Córdoba seeks financing in New York for US$500 million with a national government guarantee

The administration of Córdoba initiated negotiations in the United States to finalize a new entry into international capital markets. The provincial Finance Minister, Guillermo Acosta, is leading the road show in New York City with the goal of raising U$S 500 million this Thursday 22. This financial maneuver seeks to capitalize on the confidence caused by the national government after canceling external debt for U$S 4.3 billion.

The technical objective of the economic team is to obtain an interest rate that falls below 9%, improving previous financing costs. In June 2025, the province issued a U$S 725 million bond for seven years with a yield originally agreed at 9.75%. Current conditions in the global market are more favorable because country risk fell from 685 basis points to less than 570 basis points.

The funds obtained will have a freely available destination, allowing more flexible management of the general accounts of the Córdoba district. Part of this capital will be used to refinance a remaining balance of bonds for U$S 100 million that couldn't be repurchased during 2025. If the repurchase operation scheduled for Monday 26 is successful, Córdoba won't have principal maturities until August 2027.

Better terms and backing from the national government

The new debt issuance will have a maturity term extended to nine years, exceeding the seven years that had been established previously. This extension of the payment schedule allows better long-term financial planning without compromising the province's immediate revenues. The national Economy Ministry granted the necessary guarantees, showing essential technical backing for the success of this external operation.

The authorization granted by Javier Milei's team replaces direct assistance through discretionary transfers or traditional non-automatic funds. This signal of institutional soundness reinforces the province's image before foreign investors who seek legal security and responsibility. The negotiation of these terms was carried out in December, within the framework of legislative discussions on the current national budget.

Córdoba thus reaffirms its self-financing strategy through access to competitive private credit instead of depending on the central administration's coffers. The inflow of this foreign currency will allow the provincial public sector to maintain its liquidity without distorting the fiscal balance that has been achieved. The result of next Thursday's auction is expected to consolidate the district's financial prestige in the most important financial centers.