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Government Successfully Completes $50bn Debt Swap

ARGENTINA
  • According to a statement from the Economy Ministry on Tuesday, the government successfully swapped about 77% of its peso debt due this year for longer-dated notes. The government exchanged $50.4 billion of local bonds maturing in 2024 for securities due 2025-2028, which is the largest domestic debt rollover in Argentina’s history. Local analysts said that the debt swap was in line with expectations.
  • The successful swap followed February CPI inflation data, which showed a moderation in monthly inflation to 13.2% m/m, from 20.6% previously. Core prices rose by 12.3% m/m. In comments in an interview on Radio Mitre on Wednesday, President Milei said that monthly core inflation will likely come in around 7% or 8% in March.
  • Separately, Vice President Victoria Villarruel, who also presides the Senate, called a special session for 1400GMT on Thursday to discuss an agenda that includes the emergency decree with which President Milei’s government seeks to deregulate the economy.
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