Argentina Extends Peso Debt as May ARS 6.9 Trillion Comes Due

Overview

• In its latest auction, the Treasury sold ARS 8.1 trillion and launched a dual peso bond due June 29, 2029 that pays the better of inflation (CER) or a Central Bank rate (TAMAR) plus 3 points.
• The government faces ARS 6.9 trillion in peso maturities in May, with much larger peaks ahead in June (ARS 14.8 trillion), August (ARS 14.9 trillion) and December (about ARS 20 trillion).
• April marked a fourth straight rollover above 100% at 102.2%, and officials aim to keep that pace while expanding dollar bonds AO27 and AO28, which have already raised more than US$2.25 billion.
• The Central Bank bought US$2.77 billion in April and US$7.153 billion so far this year, and Treasury sales help pull back the pesos created by those dollar purchases in a de facto sterilization loop.
• Analysts warn the setup leans on steady markets and politics, as weak money demand and a tilt to short-term bills could strain rollovers when the heavier mid‑to‑late‑2026 payments arrive.