He Ministry of Economy, Through the Secretariat of Finance and the Ministry of Finance, He formalized one Public debt conversion operation with the Central Bank. The measure formalizes a exchange of the holdings of the BCRA of the “Capitalizable National Treasury letter in pesos with expiration March 31, 2025” (LECAP S31M5) for the LECAP with expiration June 30, 2025 (S30J5). The operation partially decompresses the amount to refinance in the placement of this Thursday.
According to the provisions of the joint resolution of both secretariats, the conversion operation was carried out under the following conditions:
After higher devaluation expectations, Luis Caputo tests to the market with two dollar linked bonds
The exchange is part of the tender on Thursday, in which economy will seek to refinance the expirations of the end of the month for just over $ 9 billion. As The BCRA cannot participate in primary placementsa specific conversion is required so that the treasure can kick the payment of its holdings. Thus, when the portion of the S31M5 LECAP is cleared in the hands of the central, the total commitment to renew in the auction is partially reduced.
After the exchange turbulence of the last week, the Ministry of Economy announced Tuesday The menu of letters and bonds that will offer in the next debt tender in pesos, to be held this Thursday. As analysts speculated, given the highest devaluation expectations, The treasure will test the market again with two bonds linked to the evolution of the exchange rate.
It is a placement in which the government faces maturities for just over $ 9 billion, of which two thirds are in the hands of the private sector, Therefore, it will be a challenging tender for the Ministry of Finance led by Pablo Quirno, right hand of Minister Luis Caputo.
In this way, the economic portfolio will offer the market Three short -term LECAPSwhich expire on 04/28/25, 05/30/25 and 07/31/25, respectively. In turn, it will make available to investors Two Titles dollar Linked, as of 06/30/25 and as of 01/16/26, According to the case.
Finally, there will also be Two bonds tied to inflation: zero coupon bonce, expiring as of 10/31 and 03/31/27. The treasure seeks to renew Fixed rate maturities and close in the middle of exchange volatility.
Source: Ambito
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