BUENOS AIRES (Reuters) – Argentina said on Tuesday it would launch a voluntary debt swap for some 1.5 trillion Argentine pesos ($9.4 billion) in upcoming payments as it seeks to ease the end-of-year repayment crisis and to extend maturities until 2023.
The country’s economy ministry said in a statement it would swap some 700 billion pesos of debt due in November and 800 billion pesos due in December, in exchange for bonds maturing in June, July and September. 2023.
“This conversion operation aims to extend the maturities of the Treasury peso debt profile,” the ministry said in the statement.
Market analysts expected this announcement given the severe economic crisis hitting the South American country, fueled by skyrocketing inflation estimated at 100% this year.
Argentina had carried out another voluntary debt swap in August for some 2 trillion pesos ($15 billion) for bonds maturing before November.
The Economy Ministry said the new bid would be opened on November 10 between 10 a.m. and 3 p.m. local time (1 p.m.-6 p.m. GMT) and settled on November 15.
Dollar-linked Ledes, Lecer and Boncer bonds are eligible for exchange, he said, adding that he would issue three dual-currency bond options with varying maturities in 2023.
($1 = 159.7100 Argentine pesos)
(Reporting by Eliana Raszewski in Buenos Aires; Writing by Sarah Morland; Editing by Matthew Lewis)