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Argentina Eases 60% Of June Debt Burden in Local Swap

  • Treasury reduced maturities with support from public holders
  • Argentina must still raise some 248 billion pesos in auction
The Ministry of the Economy in Buenos Aires, Argentina, on Friday, Feb. 25, 2022. 

The Ministry of the Economy in Buenos Aires, Argentina, on Friday, Feb. 25, 2022. 

Photographer: Sarah Pabst/Bloomberg

Argentina exchanged more than half of its local debt obligations due at the end of the month in a swap that drastically reduces pressure on the government to meet a key rollover tender next week.

The Economy Ministry exchanged 358 billion pesos ($2.9 billion) in local securities due at the end of the month for new notes maturing later this year, according to an emailed statement. The exchange amounted to around 60% of more than 600 billion pesos of local debt due on June 30.