Argentina advances debt restructuring with Córdoba municipality's loan extension and new national bond issue

The Municipality of Córdoba postponed the payment of a 50‑billion‑peso private treasury note, extending its maturity to 27 August. The postponement is aimed at securing a US$120 million foreign credit line to fully retire the bond originally issued under former mayor Ramón Mestre and to improve the city’s debt profile. The decision was formalized in a resolution signed by Secretary of Public Administration Sergio Lorenzatti, with Moody’s upgrading the municipality’s credit rating.

Separately, Argentina’s Ministry of Economy announced a new Treasury instrument tender for 29 July. The offering includes a mix of peso‑denominated, inflation‑linked, and dollar‑linked securities: a new Letra Capitalizable (LECAP) due 16 Oct 2026, reopened dual CER/TAMAR bonds due Dec 2028, a new TAMAR/Dollar‑Linked bond due Jan 2028, two Dollar‑Linked letters (Sept 2026 and Jan 2027), and a reopened BONAR 2029 with a 6% annual rate, totaling up to US$1.351 billion. The diversified package is intended to broaden financing sources and extend debt maturities without reliance on a single instrument.