Argentina Seeks ARS 8.1 Trillion With Short-Term, Dollar-Linked Debt

The Treasury is favoring short maturities and dollar-linked paper to ease pressure on the peso while avoiding higher long-term yields.

Overview

Treasury officials will offer a short-dated menu on Friday, Sept. 11 to roll about ARS 8.1 trillion of maturing peso debt using instruments that mature before mid-2027.
Roughly half of the securities on offer are linked to the official dollar, reflecting strong demand from companies and investors for exchange-rate protection.
The government has paused further issuance of Bonar 2029 and left about US$800 million of the A029/Boden 2029 quota on hold to avoid locking in double-digit costs.
The Treasury swapped LeLink paper to the central bank worth about US$2 billion to keep dollar-linked hedges available and to reduce buying pressure on the official exchange rate.
Officials are negotiating roughly US$1 billion in international credit guaranteed by regional bodies as a cheaper external funding option while BCRA reserve purchases have slowed and country risk sits near 490–500 basis points.