The Government finally released this Wednesday night the decree what obliges public bodies as the ANSES to exchange their dollar bond holdings for securities in pesos.
The decree of necessity and urgency has barely four items.
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In the first, it is indicated that the payments of interest services and principal amortization of the bills denominated in US dollars issued within the framework of Decrees 622 of September 17, 2021, 576 of September 4, 2022 and 787 of November 27, 2022 they will be replaced, at their expiration date, by new public securities whose conditions will be defined, jointly, by the Finance and Treasury secretariats.
The DNU bears the signature of the president Alberto Fernandez and of the entire national Cabinet of Ministers.
The measure will formally enter into force as soon as it is published in the Official Gazette.
The decree recalls that article 3 of Decree No. 622/21 authorized the issuance of bills denominated in US dollars for US$ 4,334 million for a ten-year term with full amortization at maturity, fully or partially pre-cancellable.
And that it was established that these bills would accrue an interest rate equal to that accrued by the international reserves of the Central Bank for the same period and up to a maximum of the annual LIBOR rate minus one percentage point.
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In turn, it lists a long list of decrees and resolutions that support what was finally decided: the mandatory exchange of dollar bonds for pesos.
The DNU points out that “the urgency in adopting this measure makes it impossible to follow the ordinary procedures provided for in the National Constitution for the sanction of laws.”
ED
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