RIO DE JANEIRO, BRAZIL - Argentina’s state-managed oil giant Yacimientos Petrolíferos Fiscales (YPF) expects to avoid a costly default next month after it won support for a debt swap from a large creditor group. The so-called Ad Hoc Bondholder Group, which holds 45% of YPF’s 2021 notes, expressed support for the exchange after the company increased its cash sweetener over the weekend.
Bonds due in 2021 rose 4.5 cents to 95 cents on the dollar, in New York, the highest since January 8th. The company’s shares climbed as much as 7%. YPF amended its . . .