The provincial debt bonds were established throughout 2024 in a option for investors depending on the rates they offer and that the subnational states have done their part in the adjustment promoted by the national government.
Last year lThe provinces renewed their commitments to the market, except for La Rioja, which fell into default with its creditors.
According to a report by the consulting firm Politikon Chaco, the group of provinces and the City of Buenos Aires faced maturities of $4.4 billion in 2024a figure that represents an increase of 16.3% compared to 2023.
He 50% corresponds to bond maturities and the other 50% in letters. Besides, 40% is from instruments denominated and paid in foreign currency; while 60% to titles in pesos.
“Analyzed by type of services, 72% were capital amortization and 28% were interest”explains the consulting firm run by economist Alejandro Pegoraro.
The study also points out that if broken down by jurisdiction, 60% of the maturities are concentrated in the province of Buenos Aires ($2.6 billion); In second place is Chaco with 9% ($386,019 million) and the podium is completed by Córdoba with 8% ($364,333 million).
In December, meanwhile, provinces and CABA faced maturities of $540,138 million. This is a pesoified total that includes maturities in foreign currency. The maturities were 23% higher than the same month in 2023 in real terms and 77.6% in real terms compared to November.
This month, 41% of the month’s maturities corresponded to bonds while 59% were bills.
Furthermore, by disaggregating the maturities according to payment currency, 64% were in pesos ($347,058 million) while 36% of the maturities were in foreign currency (for USD 190 million).
The provinces that issued in 2024
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In The cumulative issuance of provincial public securities in 2024 was $2.56 billionwhich shows a real decrease of 0.8% compared to 2023. 76% of that total were Treasury Bill issues and 24% were Bonds. In relation to its currency of origin, 96% was issued in pesos and 4% in dollars1.
By districts, they were Only seven provinces issued public securities during the year 2024. The province of Buenos Aires concentrated 67% of the total ($1.7 billion); Chaco was in second place with a total of $362,028 million (14% of the annual total) and further behind were Córdoba with $240,000 million (9%), Chubut with $93,213 million (4%), Mendoza with $80,323 million (3%), Santa Fe, $50,000 million (2%) and Río Negro with $11,000 million (0.4%).
Source: Ambito
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