Overview
- The Executive published Supreme Decree N.° 135-2026-EF on Tuesday formalizing a new MEF methodology that replaces the prior update formula for Bonos de la Deuda Agraria.
- The new calculation converts the old soles de oro amounts into dollars using the issuance parity and then updates value with U.S. Treasury bond yields so the debt keeps its real value to payment date.
- The decree offers four payment options: transferable sovereign bonds, delivery of state land, investment-for-debt swaps, or cash limited to S/100,000 per year for up to eight years, with combinations allowed.
- The rule applies retroactively to pending administrative and judicial claims and to previously paid bonds by creating reimbursement procedures, and the MEF has 120 calendar days to issue implementing rules.
- Bondholder groups estimate the updated liability at about S/3,000 million and say roughly 300,000 original holders and heirs could benefit while the Constitutional Court is expected to review whether the MEF correctly applied the court-ordered components.