The Ministry of Economy achieved a significant level of adherence to the debt exchange in pesos which he did this Friday. Tempted by the “prize” they decided to pay Luis Caputo, the holders of 64% of the eligible securities entered the operationreported the Secretary of Finance Pablo Quirno. Thus, the Government cleared around $14 billion that was due between May and November of this yearwhose payments have now been postponed to 2026.
Caputo had launched the call for this operation with the objective of decompress the debt maturity schedule in pesos of the hottest time of the year to try to reduce the risks of exchange rate shocks during the electoral process.
To achieve this, it designed a proposal for the holders of the securities involved that It involved recognizing a price higher than that operated in the secondary market. before the call for the exchange, which involved a “prize” of between 10 and 15 basis points of performance, according to city calculations. In addition, it offered in exchange new dual bonds with “hedge” against unexpected movements in the monetary policy rate. As advanced Scopethe market considered the operation attractive and that is why it entered in a significant proportion.
Debt exchange in pesos: the result
Quirno reported that the exchange had an acceptance of 64% of the total maturities of the eligible securities that expired between May and November 2025, which were around $22 billion. “$14 billion of maturities are cleared”celebrated the official in his X account.
The result showed that there was not only an influx of creditors belonging to the public sector, who owned 11.7% of the total. The Secretary of Finance highlighted that “the private sector contributed approximately 55% of its holdings.”
Likewise, Quirno highlighted that the operation made it possible to stretch the average life of the maturity profile from 0.54 to 1.51 years and the capitalization rate was reduced from a weighted average of 3.94% TEM (monthly effective rate) of the eligible securities to 2.20% TEM of the new portfoliowhich represented a premium over the returns that were in the secondary market until Tuesday, when the call was announced.
Economic team celebrations
“The financial strategy focused on extending the maturity profile at falling nominal rates is a pillar of the monetary anchor required to sustain the disinflation process with economic growth,” said the Secretary of Finance, one of the Minister of Finance’s most trusted officials. Economy.
The truth is that this statement is part of the climate of celebration of the economic team. Minutes after the conversion closed and almost two hours before the results were announced, Caputo had tweeted a photo with his main collaborators and the phrase: “Spectacular accession to the Exchange to close a great week!”. In the image you can see the minister, Quirno, and the advisors Federico Furiase, Martín Vauthier and Felipe Núñez.
The Government considers that the result allows you to clear the expiration calendar during the hottest months of the year, which will be crossed by the electoral process. The bet was to reduce payments for the May-November period to reduce the risks of exchange pressures in the event of possible changes in the market’s mood, even more so in the event that a greater flexibility of the exchange rate is achieved.
Details
The exchange included eleven eligible titles: eight Lecap (fixed rate bills), two Boncer (inflation-indexed bonds) and one Boncap (fixed rate bond). In total, Finance received 4967 subscription offers.
The Treasury Palace detailed that offers for Lecap S16Y5 were awarded for $1.7 billion (at the market value considered in the operation); for S30Y5, $667,028 million; for S18J5, $1.15 billion; for S30J5, $449,705 million; for the Boncer TZX25, $2.15 billion; for the Lecap S31L5, $1.2 billion; for S29G5, $892,377 million; for S12S5, $689,319 million; for S30S5, $826,914 million; for Boncap T17O5, $1.17 billion; and for the Boncer TX25, $3.1 billion.
Meanwhile, will be issued to be delivered to investors who entered into the exchange of $14 billion in the new dual bondswhich will pay the highest return between the fixed rate implicit in the operation or the accumulated capitalization of the TAMAR rate, which is published daily by the Central Bank based on the average of fixed terms greater than $1,000 million and which, therefore, is susceptible to the variation of the monetary policy rate.
Holders will receive in equal parts a dual bond on March 16, 2026, another on June 30, 2026, another on September 15, 2026 and another on December 15, 2026.
Source: Ambito
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