Relevamiento de Títulos de Deuda y Otros Pasivos Externos

These statistics are based on the information obtained in the Survey of Debt Securities and Other External Liabilities provided by Communication A3602 and complementary ones.

Foreign obligations declared as of June 30, 2010 by the private sector totaled US$
56,813 million, corresponding to US$53,899 million to the non-financial private sector (NFPS) and US$
2,914 million to the private financial sector (SPF).
The increase in private sector debt of US$ 2,726 million in the second quarter of the year was
mainly explained by the increases in the external liabilities of the NFPS (US$ 2,990 million).
Conversely, SPF liabilities decreased by US$264 million, completing eight consecutive quarters
of net write-offs.
Commercial debt increased in the quarter by US$ 3,016 million, of which US$ 2,058
million corresponded to new net financing of imports associated with the increase
observed in FOB imports which, in a context of growth in the level of economic activity
, totaled US$ 13,091 million in the second quarter of 2010, implying a year-on-year increase
of 50%.
Likewise, the debt for advances and pre-financing of exports of goods grew by US$ 888
million, basically associated with the seasonality of the export sector of oilseeds, oils and
cereals, in a context of record harvests of soybeans and corn, and favorable international prices in
historical terms for agricultural products.
In the context of an international market characterized by strong liquidity and the announcement of the
opening of a new swap for public debt pending regularization, the NFPS received fresh funds
from abroad for US$ 830 million, mainly under the instrumentation of debt
securities (60%), marking the beginning of a new period of access to this type of financing by the
resident companies. The fresh funds were arranged at an average life of about 7.2 years and an average interest rate of 6.54%.
In a context of high liquidity of local financial institutions, they completed six quarters without taking fresh funds from abroad and continued to cancel financial debt, mainly from passes
with foreign banks and debt securities, reaching a stock of less than 20% of that registered in 2001.
On the other hand, within the framework of the aforementioned increase in imports of goods, the SPF complemented the financing of the
NFPS by opening lines of credit with foreign financial institutions.
As for the interest payment structure, with the sharp increase in commercial debt in recent
quarters, about 50% of the debt did not pay interest. The average rate paid for
interest-bearing debt stood at 5.69% per annum; while the implied rate on the total external debt
of the NFPS stood at 2.97% per annum.
The average life of private external debt as of 30.06.2010 stood at 1.64 years, with that of the external debt
of the NFPS being 1.51 years and that of the SPF, 3.96 years.