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14h ago

Argentina Pays About $2.5 Billion on Global Bonds, Reserves Dip Below $49 Billion

Outflows that cut reserves under US$49 billion create a test for the government's plan to capture coupon dollars into local dollar instruments.

Colombia y Brasil, que ofrecen algunas de las tasas de interés reales más altas en los mercados emergentes, han visto cómo sus monedas se apreciaban al menos un 5% frente al dólar este año. Fotógrafa: Anita Pouchard Serra/Bloomberg
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Overview

  • The Treasury completed roughly US$2.5 billion in payments for Global bonds this week, a draw that pushed the Central Bank's gross reserves below US$49 billion.
  • Sovereign obligations due this period total about US$4.554 billion in principal and interest and will be received by investors after the July holidays, with operational credit expected around July 13.
  • The Central Bank continued to buy dollars in the official market, recording a net purchase of about US$34 million in the reported session even as reserves fell because of the planned debt outflows and valuation effects.
  • A spike in oil prices and a stronger US dollar after President Trump said the Iran ceasefire had ended reduced risk appetite, adding pressure on Argentina's exchange segments and lifting financial dollar quotes.
  • Authorities unveiled a 2026–27 financing plan that leans on multilateral-backed lines and local dollar offerings such as AO29 to try to channel coupon dollars back into domestic instruments, while the BCRA's REM now projects a year-end wholesale dollar near $1,673.