Deutsche Bank, Merrill Lynch and Salomon Smith Barney are to advise the Argentine government in its attempt to exchange $60bn (€68bn) of international debt, potentially the biggest ever sovereign debt swap.

Jacob Frenkel, president of Merrill Lynch International, will head Merrill's team. The Deutsche team is to be headed by Tim Dowling, head of debt origination for Latin America, and Marcello Blanco, a specialist on Argentina. Last month, the Argentine government appointed Frenkel to advise it on macro economic policy.