Wednesday, January 18, 2023 | 9:13 a.m.
Sergio Massa, the Argentine Economy Minister during the conference where he made the announcements. / Photo: Screenshot
Sergio Massa, the Argentine Economy Minister during the conference where he made the announcements. / Photo: Screenshot
The Government announced the repurchase of US$1,000 million of debt through a resolution published in the Official Gazette. At a press conference, Economy Minister Sergio Massa explained the scope of the measure. The novelty comes in the midst of a new currency run, and aims to improve Argentina’s credit rating.
“Throughout 2022, in the last tranche we did a very strong job of improving the maturity profile of the curve in pesos. At the same time, we saw a drop of 1,000 points in country risk. That means a window of opportunity. That is why we have made the decision to carry out a process of repurchasing Argentina’s external debt for more than US$1,000 million that begins today,” the Minister announced in a message that lasted just 4 minutes.
Through a joint resolution between the Treasury and Finance Secretariats of the Ministry of Economy, which was published in the Official Gazette this WednesdayEconomy authorized the Central Bank (BCRA) to carry out the repurchase “to continue improving the profile of external debt to continue lowering the country risk that improves the possibilities of companies and the state to access the capital market. Very focused on the global short-maturity, that is where we have to attack to improve the maturity profile”, according to Massa.
