Antolin - comment

We had expected a little more engagement from the '30s. After all, this is their chance to draw even with the 28s in the next restructuring. But overall, the high 80% participation from banks and low 4-6% participation from the bonds is an illustration of the dynamics we had anticipated in our legal game theory. As it stands, it looks as though Antolin will have to improve terms or face a big risk in homologation.