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Argentina’s Dollar Bonds Tick Higher as Milei Wins Midterm Legislative Elections
October 27, 2025
Argentina’s President Javier Milei’s party scored a decisive victory in the midterm legislative elections, strengthening his mandate to continue free-market reforms and austerity measures aimed at stabilizing the economy. The result, which surprised analysts, reflected public support for Milei’s policies amid widespread fear of returning to past economic crises. His party secured roughly one-third of the seats in the Chamber of Deputies, enough to protect presidential vetoes and decrees from being overturned, marking a major political gain. In the Buenos Aires province, a traditional Peronist stronghold, Milei’s coalition won 41.5% of the vote versus 40.8% for the Peronists, signaling a sharp political shift. Nationally, Milei’s party expanded its representation in the lower house from 37 to 64 seats. The victory was also seen as encouraging for the Trump administration, which recently extended a $40bn bailout package to Argentina, including a $20bn currency swap and proposed $20bn debt facility. Analysts anticipate a possible cabinet reshuffle to broaden the governing coalition and warn that a peso devaluation could follow to address its overvaluation.
Argentina’s dollar bonds were trading with a positive bias – for instance its 3.5% 2041s were up 0.5 points to 53.5, yielding 13.99%
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