On January 22, 2026, through Communiqué “A” 8390 (the “Communiqué”) the Argentine Central Bank announced a set of regulatory adjustments that expand the available options for Argentine debtors to prepay publicly offered debts in the country denominated in foreign currency, publicly offered promissory notes denominated in foreign currency, and foreign‑currency obligations between Argentine residents.
In particular, the Communiqué introduces two new mechanisms to allow the early repayment of U.S. dollar‑denominated debts through the foreign exchange market, without prior approval from the Argentine Central Bank, when Argentine residents use funds originating from the following alternatives:
(i) New issuances of securities, provided that:
a. The prepayment of principal and accrued interest and the new issuance are executed simultaneously through the foreign exchange market,
b. The average life of the new security is longer than the remaining average life of the debt being prepaid, and
c. The accumulated amount of principal payments under the new security does not exceed, at any time, the principal repayment schedule of the original obligation through its maturity date.
(ii) New financings granted by a local financial institution, provided that the loan is not funded through a foreign credit line, when:
a. The prepayment of principal and interest and the disbursement of the new loan occur simultaneously through the foreign exchange market,
b. The average life of the new debt is longer than that of the prepaid debt, and
c. The accumulated amount of principal payments under the new loan, through the maturity date of the prepaid debt, does not exceed the principal amortization schedule of the original financing over its entire term.
