Argentina attracts $868 million in local market debut

Buenos Aires - February 26, 2026 - Total News Agency - TNA. The government found a new way to raise foreign currency on Wednesday without, for now, returning to a bridge loan with international banks: the Treasury debuted with the Bonar 2027 (dollar-denominated bond under Argentine law, 6% annual coupon) and placed the total of the planned US$ 150 million, but with a figure that the economic team shows as a sign of market confidence: investors offered nearly US$ 868 million, almost six times the amount awarded. In line with this, Finance left a mechanism of a 'second round', with an additional limited quota within the scheme of tenders. The move also exposes an open competition for the dollars of the local market. Since the elections, companies and provinces have accelerated issuances in hard currency to finance themselves, with rates that are around similar values or slightly higher depending on the term and risk profile. The Bonar 2027 matures on October 29, 2027, amortizes 100% of the capital at the end and pays a fixed coupon in dollars. The challenge, going forward, will be to sustain that traction without increasing the cost and to reach July with a financing scheme that reduces the need for emergency solutions. The reading in Economy is that the Treasury went out to compete for the same savings, but with a short-term sovereign bond and a rate that remained 'in the zone' of what the market was validating. In parallel, the tender left another relevant data point for the domestic pulse: on the peso side, the Treasury awarded $6.74 trillion on offers of around $8 trillion, against maturities close to $7.2 trillion, which implied a refinancing of 93.32%. In simple terms: 100% of the maturity was not covered and there was liquidity left in the system, a move that in the City was read as an attempt to lower pressure on short-term rates and moderate volatility, after weeks with more restrictive tenders. It also drew attention to the menu: this time there were no short-term papers in pesos at a fixed rate, and the bulk was concentrated in adjustable instruments, with a predominance of a bill tied to inflation (CER) with a near-term maturity. The strong initial demand - almost six to one relative to the US$ 150 million quota - shows that there is an appetite for short-term sovereign instruments in hard currency. The Secretariat of Finance reported that the paper was cut at an effective annual rate of 5.89% (equivalent to 5.74% nominal), and that demand forced to leave out more than 80% of the offers. The result was read in the plaza as a confirmation that there is a significant stock of 'available' dollars within the local system, seeking yield and with a preference for relatively short terms. For investors looking for predictability without stretching duration too much - and, in particular, without being exposed to a still elevated country risk - the instrument appeared as a reasonable 'bridge'. With the country risk above 500 points, the official strategy prioritizes getting dollars in the domestic market and staggering issuances so as not to 'saturate' buyers. The capital to be paid amounts to US$ 2.700 million and, adding interest, total commitments are around US$ 4.300 million, according to market estimates. The implicit message was that the government seeks to combine two objectives that often clash: sustaining the roll-over without 'paying too much' in pesos and, at the same time, avoiding an excessive hardening that rekindles short-term interest rates. With this debut, Caputo gains time and adds a tool to capture dollars 'from within'.