Treasury issues USD 4.050 billion in bills and reopens bonds

The Ministry of Economy authorized a new round of Treasury financing: the issuance of two bills for up to USD 4,050 million and $6 trillion, plus the reopening of three already outstanding debt securities. This is established by Joint Resolution 48/2026 (RESFC-2026-48-APN-SH#MEC), signed by the Finance and Treasury Secretariats and published in the Official Gazette of the Argentine Republic on August 13, 2026. The cash tenders will be held on August 12 and 13, with an issue date of August 14.

The regulation bears the signatures of the Secretary of Finance, Federico Matías Furiase, and the Secretary of the Treasury, Carlos Jorge Guberman, and is issued within the framework of Articles 44 and 45 of Law 27,798 (2026 Budget) and Law 24,156 on Financial Administration, under file EX-2026-76676627-APN-DGDA#MEC. The placements shall be governed by the public debt procedure approved by Joint Resolution 9/2019, which replaced the instrument placement rules of the former Ministry of Finance.

The new Treasury bills

Zero-coupon National Treasury Bill linked to the US dollar, maturing on October 30, 2026, for up to USD 4,050,000,000 in original face value; subscription and payment in pesos at the reference exchange rate of the Central Bank of the Argentine Republic (BCRA) according to Communication “A” 3500, with a minimum denomination of USD 1.
National Treasury Bill in pesos adjusted by CER at a discount, maturing on January 29, 2027, for up to $6,000,000,000,000; the principal is adjusted by the Reference Stabilization Coefficient (CER) and the National Public Credit Office acts as calculation agent.

Both instruments are zero-coupon, will be issued on August 14, 2026, and their listing will be requested on A3 Mercados SA and on the stock exchanges and securities markets of the country.

Reopening of outstanding securities

Zero-coupon dollar bill maturing on September 30, 2026, issued by Joint Resolution 13/2026: increase up to USD 4,050 million, with tender on August 12.
Capitalizable bill in pesos maturing on November 30, 2026, issued by Joint Resolution 63/2025: increase up to $5 trillion.
6% National Treasury Bond in US dollars maturing on October 31, 2029, issued by Joint Resolution 44/2026: increase up to USD 100 million, with tender on August 12 and 13.

Operational Conditions

Subscription for cash in one or more tranches, as determined by the Secretariat of Finance, with placement prices defined in the auction.
Ownership through Global Certificates in the name of the Central Registry and Settlement of Public Liabilities and Financial Trusts (CRYL) of the BCRA, acting as registration agent.
Payments made through the BCRA by means of fund transfers; the securities shall enjoy the tax exemptions in force and shall be governed by Argentine law.
Article 6 authorizes the holders of the National Public Credit Office and the debt directorates and coordinations to sign the documentation interchangeably.

The transaction defines part of the 2026 financial program: the Treasury renews maturities and raises funds in pesos and dollars in a single move. For investors, dollar notes with peso subscription and CER notes offer short-term exchange rate and inflation hedging, and the reopening of the bond at 6% confirms the continuity of the foreign currency financing strategy.

Source: Official Gazette of the Argentine Republic, August 13, 2026, First Section (official reference: RESFC-2026-48-APN-SH#MEC).