The Ministry of Economy managed to exchange short-term debt for $931,116 million, by granting three dual bonds maturing between June and September of next year, with a participation level of over 61% on scheduled payments of eligible instruments.
The Palacio de Hacienda launched this swap because it faced maturities for a total amount estimated at 1.7 trillion pesos during the current month and next December.
According to the schedule reported by Economy, the National Treasury had to face maturities for $894,135 million in November and another $847,110 million in December.
After this conversion operation, it was possible to award $931,116 million in cash value and thus reduce projected maturities to $464,625 million for the remainder of November and $466,490 million for December.
The “dual bonds” delivered in exchange allow the holders of the title to choose at the time of collection if they want to be readjusted for the variation of the exchange rate, or of the dollar, in addition to a surcharge.
Holders of CER-adjusted Bills (Lecer X23N2), whose maturity is November 23, and investors with Discount Bills (LEDE) and the Bond linked to the variation of the dollar, maturing on November 30, They delivered Dual Bonds with a maturity date set for June 30, 2023, for a total amount of $263,043 million.
On the other hand, for the holders of the LEDE S16D2, the Lecer X16D2 whose maturities are on December 16 and the LEDE S30D2 payable on December 30, Dual Bonds with maturity scheduled for July 30 were delivered, for a total of $ 466,490 millions .
Meanwhile, the holders of Boncer TC22P, maturing on December 29, received a Dual Bond payable on September 29, 2023, for a total amount of $201,583 million.
The Ministry of Economy reported – through a statement – that in the conversion operation carried out today, 543 offers were received for a nominal value equivalent to US$ 5,965 million.
During the day the Treasury offered three options:
Option 1: Reopening of the dual currency bond maturing on June 30, 2023 for holders of Lecer X23N2 maturing on November 23 and for holders of LEDE S30N2 and the T2V2 US dollar-linked BOND maturing on November 30. november.
The second option consisted of the reopening of the dual currency bond maturing on July 31, 2023 for holders of the LEDE S16D2, the Lecer X16D2 maturing on December 16, and the LEDE S30D2 maturing on December 30.
Finally, the third option was the reopening of the dual currency bond due on September 29, 2023 for holders of the Boncer TC22P due on December 29.
the exchange
Participating in the Industrial Conference of the UIA, the Minister of Economy, Sergio Massa, said that when he decided to take over the leadership of the Palacio de Hacienda “the biggest challenge was to stabilize and try again to put the economic variables into operation.”
“We were able to order the relationship with the IMF and the Paris Club, we rebuilt the relationship with the IDB and the World Bank, one of the pillars to rebuild reserves,” he said as a balance of his first hundred days in office.
Massa had already completed a first debt swap last August, with similar characteristics, on that occasion with a view to expected maturities of 2 trillion pesos.
On that occasion, he successfully managed to postpone until next year the payments that he had to make between that month and last October.
