Argentina's Ministry of Economy will seek to renew expiries this Friday for approximately 8 billion pesos, while announcing the issuance of a new dollar-denominated bond to meet debt obligations. According to the Argentine News Agency, the reception of offers is composed of letters and capitalizable bonds in pesos and linked to the dollar. Similar to the AO27 dollar bond, the Secretariat of Finance has launched the issuance of a new bond maturing in October 2028, whose outcome will be read as the market's expectation regarding the possibility of President Javier Milei's re-election. It will have the same conditions as the AO27: US$150 million will be auctioned with a second expandable round of US$100 million by subscription, a 6% annual coupon rate, and a maximum amount of up to US$2 billion. Both bonds will serve to meet mid-year debt maturities, totaling US$4.5 billion. Some analysts have suggested that the resistance to the decline in the country risk premium is because foreign investors are waiting for local investors to take the lead by placing their money in the country. A good result in the auction can have a positive cascading effect, but in the event of an adverse one, the outlook could become complicated. The menu of offers: Treasury Note capitalizable in pesos maturing on July 17, 2026 (new). Treasury Bond in pesos zero coupon with CER adjustment maturing on September 30, 2027 (new). Treasury Bond in pesos zero coupon with CER adjustment maturing on September 29, 2028 (new). Treasury Bond in pesos at TAMAR rate maturing on February 26, 2027 (TMF27 - reopening). Treasury Bond in pesos linked to the US dollar zero coupon maturing on June 30, 2028 (new). Treasury Bond in US dollars 6% maturing on October 29, 2027 (AO27 - reopening). Treasury Bond in US dollars 6% maturing on October 31, 2028 (new).
