The income of dollars is oiled: CABA issues debt for US$ 500 million

Jorge Macri’s government puts out to tender this Wednesday a 10-year dollar bond, a move that will test the appetite of international investors.

The Ministry of Finance, led by Gustavo Arengo, will launch a tender to place US$500 million under English law, with the central objective of refinancing liabilities and supporting the infrastructure plan.

Jorge Macri seeks to take advantage of the window of opportunity that opened when the country’s risk went from 900 points to the 550 points at which it now fluctuates.

The operation is for 10 years at a rate to be defined. As a reference, the City has just validated 7.8% in its previous output in November, one of the lowest in its history, when it placed US$500 million.

The titles will be issued under British jurisdiction and are subscribed entirely in hard currency. From the Parque Patricios headquarters they explain that funding is vital to not slow down public works.

This occurs at a time when the relationship with the national government remains strained: the debt due to the Court’s ruling on co-participation would already exceed $700,000 million, according to Buenos Aires calculations, a delay that obligates the City.

The placement is supported by large Wall Street players such as BofA Securities, JP Morgan, Deutsche Bank and Santander, which will act as underwriters.

In the last six months, several provinces came out to place debt in dollars. On that list is Santa Fe, which issued US$800 million in December 2025 to finance infrastructure works.

For its part, Córdoba placed US$800 million in February 2026, added to a bond repurchase operation by US$750 million previously held in July.

Finally, last month Chubut issued US$650 million with a term of 10 years and a rate of 9.45%.

These operations are in addition to those carried out by companies, either through the issuance of debt or the taking of loans in dollars.

All this flow of foreign currency, added to the contribution of agricultural, energy and mining exports, gives the Central Bank room to continue with purchases. So far this year it has already accumulated US$ 7,226 million.

Private economists estimate that the Central’s purchases will continue, since the liquidation of foreign currency remains oily. For the consulting firm 1816, without counting this new issuance of CABA, there is still liquidr more than US$ 3,000 million of the previous operations of the provinces and companies. And to this will be added what exports continue to contribute,