Córdoba Markets $500 Million Nine-Year Bond in New York, Targeting Sub-9% Yield

Overview

• Córdoba’s economic team is on a New York roadshow this week, with placement targeted for Thursday, January 22.
• The Ministry of Economy granted the required authorization for the external issuance, reflecting a more permissive stance toward provincial borrowing.
• The province plans a January 26 tender offer to repurchase about US$100 million of 2027 bonds, which officials say would push principal maturities to August 2027 if successful.
• Proceeds will be freely available, and the operation seeks to lower funding costs and extend tenors versus the June 2025 US$725 million, seven-year deal at 9.75%.
• Officials cite improved market conditions after the nation’s January 9 external debt cancellation and a drop in country risk, while opposition leaders criticize the new borrowing.