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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

Updated 2 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Coronavirus variant surveillance varies widely by state — Omicron cases confirmed in 5 U.S. states America probably won't lead the effort to understand Omicron.
  2. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Moderna loses patent battles tied to COVID vaccine.
  3. Politics: Nevada to impose insurance surcharge on unvaccinated state workers — New Jersey GOP lawmakers defy statehouse COVID policy — Oklahoma sues Biden administration over Pentagon vaccine mandate — Omicron travel bans are sign of what's to come.
  4. World: WHO: Delta health measures help fight Omicron — COVID cases surge in South Africa in sign Omicron wave is coming — Germany approves new restrictions for unvaccinated people.
  5. Variant tracker: Where different strains are spreading.

Prosecutors charge parents of Michigan school shooting suspect

Photo: Scott Olson/Getty Images

The parents of a 15-year-old accused of killing four students and wounding seven other people at a Michigan high school have been charged with involuntary manslaughter, according to court documents.

Driving the news: James and Jennifer Crumbley were each charged with four counts of involuntary manslaughter.

3 hours ago - World

Putin to demand legal guarantee against NATO expansion in call with Biden

Biden and Putin meeting in Geneva in June. Photo: Mikhail Metzel\TASS via Getty Images

Russian President Vladimir Putin is demanding a legally binding guarantee that NATO will not expand east — including to Ukraine — and plans to raise the issue in an upcoming phone call with President Biden, according to the Kremlin.

Why it matters: Russia has massed more than 94,000 troops on the border with Ukraine and could be preparing for a large-scale invasion at the end of January, Ukraine's defense minister said Friday.