- Dollar debt declined
Argentina will compete in 2026 Foreign currency maturities of $19,908 million. The first challenge will be in two weeks if the country has to Pay $4.2 billion.
Of the nearly $20 billion due in 2026, About $678 million represents non-negotiable treasury bills that were deposited with the central bank, the securities that the government canceled when it received the first disbursement from the IMF and that are renewed at maturity through the issuance of new bills, monitored by the Congressional Budget Office (OPC).
Another $4,401 million is in IMF payments, including interest and principal payments. In addition, there are 4,716 million US dollars, which correspond to maturities with other international organizations.
The most relevant part goes to the public securities, that will require $8,446 milliondivided into two annual terms: January and July.
The first part of this package will be on January 9, when Economy Minister Luis Caputo expects the maturity of $4.2 billion between principal and interest.
The government and the market rule out payments being made, but there are still doubts about how. Of the The Treasury assured that all options were on the table and that nothing might be announced until the day of payment.
The minister said on a streaming channel: “It’s a better signal to the markets that we can settle the maturities ourselves.” Caputo’s statement came a few days before he announced that it hoped not to issue international debt to cover current maturities in January.
In this regard, the minister explained: “There are several sources. On the one hand, the Treasury has bought dollars, we have almost 890 million US dollars. We have another almost 1,000 million US dollars from the placement of bonds. We have almost 7,000 million US dollars that they offered us from the banks in the REPO. We have the two swaps. Today the expiry on January 9 is not a problem, there could even be a refinancing on the same day.”
As estimated since 1816, maturity can fall to $3.7 billion if the holdings of the central bank and the guarantee fund are excluded the sustainability of ANSES.
In any case, the Treasury has foreign currency deposits of $1,869 million and $2,350 million would remain to cover maturities. It remains to be seen when $700 million to privatize dams from Comahue, though The funds are expected to arrive in the coming days.. Still, the Treasury still needs to raise $1.65 billion, the consulting firm added.
To achieve this, they warn, the Treasury could reopen the BONAR 29 or another similar title that can be subscribed to dollarplacing short dollar bills (similar to Mauricio Macri’s government’s letes), asking commercial banks for pesos to buy dollars from the central bank, or a new REPO with Wall Street.
With the exception of January and July maturities, the rest of the year does not present major challenges for dollar debt, although there will be six IMF maturities averaging $1 billion each.
In the budget, the government requested permission to place debt abroad around 36,000 million US dollars and enables debt conversions to be carried out on better terms for creditors.
Finally, peso-denominated debt maturities for all of 2026 amount to $157 billion, almost all of which is due to public securities maturities, and a third of which expires next December ($55 billion). However, January also presents a challenge as $27 billion needs to be covered or refinanced.
Dollar debt declined
November saw a 2.6% increase in peso-denominated debt to $279 billion compared to October.
In turn, dollar debt was reduced by $66 million compared to the previous month, offsetting interest payments and principal payments through financing from organizations.
TOYes, the debt in dollars is $251,256 million. 36% are Globales and Bonares bonds issued as part of the 2020 restructuring, 22.6% correspond to IMF loans, 20.9% correspond to non-negotiable letters at the Central Bank and 16% are loans from other international organizations.
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