In a key debt tender that once again sets the course of economic policy, Javier Milei's administration managed to raise another USD 700 million through the issuance of bonds in dollars, while ensuring a level of refinancing greater than 100% in pesos, consolidating its strategy of financial consolidation without monetary expansion. The Ministry of Finance awarded a total of $8.11 trillion after receiving bids for $9.19 trillion, implying a 102.15% rollover over the day's due dates. This result reflects market confidence in the official economic program and the Treasury's ability to renew and extend its commitments without resorting to monetary issuance.
The menu of instruments ranged from capitalizable letters in pesos to foreign currency bonds, with a special focus on hard dollar securities AO27 and AO28. Within this framework, Bonar 2027 (AO27), due on October 29, 2027, was awarded for USD 350 million at a TIREA of 5.16% (equivalent to an annual nominal rate of 5.04%). For its part, Bonar 2028 (AO28), due on October 31, 2028, raised another USD 350 million at a higher rate: 8.77% of TIREA (8.44% TNA), reflecting the higher premium required by the market for the additional period of one year. In both cases, there was a slight increase in rates compared to the previous auction.
As a complement, the Ministry of Finance enabled a second exclusive round for these instruments —until 13:00 on Wednesday—at the fixed cutoff price, with an additional quota of USD 100 million per tranche, reinforcing
the foreign exchange raising strategy.The measure is part of a broader decision by the economic team, which last week extended the issuance quota in foreign currency. The objective is to accelerate the accumulation of reserves ahead of a significant maturity of $4.3 billion expected in early July 2026. In this regard, the new scheme raises the ceiling for placing Bonares from USD 150 million to a potential maximum of USD 900 million per tender, provided that demand
accompanies.In recent terms, the behavior of rates had shown a downward trend, something that was not replicated this time. The AO27 debuted with USD 250 million at 5.74% and then reduced its cost to 5.45% on the second wheel, maintaining the amount. In the third auction, it raised USD 247 million, while the AO28 appeared with USD 184 million. In the round prior to the current one, both instruments had been awarded for USD 250 million each, with rates of 5% and 8.20%, respectively
