Argentina returned to voluntary markets and issued a bond for USD 1,000 million

The USD 1 billion awarded will be used to pay the amortizations of the Bonares 2029 and 2030 on January 9. The maturity schedule for the first quarter exceeds USD 4.2 billion, and the official intention is to move forward with a sustainable financing scheme that doesn't require sacrificing reserves, one of the key elements of the economic program. The reopening of the dollar market will also allow the Central Bank to continue strengthening its balance sheet, an essential condition for both inflation and country risk to keep declining.

The economic team interprets this auction as a powerful signal to international investors. After years of default, controls, arbitrary regulations, and institutional deterioration, Argentina managed to send a different message: predictability, macroeconomic order, and a credible fiscal path. Previous administrations had closed the doors to voluntary credit with decisions that drove away capital and multiplied sovereign risk.

The Bonar 2029 auction thus marks the first concrete step toward reducing country risk below 500 basis points and fully regaining access to international credit markets.

The Finance Secretariat finalized on Wednesday Argentina's return to voluntary foreign currency debt markets, a milestone that had not occurred for almost eight years due to the distrust caused by economic populism and the absence of clear rules. The Treasury issued USD 1 billion of the new Bonar 2029, a dollar-denominated bond under local law that attracted demand exceeding USD 1.4 billion and participation from more than 2,600 investors.

The bond, called “Bonar 2029N,” pays a 6.5% annual coupon with full principal repayment in November 2029. The cut-off price was set at USD 910 for each USD 1,000 face value, resulting in a 9.26% annual yield. This rate implies a spread of 550 basis points over United States Treasury bonds of similar duration and about 100 points below the yield of existing Argentine bonds with comparable maturities. In other words: the market rewarded the government's macroeconomic shift under Javier Milei.

Officials at the Ministry of Economy indicated that the higher-than-expected offer reception demonstrates confidence in the consolidation of macroeconomic essentials: fiscal surplus, monetary discipline, Central Bank cleanup, and a notable decline in country risk from the peaks of the previous administration. This structural improvement allowed the Treasury to once again have room to deploy hard currency refinancing strategies without compromising financial stability or the reserve accumulation policy.