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Bond Market News
Milei’s Victory Sparks Revival in Argentina’s Offshore Corporate Bond Issuances
November 11, 2025
A number of Argentinian companies are rushing to issue offshore bonds following President Javier Milei’s midterm election victory at the end of October, as investor confidence and demand has surged. For instance, Pampa Energia priced a $450mn bond due 2037 overnight, while TGS, Pluspetrol, and Edenor are meeting investors ahead of possible offerings. The revival follows a pre-election lull and recent successful deals by YPF and Tecpetrol, with Vista Energy also planning a return to the primary markets. Analysts expect issuance to rise through year-end, led by top-tier corporates, while smaller firms may wait until 2026. Investor optimism has pushed Argentina’s sovereign bond spreads to their tightest levels since January as per Bloomberg. For instance, the 5Y CDS spread was at 2200bp in September, following the surprise Buenos Aires election result. Ahead of the mid-term national elections in October, the CDS spread stood at 1500bp, which has now tightened significantly to 700bp currently. The new corporate bond issuances are expected to help bring in much-needed US dollars into the country.
Argentina’s bonds have rallied by 13-16 points across the curve after Milei’s elections win. For instance its 3.5% 2041s is up 14 points since then and currently trades at 67.6, yielding 10.1%.
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