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Mounting Concerns Over Provincial Debt Outlook

ARGENTINA
  • Argentina’s La Rioja province has reportedly hired advisers to negotiate with bondholders as it is struggling to make principal and coupon payments on notes maturing in 2028. The province said that it hasn’t received its co-participation funds from the federal government, making its revenue insufficient to cover expenditures.
  • Separately, local media report that Rio Negro province will use a loan from local bank Banco Patagonia to pay part of the $47mn it has to pay on its 2028 bond by March 10. Governor Alberto Weretilneck said that the province will pay the remainder of the $47m with its own funds.
  • Local media also reported yesterday that the government has cut off a flow of funds to the province of Buenos Aires. These developments all come after President Milei announced plans to cut funding for the provinces as part of his austerity drive. Local analysts expect provincial bonds to come under increasing pressure this year, as this austerity plan continues to bite.
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