Overview
- The Bonar2029N is payable in dollars under Argentine law, carries a 6.5% coupon, and matures in 2029.
- Market estimates point to an effective yield closer to 10.7%–11.5% with below-par pricing, above the government’s stated goal.
- Regulators authorized insurers to use dollar collateral to participate in the sale, capped at 20% of their public debt holdings.
- The operation is the first local dollar issuance in roughly eight years, and early market reaction showed little change in country risk.
- Officials frame the placement as a gauge of refinancing capacity, with additional funding options such as bank repo lines under consideration.