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Bond Market News
Argentina Raises $150mn via Local-Law Bonar Dollar Bond
March 30, 2026
Argentina successfully issued a $150mn via a Bonar bond (a local-law dollar bond) maturing in October 2028 at a yield of 8.9%. The issuance is said to serve as a key gauge for investor appetite for debt extending beyond President Javier Milei’s current term. The bond was priced at a significant premium compared to its shorter-dated Bonar due in 2027, that yields ~5.1%. Economy Minister Luis Caputo highlighted that the yield gap reflects the premium that investors demand to hedge against political risk and potential policy reversals after the next electoral cycle in late-2027. Analysts note that while markets have welcomed Milei’s fiscal tightening, the yield of 8.9% also reflects ongoing concerns regarding the long-term sustainability of his reforms. Although part of a larger $2bn authorized program, the government intends to issue the remaining debt in gradual weekly tranches.
Argentina’s dollar bonds were trading weaker, with its 4.125% 2035s down nearly 1 point at 72.2, yielding 10.5%.
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