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Argentine Firms Cut From Dollar Access Rush to Refinance Debt

  • Companies cut off from central bank dollars mull debt swaps
  • Analysts see BCRA extending rules that limit dollar access
The Central Bank of Argentina in Buenos Aires, Argentina, on Friday, Feb. 25, 2022. Argentina's economy capped a strong second half of growth as it emerged from a long recession last year ahead of an expected new deal in the coming weeks with the International Monetary Fund.
The Central Bank of Argentina in Buenos Aires, Argentina, on Friday, Feb. 25, 2022. Argentina's economy capped a strong second half of growth as it emerged from a long recession last year ahead of an expected new deal in the coming weeks with the International Monetary Fund.Photographer: Sarah Pabst/Bloomberg

Argentine companies are starting to refinance debt due next year as they lose faith the central bank will roll back restrictions that limit their access to dollars.

Firms including IRSA Inversiones y Representaciones, the nation’s largest real estate company, and Edenor, the biggest power distributor, have announced deals over the last few weeks to refinance bonds coming due next year. Agriculture producer Cresud and oil and gas driller Pampa Energia also said in recent earnings calls they are considering refinancing maturities due in 2023.