Argentina seeks $5B China swap tranche to cover 2027 maturities

Argentina's Economy Minister Caputo needs an additional $5 billion to cover 2027 debt maturities, with 20% of the $25 billion target still unfunded. With country risk above 600 bps and market access distant, activating a new China swap tranche (about $14 billion available) is gaining traction, as Milei admits it requires no reciprocal decisions. The outcome depends partly on US legislative elections in November, which could affect Washington's support.