Minister of Economy, Louis CaputoToday, Friday, it was officially announced that the national state has reappeared on the financial market by offering a treasury bond payable in dollars and submitting it to local courts. The operation seeks to raise liquid funds for Covering capital maturities Scheduled for the beginning of 2026, it represents the first attempt at voluntary foreign currency financing for the current administration yet Country risk pressure At levels of 634 basis points.
The Ministry of Finance detailed the technical specifications of the device called Bonar 2029N. This bonus has The expiration date is set for November 30, 2029 A. offers 6.5% annual interest coupon. The payment system includes semi-annual interest and amortization of the full amount at the end of the term.
The central feature of this tender lies in its legal framework. Issuance is made under local law. Investors must sign up and receive payments in foreign currency, but disputes may eventually arise It will remain under the authority of the Argentine judicial system. The market typically assigns a higher risk premium to these assets compared to those issued under foreign courts, such as those in New York.
The economic team benefits from a The opportunity resulting from the decline in sovereign bond prices After the results of the midterm elections favor the ruling party. The intention is to test investors’ appetite for Argentine debt after nearly eight years without any such offerings. The most recent International Treasury issuance dates back to January 2018.
Soledad Athanarez
The financial objective of the operation refers to the management of impending liabilities. The government will use the funds raised to partially repay the capital obligations derived from the AL30 and AL29 bonds. The payment date for these obligations is January 9, 2026 Its total value is approximately 4.1 billion US dollars.
This maneuver responds to the logic of preserving the central bank’s coffers. The International Monetary Fund recently asked Argentina to boost its net reserves. Debt refinancing allows the body to cash out Keep the currencies you buy on the exchange market Instead of using it to reduce net debt.
Freebeck – Freebeck
The Ministry of Economy’s decision comes in an environment Reactivation of credit for Argentine exporters. Many companies in the energy sector are associated with Vaca Muerta, e.g YBF, Pampa Energia, Vista, Techpetrol and Plus gasolinehas placed more than $3 billion in negotiable commitments in recent weeks. These companies achieved rates approaching 8% annually.
the The provinces also preceded the king in returning to the markets. The autonomous city of Buenos Aires issued $600 million in debt at a rate of 7.8% under New York law. Argentina’s local rating agency, Moody’s, raised the Buenos Aires region’s rating to AA+.ar. Cordoba and Santa Fe made similar movements, at rates of 9.75% and 8.10%, respectively.
The 6.5% return offered by the National Treasury attempts to be lower than the financing cost approved by the private sector and provinces. the Comparison with the region still shows a large gap. Neighboring countries such as Brazil and Chile pay interest rates between 4.4% and 4.8% for bonds with similar maturities in 2029. Uruguay receives 5.2% financing until 2031.
This content was produced by the LA NACION team with the help of artificial intelligence.