Government of Argentina issued new debt equivalent to US$1.414 billion

The Argentine Government issued yesterday, Wednesday, new debt in the local market for 294,502 million pesos (US$1.414 billion) in a financial operation in which it tendered seven securities and allowed it to cover the maturities contemplated for March, informed the Ministry of Economy.

In a financial operation, the economic portfolio awarded five Treasury Bills in local currency and two Bonds linked to the US dollar, with maturities between April 28 and April 30, 2024.

In detail, a Treasury Liquidity Bill in pesos with maturity in April and an annual interest rate of 72 percent was tendered.

Likewise, a Treasury Bill with maturity until next June and a yield of 89.84 percent were offered, and another series of these Bills will mature at the end of July and accrue interest of 93.19 percent.

In addition, the Executive Branch awarded two Letras adjusted to the inflationary evolution (CER) with maturities in July and September, as well as a Treasury Bond linked to the US dollar with maturity, also until July, and a “Linked” Bond adjusted to the evolution of the official exchange rate that will mature in April 2024, according to the Ministry of Economy.

Argentina’s Secretary of Finance, Eduardo Setti, highlighted the effectiveness of the operation and informed that in addition to covering maturities, “favorable net financing of 69,121 million pesos (about 332 million dollars) was achieved during March.

“Forty-one percent of the financing was made up of instruments adjusted to the official exchange rate, 31 percent at a fixed rate, and the remaining 28 percent, by instruments indexed by CER (to inflation)”, Setti indicated through his account in the social network Twitter.

The official added that 62 percent of the financing acquired in March corresponded to instruments maturing in 2023, while the remaining 38 percent in 2024.

“It should be noted that, with this result, the National Treasury achieves a net financing for the first quarter of 471.942 billion pesos (US$2.266 billion),” Setti added.

Given the country’s difficulty in accessing international credit, the Argentine government resorts to the local debt market.

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Through these operations, the Executive seeks to refinance financial commitments and absorb economic liquidity to avoid pressure on the exchange rate.

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