Argentina sells $1 billion in peso bonds to foreign investors

Argentina has sold approximately $1 billion in local currency debt to foreign investors. This move aims to bolster the central bank's reserves following President Javier Milei's decision to lift most currency controls. The five-year peso bonds feature a 29.5% coupon. The bonds also include a two-year put option. This allows investors to exit early before the 2027 presidential election. Finance Secretary Pablo Quirno announced the sale on Wednesday evening. The high coupon rate exceeded some local banks' expectations.