Milei Notches Win as Argentina Swaps $50 Billion of Debt

Government sees 77% of notes extended in record rollover
Sovereign bonds rise across the curve, among best in EM

Javier Milei arrives to deliver a speech at the opening of Congress in Buenos Aires on March 1.Photographer: Erica Canepa/Bloomberg

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By Kevin Simauchi and Ignacio Olivera Doll

March 12, 2024 at 10:44 PM UTC

Updated on

March 13, 2024 at 2:14 PM UTC

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Argentina successfully swapped about 77% of its peso debt due this year for longer-dated notes in a win for President Javier Milei as he moves aggressively to shore up public finances and stabilize the crisis-prone economy.

The government exchanged 42.6 trillion pesos ($50.4 billion) of local bonds maturing in 2024 for securities due next year through 2028, according to a statement Tuesday from the Economy Ministry announcing the largest domestic debt rollover in Argentina’s history.