Economy Minister Luis Caputo announced a new issuance of dollar-denominated bonds under local law to raise up to USD 2,000 million in the first half of 2026, aimed at meeting July debt maturities. The auctions will be biweekly and absorb up to USD 500 million per month. This step is part of the strategy to prepare for a return to international markets.
The Argentine government, through the Secretariat of Finance, called for a debt auction in dollars under local law, announced on February 23, 2026. The aim is to raise up to USD 2,000 million during the first half of the year to pay maturities to private bondholders, estimated at around USD 4,200 million in July.
The auctions will be held biweekly: each for up to USD 150 million, followed by an additional round of up to USD 100 million, totaling a maximum of USD 500 million monthly. The bond will offer a 6% nominal annual coupon, amid a country risk above 500 basis points. This issuance follows the Bonar 2029 placement in December 2025, which raised nearly USD 1,000 million at 9.26% interest, marking a return to foreign currency auctions after eight years.
Market sources described this operation as a 'test' to secure ground before a possible entry into international markets in the medium term. The strategy involves using swaps, repos, and local exchanges, along with dollars from corporate issuances and the Inocencia Fiscal Law, which projects a flow of USD 15,000 million to pay debt and avoid Wall Street immediately.
The announcement aligns with positive expectations in the local market due to the congressional debate on labor reform, which drove slight increases in bonds. Additionally, the February 25 auction includes inflation-indexed bills (Lecer) maturing in May, July, and November 2026, a CER bond (Boncer), and dollar-linked bonds due in June 2027 and 2028.
