Overview

• The Economy Ministry enlarged the LELINK D31O5 program, a U.S. dollar–linked zero-coupon Treasury bill maturing on October 31, 2025, by up to US$2.5 billion in original face value.
• In the swap, the BCRA delivers its holdings of LECAP S30S5, a capitalizable peso instrument maturing September 30, 2025, in exchange for the newly issued LELINK.
• The transaction was executed on September 12 and is settling on September 15, with prices set using BYMA screen quotes available before 13:30 on the trade date.
• Officials stated the deal complies with borrowing limits under Article 38 of Budget Law 27.701, and the resolution was signed by Finance Secretary Pablo Quirno and Treasury Secretary Carlos Jorge Guberman.
• Reporting notes that net state debt fell by about US$40.17 billion over the first 18 months of the Milei administration but has increased by roughly US$5.5 billion so far in 2025.