Overview
- Argentina completed roughly $4.2–$4.3 billion in early‑January coupon payments on Globales and Bonares, with dollar bonds trading mixed as local equities and ADRs fell.
- The payments drew on Treasury deposits, about $700 million from hydroelectric asset sales, and a repo with international banks, while the central bank resumed reserve purchases exceeding $200 million.
- Friday’s bond gains of just over 1% point to tentative reinvestment of coupon cash, though market participants say clearer evidence may take one to two weeks.
- Morgan Stanley maintains a constructive view on sovereigns and projects possible market re‑entry in 2Q 2026 via a new eurobond of 7–12 years with yields a little above 10%, a coupon near 9.5%, and size of at least $3 billion, subject to reserve buildup and refinancing progress.
- About $15.6 billion in dollar obligations remain for 2026 with a heavy concentration in July, larger maturities arrive in 2027, and roughly $7.5 billion is held by private investors, keeping Argentina’s risk premium elevated near 550–566 basis points.