Argentine government issues new debt in local currency equivalent to US$2 billion

The Argentine Government issued new debt in local currency for 401.68 billion pesos (about US$2.09 billion) through Bills and Bonds that will mature in 2023 and 2027, informed the Ministry of Economy.

The economic portfolio tendered three Treasury Bills that will mature between Feb. 28 and June 16 of the current year and a Treasury Bond whose maturity is scheduled for November 2027, receiving offers for more than 630 billion pesos (US$3.27 billion).

In the details of the operation, a new Treasury Liquidity Bill in pesos was awarded, which will mature on Feb. 28 and offers an annual interest rate of 69 percent.

A Treasury Bill with maturity on May 31 and an annual nominal rate of 87.21 percent was reopened.

The third instrument consisted of reopening a Treasury Bill adjusted to the variation of inflation plus 5.24 percent and maturing on June 16.

Finally, a National Treasury Bond with an interest rate of 48.97% was offered, and maturity is set for Nov. 23, 2027, according to the Ministry of Economy.

With this recent financial operation, the Argentine Executive managed to cover the debt maturities foreseen for this week, estimated at more than 294 billion pesos (US$1.53 billion), besides obtaining an additional 107 billion pesos (US$556 million).

The Argentine government resorts to the local financial market due to its lack of access to international credit and the need to meet its current debt commitments.

Through these debt instrument tenders, the Executive also seeks to stimulate investment and savings in local currency and thus avoid further pressures on the exchange rate.

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