Overview
- Luis Caputo is evaluating a sovereign issuance of up to USD 3 billion in January 2026 to gauge investor demand, with reports noting support from a recent USD 20 billion U.S. Treasury currency swap arrangement.
- Argentina’s country risk fell to roughly 650 basis points on Friday, reinforcing interest in external financing following the election-driven shift in sentiment.
- Corporate deals are setting the pace: Tecpetrol sold USD 750 million at 7.625% for five years and YPF raised USD 500 million at 8.25% for six years, while Telecom’s July sale raised USD 400 million at 8% for ten years; YPF also secured a USD 700 million Bladex loan.
- Sub‑sovereigns are preparing placements, with Buenos Aires City targeting about USD 600 million before year‑end to refinance Tango 12 maturities, Santa Fe assessing USD 500 million to USD 1 billion, and Entre Ríos considering an issue in January 2026; Córdoba’s June deal raised USD 725 million at 9.75% for seven years.
- Analysts caution that market access hinges on firmer fiscal and monetary anchors and reserve accumulation as the Treasury faces an IMF payment of about USD 850 million next week and the central bank navigates thin liquidity despite minor rule tweaks.