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Argentina’s dollar bonds rose by 0.8- 2 points after the country swapped 42.6tn pesos ($50.4bn) of its local debt maturing in 2024 for new notes due from 2025 to 2028, according to a statement released by the economy ministry. Private banks did not actively participate in the deal as the government did not offer put options on the new peso bonds, according to sources. According to brokerage house GMA Capital, the debt swap would reduce the need for Argentina to print more money to cover its local debt payments in 2024, estimated at 57.5tn pesos ($68bn). Also, the country cut its interest rates by 20% to 80% on signs of inflation easing and strengthening of its currency against the dollar.
Its 3.625% 2035s bond rose by 1.1 points to trade at 38.9 cents on the dollar.