/02/20	281,975,688	282,169,801	99.93%
5361	BONOS TES. NAC. VINC. AL U$S 4% 05/08/21	8,251,996	8,400,186	98.24%
5443	REP.ARG. DISCOUNT BONDS USD 2010-2033	127,363,139	131,475,870	96.87%
5445	REP.ARG. PAR BONDS USD 2010-2038	63,328,895	71,439,702	88.65%
5458	ARGENTINE NATION BONDS USD 8,75% 2024	7,806,442,769	7,960,418,508	98.07%
5468	ARGENTINE NATION BOND U$S 8% (BONAR 2020)	2,903,447,167	2,947,560,667	98.50%
5472	ARGENTINE NATION BOND U$S (BONAR 7.75% 2022)	4,497,753,411	4,497,753,411	100.00%
5473	ARGENTINE NATION BOND U$S (BONAR 7.875% 2025)	4,510,462,575	4,510,462,575	100.00%
5474	ARGENTINE NATION BOND U$S (BONAR 7.875% 2027)	4,690,499,563	4,690,499,563	100.00%
5479	REP ARGENTINA BOND USD (BONAR 1% 2023)	622,870,783	694,687,194	89.66%
5481	ARGENTINE NATION BOND U$S 5,75% Due 18/04/25	1,529,069,066	1,535,813,994	99.56%
5482	ARGENTINE NATION BOND U$S 7.625% Due 18/04/37	2,705,768,214	2,720,781,515	99.45%
5486	ARGENTINE NATION BOND M.DUAL 13/02/2020	63,492,498	73,227,374	86.71%
5487	ARGENTINE NATION BOND U$S 8% Due 29/05/2020	2,120,284,849	2,120,284,849	100.00%
45699	REP ARG PAR BONDS USD STEP UP 2038	1,173,065,468	1,229,562,842	95.41%
45700	REP ARG DISCOUNT BONDS USD 8.28% 2033	5,019,538,501	5,042,239,261	99.55%
		40,937,201,923	41,432,721,460	98.80%

 

Face Values in the original currency of the New Securities to be issued by the Republic are shown below:

New Securities in USD

CVSA Code	Denomination	FV
5921	USD Step Up Bonds 2030	12,422,882,573
5922	USD Step Up Bonds 2035	18,448,549,853
5923	USD Step Up Bonds 2038	7,195,661,978
5924	USD Step Up Bonds 2041	1,467,624,279
5927	USD 1% Bonds 2029	2,188,820,823
TOTAL		41,723,539,506

New Securities in ARS

CVSA Code	Denomination	FV
5925	Boncer 2026 2%	55,821,677,058
5926	Boncer 2028 2.25%	1,861,449,363
TOTAL		57,683,126,421

 

The Republic of Argentina reminds all holders of Eligible Securities who have not participated in the Invitation yet that the Late Tender Reception Period, effective since last September 2^nd, shall finish next September 15^th.

Buenos Aires, Argentina:  The Republic of Argentina (the “Republic”) announces that it has obtained the consents required to exchange and or modify 99.01% of the aggregate principal amount outstanding of all series of eligible bonds issued under the 2005 Indenture (the “2005 Indenture Eligible Bonds”) and 2016 Indenture (the “2016 Indenture Eligible Bonds” and, together with the 2005 Indenture Eligible Bonds, the “Eligible Bonds”) pursuant to the terms of its invitation (the “Invitation”) described in the prospectus supplement dated April 21, 2020, as most recently amended and restated on August 17, 2020 (the “Prospectus Supplement”).  

As of 5:00 p.m., New York City time, on August 28, 2020, holders of 93.55% of the aggregate principal amount Outstanding of all Eligible Bonds have accepted the Republic’s Invitation to exchange their Eligible Bonds for new bonds to be issued by the Republic (the “New Bonds”), and gave their consent to the actions proposed in the Invitation, including to authorize and direct the Trustee, where applicable, to modify the Eligible Bonds of the relevant series that remain outstanding after giving effect to the exchange offers by substituting them for the relevant amounts of New Bonds. The Republic has accepted all valid Tender Orders delivered pursuant to the Invitation.  The written consents given by holders of Eligible Bonds pursuant to the Invitation are sufficient to render the Proposed Modifications (as defined below) effective for each of the following series (the “Modified Series”):

1. USD 2033 Discount Bonds I (US040114GL81)	7. USD 2021 Bonds (US040114GW47; USP04808AA23)	13. USD 6.625% 2028 Bonds (US040114HF05; USP04808AJ32)	19. Euro 2023 Bonds (XS1715303340)
2. USD 2033 Discount Bonds II and III (XS0501194756; XS0501195050)	8. USD 2022 Bonds (US040114HK99; USP04808AL87)	14. USD 2036 Bonds (US040114HG87; USP04808AK05; US040114HE30)	20. CHF 2020 Bonds (CH0361824458)
3. USD Par 2038 Bonds I (US040114GK09)	9. USD 2023 Bonds (US040114HP86)	15. USD 2046 Bonds (US040114GY03; USP04808AE45; US040114GU80)	21. Euro 2027 Bonds (XS1503160498)
4. Euro 2033 Discount Bonds I (XS0205545840)	10. USD 2026 Bonds (US040114GX20; USP04808AC88; US040114GS35)	16. USD 2048 Bonds (US040114HR43)	22. Euro 2028 Bonds (XS1715303779)
5. Euro 2033 Discount Bonds II and III (XS0501195134; XS0501195308)	11. USD 2027 Bonds (US040114HL72; USP04808AM60)	17. USD 2117 Bonds (USP04808AN44; US040114HM55; US040114HN39)	23. Euro 2047 Bonds (XS1715535123)
6. Euro Par 2038 Bonds I (XS0205537581)	12. USD 5.875% 2028 Bonds (US040114HQ69)	18. Euro 2022 Bonds (XS1503160225)

____________

(1) In accordance with the Invitation, the Republic has excluded the following series from the list of designated series:  USD Par 2038 Bonds II and III (XS0501195647; XS0501195720) and Euro Par 2038 Bonds II and III (XS0501195993; XS0501196025).  

Upon execution of the Supplemental Indentures and satisfaction (or waiver) of all other conditions to the Invitation, the Eligible Bonds of the Modified Series that remain outstanding after giving effect to the exchange offers will be substituted for the relevant amounts of (i) New USD 2038 Bonds (in the case of USD Discount Bonds), (ii) New Euro 2038 Bonds (in the case of Euro Discount Bonds), (iii) New USD 2041 Bonds (in the case of USD Par Bonds), (iv) New Euro 2041 Bonds (in the case of Euro Par Bonds), (v) New USD 2046 Bonds (in the case of any 2016 Indenture Eligible Bonds denominated in USD), or (vi) New Euro 2046 Bonds (in the case of any 2016 Indenture Eligible Bonds denominated in euros or CHF) (with respect to each series of Eligible Bonds, the “Proposed Modifications”).  The Proposed Modifications will be conclusive and binding on all holders of such Modified Series that have not participated in the exchange offer, whether or not they have consented to the Proposed Modifications. 

After giving effect to the Acceptance Priority Procedures described in the Invitation, the Republic intends to issue (i) U.S.$2,635,028,874 aggregate principal amount of the New USD 2029 Bonds, (ii) €90,389,736 aggregate principal amount of the New Euro 2029 Bonds, (iii) U.S.$16,090,612,138 aggregate principal amount of the New USD 2030 Bonds, (iv) €1,165,590,836 aggregate principal amount of the New Euro 2030 Bonds, (v) U.S.$20,501,717,804 aggregate principal amount of the New USD 2035 Bonds, (vi) €298,795,262 aggregate principal amount of the New Euro 2035 Bonds, (vii) U.S.$11,405,065,289 aggregate principal amount of the New USD 2038 Bonds, (viii) €809,336,807 aggregate principal amount of the New Euro 2038 Bonds, (ix) U.S.$10,482,111,279 aggregate principal amount of the New USD 2041 Bonds, (x) €1,572,601,941 aggregate principal amount of the New Euro 2041 Bonds, (xi) U.S.$2,091,997,126 aggregate principal amount of the New USD 2046 Bonds, and (xii) €248,126,086 aggregate principal amount of the New Euro 2046 Bonds, in each case, to be delivered as consideration for the Eligible Bonds to be exchanged or modified and substituted pursuant to the Invitation.

U.S.$27,826,578 of the New USD 2029 Bonds and €956,071 of the New Euro 2029 Bonds will constitute Expense Reimbursement Bonds and (i) will be applied to compensate the Supporting Creditors for fees and expenses of their advisors in connection with the Invitation, and (ii) reduce pro rata the principal amounts of New USD 2029 Bonds and/or New Euro 2029 Bonds that each holder would otherwise be entitled to receive pursuant to the Invitation.

The execution date, the effective date and the settlement date for the Invitation is scheduled to occur on September 4, 2020 or as early as practicable thereafter.

For more information on the amounts of valid Tender Order received and accepted see Annex A. For more information on the Proposed Modifications see Annex B.

Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in the Prospectus Supplement.

The Republic launched the Invitation to obtain the relief needed to regain the sustainability of the Republic’s external debt.  The Republic has also proposed a comprehensive approach to address the financial situation that has given rise to the relief sought in the Invitation to its creditors under other foreign-currency denominated debt.  On August 26, 2020, the Republic approached the International Monetary Fund with a view to initiating consultations seeking agreement on a new IMF-supported program to replace the 2018 Stand By Support Agreement.

The Republic engaged BofA Securities, Inc. and HSBC Securities (USA) Inc. to act as dealer managers for the Invitation. Any questions or requests for assistance regarding the Invitation may be directed to BofA Securities, Inc. at +1 (888) 292-0070 (toll free) or +1 (646) 855-8988 (collect) or HSBC Securities (USA) Inc. at +1 (888) HSBC-4LM (toll free) and +1 (212) 525-5552 (collect). 

Lazard acted as financial advisor and D.F. King acted as exchange, tabulation and information agent for the Republic’s Invitation. 

* * * *

Questions regarding this press release may be directed to DF King at its email address (argentina@dfkingltd.com) or telephone number (+1 (800) 341-6292 (Toll Free)/+1 (212) 269-5550 (collect)/ +44 20 7920 9700).

 

Annex A

The tables below reflect the aggregate principal amounts of valid Tender Orders received (prior to the application of the Acceptance Priority Procedures) and accepted to exchange Eligible Bonds for (i) New USD 2038 Bonds and New USD 2041 Bonds (Table 1A), (ii) New Euro 2038 Bonds and New Euro 2041 Bonds (Table 1B), (iii) New USD 2030 Bonds, New USD 2035 Bonds and New USD 2046 Bonds (Table 2A), and (iv) New Euro 2030 Bonds, New Euro 2035 Bonds and New Euro 2046 Bonds (Table 2B). 

Table 1A: Valid Tender Orders to Exchange Eligible Bonds for New USD 2038 Bonds and New USD 2041 Bonds Received and Accepted

Eligible Bonds	Aggregate Original Principal Amount of Valid Tender Orders Received and Accepted for New USD 2038 Bonds	Aggregate Original Principal Amount of Valid Tender Orders Received and Accepted for New USD 2041 Bonds
USD 2033 Discount Bonds I	U.S.$2,929,952,937	U.S.$18,904,908
USD 2033 Discount Bonds II and III	U.S.$883,786,091	U.S.$5,368,243
USD Par 2038 Bonds I	N/A	U.S.$4,960,857,548
USD Par 2038 Bonds II and III	N/A	U.S.$55,936,856
Euro 2033 Discount Bonds I	€1,912,461,789	N/A
Euro 2033 Discount Bonds II and III	€1,690,025,833	N/A
Euro Par 2038 Bonds I	N/A	€3,554,340,088
Euro Par 2038 Bonds II and III	N/A	€782,647,458

Table 1B: Valid Tender Orders to Exchange Eligible Bonds for New Euro 2038 Bonds and New Euro 2041 Bonds Received and Accepted

Eligible Bonds	Aggregate Original Principal Amount of Valid Tender Orders Received and Accepted for New Euro 2038 Bonds	Aggregate Original Principal Amount of Valid Tender Orders Received and Accepted for New Euro 2041 Bonds
Euro 2033 Discount Bonds I	€117,876,947	€3,818,628
Euro 2033 Discount Bonds II and III	€75,092,214	€1,348,047
Euro Par 2038 Bonds I	N/A	€341,184,772
Euro Par 2038 Bonds II and III	N/A	€86,964,930

Table 2A: Valid Tender Orders to Exchange Eligible Bonds for New USD 2030 Bonds, New USD 2035 Bonds and New USD 2046 Bonds Received and Accepted

Eligible Bonds	Aggregate Original Principal Amount of Valid Tender Orders Received for New USD 2030 Bonds, prior to application of Acceptance Priority Procedures	Aggregate Original Principal Amount of Valid Tender Orders Accepted for New USD 2030 Bonds, after application of Acceptance Priority Procedures	Aggregate Original Principal Amount of Valid Tender Orders Received for New USD 2035 Bonds, prior to application of Acceptance Priority Procedures	Aggregate Original Principal Amount of Valid Tender Orders Accepted for New USD 2035 Bonds, after application of Acceptance Priority Procedures	Aggregate Original Principal Amount of Valid Tender Orders Received and accepted for New USD 2046 Bonds
USD 2021 Bonds	U.S.$4,340,296,000	U.S.$4,340,296,000	U.S.$78,245,000	U.S.$78,245,000	U.S.$4,560,000
USD 2022 Bonds	U.S.$2,716,614,000	U.S.$2,716,614,000	U.S.$88,421,000	U.S.$88,421,000	U.S.$5,142,000
USD 2023 Bonds	U.S.$1,707,832,000	U.S.$1,707,832,000	U.S.$13,555,000	U.S.$13,555,000	U.S.$4,101,000
USD 2026 Bonds	U.S.$5,912,899,000	U.S.$2,087,832,502	U.S.$479,511,000	U.S.$479,511,000	U.S.$7,890,000
USD 2027 Bonds	U.S.$3,393,343,000	U.S.$1,198,182,449	U.S.$263,472,000	U.S.$263,472,000	U.S.$13,341,000
USD 5.875% 2028 Bonds	U.S.$3,922,502,000	U.S.$1,385,027,406	U.S.$227,004,000	U.S.$227,004,000	U.S.$27,523,000
USD 6.625% 2028 Bonds	U.S.$868,600,000	U.S.$306,700,877	U.S.$105,154,000	U.S.$105,154,000	U.S.$8,190,000
USD 2036 Bonds	U.S.$1,371,640,000	U.S.$484,323,269	U.S.$339,202,000	U.S.$339,202,000	U.S.$18,080,000
USD 2046 Bonds	N/A	N/A	U.S.$2,578,012,000	U.S.$2,578,012,000	U.S.$95,993,000
USD 2048 Bonds	N/A	N/A	U.S.$2,856,986,000	U.S.$2,856,986,000	U.S.$77,560,000
USD 2117 Bonds	N/A	N/A	U.S.$2,434,533,000	U.S.$2,434,533,000	U.S.$210,063,000
Euro 2022 Bonds	€905,034,000	€905,034,000	N/A	N/A	N/A
Euro 2023 Bonds	€851,218,000	€851,218,000	N/A	N/A	N/A
CHF 2020 Bonds	CHF254,295,000	CHF254,295,000	N/A	N/A	N/A
Euro 2027 Bonds	N/A	N/A	€790,528,000	€790,528,000	N/A
Euro 2028 Bonds	N/A	N/A	€613,761,000	€613,761,000	N/A
Euro 2047 Bonds	N/A	N/A	N/A	N/A	€464,030,000
USD 2033 Discount Bonds I	N/A	N/A	N/A	N/A	U.S.$1,590,021
USD 2033 Discount Bonds II and III	N/A	N/A	N/A	N/A	U.S.$681,695
USD Par 2038 Bonds I	N/A	N/A	N/A	N/A	U.S.$46,043,785
USD Par 2038 Bonds II and III	N/A	N/A	N/A	N/A	U.S.$5,182,763

Table 2B: Valid Tender Orders to Exchange Eligible Bonds for New Euro 2030 Bonds, New Euro 2035 Bonds and New Euro 2046 Bonds Received and Accepted

Eligible Bonds	Aggregate Original Principal Amount of Valid Tender Orders Received for New Euro 2030 Bonds, prior to application of Acceptance Priority Procedures	Aggregate Original Principal Amount of Valid Tender Orders Accepted for New Euro 2030 Bonds, after application of Acceptance Priority Procedures	Aggregate Original Principal Amount of Valid Tender Orders Received for New Euro 2035 Bonds, prior to application of Acceptance Priority Procedures	Aggregate Original Principal Amount of Valid Tender Orders Accepted for New Euro 2035 Bonds, after application of Acceptance Priority Procedures	Aggregate Original Principal Amount of Valid Tender Orders Received and accepted for New Euro 2046 Bonds
Euro 2022 Bonds	€290,082,000	€290,082,000	€15,313,000	€15,313,000	€1,800,000
Euro 2023 Bonds	€134,398,000	€134,398,000	€5,588,000	€5,588,000	€4,526,000
CHF 2020 Bonds	CHF79,530,000	CHF79,530,000	CHF15,800,000	CHF15,800,000	CHF820,000
Euro 2027 Bonds	€355,030,000	€355,030,000	€42,864,000	€42,864,000	€3,800,000
Euro 2028 Bonds	€348,417,000	€348,417,000	€22,302,000	€22,302,000	€2,249,000
Euro 2047 Bonds	N/A	N/A	€207,325,000	€207,325,000	€14,480,000
Euro 2033 Discount Bonds I	N/A	N/A	N/A	N/A	€1,653,542
Euro 2033 Discount Bonds II and III	N/A	N/A	N/A	N/A	€119,814
Euro Par 2038 Bonds I	N/A	N/A	N/A	N/A	€2,044,898
Euro Par 2038 Bonds II and III	N/A	N/A	N/A	N/A	€514,338

 

Annex B

2005 Indenture Bonds Proposed Modifications

For each series of 2005 Indenture Eligible Bonds listed in Table 3, the Proposed Modifications obtained valid consents from holders of (x) not less than 85% of the aggregate principal amount of the affected series listed in Table 3 Outstanding and (y) not less than 66⅔% of the aggregate principal amount of each such series (taken individually) then Outstanding.  

Table 3: Consents Received for 2005 Indenture Eligible Bonds for the purpose of Modifications made in reliance upon Section 7.3 of the 2005 Indenture

Eligible Bonds	Principal Amount Outstanding	Principal Amount that has Consented to the Proposed Modifications	Percentage of Aggregate Principal Amount Outstanding that has Consented to the Proposed Modifications
USD 2033 Discount Bonds I	U.S.$3,857,694,668	U.S.$3,732,792,329	96.76%
USD 2033 Discount Bonds II and III	U.S.$1,234,766,616	U.S.$1,178,601,169	95.45%
Euro 2033 Discount Bonds I	€3,107,569,662	€2,794,245,001	89.92%
Euro 2033 Discount Bonds II and III	€2,661,472,438	€2,431,005,404	91.34%
USD Par 2038 Bonds I	U.S.$4,938,658,529	U.S.$4,648,872,080	94.13%
Euro Par 2038 Bonds I	€5,034,912,168	€3,897,569,758	77.41%
Total	U.S.$21,760,432,764	U.S.$19,464,455,289	89.45%

____________

(1) In accordance with the Invitation, the Republic has excluded the following series from the list of designated series:  USD Par 2038 Bonds II and III (XS0501195647; XS0501195720) and Euro Par 2038 Bonds II and III (XS0501195993; XS0501196025).

For the purposes of determining whether the Requisite Consents have been received, the Outstanding principal amount of Eligible Bonds denominated in euros have been converted into U.S. dollars using the exchange rate determined by the Dealer Managers based on the price as shown on the FXC page displayed on the Bloomberg Pricing Monitor, at or around 12:00 p.m. (noon) New York City time on April 21, 2020 (€1 equals U.S.$1.08565). Accordingly, the aggregate principal amount Outstanding of 2005 Indenture Eligible Bonds denominated in euros was U.S.$11,729,312,951.

2016 Indenture Bonds Proposed Modifications

For each series of 2016 Indenture Eligible Bonds listed in Table 4, the Proposed Modifications obtained valid consents from holders of (x) more than 66⅔% of the aggregate principal amount of the series listed in Table 3 and Table 4 Outstanding and (y) more than 50% of the aggregate principal amount of series listed in Table 4 (taken individually) Outstanding.

Table 4: Consents Received for 2016 Indenture Eligible Bonds for the purpose of Modifications made in reliance upon Section 11.4 of the 2016 Indenture

Eligible Bonds	Principal Amount Outstanding	Principal Amount that has Consented to the Proposed Modifications	Percentage of Aggregate Principal Amount Outstanding that has Consented to the Proposed Modifications
USD 2021 Bonds	U.S.$4,484,000,000	U.S.$4,407,101,000	98.29%
USD 2022 Bonds	U.S.$3,250,000,000	U.S.$2,810,177,000	86.47%
USD 2023 Bonds	U.S.$1,750,000,000	U.S.$1,725,488,000	98.60%
USD 2026 Bonds	U.S.$6,454,850,000	U.S.$6,355,150,000	98.46%
USD 2027 Bonds	U.S.$3,750,000,000	U.S.$3,670,156,000	97.87%
USD 5.875% 2028 Bonds	U.S.$4,250,000,000	U.S.$4,177,029,000	98.28%
USD 6.625% 2028 Bonds	U.S.$965,000,000	U.S.$946,944,000	98.13%
USD 2036 Bonds	U.S.$1,727,000,000	U.S.$1,705,922,000	98.78%
USD 2046 Bonds	U.S.$2,617,685,000	U.S.$2,541,690,000	97.10%
USD 2048 Bonds	U.S.$3,000,000,000	U.S.$2,934,546,000	97.82%
USD 2117 Bonds	U.S.$2,689,176,000	U.S.$2,583,772,000	96.08%
Euro 2022 Bonds	€1,250,000,000	€1,212,229,000	96.98%
Euro 2023 Bonds	€1,000,000,000	€995,730,000	99.57%
CHF 2020 Bonds	CHF400,000,000	CHF350,445,000	87.61%
Euro 2027 Bonds	€1,250,000,000	€1,192,222,000	95.38%
Euro 2028 Bonds	€1,000,000,000	€986,729,000	98.67%
Euro 2047 Bonds	€750,000,000	€685,835,000	91.44%
Total 2016 Indenture Eligible Bonds	U.S.$41,615,421,000	U.S.$40,270,412,969	96.77%
Total Eligible Bonds (2016 Indenture Eligible Bonds plus 2005 Indenture Eligible Bonds)	U.S.$63,375,853,764	U.S.$59,734,868,258	94.25%

For the purposes of determining whether the requisite consents have been received, the Outstanding principal amount of Eligible Bonds denominated in euros and CHF has been converted into U.S. dollars using the exchange rate determined by the Dealer Managers based on the price as shown on the FXC page displayed on the Bloomberg Pricing Monitor, at or around 9:00 a.m. New York City time on the Expiration (€1 equals U.S.$1.1878 and CHF1 equals U.S.$1.1044). Accordingly, the aggregate principal amount Outstanding of: (i) all 2016 Indenture Eligible Bonds denominated in euros was U.S.$6,235,950,000 and (ii) the 2016 Indenture Eligible Bonds denominated in Swiss francs was U.S.$441,760,000.