The Republic of Argentina announces the results of its local-law foreign-currency denominated public debt exchange
Buenos Aires, Argentina: The Republic of Argentina (the “Republic”) announces that, after the early adhesion period ended last September 1st, it has received orders for 98.80% of the outstanding aggregate principal amount of all Eligible Securities accepting the invitation to exchange foreign-currency denominated securities issued under Argentine law. Holders who have accepted the Republic’s invitation shall receive new bonds to be issued (the “New Bonds”), which shall be settled on September 7th observing the terms of the Invitation.
The Eligible Securities for the Invitation published on August 18th and the offers received are detailed below:
| CVSA Codde |
Eligible Securities | Bid Fave Value | Eligible Face Value | Acceptance (in %) |
|---|---|---|---|---|
| 5283 | TREASURY BILLS U$S 217D Due 30/08/19 | 165,580,947 | 175,970,796 | 94.10% |
| 5285 | TREASURY BILL U$S 217 Due 13/09/19 | 228,945,508 | 244,880,186 | 93.49% |
| 5286 | TREASURY BILL U$S 217D Due 27/09/19 | 581,686,353 | 589,703,947 | 98.64% |
| 5291 | TREASURY BILL U$S Due 11/10/19 | 336,174,264 | 355,654,803 | 94.52% |
| 5292 | TREASURY BILL U$S Due 25/10/19 | 254,294,365 | 278,702,612 | 91.24% |
| 5294 | TREASURY BILL U$S Due 15/11/19 | 427,461,107 | 440,301,887 | 97.08% |
| 5296 | TREASURY BILLS U$S Due 29/11/19 | 346,289,595 | 346,819,269 | 99.85% |
| 5332 | TREASURY BILL LINKED TO U$S 4.25% Due 5/11/19 | 1,000,299 | 1,001,991 | 99.83% |
| 5333 | TREASURY BILL LINKED TO U$S 4.25% Due 4/12/19 | 2,931,224 | 2,938,773 | 99.74% |
| 5334 | TREASURY BILLS U$S Due 20/12/19 | 134,678,087 | 145,068,056 | 92.84% |
| 5336 | TREASURY BILL U$S Due 17/01/20 | 107,552,245 | 107,810,719 | 99.76% |
| 5338 | TREASURY BILLS U$S Due 31/01/20 | 208,190,951 | 208,270,961 | 99.96% |
| 5339 | TREASURY BILLS U$S Due 14/02/2020 | 18,802,396 | 18,820,148 | 99.91% |
| 5342 | TREASURY BILLS U$S Due 28/02/20 | 281,975,688 | 282,169,801 | 99.93% |
| 5361 | BONOS TES. NAC. VINC. AL U$S 4% 05/08/21 | 8,251,996 | 8,400,186 | 98.24% |
| 5443 | REP.ARG. DISCOUNT BONDS USD 2010-2033 | 127,363,139 | 131,475,870 | 96.87% |
| 5445 | REP.ARG. PAR BONDS USD 2010-2038 | 63,328,895 | 71,439,702 | 88.65% |
| 5458 | ARGENTINE NATION BONDS USD 8,75% 2024 | 7,806,442,769 | 7,960,418,508 | 98.07% |
| 5468 | ARGENTINE NATION BOND U$S 8% (BONAR 2020) | 2,903,447,167 | 2,947,560,667 | 98.50% |
| 5472 | ARGENTINE NATION BOND U$S (BONAR 7.75% 2022) | 4,497,753,411 | 4,497,753,411 | 100.00% |
| 5473 | ARGENTINE NATION BOND U$S (BONAR 7.875% 2025) | 4,510,462,575 | 4,510,462,575 | 100.00% |
| 5474 | ARGENTINE NATION BOND U$S (BONAR 7.875% 2027) | 4,690,499,563 | 4,690,499,563 | 100.00% |
| 5479 | REP ARGENTINA BOND USD (BONAR 1% 2023) | 622,870,783 | 694,687,194 | 89.66% |
| 5481 | ARGENTINE NATION BOND U$S 5,75% Due 18/04/25 | 1,529,069,066 | 1,535,813,994 | 99.56% |
| 5482 | ARGENTINE NATION BOND U$S 7.625% Due 18/04/37 | 2,705,768,214 | 2,720,781,515 | 99.45% |
| 5486 | ARGENTINE NATION BOND M.DUAL 13/02/2020 | 63,492,498 | 73,227,374 | 86.71% |
| 5487 | ARGENTINE NATION BOND U$S 8% Due 29/05/2020 | 2,120,284,849 | 2,120,284,849 | 100.00% |
| 45699 | REP ARG PAR BONDS USD STEP UP 2038 | 1,173,065,468 | 1,229,562,842 | 95.41% |
| 45700 | REP ARG DISCOUNT BONDS USD 8.28% 2033 | 5,019,538,501 | 5,042,239,261 | 99.55% |
| 40,937,201,923 | 41,432,721,460 | 98.80% |
Face Values in the original currency of the New Securities to be issued by the Republic are shown below:
New Securities in USD
| CVSA Code | Denomination | FV |
|---|---|---|
| 5921 | USD Step Up Bonds 2030 | 12,422,882,573 |
| 5922 | USD Step Up Bonds 2035 | 18,448,549,853 |
| 5923 | USD Step Up Bonds 2038 | 7,195,661,978 |
| 5924 | USD Step Up Bonds 2041 | 1,467,624,279 |
| 5927 | USD 1% Bonds 2029 | 2,188,820,823 |
| TOTAL | 41,723,539,506 |
New Securities in ARS
| CVSA Code | Denomination | FV |
|---|---|---|
| 5925 | Boncer 2026 2% | 55,821,677,058 |
| 5926 | Boncer 2028 2.25% | 1,861,449,363 |
| TOTAL | 57,683,126,421 |
The Republic of Argentina reminds all holders of Eligible Securities who have not participated in the Invitation yet that the Late Tender Reception Period, effective since last September 2nd, shall finish next September 15th.