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How are government bonds issued and placed on the market?

The annual maximum amount of debt that the government is allowed to contract is determined in the annual budget law. Under this authorization, the government issues dematerialized bonds through the General Treasury of the Republic. 

Operationally, there are several options for the debt issuances. Lastly, the most commona re:

- Through the Central Bank, acting as Fiscal Agent, in periodical bond auctions in local curency, in the dates and by the amounts previously established by the Ministry of Finance.

- Through book-building, in which could participate both local and foreign investors, whose participate through the underwirter banks specially hired for this. This option is ised both for local currency denominated bonds as well as for external bonds.

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