“With this process of reordering and extension of the sovereign curve in pesos, we will be able to preserve the sustainability of the debt,” Finance Secretary Eduardo Setti said on his Twitter account.
He The Ministry of Economy will carry out this Thursday the voluntary debt exchange in pesos to postpone a good part of the maturities that would expire before the middle of the year and total some $7.5 trillion, with the intention of rebuilding market confidence.
The ministry announced the swap after negotiations with bank representatives and financial institutions. As far as he could find out Ambit between operators, The new exchange is expected to have 60-65% adherence. 50% will be from the intra-public sector debt, so the rest will come from the private sector. If it exceeds that percentage, it could be considered a great success for Economy Minister Sergio Massa and his right-hand man, Gabriel Rubinstein.
Finance Secretary Eduardo Setti said on his Twitter account: “Today is a very important day. After the hard work carried out by the economic team headed by Minister Sergio Massa and the different players in the market and financial system, whom We appreciate your participation and support. We are beginning the conversion operation of Treasury debt instruments that will allow us to clear more than 3.5 trillion pesos from the short-term horizon”.
“With this process of rearrangement and extension of the sovereign curve in pesoswe will be able to preserve the sustainability of the debt. This highly relevant operation is the top priority of this management, the results of which will contribute to guaranteeing greater confidence, predictability and stability,” he added.
The Association of Public and Private Banks of the Argentine Republic (ABAPPRA) supported the debt swap and announced that it will enter into the operation by offering its portfolio of titles. “The representatives of different public and private entities of Argentina associated with ABAPPRA promised to accompany the exchange, according to the eligible instruments included in the operation“, the entity said in a press release.
The Central Bank came out to announce what the liquidity insurance mechanism for bondholders will be like that they have to get rid of them before their expiration.
Source: Ambito
