Cresud S.A.C.I.F. y A. (NASDAQ: CRESY) told noteholders that payment of the fifth instalment on its Series XLV Fixed Rate Notes would begin on August 24, 2026 and would carry both the interest for the period and the whole of the outstanding capital. The notice retires a dollar denominated series the Buenos Aires agricultural and real estate group issued in April 2024.

The final payment on Series XLV

The Series XLV notes were issued on April 22, 2024 in a principal amount of USD 10,199,068 and fall due in 2026. Outstanding capital at the payment date was the same USD 10,199,068, and the concept of the payment is recorded as interest at 100% and capital at 100%. Interest being paid is USD 204,540.21, calculated at an annual nominal rate of 6.00% over the period from April 22, 2026 to August 22, 2026.

Caja de Valores S.A. acts as payment agent. Holders registered as of August 21, 2026 in the register maintained by the register agent receive the payment. Saul Zang, the executive responsible for the relationship with the markets, signed the notice on August 14, 2026.

Cresud files these summaries in Spanish with the Argentine authorities under the rules of the Comision Nacional de Valores, the body that regulates, supervises and promotes the Argentine capital market, and then furnishes an English translation to the United States Securities and Exchange Commission on Form 6-K. The translation is the version most non Argentine holders read, and it carries no additional detail beyond the payment table.

The rest of the schedule

Series XLV is one of several dollar linked local series Cresud has been servicing through 2026, and the notices for the others show how varied the terms are.

Series XLVI, issued on July 18, 2024 and due 2027, has a principal amount of USD 28,553,518 and an annual nominal rate of 1.50%. Its fourth interest instalment, USD 212,391.24, began paying on July 20, 2026, and the payment currency is Argentine pesos at the applicable exchange rate rather than dollars. Series LI, issued on January 20, 2026 and due 2027, has a principal amount of USD 46,778,518 at 5.75% and paid its first interest instalment of USD 1,333,828.56 in dollars on the same July date.

Series XLVIII, issued on July 11, 2025 and due 2028, carries the highest coupon at 8.00% and paid its second instalment, USD 1,731,894.80, on July 13, 2026 for a period the notice records as 181 days. That notice contains an internal inconsistency worth noting: the cover text gives the principal amount as USD 43,656,188 while the payment table gives outstanding capital as USD 46,656,188. The interest actually being paid is consistent with the lower of the two figures at the stated rate over the stated period, which points to the higher number being a transposition rather than a real balance.

Series XLIX, issued on September 2, 2025 and due 2027, has a principal amount of USD 31,306,845 at 7.25% and began paying its second instalment of USD 1,144,200.86 on September 2, 2026.

Two early redemptions in eight weeks

The payment notices are only half of what Cresud has been doing with these instruments. By letter dated July 8, 2026 the company said it had resolved to exercise its option to redeem in full the outstanding Series XLIV notes, due January 17, 2027. The redemption took place on July 17, 2026 at a price of 101% of outstanding principal plus accrued and unpaid interest.

By letter dated August 28, 2026 it announced the same decision for Series XLIX, due September 2, 2027, with redemption set for September 4, 2026 at 100% of outstanding principal plus accrued and unpaid interest. That call comes two days after the series pays the interest instalment described above.

Analysis: what the notices show about Cresud’s dollar liabilities

Read one at a time, these are routine administrative disclosures. Read together over three months, they describe an issuer shortening its dollar denominated obligations faster than their contractual schedules require.

Three separate series leave the balance sheet inside ten weeks. Series XLIV was called at a premium in July, ahead of a January 2027 maturity. Series XLV amortises to zero in August at its scheduled date. Series XLIX is called at par in early September, a year ahead of its September 2027 maturity. The company has not published a stated rationale for either call in these letters, which recite only the option in the relevant prospectus supplement.

The pricing difference between the two calls is the detail a reader should hold on to. Series XLIV was redeemed at 101% and Series XLIX at 100%. That gap is set by each series’ own prospectus supplement rather than by any market judgement made in 2026, so it says something about how the two deals were structured at issue and nothing about the company’s view of value now. Anyone comparing Cresud’s call behaviour across series has to read the supplements, not the payment notices, because the notices never state the call schedule.

What the notices do establish, unusually clearly for an Argentine issuer, is the spread of terms inside a single dollar denominated programme. Coupons across the live series run from 1.50% on Series XLVI to 8.00% on Series XLVIII, and one series pays in pesos at the applicable exchange rate while the others pay in dollars. That mix means the group’s reported financial cost and its actual dollar cash outflow diverge, and neither the payment notices nor the covers explain the split.

The Series XLVIII discrepancy is a reminder of what these documents are. They are translated summaries of a local payment notice, not audited figures, and the internal check available to a reader is the arithmetic between principal, rate, period and interest amount. In this case it resolves cleanly. Where it does not, the audited financial statements rather than the 6-K summary are the document to work from.

The item to watch next is whether the pattern continues. Series XLVI carries the lowest coupon on the record at 1.50% and Series XLVIII the highest at 8.00%, and Series XLVIII runs to 2028. Series XLIX, called early, carries 7.25%, below the 8.00% on Series XLVIII, which runs to 2028. The letters filed so far do not state the basis on which the order was set.