Argentina swaps $1.66 billion of Treasury bills to ease payment crunch

Argentina has exchanged five Treasury bills (Lecap) with an original face value of ARG$99.6 billion ($1.66 billion) in a debt swap auction to help push back its repayment schedule. The economy ministry held the auction on Monday of two new peso-denominated bills (Lebad) which will mature on Sept. 18 and Dec. 22. The new debt will have a nominal value of ARG$83.35 billion ($1.39 billion) with all payments on the debt being due on maturity.