BUENOS AIRES, Feb 4 (Reuters) - Argentina swapped $164 million in sovereign bonds due this month for four new instruments maturing in August 2021, the government said in a statement on Tuesday as it responded to a credit crunch by improving its debt profile.
The government exchanged $126.51 million in U.S. dollar-denominated paper due Feb. 13 for a new 7.56 billion peso obligation denominated in local currency. It is advantageous for the government to repay its debt in pesos after a 38.62% slide in the local currency against the greenback over the last year.
The economy ministry said it swapped another $23.6 million in bonds for a new 1.34 billion peso obligation. A third tranche of $12.19 million was swapped for an $8.45 million bond, both denominated in dollars.
The fourth tranche was a $2.06 million obligation swapped for a new local currency bond of 117.96 million pesos. (Reporting by Hugh Bronstein and Walter Bianchi; Editing by Sandra Maler and Tom Brown)