Mainly thanks to money laundering (nearly US$20 billion was leaked onto the streets in search of investment), last year Bond issuance record: A company has appeared US$12.46 billion in bonds; According to PwC’s account, Highest price in 10 years.
the party continued In the first half of this year, 75 debentures (known as corporate bonds) were issued for US$7.297 billion. However, Country risk is the trigger It went from 600 basis points to 1,000 basis points in a few months, but everything that started in the middle of this year has stopped and it is on track to set a world record in 2025. The wave of emissions triggered after the October election.
The race started the week after Javier Millay’s victory. It’s been 19 days since the election. Eight major companies issued US$3.092 billion, the highest amount since January 2015.says an analyst at consulting firm PwC.
Five of these companies are all oil companies or in relation to the energy sector, they managed Over 500 million USD each in the international market. Maximum term: 12 years. Interest rate: 7.6 to 10.7%. The purpose is to lower interest rates or extend terms to fund investments or improve debt situations.
These debt problems include side effects In the market they are An influx of new foreign currency to help supply demand for dollars. This role was played by the United States until a week before the election. “Agricultural offers that were promoted to take advantage of the 0% withholding tax are being replaced by ON mediation,” said consulting firm LCG.
The first two companies to reopen international bond markets for Argentina were Techpetrol and YPF.
The only state to successfully raise money on the market this year was Cordoba, which in June held 725 million bonds with an interest rate of 9.75% and a maturity date of 2032. The City of Buenos Aires is here with up to USD 600 million in bonuses. “Following the election results, we saw a strong readjustment of investment appetite. With nearly US$2.9 billion already accumulating in local ON in November, it was only a matter of time before related state issues emerged,” they said at PPI.
CABA will be followed by Santa Fe State, which will aim for $800 million.. Another state to follow this path is Entre Ríos, which hopes to raise $500 million in early 2026. Chubut will be the fourth state to seek Wall Street funding.
All of these efforts are tests that are being closely monitored by the central government, waiting for the country’s risks to drop a bit more and the window for sovereign bond issuance to open.
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