Authorities in Argentina said they successfully rolled over a large batch of local debt on Wednesday, passing a key test for Javier Milei’s strategy to contain a slide in the peso ahead of midterm elections.
The Finance Ministry sold about 7.7 trillion pesos of debt, according to an X post by Finance Secretary Pablo Quirno. But the sale came at a cost, with yields on the new notes maturing on September 30 reaching 75.7 percent, far above expected inflation and slightly up on the pre-auction market levels.
The sale had drawn special attention after a similar operation two weeks ago failed to extend a big chunk of the maturities, forcing the Central Bank to soak up the excess liquidity in the market to prevent…