On Tuesday, November 8, Argentina announced a voluntary debt swap for ARS 1.5 trillion (US$9.4 billion) payments due.
The move aims to reduce the year-end repayment backlog and extend maturities to 2023.
Argentina’s Economy Ministry said in a statement that it will exchange about ARS 700 billion of debt maturing in November and ARS 800 billion maturing in December in exchange for bonds maturing in June, July, and September 2023.
“This exchange operation aims to extend the maturities of the Treasury’s peso debt profile,” the ministry said in a statement cited by Reuters.
Market analysts had expected the announcement in light of the severe economic slump in the South American country, fueled by sky-high inflation estimated to reach 100% this year.
Argentina had carried out another voluntary debt swap in August for about ARS 2 trillion for bonds maturing before November.
With information from Latina Press