The debt swap in dollars does not reach Neuquén and Río Negro for now

The decree that established the exchange of bonds in dollars in the hands of public entities for titles in pesos to avoid an escalation in the cash dollar with liquidation (CCL) and MEP dollar would have no effect on the holdings of the provinces of Neuquén and Río Negro.

The measures announced by the Ministry of Economy led by Sergio Massa mainly aimed at the Sustainability Guarantee Fund de Anses, which currently has 11,150 million dollars in public titles under local legislation and 2,500 million dollars under foreign law.

The Minister of Economy of Neuquén, Guillermo Ponsindicated to BLACK RIVER that, for the moment, they are not seeing effects of the announcements on the province, since he clarified that “The accounts in dollars that are pesified are only those of national organizations” who have dollars from international loans.

The obligation to sell bonds in dollars would basically point to the holdings of the Central Bank and the Sustainability Guarantee Fund, which are going to be put out to tender.

This would cause the trading price of the dollar bonds that Argentina has, but not those of Neuquén. “They keep the price”Pons stated.

The province has placed in the international market the Ticade and Tideneu bondsboth maturing in 2030. The latter, which are in the hands of private creditors, were restructured in 2020 to obtain a reduction in interest rates and a stretch in the repayment term.

Plan Castello

The Minister of Economy of Río Negro, Luis Vaisberg, told this newspaper that “nothing has yet arrived in the provinces” in relation to a possibility in this sense. “This is also for those who have investments in dollars,” he added.

Río Negro maintains a debt in dollars that, in terms of capital, has not changed. The Castello Plan has so far only paid interest.

There are 300 million dollars whose maturities were already rescheduled in 2020 and will surely be kicked forward again when the end of that rescheduling comes into effect.

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