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LatinNews Daily - 21 January 2020

In brief: Argentina pulls off positive bond swap operation

* Argentina’s economy ministry has announced that it has succeeded in exchanging Ar$99.6bn (US$1.6bn) worth of peso-denominated treasury bonds (Lecaps) as part of the bond swap offer opened on 20 January. The economy ministry offered to exchange Lecaps due to mature in February and April for new bonds (Lebads) maturing in September and December that offered a variable return rate. The operation is part of the Argentine government’s efforts to extend debt maturities, reduce the short-term debt burden, and give itself more time to raise funds to avoid falling into a default of its debts. A ministerial statement said that the swap operation had been successful with a 47% acceptance rate after receiving 263 bids. The statement adds that the Lebads offer a yield of 43%, lower than the 60% offered by the Lecaps and that this has helped reduce the short-term debt by Ar$1.9bn.    

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