Argentina issues $1.3 billion in Treasury Bills

Argentina’s new government announced the issuance of $1.326 billion of dollar-denominated Treasury Bills, to be directly subscribed by the central bank (BCRA), according to a decree published today in the Official Gazette. They will expire on Dec. 30 2029 with interest payable semi-annually. The rate will depend on the interest accrued by the central bank’s foreign reserves and capped at the annual LIBOR rate minus one percentage point. The figure represents almost 30% of the $4.571 billion in BCRA’s international reserve that the emergency law passed by Congress at the end of 2019 authorises Alberto Fernández’ administration to take for dealing with debt maturities during 2020.

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Source: Reuters