Debt swap: Economy re-introduces inflation-adjusted bills

However, according to Portfolio Personal Inversión (PPI), the Government faces this year “a very worrying scenario if the duration is not extended in the coming months.” And, in this sense, the Bill of the National Treasury adjustable for inflation (LECER) maturing in June 2023, which can be exchanged for another two that expire in January and February.

In that way, the Finance Secretary it once again included among its offers securities indexed by price developments, an option that it had set aside several months ago, when it decided to turn to fixed-rate securities.

This is the exchange that seeks to achieve Economy

At first, I tried to change 8 titles that expire in the first months of this yearfor two baskets of bills that include discount bonds and dual bonds, and which would have an insured base of almost 45% participation.

This month, the Treasury has to face debt maturities in pesos for $1.1 trillion, of which $800,000 are in the hands of the private sector. The vouchers to be redeemed expire in the first quarter and include LECER, LEDEs, BONCE and BOTEs:

• The first basket includes 25% of the LEDE to April, 35% of the LEDE to May and 40% of a new LEDE to June.
• The other basket is made up of 35% Dual to July, 35% of Dual to September and 30% of Dual to February 2024.

With the reincorporation to the menu of bond options adjustable by the evolution of prices, one of the most demanded by the market in a context of high inflation, it seeks to improve the prospects of the operation.

In the market, it is assumed that State agencies have 45% of the holdings of maturing bonds and that, therefore, that would be the exchange floor, so it is expected that there would be a private participation of between 15 % and 20%.