25/06/2026 04:12 - Economia
The Argentine government has achieved a remarkable financial milestone ahead of the critical July 9 debt maturity. According to reports from Bloomberg Linea, Economy Minister Luis "Toto" Caputo secured the necessary USD 4.2 billion to pay bondholders at an average interest rate of 6.7%—a substantial saving compared to the 10% rate that would have been required had Argentina issued debt in international markets like Wall Street.
As of June 18, the Treasury had already accumulated USD 3.648 billion in foreign currency deposits, covering approximately 85% of the total requirement. This was achieved through the placement of Bonar 2027 and 2028 bonds in the local market, alongside direct purchases from the Central Bank of Argentina (BCRA).
Bonar (Bonos de la Nación Argentina) are Argentine sovereign bonds denominated in US dollars. The Boletín Oficial is Argentina's official government gazette where all legal notices and decrees are published. Bloomberg Linea is a leading Latin American financial news outlet.
The first round of bidding for the Bonar 2028 (AO28) takes place on Friday, June 26. The Treasury aims to raise up to USD 266 million in this round, with a maximum issuance target of USD 2 billion for this instrument. If demand is insufficient, a second round is scheduled for Monday, June 29.
The Economy Ministry published the tender resolution in the Boletín Oficial, offering diverse instruments to attract various investor profiles:
| Instrument Type | Description | Maturity |
|---|---|---|
| Fixed Rate (Pesos) | LECAP (Treasury Bills) | November 2026 |
| CER-Adjusted (Pesos) | Three new Zero-Coupon Bonds (BONCER) | Oct 2027, Mar 2028, Dec 2028 |
| Variable Rate (Pesos) | Bonds at TAMAR rate | July 2027 |
| Dollar Linked | Bonds indexed to official USD rate | Various |
A key requirement: subscriptions for dollar-denominated instruments like Bonar 2028 must be made exclusively in US dollars, ensuring the government captures genuine foreign currency.
July Maturity:
USD 4.2 billion
Funds Accumulated:
USD 3.648 billion (85%)
Financing Cost:
6.7% average rate
Tender Date:
Friday, June 26 (10:00 - 15:00 Argentina time)
These are peso-denominated bonds that adjust their value based on the official US dollar exchange rate. They allow investors to hedge against potential currency devaluation while operating within Argentina's regulated financial system.
The government confirmed that 2027 financing will be covered by loans from international organizations, including USD 2 billion from the World Bank and USD 550 million from the Inter-American Development Bank (IDB).
CER (Coeficiente de Estabilización de Referencia) is an inflation-adjustment coefficient used in Argentina to update bond values according to consumer price index changes, protecting investors against inflation.
The following dates are critical for market participants:
Market Context: Argentina's country risk premium has dropped to approximately 430 basis points, reflecting improved investor confidence. This successful local-market strategy demonstrates the government's ability to meet obligations without resorting to expensive international debt issuance.
Alfredo S. Quiroga
