As anticipated by Ámbito, the Government launched a new debt swap to clear maturities in June, July, August and September for some $10 trillion. With this, the Secretary of Finance, Eduardo Setti, seeks to order what is called the “curve of pesos”, which implies distributing the new maturities proportionally between the short, medium and long term.
According to data from the Romano Group, the Government will seek to renegotiate commitments for $500,000 million in June, $4.4 trillion in July, $2.3 trillion in August and $2.1 trillion in September.
The operation will be done next Thursday. Investors may choose to deliver a READ maturing on June 16 for a BONCER as of December 13, 2024 with a price to be determined within the framework of the operation. Holders of the DUAL BOND that matures on July 31 may exchange them for another DUAL to August 30 of the following year; a DUAL to November 29, 2024 and a new BONCER that closes on December 13, 2024.
Meanwhile, those who own the LECER that closes on July 18, may take a BONCER in exchange on December 13, 2024.
On the other hand, it may be delivered Dollar Linked Bonus from August 31 and receive a DUAL by August 31, 2024 and a BONCER by December 13 of the following year. Also an LEDE that expires on July 31 for a BOCER that does the same on December 13, 2024. Meanwhile, the BONCER that expires on August 13 can be exchanged for another bond with the same characteristics that closes on December 13, next year.
Finally, the DUAL Bonus that ends on September 29 can be exchanged for a DUAL on August 31, 2024, another DUAL on January 31, 2025, and a BONCER on December 13, 2024.
Last week, Setti held meetings with representatives of banks and mutual investment funds. There they asked him to include the maturities of the ninth month of the year, which were not included in the original Finance proposal. It must be taken into account that except for the remainder of June, which is mostly in the hands of the private sectorthe rest of the remaining maturities are intra statewhich ensures a good result.
In June, private maturities would amount to $400,000 million, while in the rest of the months they would amount to $1.76 trillion. And that would be the true objective of the government for this call.
As reported, the banks asked Setti to include dual bonds on the menuwhich adjust both for inflation and for the official dollar, so as to be covered if a new government takes office at the end of this year and applies a significant exchange rate correction.
The previous debt swap took place in March, and the government got a 58% stake, although it was able to extend the maturity terms to 2024.
Source: Ambito
