The treasure made an exchange with the BCRA where it will deliver new Lelink in exchange for the LECAP in pesos that the central had in the portfolio, seeking to relieve maturities and reorder the financial program.
The Ministry of Economy, through a joint resolution of the Secretariats of Finance and Finance, ordered the extension of the issuance of the National Treasury lyrics linked to the US dollar zero coupon with expiration October 31, 2025 (Lelink D31o5) for up to U $ 2.5 billion original nominal value.
The measure aims to specify a exchange operation with the Central Bank of the Argentine Republic (BCRA)which will deliver its holdings of the letter of the National Treasury capitalizable in pesos with expiration September 30, 2025 (LECAP S30S5) in exchange for the Lelink.
Operation details
According to the standard, the transaction was made on September 12 and will be settled on September 15, 2025. The prices of both instruments were set according to Argentine bags and markets screens (Byma), considering the contributions available before 1:30 p.m.
The resulting amount will be rounded to the nearest multiple of the minimum denomination of the Lelink D31O5. The operation is within the indebtedness limits provided for in article 38 of Budget Law 27,701 and its regulatory decrees.
The Secretary of Finance, Pablo Quirno, and the Secretary of the Treasury, Carlos Jorge Guberman, signed the resolution. In the recitals, it is highlighted that the operation “that the operation that is promoted, whose expiration operates within this year, is within the limit established in article 38 of Law 27,701”.
How public debt evolved in the first year and a half of Javier Milei
In the first 18 months of Javier Milei management, the “Net state debt” The national state was reduced by US $ s40,170 million. The decline is explained by a fall in net debt in equivalent pesos au $ s47,498 millionpartially compensated for an increase in dollar debt for US $7,328 million.
This indicator – which consolidates the debts and assets of the Treasury and the Central Bank, thus offering a more precise vision than the traditional concepts of “public debt” or “external debt” – showed non -linear behavior during the current administration.
Most of the reduction was concentrated in 2024, driven by the Disarmament of the remunerated liabilities of the BCRA. However, in 2025 the trend was reversed: so far this year the Net state debt grew at US $ 5,500 million.
Source: Ambito
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