As anticipated at the El Cronista Leaders’ Meeting, Argentina’s Minister of Economy, Luis Caputo, confirmed that Argentina returns to the debt market with a four-year bond as of November 2029. “We are going to come out with a four-year bond, as of November 2029, with a coupon. It is a very important fact because we are talking about the accumulation of reserves,” said the Minister of Economy when making the announcement in an interview with the news channel. A24.
And he added: “Why is it important then to re-access the markets and how is it related to this? Because by being able to refinance debt maturities, that is, this placement is not new debt, it is to repay old debt. So, by being able to refinance the debt, then every dollar that the Central Bank buys can now be accumulated. So this solves this debate about accumulation.”
The placement will be by local legislation, Caputo clarified, because “by international legislation we have the Guzmán Law that does not allow it to be done without approval from Congress” and will be used to “pay the maturities without lowering the reserves.”
The Minister of Economy had already anticipated the Government’s decision on Wednesday, when speaking at the event organized by this newspaper and this Friday the Ministry of Finance announced the details of what the country’s return to the market entails for the first time since 2018. Through a communication it was specified that it is a “National Treasury bond in US dollars 6.50% maturing on November 30, 2029” (BONAR 2029N). The instrument is aimed at investors who wish to place funds in North American currency and participate in the financing of State commitments.
Likewise, it specified that the reception of offers for this instrument will begin at 10 a.m. and end at 3 p.m. on Wednesday, December 10, 2025 (T) and the settlement of the offers received and awarded will take place on Friday, December 12, 2025 (T+2). Subscription must be made in US dollars only.
The tender will be carried out, by indicating a price, without a minimum or maximum price with two sections: one non-competitive and the other competitive; with offers of up to $50,000, and another competitive one for larger amounts, without a maximum limit and with the obligation to indicate a price for every $1,000 of face value.
The publication of the Ministry of Finance highlights: “In a context of strong compression of interest rates on dollar bonds as a result of the electoral result and the sustained performance of the economic program, the Treasury seeks to expand its financial objectives to cover debt maturities in dollars without affecting the BCRA’s net reserves.”
Along these lines, he adds: “Having achieved sustainable financial costs, the Treasury thus begins with a new strategy aimed at refinancing its capital maturities in dollars without affecting the process of strengthening the Central Bank’s balance sheet, allowing reserve purchases to result in net accumulation.”
After Caputo’s announcement, Javier Milei congratulated him from his account in
