Argentina's country risk has fallen to its lowest level since 2018, with sovereign spreads approaching the range historically associated with market access.

After years out of the game, investors have once again priced in the normalization of credit, driven by macroeconomic adjustments and post-Milei political signals.

Bonds have already ranked among the best performers in the emerging world over the past two years.

The next step is to test demand structurally.

If an issuance occurs, the barometer will be cost, maturity, and real appetite, not just a "technical trade".