The national government is stepping up preparations for Argentina’s return to international bond markets at the beginning of 2026, after nearly eight years without sovereign issuances abroad.
As stated BloombergAnd officials of the economic team headed by the Minister Louis Caputo They are working on a strategy that would make it easier to take on new debt if financial conditions continue to improve.
According to what the agency quoted sources Argentine bond yields in dollars They approached me 10%This is the level that Caputo considers appropriate for evaluating a future problem.
The official roadmap contemplates not only a new title; Complementary operations aimed at reducing the cost of financingamong them:
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Buy back bonds through a repurchase agreement.
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Possibility of exchanging debts for investments in educationWhich, if achieved, could contribute to reducing spreads and improving market access.
Last time: Previous 2018
If the process is complete, it will be Argentina’s first return to the international market since 2018.
at that time, Country danger It has decreased to approx 360 basis pointsthe lowest level of that management. Taking advantage of that window, the Treasury issued approx 9,000 million US dollars In various segments and currencies, whether in dollars or euros.
The Argentine move coincides with an increase in international placement activity within the region. The most notable cases are:
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Santa Fe She announced that she would seek her arrest Up to 1000 million US dollars In New York.
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he Central Bank of Uruguay (BCU) and Ministry of Economy and Finance (MEF) They plan to put on this week 20.1 billion Uruguayan pesos Through three titles.
At the local level, the Governor of Buenos Aires Axel Kiselov It asked the legislature to obtain a license for new credit operations, while denouncing the situation “Financial suffocation” By the national government.
Return under market analysis
Argentina’s eventual return to global markets will be closely watched by analysts and investors. The focus will be on:
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the Financial sustainability.
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development Country danger.
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Macroeconomic stability is necessary to revive the economy Voluntary funding outside.
With this scenario, the government’s plan to reissue debt in 2026 appears to be a big bet in the country’s financial normalization process.
Negotiating with private banks
Economy Minister Luis Caputo confirmed that he is negotiating a loan with private banks of a maximum of 7,000 million US dollars to cover the interest payment for January.
The head of the Treasury Palace said: “The banks have offered us $6,000/7,000 million, and we are seeing how much we will accept.” “We want to make sure that the January payments do not cause a decline in reserves,” Caputo stressed.
At the opening of the organized “leaders” meeting, the official was confident that the country’s danger would decrease in the coming weeks based on this agreement, which will be strengthened by the package of laws that will be sent to the National Conference.
Caputo used the opportunity to refuse to negotiate US$20,000 from the banks.
“There is no possibility that banks will lend a country $20 billion,” Caputo said. “We were not talking to the banks, we were talking to the United States and two other countries to create a fund to raise that $20 billion.”
He added: “When the pressure of the ‘Coke threat’ was eased – we chose to do it our own way, because the signal that we can do it alone is much stronger.” In this context, he confirmed the offer submitted by private banks.
The minister stressed: “We want to ensure that reserves do not decrease with the January payment. We hope that country risks will decrease with the package of laws that we are sending.”
He also emphasized that the range chart would be maintained because the Argentine exchange market is very small with trading days of US$90 million, so intervening to buy reserves would push the price up in a distorted way.
In this context, he considered that “the supply of dollars must come from the financial account,” and stressed that this is “good because this is an investment.”
Regarding the process of purchasing reserves, he explained, “If we assume that the monetary base remains constant in relation to the GDP, this means that the monetary base in nominal value will rise by 25%, and this will allow us to purchase $7,000 million, without the need for sterilization.”
He added that if “demand for money is restored, one point of GDP will be another 7 billion dollars,” and if demand is restored, “two points will be up to 20 billion without sterilization, that is, without the need to pay interest.”
He stressed that there must be the possibility of purchasing those dollars, because if there is a very large supply that does not match the demand, purchasing with pesos issued without demand will generate inflationary pressures.