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Bond Market News
Argentina Secures $1bn Repo from Banks; Bonds Trade Higher
January 6, 2025
Argentina secured a $1bn repurchase agreement (repo) with five international banks. This two-year agreement aims to bolster its foreign reserves, amid austerity measures, high inflation, currency controls and several challenges that its economy faces. Argentina’s central bank received $2.85bn in offers for the repo, agreeing to pay SOFR+475bp. The financing will help cover bond payments in July, as it already has sufficient funds to meet its $4.7bn in bond payments due this month. The government is also negotiating with the IMF to replace a $44bn agreement with a new program that may include fresh funding. T. Rowe Price’s analyst, Aaron Gifford, indicated that these developments were positive, highlighting Argentina’s improved market access.
Argentina’s dollar bonds were trading higher, with its 5% 2038s up 1.3 points to 73.2, yielding 11%.
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