Milei Gets Vote of Confidence in Wave of Argentine Debt Sales
- Firms issued $4 billion in hard-currency bonds this year
- Argentina debt has rallied on optimism over Milei’s plans
A Banco Galicia bank branch in the financial district of Buenos Aires.
Photographer: Erica Canepa/BloombergThis article is for subscribers only.
Argentina’s largest companies are rushing to issue dollar debt as yields tumble, a tentative sign that President Javier Milei’s shock therapy is starting to restore investor confidence in the economy.
Banco de Galicia y Buenos Aires SAU, the country’s biggest private lender, sold $325 million of bonds due 2028 abroad at a 7.875% yield this month, while YPF Luz, the power unit of state-owned driller YPF SA, issued $420 million of eight-year notes yielding 8.2%. State-owned Banco de la Nacion said it’s planning a return to international capital markets for the first time in some 30 years.