Overview
- The government settled roughly US$4.218 billion in early‑January maturities, with US$692 million intra‑public and a net US$3.526 billion paid to private bondholders.
- Officials say about US$2.3 billion came from Comahue dam privatization proceeds and roughly US$1.2–1.3 billion from a new funding line, alongside existing Treasury dollar balances.
- The BCRA closed a US$3.0 billion, ~1‑year repo at about 7.4% with BBVA, JP Morgan, Deutsche Bank, Goldman Sachs, Bank of China and Santander after receiving US$4.4 billion in offers.
- Market research describes the operation as financial engineering, noting Treasury dollar sales as the central bank began net purchases, and flags the challenge of building reserves under the new FX‑band framework.
- Consultancies estimate remaining 2026 dollar obligations near US$8.8–9.0 billion and about US$23 billion in 2027, with an IMF review in February that could unlock roughly US$1 billion if targets are cleared.