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Argentina Signals No Hurry to Return to Global Debt Markets; Aims for IG-Status by 2031
July 7, 2026
– Vandit P
Argentina’s current administration is said to be aiming for an investment-grade status by the end of its potential second term in 2031, before it comes to the international debt markets. Economy Minister Luis Caputo said that two of the three major ratings agencies view this trajectory as plausible, citing recent upgrades to B- from both Fitch and S&P. Caputo said that tapping international markets was just a financing option, not a goal. He added that the objective is to refinance maturities at the lowest possible rate, adding that market access would only be pursued if borrowing costs become reasonable and no cheaper alternatives exist. He also pointed to the 6.3% interest rate on a $2bn World Bank guaranteed facility as a reference point for acceptable borrowing costs. The current government plans to rely primarily on local dollar-denominated debt placements to cover remaining obligations this year and roughly $25bn in dollar debt payments due next year. It has already raised about $4bn this year, alongside multilateral loans and other sources. Officials expect to raise an additional $2bn by year-end and $5bn in 2027, and they recently refinanced a $6bn repurchase agreement. Caputo further added that the $20bn US Treasury swap line from last year remains available, although reactivating it would require fresh negotiations. The government projects this year’s financing program to produce a surplus of about $3.7bn to be carried into the following year.
Argentina’s dollar bonds traded stable. Its 3.5% 2041s were at 75.9, yielding 7.1%.
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