The Ministry of Economy on Wednesday issued Treasury letters and bonds in local currency maturing in 2020 and 2021 worth AR $9.22 billion ($148.5 million). Of that amount, AR$2.36 billion correspond to Lebad bills maturing on August 28, and another AR$6.87 billion to a swap of the dual bond AF20 for another ones in pesos with Badlar rate plus 100 basis points. Argentina has already swapped 18% of the AF20 which was due on February 13 whose capital payout was postponed to Sept. 30.
The Ministry of Economy swapped AR$9 billion ($146mn) of the Dual Bond for securities nominated in pesos at a private Badlar rate plus surcharge with maturity on August 5, 2021. It also obtained AR$3.6 billion through the tender of Lebad letters with maturity on May 28 and August 28. Argentina decided to postpone to Sept. 30 the payment of the AF20 dual bond that matured on Feb. 13 after restructuring negotiations with the majority of bondholders failed.
Telecom Argentina placed debt in local currency for AR$4.2 billion ($69.6 million) through the issuance of two negotiable obligations, one at 12 months (Badlar rate plus 4.75%) and another at 18 months (Badlar plus 5.25 %). The tender was led by a consortium composed of Macro, BACS, AR Partners and Balanz, with orders of up to AR$5.2 billion. The financing will allow the company to make investments in working capital and capex.
The Ministry of Economy will tender today two new series of Treasury Bills in pesos at Badlar rate (Lebad), one expiring at 120 days and the second one at 180 days, as part of its debt management scheme seeking longer terms and lower rates. Four tenders of Treasury Bills in Pesos were also confirmed on February 3, 11, 20 and 26 as part of the government plan to “normalise the local debt market.”