Boletín Oficial de la República Argentina · 19 Aug 2026 · 9 vistas
Treasury expands LELINK issuance to convert BCRA debt
Por FactBox Admin
The Secretariats of Finance and Treasury of the Ministry of Economy expanded the issuance of the zero-coupon US dollar-linked National Treasury Bill maturing September 30, 2026 (LELINK D30S6) up to an original nominal value of USD 550,000,000, in order to convert the holdings of the Central Bank of the Argentine Republic (BCRA) of the bill maturing August 31, 2026 (LELINK D31G6). The measure was formalized in Joint Resolution 49/2026 (RESFC-2026-49-APN-SH#MEC), issued on August 18, 2026, and published in the Official Gazette of the Argentine Republic on August 19, 2026.
The regulation is framed within Article 45 of Law 27,798 of the General Budget of the National Administration for the 2026 fiscal year, which authorizes the Body Responsible for the coordination of Financial Administration systems to issue Treasury Bills to fulfill the financial program. It is further supported by Article 11 of Decree 331/2022, incorporated into Law 11,672 and replaced by Decree 846/2024, which enables the subscription of public debt instruments with other debt instruments, regardless of their payment currency.
The conversion operation
Article 2 of the resolution approves the conversion with the BCRA, which will surrender its holdings of the LELINK D31G6 —issued by Joint Resolution 32/2026— in exchange for the LELINK D30S6, originally issued by Joint Resolution 13/2026. The conditions of the operation are:
- Execution date: August 14, 2026.
- Settlement date: August 18, 2026.
- Price determination: market prices in pesos for all instruments, taken from the Bolsas y Mercados Argentinos (BYMA) screens with 24-hour settlement, immediately before 1:30 PM on August 18, 2026.
- The nominal value amount of the LELINK D30S6 that the BCRA will receive is calculated by formula and rounded to the nearest integer multiple of the bill’s minimum denomination.
Scope and validity
Article 1 provides that the expansion of the LELINK D30S6 issuance may not exceed USD 550,000,000 in original nominal value and will be placed in accordance with Joint Resolution 9/2019 and its amendments. Article 3 authorizes the heads of the National Office of Public Credit and the directorates of Public Debt Administration, Public Credit Operations, Financial Programming and Information, Financing Analysis, and the coordinations of Public Securities and Internal Debt Issuance to sign the necessary documentation. The measure entered into force on the day of its issuance and was signed by the Secretary of Finance, Federico Matías Furiase, and the Secretary of Treasury, Carlos Jorge Guberman.
The operation is part of the active management of public debt in pesos and dollars, and allows the Treasury to restructure its commitments with the BCRA within the limits of the current budget. For the financial market, the extension of the LELINK D30S6 and the conversion of the D31G6 are indicators of the Government’s financing strategy on the short end of the curve, which is relevant for local fixed-income investors and traders.
Source: Official Gazette of the Argentine Republic, August 19, 2026, First section (official reference: RESFC-2026-49-APN-SH#MEC).