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 | 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 | Nov 6, 2018 | Public Debt
The renegotiation of the stand-by arrangement with the International Monetary Fund (IMF) resulted in a reformulation of the 2019 Financial Program with respect to the version included in the Budget Bill.
With the new arrangement, the IMF will increase its disbursements by USD7.6 billion this year and USD11.1 billion next year. The IMF assistance will cover 54% of next year’s financial needs, a figure that will drop to 14.7% in 2020.
