Argentina will repurchase external debt for more than 1,000 million dollars to improve the debt profile of the South American country at a time when the country risk presents a significant drop.
“We have made the decision to carry out a process of repurchasing Argentina’s external debt for more than 1,000 million dollars that begins today,” said the Minister of Economy Sergio Massa and explained that the operation will be “very focused on global (bonds), especially those of short maturity; 2029, 2030.”
Massa estimated that the measure aims to have better debt management and improve Argentina’s maturity profile.
“Throughout 2022, in the last tranche, we did a very strong job that was accompanied in the first days of 2023 and today with a new tender for an improvement in the maturity profile of the curve in pesos of debt,” he said.
This Wednesday, the Treasury aspires to place a minimum of 240,000 million pesos in a domestic tender for assets, to refinance remaining payments of 400,000 million pesos after a successful debt swap at the beginning of the year, commented operators.
“We saw a drop of 1,000 points or a little more in Argentina’s country risk and that means a window of opportunity. That is why we have made the decision to carry out a process of repurchasing Argentina’s external debt,” he explained,
The country risk of Argentina is trading at 1,895 units at 9:20 a.m. compared to its maximum historical level of 2,976 units registered in July 2022.
