The province of Córdoba returns to the capital markets this Tuesday with the issuance of a bond aimed at raising US$ 500 million. The issuance authorization is for up to US$ 800 million, allowing for an increase in subscription. The financial instrument has a 9-year term and an indicative initial annual rate of 9.125%, according to the notice processed by the Argentine News Agency. The capital repayment scheme will be staggered: 33% will be paid in year 7, another 33% in year 8, and the remaining 34% in year 9. The settlement date for the bonds is scheduled for February 3, 2026, while the final price fixing will take place this Tuesday, January 27. The province is taking advantage of an improvement in Argentine bond prices, with the country risk falling to 516 basis points. This is the second time Córdoba has accessed the voluntary external market under the current national administration, having raised US$ 725 million in July 2025. The new bonds received a 'B-' risk rating from Fitch Ratings and a 'B3' from Moody's. As part of the same strategy, the provincial government has launched a tender offer to repurchase bonds maturing in 2027. The objective is to acquire the entire series to clear short-term financial commitments, allocating US$ 100 million from the new issuance for this task. The deadline for investors to join the repurchase offer expires on January 29, 2026.
