Overview
- Roughly $750 million in provincial dollar maturities fall in the first quarter, starting with Tierra del Fuego’s nearly $6 million interest payment due January 21.
- Tierra del Fuego is under acute fiscal strain after an economic team overhaul, with payments backed by oil royalties and recent short-term support that now must be repaid.
- Provinces obtain dollars either directly from the Central Bank, which reduces reserves, or in the spot market, which can lift the peso’s exchange rate.
- The largest 2026 obligations are in Buenos Aires Province ($784m), Buenos Aires City ($376m), Santa Fe ($240m), Córdoba ($225m), Neuquén ($179m) and Chubut ($119m).
- January maturities total about $107 million and February $122.5 million, while better-rated districts look to refinance after 2025 bond sales as success depends on lower country risk reported near 577 basis points.