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Argentina’s Offshore Bonds Continue to Trend Higher as US Negotiates $20bn Swap Line
September 25, 2025
Argentina’s offshore bonds continued their uptrend after the US Treasury Secretary Scott Bessent said that US is negotiating a $20bn swap line with Argentina’s central bank, and signaled readiness to back the country’s markets and reform agenda. Measures under consideration include purchases of Argentina’s dollar bonds, standby credit through the Exchange Stabilization Fund, and support for government debt issuance. Bessent stressed Argentina has the tools to counter market speculation and voiced strong confidence in President Javier Milei’s economic reforms. He further added that US firms are prepared to invest in Argentina if the midterm elections scheduled on October 26 yield a favorable outcome for Milei’s party. IMF chief Kristalina Georgieva welcomed US backing but cautioned that Argentina must stay committed to reforms, noting the country owes $4.8bn to the IMF in 2026. Analysts warned that without bipartisan support, reforms remain fragile. Argentinian assets have staged a sharp recovery after the recent downturn that was caused by the political setback to Milei in the Buenos Aires provincial elections.
Argentina’s dollar bonds jumped further by 2-4 points extending their rally – for instance its 3.5% 2041s were higher by 2.8 points to trade at 57 cents on the dollar, seeing a 24% rally this week.
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