Argentine Public Debt
Legal Update
On August 29, 2019, the Argentine Government issued Decree No. 596/2019 (the “Decree”) which extends
the maturity of most of the Governmental short term local debt instruments (including Letes, Lecaps, Lelink
and Lecer) as follows:
1. Fifteen per cent (15%) payable at the original maturity date;
2. Twenty five per cent (25%) payable three months after the original maturity date; and
3. Sixty per cent (60%) payable six months after the original maturity date.
The above extension does not apply to instruments that were held by individuals as of July 31, 2019.
The Decree ranks as a formal law and is subject to the review of the Congress. The Decree has entered
into force as of the date hereof and will keep all legal effects unless both Chambers of the Congress reject
it.
In order to access the content of the Decree (available only in Spanish), please click here.
Should you need further information do not hesitate to contact Patricio A. Martin and/or Fermín Caride.