by Nicolas Perez | Sep 12, 2019 | Public Debt Operations
- With the financial markets facing an episode of extreme volatility, the Executive Branch announced in August a rescheduling of the maturities of Treasury bills held by institutional holders.
- The rescheduling reversed the maturity burden: under the original terms, 77% of the payments were to be made this year. But under the new schedule, 72% will be cancelled in 2020. Estimated maturities for 2019 are reduced by USD9.3 billion, but because of the extension of maturities, an additional USD1.47 billion of interest will accrue with respect to the original payment schedule.
- Placements of securities and loan disbursements for the equivalent of USD1.8 billion were recorded in August, mainly with transactions within the public sector.
- Principal and interest cancellations for USD17.06 billion were made during the month, of which 96% were for repayments of principal. The major amortizations for the month were the cancellation of bonds issued as collateral for repo transactions.
by Nicolas Perez | Aug 13, 2019 | Public Debt Operations
Placements of government securities and loan disbursements for USD13.1 billion were recorded during July. The International Monetary Fund (IMF) made the fourth disbursement under the Stand-By Arrangement for USD5.39 billion.
- Treasury Bills in pesos and dollars for the equivalent of USD5.57 billion were placed through three auctions.
- During the month, debt services amounted to USD9.2 billion, USD6.57 billion in payments of principal and USD2.64 billion in interest.
- On July 1, approximately USD1.01 billion of interest were paid on the Discount and Cuasipar bonds.
- The main maturities scheduled for August are Treasury bills in pesos and dollars. In addition, interest payments to the IMF for USD240 million are expected to be made.
by Nicolas Perez | Jul 17, 2019 | Public Debt Operations
- During June, placements of government securities and loan disbursements totaled USD7.72 billion. The issuance of Treasury bills and bonds totaled USD7.3 billion.
- As a result of three public auctions, Treasury bills in pesos and dollars for the equivalent of USD4.72 billion and bonds for USD885 million were placed.
- Debt service amounted to USD7.54 billion in June, with USD6.27 billion in principal payments and USD1.27 billion in interest payments.
- At the end of the month, the BONAR DUAL 2019 was cancelled for a total of AR$47.5 billion, including AR$45.46 billion of principal and AR$2.04 billion of interest.
- Main maturities scheduled for the month of July are Treasury bills in pesos and dollars. In addition, there will be interest payments on DISCOUNT bonds and different BONARs in dollars whose coupons matured on June 30.
by Nicolas Perez | Jun 13, 2019 | Public Debt Operations
- During May, placements of government securities and loan disbursements totaled USD6.5 billion, mainly through the issuance of treasury bills and bonds.
- As a result of five public auctions, the equivalent of USD5.48 billion in treasury bills and USD131 million in bonds were placed during the month.
- A voluntary swap of BONAR DUAL for new dollar-linked bills (LELINK) for USD964 million was carried out on May 23.
- Debt service for the month totaled the equivalent of USD11.85 billion, of which USD9.63 billion were principal repayments and USD2.21 billion were interest payments.
- At the end of the month, the fifth payment of principal and interest on the loans derived from the 2014 Renegotiation Agreement with the Paris Club was paid. The payment was for USD1.55 billion of principal and USD325 million of interest.
- Main maturities scheduled for the month of June are DISCOUNT bonds, different BONARs in dollars, BONAR Badlar and BOTAPO.
by Nicolas Perez | May 15, 2019 | Public Debt Operations
Placements of securities and loan disbursements for USD18.52 billion were recorded during the month of April, of which 58% (USD10.83 billion) consisted of the fourth disbursement from the International Monetary Fund (IMF) within the framework of the Stand-By Arrangement (SBA). Debt service payments during the period totaled USD11.46 billion, of which 82% (USD9.38 billion) were principal payments.
In a context of high volatility, a higher yield was validated in LETES placements, whose refinancing ratio fell to 64% from 87% in April.
During the month, new bonds in dollars for USD1.5 billion were placed to cancel a debt remaining from natural gas production stimulus plans, and securities for USD369 million to satisfy a ICSID arbitration award in favor of the former concessionaire of Aguas Argentinas. On April 22, the first securities issued under the agreement with “holdout” creditors for USD2.75 billion matured.
On May 31, the fifth payment of principal and interest of the loans renegotiated with the Paris Club is due: if the minimum principal established in the agreement is paid, such payment will amount to USD 1.87 billion.
by Nicolas Perez | Feb 14, 2019 | Budget Execution
During January, the national government had a financial surplus of AR$87.76 billion, 19.7% higher in real terms than in 2018. Compared to inflation, both total revenues and total expenditures decreased during the month.
Revenues showed a drop -in real terms- in all items, except for property income and capital revenues.
Expenditures showed some exceptions to this pattern. Debt interest payments increased 84.6% YoY (+24.1% in real terms) and economic subsidies grew by 143% (+63.9% YoY in real terms).
Total accrued expenditures accounted for 5.5% of the total item, current expenditures for 5.6% and capital expenditures for 3.0%.
