Argentina extends swap deadline, could cancel planned bond offering

By Christine Van Dusen

Atlanta, May 12 - Argentina has extended the deadline to May 14 for institutional investors to swap defaulted bonds, according to a statement on the Argentina Finance Ministry's website.

The sovereign also may cancel its planned $1 billion 8¾% seven-year bond offering due to unfavorable market conditions, a market source said.

Barclays Capital, Citigroup Global Markets and Deutsche Bank Securities are the bookrunners for the new bonds.

The debt swap - which originally was slated to end May 12 - offers a second exchange opportunity to bondholders who didn't participate in a 2005 swap. Argentina is aiming for 60% participation.

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