Peso debt swap with a renewed BCRA put option to shield the domestic debt market ahead of the elections

ARGENTINA - Report 08 Mar 2023 by Esteban Fernández Medrano

Tomorrow, Thursday, March 9, from 10:00 AM to 3:30 PM (BA time), the Treasury will be receiving bids to participate in a debt swap to extend the maturity of peso debt instruments, offering inflation-adjusted instruments maturing between April 2024 and February 2025. The government aims to push forward peso debt amortizations, particularly those held by the private financial system, in the months preceding the presidential elections, to shield the Treasury (and the bond market in general) from the expected political volatility this year.

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