As mentioned in the regulations, the issuance and expansion of National Treasury bonds in pesos adjusted by CER seeks to ensure medium-term financing, offering protection to capital against price dynamics.
The Ministry of Economy, through the Ministry of Finance and the Ministry of Finance, authorized the issuance and expansion of National Treasury bonds adjusted by CER (Reference Stabilization Coefficient). The titles are in pesos, with expiration dates in May 2025, October 2025, October 2026, and an additional one will be extended with expiration in March 2026.
He did it through Joint Resolution 59/2024 published this Wednesday in the Official Gazette. The official text clarifies that the issuance of several bonds is “zero coupon”, that is, they do not pay periodic interest and whose capital will be adjusted at maturity in accordance with the CER.
As mentioned in the regulations, the main objective of this measure is to finance the State through the placement of public debt in pesos adjusted for inflation, therefore “the resolution authorizes the issuance of National Treasury bonds in pesos adjusted by CER.”
Bond due May 30, 2025:
- Amount: up to 4.5 billion pesos (VNO $4,500,000,000,000).
- Issue date: October 31, 2024.
- Interest: zero coupon (does not generate interest).
- Amortization: full at maturity.
- Capital adjustment: Adjusted by CER.
Bond due October 31, 2025:
- Amount: up to 4.5 billion pesos (VNO $4,500,000,000,000).
- Issue date: October 31, 2024.
- Interest: Zero coupon.
- Capital adjustment: Adjusted by CER.
Bond due October 30, 2026:
- Amount: Up to 4.5 billion pesos (VNO $4,500,000,000,000).
- Issue date: October 31, 2024.
- Interest: Zero coupon.
- Amortization: Full upon maturity.
- Capital adjustment: Adjusted by CER.
- Extension of the bond maturing on March 31, 2026:
- Additional amount: 759,777 million pesos (VNO $759,777,812,190).
- Conditions: Previously authorized issue in April 2024.
- Capital adjustment: Adjusted by CER.
The measure after the day before Economy will place $892,552 million of debt in pesos. The team of Luis Caputo did not manage to renew the entire $1.6 billion that expires this week and released around $700,000 million to the market. Thus, what had happened at the end of September was repeated, when 100% of the commitments were not refinanced either.
Source: Ambito
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