This Wednesday, Argentina resumed borrowing on international markets after almost a decade without access to voluntary financing. The Ministry of Economy, led by Luis Caputo, completed the issuance of a $1,000 million dollar bond, a move that the Milei government considers crucial to restoring financial credibility and accelerating macroeconomic normalization.
The transaction took place via a security with a term until 2033 and a coupon of just under 9%, in line with the current country risk. According to official sources, the demand far exceeded the amount offered, allowing the tender to be completed within a few hours. The government stressed that this was a “strong vote of confidence” from investors who have avoided the country for years due to political instability, exchange controls and a history of non-compliance.
Caputo celebrated the return to the market by noting that “Argentina is once again a credible, predictable and financially integrated country for the world.” At Treasury Palace they believe this placement is the first link in a broader strategy aimed at rebuilding reserves, reducing reliance on internal financing and extending the still-challenging maturities next year.
Official sources said part of the funds will be used to consolidate the central bank’s position – a key role in sustainable disinflation – while another percentage will be used to cushion dollar commitments for the second half of 2026. They also emphasize that the interest rate achieved was “lower than expected” for an initial issue, which they attribute to the “fiscal order” and the reforms already adopted in the first months of the Libertarian government.
The last time Argentina placed voluntary debt on international markets was in 2017, also under Caputo’s leadership in finance, when the country issued the 100-year bond. After the foreign exchange crisis of 2018, the agreement with the IMF and the subsequent default on debts under foreign law, access was completely blocked.
With this new edition, the Milei government aims to show that the period of financial isolation is behind us and that the macroeconomic stability that began in 2024 can be maintained over time. “There is still a long way to go, but this is a big step,” they emphasize in Economía, assuming that there could be new businesses in 2026 if international conditions remain favorable and the country maintains the fiscal balance achieved.
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