The province of Córdoba is currently finalizing a USD 500 million credit line from Wall Street investors, following a trend embraced by various Argentine regions to capitalize on the country's reduced country risk. Sources cited by Clarín indicated that the interest rate is likely to be below 9%, with most of the funds earmarked for refinancing debt maturities. For context, Santa Fe recently secured financing at 8.1%, while Buenos City did so at 7.8%, both in December. It is anticipated that other jurisdictions will attempt to enter the international market with bond issuances to refinance their upcoming dollar-denominated debt payments in the first half of the year. For instance, Chubut must pay USD 30.4 million in the coming days, while Entre Ríos faces obligations of USD 58.1 million in February. Throughout 2026, governors will need to settle nearly USD 2.5 billion in foreign currency debt. Top of the list for debt volume are the Province of Buenos Aires (USD 784 million), the City of Buenos Aires (USD 376 million, to be refinanced with a bond issued in late 2025), Santa Fe (USD 240 million), Córdoba (USD 225 million), Neuquén (USD 179 million), and Chubut (USD 119 million), according to data from Politikon Chanco. The issuance of provincial and corporate debt, and the subsequent influx of dollars, enables the Central Bank to make significant currency purchases to bolster its reserves without impacting the exchange rate.
