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Economy Ministry Seek To Ease Default Fears With Local Debt Swap Offer

ARGENTINA
  • Argentina will provide investors the opportunity to exchange holdings of local debt into new bonds in a bid to ease fears of a default on the government’s mounting local debt obligations.
  • The economy ministry plans to offer two bond baskets in a local bond swap, which include CPI-linked and dual instruments, according to a person with direct knowledge of the matter. The local debt swap will be held on March 09.
  • Economy Minister Sergio Massa said the government would offer investors two swap options to exchange local bonds coming due in the second quarter in an attempt to build the local bond curve to 2024 and 2025, Massa said in a broadcast video statement.
  • “We want to leave behind the idea that Argentina is always weeks away from a default,” Massa said. “This will allow us to clear up any uncertainty for 2023.”
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