Dec. 11 (Bloomberg) -- Argentina’s province of Tucuman will offer to buy back all $35 million of its dollar-denominated bonds at a discount of as much as 56.7 percent, provincial Economy Minister Jorge Jimenez said today.
The province will offer to buy back bonds due in 2015 at a discount of 56.7 percent and bonds due in 2018 at a discount of 50 percent beginning this week, Jimenez said in an interview from Tucuman, the capital of the northwestern province. Jimenez said he expects the repurchase to be completed within 30 days.
“The attraction for the holders of these bonds is that we are going to pay these bonds in dollar bills,” Jimenez said. “We want to follow the nation’s policies of having debt denominated in pesos.”
The government of President Cristina Fernandez de Kirchner has imposed exchange-market restriction that forced Chaco, another northern province, to announce in October that it would exchange its dollar-denominated debt for bonds in pesos.
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