Argentina has announced a dollar-denominated Treasury bill offering with a face value of $1.228 billion, according to a notice published in the Official Gazette. The security will be issued on February 13, 2026 and carry a maturity date of February 19, 2027, giving it a lifespan of slightly more than one year.
The issuance coincides with the maturity of another dollar-denominated Treasury bill scheduled to expire on February 13, 2026, a timing noted in the Official Gazette. The new instrument is structured as a zero-coupon bill and will be fully repaid upon reaching its maturity date.
Placement and transfer terms for the bill are explicitly limited. The Official Gazette specifies that the paper will be placed directly with the national public sector. Subscription will be direct, and the instrument will be non-transferable. In addition, it will not be listed on either local or international markets.
The notification in the Official Gazette sets out the key characteristics without providing additional commentary or context. The sale date, repayment date, denomination, coupon structure, placement channel, transfer restrictions and listing status are the elements recorded in the public notice.
Summary
Argentina is issuing a $1.228 billion dollar-denominated Treasury bill on February 13, 2026 that matures on February 19, 2027. The instrument is zero-coupon, will be placed directly with the national public sector, is non-transferable and will not be listed on local or international markets. The timing aligns with the maturity of an existing dollar bill on February 13, 2026.
Key points
- Size and schedule: The issuance amount is $1.228 billion, to be issued on February 13, 2026 and maturing on February 19, 2027.
- Structure and repayment: The bill is zero-coupon and will be repaid in full at its maturity date.
- Placement and market access: The instrument will be placed directly with the national public sector, will be subscribed directly, is non-transferable and will not be listed on local or international markets - factors that pertain to public sector financing and market participation.
Risks and uncertainties
- Limited marketability - because the bill is non-transferable and will not be listed on local or international markets, secondary market liquidity will be effectively absent for this instrument.
- Restricted investor base - the Official Gazette states placement will be directly with the national public sector and subscription directly, indicating a constrained pool of holders.
- Timing overlap - the issuance date coincides with the maturity of another dollar-denominated Treasury bill on February 13, 2026, a scheduling detail recorded in the notice that may be relevant to public sector debt flows.
All details above are drawn from the Official Gazette announcement. The public notice contains the issuance and repayment dates, the denomination, the zero-coupon structure and the placement and transfer restrictions as the defining terms of this Treasury bill.