The measures, in detail: The economy would offer a “double bonus” in the voluntary exchange of debts

As the hours go by, they get to know each other some guidelines on the measures that Sergio Massa announced on Wednesday in broad terms. Among them there is Voluntary exchange of debt into pesos.

The clarification that it would be “voluntary” brought calm to the market because one of the rumors that had brought down the headlines in the hours leading up to the announcements was that a mandatory trade might be coming.

The Minister of Economy reported that a voluntary exchange for the maturing debt will be made the next 90 dayswhere I would already be adhesion of 60% of the securities was compromised.

That 60%, they assure on the market, They are all public entities. something similar to what happened with the exchange made by Martín Guzmán for the Central Bank last June.

The monetary entity had acquired Ledes and Lecer to support the value of those stocks after they collapsed due to the disarming of Enarsa’s holdings in Banco Nación’s investment funds. redeemed $ 358 billion.

Now the operation it would involve about 2.5 billion pesos of bonds. Finance Secretary, Eduardo Settiis working to put together the operation in which the Treasury could offer a double bonus, which at the time of collection would pay the higher of the inflation rate or the devaluation rate of the official exchange rate. According to Massa, the exchange will end on Tuesday.

The bonds that would participaten of the exchange would be the Boncer expiring in September (T2X2) and the Ledes, Lecer, Lepase expiring in August, September and October.

For bonds maturing in August, Finance would offer a bond until June 2023; for those that expire in September, the exchange would be for other securities in July 2023 and, finally, those that expire in October would go to September next year.

According to the news agency sports shortsg, all titles would be taken to theirs technical value (i.e. its value at the time of redemption).

In August, the government faces maturities in pesos of $ 621,037 million, in September that amount rises to $ 1,112,585 million and in October to $ 801,928 million, according to the consultancy’s calculations. Capital GMAL. In each of the cases, the largest number of maturing bonds is linked to inflation.

In addition to the swap, Massa announced that part of the funds that will enter if the negotiations are successful (the REPO with the banks or the export settlement with the field) could be used to buy back the debt.

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