The treasure made an exchange with the BCRA to postpone August payments. The operation includes the conversion of Lecap by BANCAP with expiration in December and seeks to decompress the short -term financial front.
The Ministry of Economy formalized a debt exchange with the Central Bank of the Argentine Republic (BCRA), for a total amount of Up to $ 5.4 billion original nominal value (vno)with the aim of decompressing short -term maturities and strengthening the financial profile of the Treasury.
The operation was formalized through the Joint resolution 548/2025 of the Secretariats of Finance and Finance, published on Monday in the Official Gazette, and contemplates the Lecap conversion expiration on August 15, 2025 (S15G5) by Expiration BANCAP on December 15, 2025 (T15D5)both instruments called pesos and originally issued in October 2024.
The Government ordered the affectation of an amount emitted and not placed on the boncap T15D5 for $ 3.91 billion vnoplus one Expansion of up to $ 1.5 billion Vno to cover the total exchange with the BCRA. These instruments will be placed under the operational norms already in force from the joint resolution 9/2019.
The measure is framed in the Article 38 of the Budget Law 27,701which governs by 2025 in accordance with article 27 of Law 24,156, and in the provisions of the Article 11 of DNU 331/2022which enables this type of operations between national public sector agencies without restrictions by type of currency and using market prices.
The conversion was made August 1with settlement at August 4and will take as a reference the price prices of the instruments involved in the screens of Argentine bags and markets (byma) With 24 hours liquidation, just before 1:30 p.m. on the operation. The exchange is registered within the Treasury financial program for the second semesteraimed at reducing renewal needs in August, one of the months with the highest maturity loading in pesos.
Debt: Without lefis, maturities multiply in pesos
The government must face debt maturities in local currency for almost $ 45 billion (5% of GDP) in the period prior to the October legislative elections. According to the consultancy calculations Aurum valuesbetween the last day of July and the week before the elections, the Ministry of Economy must face payments in pesos to private sector holders for a total estimated at US $33,000 million.
For its part, a report of the Province Bank Studies Center raised that figure to $ 73 billion (8.5% of GDP) by incorporating in the calculation the holdings of titles held by the public sector itself. Meanwhile, the consultant Ecogo He pointed out that 96% of that debt in pesos is issued at a fixed ratewhich limits the margin of maneuver in the face of inflation or exchange volatility scenarios.
Source: Ambito
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