Argentina Swaps Central Bank LEFI Debt for Treasury Securities

Argentina formalized the swap of Central Bank-held LEFI notes for Treasury-issued Lecaps and Boncaps, according to a decree published Monday in the Official Gazette.

• The settlement date for the transaction is set for Monday July 14
  • The Economy Ministry authorized the expansion of Lecap with maturities on Aug. 15, Sep. 12 and Oct. 17
• The maximum nominal value to be issued under the swap is capped at 28 trillion pesos
• The measure is part of the government’s broader effort to reduce the Central Bank’s balance sheet
• NOTE: Jul. 10, Rush of Farm Dollars Fails to Lift Argentine Peso: Shock ...