Within the framework of the debt swap launched by the Government and launched this Thursday, Economy launched three dual bonds tied to the official dollar and a CER bond that follows inflation. This is the exchange offer.
Within the framework of the debt swap, a new bond offer is launched.
Ignacio Petunchi
After the successful placement this Thursday and, within the framework of the debt swap launched by the Government, the Treasury and Finance secretariats jointly arranged this Friday the issuance of various public debt instruments for a total amount of up to US$23.5 billion maturing in 2024 and 2025.
As established by Joint Resolution 29/2023, these are the three new BONARES (dual) that enter the exchange and are tied to the official dollar:
- The first of them is a Bond of the Argentine Nation in Dual Currency, with due on August 30, 2024”, in dollars with payment in pesos (what is known as linked dollar) and with a term of one year and two months.
- The second one is another Bond of the Argentine Nation in Dual Currency, maturing on November 29, 2024which is equivalent to a term of one year and five months and 16 days, also denominated in US dollars and payable in pesos
- The third is a Argentine Nation Bond in Dual Currency maturing on January 31, 2025 (term of one year, seven months and 18 days), in US dollars and payable in pesos at the official exchange rate.
It should be clarified that the applicable exchange rate in all three cases it is the one published by the Central Bank (BCRA) based on Communication “A” 3500 corresponding to the third business day prior to the respective payment date and the amortization is complete at maturity. The subscription will be carried out in one or several tranches, as determined by the Ministry of Finance.
Within the framework of the exchange, it was provided that the holders of the Bond of the Argentine Nation in Dual Currency due July 2023 may subscribe with their titles any of the first two instruments issued by the aforementioned joint resolution of this Friday or the National Treasury Bond in Pesos adjusted by CER maturing on December 13, 2024, also issued by the same standard.
A CER-adjusted bond
On the other hand, the issuance of the National Treasury Bond in Pesos adjusted by CER maturing on December 13, 2024 by up to $5 billion, with a term of one year and six months. Payable in the same currency as the issue and whose capital will be adjusted in accordance with the provisions of the “Capital Adjustment” clause of Decree 214/2002.
It will accrue interest from the issuance date, at a nominal annual rate of 4.25%, which will be payable on December 13, 2023, June 13, 2024 and December 13, 2024 and will be calculated based on months of thirty days and years of three hundred and sixty days.
The holders of the National Treasury Bill in Pesos Adjusted by CER at a discount maturing on June 16, 2023 may subscribe these last CER bonds with their titles. Holders of the National Treasury Bill in Pesos Adjusted by CER at a discount maturing on July 18, 2023 may also do so.
While those who have in their possession the National Treasury Bond Linked to the United States Dollar (dollar linked) maturing on July 31, 2023, may subscribe with their titles the dual Bond that matures on August 30, 2024 as well as the National Treasury Bond in Pesos Adjusted by CER maturing on December 13, 2024.
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Source: Ambito
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