NEW YORK -- Despite intense negotiations, the terms sheet detailing Argentina's $31 billion debt accord with commercial bank creditors has left the original agreement barely altered, bank and Argentine sources said.

"The news story was April 7 when the initial agreement was signed. The fact that the terms sheet is finished is kind of hohu," a banker close to the New York negotiations said.

Two Currency Options

Both sides said one of the few developments is that only two currency options were taken, U.S. dollars and German marks.

"Other deals had more currency options, this deal is relatively simplified," the banker said.

Other bankers said some German banks had chosen the marks option, but the rest had opted for dollars.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.