The deal seems to be along expected lines: $5 billion in ten-year bonds with a coupon around 8.5%. The final hitch? Argentina wants the bonds to pay no interest for two years. Fine, that is understandable. But it also wants to prevent Repsol from selling them for the same two-year period.
That I do not understand. Is it to protect the price of current bond issues? That seems like thin gruel. Is there some other advantage to locking in Repsol? Help!