Economía will seek to reduce payments on eleven securities that mature between May and November 2025 in exchange for four dual-rate bonds.
The Ministry of Economy called for an exchange with the objective of postponing part of the debt payments in pesos corresponding to eleven titles that expire between May and November of this year. The objective is to kick the commitments to 2026.
The operation will take place this Friday and it is proposed to decompress a considerable portion of the maturities scheduled for that period of 2025. The call was launched this Tuesday after the markets closed.
Debt swap details
The conversion will have eleven eligible titles: it is about eight Lecap (fixed rate bills), two Boncer (inflation-tied bonds) and one Boncap (fixed rate bond). All of them expire between May and November of this year.
In exchange, holders who agree to participate in the exchange will receive a basket made up of four dual-rate bonds in equal parts. (the largest of what they throw fixed rate included in the operation and the rate variable TAMAR, published by the Central Bank) that will expire on March 16, 2026, June 30, 2026, September 15, 2026 and December 15, 2026.
The Secretary of Finance, Pablo Quirnopointed out in his social network account X that the prices set in the call result in a TIREA (annual effective internal interest rate of return) average of 29.50%.
The reception of offers will begin at 10 a.m. and end at 3 p.m. on Friday, January 24, and the settlement of the offers received and awarded will take place on Wednesday, January 29 (T+3). The tender will be by adhesion with one document per eligible title and the offers presented must indicate the nominal value amount in pesos of the eligible title that will be delivered in conversion for the basket, the Palacio de Hacienda specified in a statement.
The first speculations on the city tables They indicated that the official objective is to clear expirations in pesos, which could stress the exchange market, during the months prior to the elections and in view of an eventual opening of the stocks.
Source: Ambito
