09/07/2026 16:50 - Economia
On July 8, 2026, the Central Bank of the Argentine Republic (BCRA, for its Spanish acronym) transferred USD 2.5 billion to bondholders for the maturity of Global bonds (sovereign bonds issued under foreign law) corresponding to July 9. As a result of this operation, international reserves fell to USD 48.722 billion, having previously reached a peak of USD 49.536 billion on July 7, its highest level since September 2019.
To cover this payment and avoid a larger drain of foreign currency, the Argentine government secured loans for USD 3.2 billion from international banks such as BBVA, Santander, and Deutsche Bank, with guarantees from the Inter-American Development Bank (IDB) and the International Bank for Reconstruction and Development (IBRD). On Monday, July 13, the so-called Bonares (sovereign bonds issued under local law) will be paid, totaling USD 4.3 billion in maturities for this week.
When the maturity date of sovereign bonds approaches, it is common for the prices of these instruments in the secondary market to converge toward their par value (redemption value). Once the payment is made, bondholders receive their dollars, and many decide to reinvest or liquidate their positions, which can generate slight downward pressure on the prices of the rest of the bond curve.
For savers, this movement presents a key opportunity: the possibility of accessing the MEP dollar (a financial exchange rate where investors buy and sell bonds in the domestic market to legally obtain US dollars) by buying bonds at slightly more convenient prices before selling them in the parallel market. Currently, the official Banco Nacion exchange rate is at 1,510 ARS, while the MEP dollar hovers around 1,527 ARS.
Despite the maturities, the BCRA maintains a positive streak. It has been buying foreign currency for 124 consecutive trading days, accumulating a total of USD 11.465 billion so far in 2026. This positive balance speaks to a gradual recovery in the supply of dollars in the official market.
The positive outlook is reinforced by the debut of the Bonar 2029 on July 15, 2026. This new sovereign bond will hit the market for an amount of USD 2 billion at an annual rate of 6%. This offers a new investment alternative with an attractive yield in dollars.
The Argentine country risk remains at 405 basis points, marking its lowest level since 2018. Meanwhile, the International Monetary Fund (IMF) maintained its growth projection for Argentina, despite having downgraded its global perspective. The 2026/2027 financial plan, presented by Economy Minister Luis Caputo, projects a surplus of USD 3.7 billion for this year, consolidating a scenario of stability that benefits both investors and savers.
Alfredo S. Quiroga
