Argentina's officials, analysts disagree on results of debt swap
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Loading... - Felipe Nicolas
- 14 Mar 2023
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Participation in last Thursday's debt swap may have been less than reported, with government officials and analysts disagreeing on how the results should be counted.
Participation in Argentina’s US$21.7 billion debt swap on Thursday may have been less than reported, with government officials and analysts disagreeing on how the results of the swap should be counted.
Local analysts are insisting that the participation rate was closer to 58 percent, rather than the 64 percent reported by the government Thursday evening, because the Economy Ministry included securities in the swap that were already included in a debt exchange in January.
“At first glance, the result is not very encouraging,” Pedro Siaba Serrate, head of research and strategy at Portfolio Personal Inversiones in Buenos Aires wrote in a report. “The Economy Ministry had announced an acceptance of 64 percent, but that number also included the previous exchange in January.”
The securities maturing in March were included because the exchange was a reopening of an earlier swap in January, according to an Economy Ministry official with direct knowledge of the matter, who isn’t authorised to speak publicly on the transaction. The official said that including the March figures, the participation rate was 62 percent. Read More..
