BUENOS AIRES (Reuters) – Argentina will buy back foreign bonds equivalent to over $1 billion to improve the South American country’s debt profile and help open access for the indebted country to capital markets, economy minister Sergio Massa said on Wednesday.
The move will focus on sovereign bonds maturing in 2029 and 2030, the minister added, with the program set to start immediately he said as the country looks to take advantage of a “window of opportunity” after the its risk index fell.
The unusual move, which Massa said could help boost the country’s access to capital markets, comes as Argentina battles to replenish foreign currency reserves, rein in rampant inflation and prop up a weakening local peso currency.
In the last few years Argentina has restructured over a hundred billion dollars of debt with private creditors and the International Monetary Fund (IMF), with which it struck a $44 billion deal last year to push back repayments.
(Reporting by Walter Bianchi and Jorgelina do Rosario; Writing by Adam Jourdan; Editing by Chizu Nomiyama)
