Republic of Argentina in $3.2 Billion Credit Facilities

Cleary Gottlieb represented the Republic of Argentina (Argentina) in two landmark credit facilities totaling $3.2 billion, each supported by guarantees from multilateral development institutions.

These transactions represent the first time that Argentina has entered into loan facilities with commercial banks and supported by multilateral guarantees, and mark the country’s return to international credit markets since Argentina’s comprehensive debt restructuring in 2020.

Argentina entered into a $2 billion credit agreement dated July 3, 2026, with Banco Bilbao Vizcaya Argentaria S.A. New York Branch and Banco Santander S.A. as lenders and mandated lead arrangers, and The Bank of New York Mellon as facility agent. Under this facility, the International Bank for Reconstruction and Development (IBRD) provided a first-loss guarantee and the Multilateral Investment Guarantee Agency (MIGA) provided a second-loss guarantee covering the sovereign’s payment obligations under the facility.

Argentina also entered into $1.2 billion credit agreement dated July 7, 2026, with Deutsche Bank AG London Branch as lender and The Bank of New York Mellon as administrative agent. The dual-tranche facility is partially guaranteed by the Inter-American Development Bank (IDB).

Both credit agreements are governed by the laws of the State of New York. Proceeds are expected to be used for general budget support purposes of the government, and to pay fees and expenses related to the transactions.

The Cleary team included partner Ignacio Lagos, associate Juan Ignacio Leguizamo, and law clerk Micaela Mingramm. Partners Jason Factor and Matthew Brigham and associates Adam Girts and Michael Hughes advised on tax matters. Partner Samuel Chang and associate Ana Carolina Maloney advised on sanctions matters.