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Illustration: Aïda Amer/Axios

Argentina's debt restructuring is finished, and, for anybody who remembers Argentina's last debt default, this one was gloriously smooth.

By the numbers: Argentina restructured $69 billion in foreign bonds, plus another $42 billion in foreign currency local law bonds. The country negotiated a reduction in its effective interest rate from 7% to 3%, which translates to a creditor "haircut" of about 45 cents on the dollar in present-value terms.

  • Most impressively, the first exchange offer was presented to bondholders on April 21; the deal was done by early September. That's a far cry from the decade-long litigation that we saw last time around.

How it works: Argentina managed to get 99% participation on both the local-law and foreign-law exchanges. In order to get there, it used collective action clauses, or CACs: if enough bondholders of a certain bond voted to restructure, then all of them would be bound into the deal.

  • That's how 99% of the bonds ended up being exchanged, even though only 93.5% of them voted in favor of the deal.
  • It's a prime example of CACs working exactly as they were designed to work.

The bottom line: Argentina is a serial defaulter. Maybe practice makes perfect.

Go deeper

2 hours ago - World

Map: A look at world population density in 3D

This fascinating map is made by Alasdair Rae of Sheffield, England, a former professor of urban studies who is the founder of Automatic Knowledge. It shows world population density in 3D.

Details: "No land is shown on the map, only the locations where people actually live. ... The higher the spike, the more people live in an area. Where there are no spikes, there are no people (e.g. you can clearly identify ... the Sahara Desert)."

Biden's Day 1 challenges: The immigration reset

Illustration: Aïda Amer/Axios

President-elect Biden has an aggressive Day 1 immigration agenda that relies heavily on executive actions to undo President Trump's crackdown.

Why it matters: It's not that easy. Trump issued more than 400 executive actions on immigration. Advocates are fired up. The Supreme Court could threaten the Deferred Action for Childhood Arrivals (DACA) program, and experts warn there could be another surge at the border.

12 hours ago - Sports

Broncos and 49ers the latest NFL teams impacted by coronavirus crisis

From left, Denver Broncos quarterbacks Drew Lock, Brett Rypien and Jeff Driskel during an August training session at UCHealth Training Center in Englewood, Colorado. Photo: Justin Edmonds/Getty Images

The COVID-19 pandemic has thrown the NFL season into chaos, with all Denver Broncos quarterbacks sidelined, the San Francisco 49ers left without a home or practice ground and much of the Baltimore Ravens team unavailable, per AP.

Driving the news: The Broncos confirmed in a statement Saturday night that quarterbacks Drew Lock, Brett Rypien and Blake Bortles were identified as "high-risk COVID-19 close contacts" and will follow the NFL's mandatory five-day quarantine, making them ineligible for Sunday's game against New Orleans.