He Ministry of Economy ordered the expansion of the issuance of Boncer 2026 to exchange for Treasury Bills (Letes) in pesos and dollars, expiring next October and November, and which are in the possession of public organizations, mainly the Central Bank (BCRA) and of Sustainability Guarantee Fund (FGS) of the National Security Administration (ANSES).
He did it through Joint Resolution 49/2023 of the Secretariats of the Treasury and Finance, published today in the Official bulletin.
It determined the expansion of the issuance of National Treasury Bonds in pesos with adjustment for CER plus 2% due 2026 (Boncer 2026 2%) originally issued in 2020, that will be placed in entities of the National State with relevant holdings of instruments with maturities during the last quarter of the current fiscal year, such as the BCRA and the FGS.
He Ministry of Economy yesterday anticipated the call for a voluntary exchange of securities in pesos with maturity scheduled for the last quarter of the year, intended for instruments whose current holders are agencies of the National State.
According to the portfolio led by Sergio Massa, the objective of the measure is to continue clearing the maturity profile. “An extension of these maturities by more than $600,000 million is expected in 2025 and 2026,” said the Secretary of Finance, Eduardo Setti, on X (ex Twitter).
The operation will be carried out “under market conditions”, as established in Article 11 of Decree 331/2022, which details that the instruments “will be taken at the technical value calculated on the settlement date of each of the placements”.
Bond exchange: previous experience was in June
The previous exchange had been launched at the beginning of last June and obtained a 78% adhesion for titles with maturities in the months of June, July, August and September. This allowed us to extend commitments for the coming months of $7.4 billion, in what was the largest conversion operation in Argentine history in terms of the debt market in pesos.
On that occasion, almost 90% of the $7.4 billion were exchanged for papers with expiration between November 2024 and January 2025, in instruments adjusted by the variation of the official dollar, inflation (CER) or both (DUAL).
Source: Ambito
