06/07/2026 21:04 - Economia
According to Infobae, Argentine Economy Minister Luis Caputo presented the financial program for the remainder of 2026 and 2027 on July 6, 2026. This move demonstrates solid account management and generates strong confidence among investors.
The outlook is highly encouraging for the upcoming July 9 maturity. The Treasury must pay USD 4.2 billion to bondholders, and Caputo confirmed that USD 3.9 billion is already available in the Treasury's account at the Central Bank (BCRA). This will be supplemented by incoming loans guaranteed by international organizations before the payment date, ensuring an excess of dollars.
There will be an excess of reserves, Minister Caputo confidently affirmed when consulted by the media.
The Secretariat of Finance will advance with a new local debt issuance: the Bonar 2029 (AO29), which will be launched at the next tender on July 15. To date, the USD 2 billion limit for 2027 and 2028 bonds had been completed. The new Bonar 2029 will have a global maximum cap of USD 2 billion, but with excellent news: there will be no limits on its first placement.
The Secretary of Finance, Federico Furiase, explained that this decision aims to take advantage of the flow of investors who want to reinvest the capital received from coupon payments, allowing the capture of greater demand and strengthening the local market.
The detailed scheme shows a very healthy balance. Needs for the remainder of 2026 amount to USD 19.2 billion, while financing sources total USD 22.9 billion, creating a financial cushion of USD 3.7 billion.
| 2026 Financing Sources | Amount (in USD millions) |
|---|---|
| Dollar purchases from BCRA | 6,700 |
| Guaranteed organization loans (World Bank at 6.3% and IDB at 7.75%) | 4,000 |
| Local debt issuance (Bonar 2027, 2028, and 2029) | 6,000 |
| Disbursements from other organizations (excludes IMF) | 2,800 |
| IMF Disbursements | 1,900 |
| Privatization revenues | 800 |
| Roll over intra public sector | 800 |
The market is reacting positively. Last Friday, the Argentine country risk closed at 415 basis points, marking a new low since 2018 and throughout Javier Milei's administration. Caputo highlighted the economic team's commitment to fiscal and monetary orthodoxy to continue reducing risks.
Furiase also pointed out that the composition of Argentina's cost is lower than the global risk-free rate (around 4.5%), a fact that excites the financial sector looking ahead to the coming months.
Source: Infobae Economia
Alfredo S. Quiroga
