Government exchanges securities for $750 million to compress exchange rate gap

The bidding will be held on December 15, so that holders of eight peso bonds can exchange them for two bonds in dollars. It seeks to provide an outlet for funds that no longer want to invest in Argentina. The bonds offered are two issued in the last restructuring that yields 16% today. This operation aims to help decompress the exchange rate gap from around 80% where it is today, after having reached 150% weeks ago.

Source: Clarín