Argentina's provinces raised more than US$4.9 billion on the international market, driven by the fastest pace of subnational bond issuances since 2017. This raises questions about their dependence on international investors.
We analyzed recent data on dollar-denominated bond issuances by Argentine provinces and see a high-risk scenario for investors
The provinces have managed to capture more than US$4.9 billion of the international market, which exceeds any figure recorded in recent years
This increase in dollar-denominated debt issuance indicates that the provinces are seeking financing abroad to meet their fiscal needs
The increase in the provinces' external debt could jeopardize their solvency in the medium and long term, forcing investors to reassess their strategies