July 9, 2020 / 3:48 PM / a month ago

Argentina's biggest creditor group may lower demand if government ups offer-sources

July 9 (Reuters) - A group of Argentina’s biggest creditors is willing to lower its demands and strike a deal quickly in the country’s $65 billion debt restructuring negotiations, if the government is prepared to make concession on its side, three sources told Reuters.

Argentina, which has been locked in drawn-out restructuring talks, made what it called a “final offer” on Sunday to its creditors. On Wednesday, two key creditor groups knocked back the offer, though they said it was a “step in the right direction.”

Now, sources familiar with the thinking of members in the Ad Hoc Bondholder Group - including major asset managers such as BlackRock, AllianceBernstein and Fidelity - said creditors were ready to compromise.

“There needs to be more value,” said one source. “Argentina has to come up more and the creditors need to come down. The creditors are prepared to move but Argentina needs to come up.” (Reporting by Karin Strohecker; editing by Sujata Rao)

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