He Argentine capital market records again in the first half of 2025. According to the 47th capital market report prepared by the team of DEALS of PWC Argentinabetween January and June, US $ s were issued9,831 million (measured in CCL dollar) in corporate debt instruments, between Negotiable Obligations (ON) and Financial Trusts (FF). This is the highest volume registered since 2015 and exceeds a 1.9% to the previous record, corresponding to the second semester of 2024.
The Argentine capital market continues to position itself as an increasingly relevant channel for the financing of companies, ”he said Juan Tripierdirector of PWC Argentina. “The level of activity has been very auspicious, although there is still a lot of space to grow compared to other countries in the region and the world,” he added.
Dollar emissions: The Great Motor
The report highlights that the ON represented most of the total volume issued, with US $ s8,766 millionof which a 84% concentrated on the segment USD HARD. In total, there were 75 emissions in this currency for US $7,297 millionthe second largest record since 2015.
The dynamism in dollars had two key drivers: the Incentive regime to large investments (Rigi) and the Investments in Vaca Muertawhere companies like YPF, Vista, Tecpetrol and Pluspetrol They led emissions for more than US $3.8 billionwhich is equivalent to 54% of the total placed in dollars, as detailed Juan Pablo Herrero Vidañaof the Deals team.
Growth trust and SME segment in recovery
The Financial Trusts They also showed a positive evolution: $ s were placed1,066 million35% more than in the previous semester, reaching the highest level since 2018. However, they are still 30% below the 2016-2017 historical peaks.
In June they registered 14 FF placements in pesos by $ 363,855 millionwith one 40% average rate (TNA) and an average duration of 5.2 months.
The report also underlines the reactivation of the segment SME guaranteed CNVwith 10 emissions for $ 10,442 million In June. Five of them were carried out under the new Public offer regime with automatic authorizationoriented to facilitate access to financing for smaller -scale companies.
Julio: Mixed signs after the end of the Lefis
In July, ON emissions showed a 17% increase In nominal amounts compared to June, promoted again for interest in USD Hard. However, a significant fall in FF tenderswith just 6 placementsthe lowest level in a year.
The month was marked by the Volatility of rates in pesosafter the disarmament of LefisTreasury liquidity letters that functioned as a reference rate.
One of the most striking data was the Resurgence of the USD Linked segmentat least 4 emissions for USD 28 milliona type of instrument that had been practically inactive in the last 12 months and that again captures interest with the new exchange flotation scheme.
Perspectives: Growth conditioned by the macro
Beyond the record, PWC warns that the second semester could be conditioned by the macroeconomic and political situation, especially in the period prior to the Legislative elections September.
“We are likely to continue seeing episodes of volatility. But if macro stabilization is consolidated and inflation lowers, that should be translated into lower rates and longer deadlines, which would strengthen the market as a source of credit and engine of economic growth,” Tripier said.
Source: Ambito
