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Most people probably associate Argentina and Messi with an ‘i’, however for those in the bond markets, messy with a ‘y’ often comes to mind as the country has experienced three defaults since 2001 (the latest occurring in 2020)1.
It has been near impossible to avoid hearing about the potential $20 billion financial aid package offered by the U.S. government to their Argentine counterparts2. However, observing activity in Argentinian government bonds can be tricky, with a level of opaqueness making it difficult to find volumes or prices. Luckily, Propellant clients are able to see trades that are reported in Europe, regardless of the issuer or currency. This means we can see both volume and yield movements since the start of the year.
The chart above shows activity for USD-denominated bonds issued under both domestic law (with the ticker ARGBON) and those issued under U.S. law (with the ticker ARGENT). The bulk of activity is in the shorter-dated international bond and the 2030 domestic bond, with volumes on the remaining issues much lower.
Interestingly, Argentina also has a number of EUR-denominated debt securities outstanding. From the chart below, it is clear that the activity is more evenly distributed across the curve.
By taking the MiFID data and calculating a yield (by taking the reported price) using Propellant analytics suite3, we can see the yields have widened out since the start of the year.
With MiFID data, obtained via Propellant you can gain valuable insight into illiquid and opaque markets.
1 https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2023)753938
2 https://www.washingtonpost.com/business/2025/09/28/argentina-us-bailout-package/
3 Propellant Analytics Suite is currently in Beta
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