Argentina completes US$620 million dollar-denominated debt issuance via Bonar 2029

Argentina's fiscal stability is deteriorating, marked by a confirmed USD 1.726 billion debt increase and a missed June primary fiscal deficit target, signaling non-compliance with IMF mandates. The government's budget expansions for state entities and intelligence, alongside persistent sovereign default risk, indicate a challenging fiscal environment despite a first-half surplus and record private dollar deposits. Political fragmentation within the opposition provides Milei with continued, albeit diminishing, influence.