We advised BBVA (New York Branch) and Banco Santander S.A. on a US$2 billion loan granted to the Republic of Argentina
The Republic of Argentina (“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 (the “Credit Agreement”). 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.
In addition to the Credit Agreement, Argentina entered into a US$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. This dual-tranche facility is partially guaranteed by the Inter-American Development Bank (IDB).
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.
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.
Counsel to Argentina
Cleary Gottlieb acted as New York legal counsel to the Republic of Argentina, through a team led by partner Ignacio Lagos, together with 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. The Cleary Gottlieb team worked in collaboration with the legal teams of the Ministry of Economy of Argentina (Ministerio de Economía) and the Treasury Attorney General’s Office (Procuración del Tesoro).
Counsel to Banco Bilbao Vizcaya Argentaria S.A., New York Branch, and Banco Santander S.A.
A&O Shearman acted as New York legal counsel to Banco Bilbao Vizcaya Argentaria S.A., New York Branch, and Banco Santander S.A., through a team led by partners Augusto Ruiloba and Alejandro Gordano and associate Sarah Ludwick, and included partners Christopher Ryan, Martina Stegmaier, Paula Anderson, Ken Rivlin and Lorenz Haselberger; counsels Florent Bonnard, Anna Stockamore, and Katrina Limond; and associates Ana Gabriela Martinez Kruyff, Kayla O’Brien, Arthur Tan, Daniel Kachmar, Brendan Holman and Sabriyah Saeed.
Bruchou & Funes de Rioja, sole Argentine law firm participating in the transaction, acted as Argentine Law counsel to Banco Bilbao Vizcaya Argentaria S.A., New York Branch, and Banco Santander S.A. through the team led by partners José María Bazán and Alejandro Perelsztein, senior associate Ramón Augusto Poliche and associate Lucía De Luca. The team was assisted by partner Daniela Rey and associate Cecilia Calosso from the firm’s Tax Department, and partner Ignacio Minorini Lima from the firm’s Litigation and Administrative Law Department.
