A mission from the Central met with the Basel bank and will see funds in London tomorrow

The market expects Luis Caputo’s envoy to be seen with the most important funds in London, such as Ashmore, Wellington, BlackRock, Amundi, Aberdeen, Ninetyone, BlueBay and Pictet, among others. Several are holders of Argentine debt. At the end of the first quarter of 2026, 77% of Global bonds (GD30) are in the hands of foreigners and 26% of Bonares (AL30) as well, according to INDEC.

Bausili visited London in November during another tour reserved to negotiate a “bridge” financial system that sustains the reserves. In the last three maturities with international bondholders, the Government previously announced a REPO loan with investment banks for US$ 1,000 million on January 3, 2025, US$ 2,000 million on June 11 of that year and US$ 3,000 million on January 7.

Now, the expectation in the market is that the Treasury will pay with dollars for the issuance of debt and foreign currency purchases. in the exchange market, and in any case advance later in a new REPO. According to LCG, the July 9 payment “is already covered,” since the Treasury accumulates around US$3.68 billion in its account at the BCRA and also has pesos that it can use to purchase dollars.

The Government seeks to renegotiate the three REPOs and obtain international loans with guarantee of multilateral organizations for US$ 4,000 million, while maintaining talks on currency swaps. The BCRA must renew the agreement with China for US$ 19,000 million – it expires in August – and repay another for about US$ 2,500 million with the Basel Bank for International Settlements (BIS).

In December, the Central Bank canceled the portion that it activated of the swap with the United States for US$ 2.5 billion to avoid a devaluation during the legislative elections of 2025. It paid it with an equivalent amount of a credit line current swap with the BIS. The expectation is that the agreement with Basel will be completed by the end of this year, but the economic team has not yet specified how it will do so.

Bausili participated this Sunday in the last day of the 25th annual meeting of the BIS in Basel, Switzerlandwhere he led a panel on global risks and markets. He was invited as one of the 63 members of the institution – made up of the world’s central bankers – to analyze the situation of “central banks and macro-financial stability in a fragmented global world.”

During the conclave, they identified four risks for the global economy: 1) the increase in inflation after the energy shock caused by the conflict in the Middle East, 2) a possible abrupt correction if Artificial Intelligence does not meet expectations, 3) the hardening of the financial scenario with higher rates, and 4) a greater increase in fiscal pressures due to high levels of government debt.

As Clarín anticipated, Bausili left for Europe days after the Government authorized the taking on of debt for up to US$ 5,000 million in loans with multilateral guarantees. Caputo’s team assures that it already has enough dollars to cover the 2026 payments and that they are seeking to pre-finance the 2027 payments, when Javier Milei will seek to revalidate his mandate in the presidential elections.

Advisor Felipe Nuñez said on Thursday that the idea is to obtain loans “around US$ 4,000 million” and the Secretary of Finance, Federico Furiase, that they seek to avoid a rate higher than 8% annually. “It will be used to cancel the 2027 maturities, we are pre-financing next year’s program because this year everything is already covered“said Furiase.

However, the official suggested the possibility of refinancing again in the debt markets – something that Caputo rejected a few months ago – if the country risk drops from the current 437 points, the minimum of the Milei management. “If US rates remain at 4.5%, and debt sustainability is 7.5%, 300 country risk points would help“, he stated in Carajo.