C%C3%B3rdoba%20acudi%C3%B3%20for%20second%20time%20the%20markets%20international%20from%20the%20start%20of%20mandate%20of%20Javier%20Milei.%20Estemartes,%20the%20province%20chaired%20by%20Mart%C3%ADn%20Llaryora%20tom%C3%B3%20USD%20800%20million%20a%20a rate%20of%208.95%.%20The%20resources%20se%20utiriz%C3%A1n%20for%20the%20repurchase%20of%20debt%20to%20end%20ofclear%20maturities,%20to%20the%20par%20of%20financing%20of%20infrastructure.%20Thed%C3%B3lares%20help%C3%ADan%20to%20continue%20the%20buying streak%20by%20part%20of%20Banco%20Central%20ofthe%20Rep%C3%BAblica%20Argentina%20(BCRA).
As Infobae learned, from sources familiar with the operation, the district received offers for USD 1.6 billion and only took half of it, USD 800 million. Although the previous days the version emerged that the idea was to take USD 500 million with the authorization of the Ministry of Economy to extend up to USD 650 million in case of receiving offers.
For%20second%20almost%C3%B3n%20during%20the%20presidency%20of%20Javier%20Milei,%20the%20administration%C3%B3n%20of Llaryora%20recurred%C3%B3%20a%20financing%20international.%20In%20July%20of%202025,%20the%20provincewas%20the%20first%20jurisdicci%C3%B3n%20subnational%20of%20Argentina%20in%20access%20to%20market%20decr%C3%A9dito%20internacional,%20achieveor%20get%20USD%20725%20million,%20with%20an%20annual%20rate%20of 9.75%%20and%20a%20maturity%20to%20seven%20to%C3%B1os.
After postponing the decision for a week as a precaution against the political impact of the Davos Forum, the province of Córdoba tried – successfully – to raise funds again in international markets this Tuesday.Although the Ministry of Economy recently criticized the dependence of the provinces on Wall Street, in the last few hours an extension was authorized in the context of purchases made by the Central Bank of the Argentine Republic (BCRA).
Initially, the placement was scheduled for Thursday, January 22, but the Córdoba authorities feared an adverse reaction from the market after the events of the World Economic Forum.
“Tuesday is the departure date. We aim to raise about USD 500 million. If demand is high, we could expand the placement to USD 600 or USD 650 million,” said a provincial source familiar with the operation this morning. “We aim to raise about USD 500 million.”This contrasts with the initial position of the Ministry of Economy, which had rejected the issuance of international debt by the provinces.Luis Caputo himself stated that every time an opportunity presents itself, the provinces seek to take advantage of it, which he defined as a “dependency.”
This%20is%20the%20second%20time%20that%20the%20gesti%C3%B3n%20of%20Llaryora%20obtained%20financing%20externorfrom%20the%20start%20of%20Government%20of%20Javier%20Milei.%20In%20July%20of%202025,%20C%C3%B3rdoba%20was%20laprimera%20province%20argentina%20in%20access%20al%20market%20international%20de%20cr%C3%A9dito,achieveI am%20capture%20USD%20725%20million%20a%20seven%20a%C3%B1os%20and%20a%20an%20annual%20rate%20of%209.75%20%.
The%20current%20context,%20however,%20is%20different.%20The%20minister%20of%20Treasury%20ofC%C3%B3rddoba,%20Guillermo%20Acosta,%20try%20take%20profit%20of%20the%20low%20recent%20in%20the risk%20pa%C3%ADs.%20This%20Tuesday,%20the%20bonds%20of%20debt%20argentina%20showed%20a%20rise%20of untila%201.5%20%%20and%20el%20risk%20pa%C3%ADs%20perfor%C3%B3%20los%20500%20points%20b%C3%A1sicos%20(p.b.).
Córdoba decided that it will not transfer all of the funds to the country immediately.“The intention is to deposit the money based on the needs of the works that are underway,” they explained from the provincial environment.“The intention is to deposit the money based on the needs of the works that are underway.”However, there is a priority obligation: there is a remainder of bonds worth USD 100 million that could not be repurchased in 2025.
“With USD 100 million we would try to repurchase the debt, which would allow us to eliminate all maturities in dollars corresponding to 2026 and 2027,” detailed the source consulted.
The fact that the province only enters USD 100 million at first for the debt repurchase could generate some tension with the Ministry of Economy.At the time, the portfolio headed by Caputo consulted the governor of Santa Fe, Maximiliano Pullaro, about the destination of the USD 800 million obtained and whether he planned to bring them into the country.
“The credit is intended for public works, not for current expenses,” said Pullaro during an interview with Cadena 3 de Rosario.”The dollars remain abroad and we will bring them as they are needed to pay for work certificates. The Nation wanted us to enter them immediately, but that is complicated by the rise of the dollar,” explained Pullaro about the dialogue held with Caputo at the end of December 2025.
The situation changed more recently: the national economic team is going through a more favorable moment and the Central Bank maintains a high rate of foreign currency purchases.“The Nation wanted us to enter them now, but it is very difficult with the movement of the dollar,” Pullaro insisted about his conversation with Caputo.From the Ministry of Economy, a high-ranking source responded briefly that there is no conflict, unlike what happened with SantaFe, if Córdoba only receives USD 100 million if it obtains the USD 500 million sought.
Since the launch of the new stage of the economic program, which adjusts the bands according to inflation, the BCRA managed to acquire USD 1,017 million in just 16 business days.Gross reserves, which do not include liabilities, amounted to USD 45,740 million, with an average daily increase of USD 179 million, reaching levels not recorded since September 2021.
The increase in reserves was also favored by the rise in the international price of gold.Currently, the Central Bank has around 1.98 million troy ounces, equivalent to 61.5 million tons, whose value exceeded USD 5,000 per unit in the last day.
