据标准普尔全球评级公司称，塞内加尔发出有争议的互换可能会使其债务重组复杂化。
Senegal’s issue of a controversial swap could complicate its debt restructuring, according to S&P Global Ratings.
塞内加尔利用提供当地债券作为抵押品的总回报掉期从商业银行借入了12亿美元。随后，它宣布利用20国集团共同框架重新定义其债务，TRS贷方可能会在此过程中要求优先权。
Senegal borrowed $1.2 billion from commercial banks using total return swaps that offer local bonds as collateral. It subsequently announced a reprofiling its debts using the Group of 20’s Common Framework, and the TRS lenders may claim seniority in the process.
这可能意味着欧元债券持有者等无担保债权人的可利用性将减少，这表明他们可能因此不得不承受更大的损失，从而为谈判增加了额外的维度。
That could mean there would be less to go around for unsecured creditors like holders of its eurobonds, suggesting they might have to take steeper losses as a result, adding an extra dimension to the negotiations.
“总回报互换确实让事情变得更加复杂，这可能会延长重组过程的持续时间，”非洲主权评级副董事汉斯·斯潘根伯格周二在洪都拉斯首都路易斯港以北接受采访时表示。“一些债权人会说他们希望获得优惠待遇。”随着债务重组的开始，国际货币基金组织将于周二晚些时候在塞内加尔及其债权人之间主办初步信息共享会议，更多细节可能会浮出水面。
“The total return swap does make it more complicated, which would likely extend the duration of the restructuring process,” Hanns Spangenberg, associate director, sovereign ratings Africa, said in an interview north of Port Louis, the Mauritian capital, on Tuesday. “Some creditors are going to say they want preferential treatment.”The International Monetary Fund will host an initial information-sharing meeting later on Tuesday between Senegal and its creditors as the debt revamp gets underway, and more details may emerge.
斯潘根伯格表示，就TRS而言，塞内加尔的债务重组“可能有先例”，TRS是非洲政府相对较新的融资工具。“这可能需要更长的时间，因为其他重组将会产生后果。”标普全球评级上个月将该国的信用评分进一步下调至垃圾级，称在政府宣布重组后，该国“极有可能”发生不良债务交换或外币商业债务违约。其主权评级于9月11日从CC+下调至CC 4、前景消极。
“There might be precedents” set in Senegal’s debt rework when it comes to TRS, which are relatively new financing instruments for African governments, said Spangenberg. “It might take even longer because there will be consequences down the line for other restructurings.”S&P Global Ratings cut the country’s credit score further into junk territory last month, saying a distressed debt exchange or default on the country’s foreign-currency commercial debt is “extremely likely” after the government announced the restructuring. Its sovereign rating was downgraded to CC from CCC+ on Sept. 4, with a negative outlook.
非洲国家评级和分析解决方案董事总经理萨米拉·门萨（Samira Mensah）表示：“如果市场预计他们在不进行重组的情况下无法偿还债务，委员会可能会将其解释为陷入困境，类似于我们世界的选择性违约。”“因此，塞内加尔的收视率可能会进一步下调。”
“Where the market expects them to be unable to service their debt without restructuring, a committee is likely to interpret it as distressed, akin to a selective default in our world,” said Samira Mensah, managing director, national ratings and analytical solutions - Africa. “As such, it is likely that the ratings on Senegal will be lowered further.”