阿根廷经济部长路易斯·卡普托表示，由于投资者对明年总统大选前景心存担忧，若阿根廷无法依据国内法律对以美元计价的债券进行再融资，该国可动用与中国建立的货币互换机制。
Argentina could tap its currency swap line with China if it can’t refinance dollar-denominated bonds under local law as investor concerns simmer ahead of next year’s presidential election, Economy Minister Luis Caputo said.
在曼谷举行的国际货币基金组织及世界银行会议期间，卡普托在摩根大通主办的一场活动中与投资者进行了私下交流。会后他指出，在哈维尔·米莱谋求连任之际，“与会者十分关注政治层面的因素”。
Caputo met privately with investors at an event hosted by JPMorgan Chase & Co. on the sidelines of the International Monetary Fund and World Bank meetings in Bangkok. Afterward, he noted “there was a lot of focus on the political aspect” ahead of President Javier Milei’s re-election bid next year.
卡普托在周三的投资者会议结束后接受采访时说：“他们还询问了如果无法完成博纳雷斯债券的再融资，阿根廷2027年的财政计划将如何安排。我们解释称，届时可借助与中国的货币互换机制来应对。”今年7月，米莱政府宣布计划于2027年发行50亿美元规模的博纳雷斯债券，以此作为总额250亿美元融资计划的一部分。
“They also asked about the financial program for 2027, in the eventual case that the Bonares refinancing isn’t possible,” Caputo said in an interview Wednesday after the investor meeting. “We explained that in that case we could use the China swap.”In July, Milei’s government announced it would issue $5 billion in 2027 of the notes known locally as Bonares as part of its $25 billion financing package for next year.
然而，由于美国国债收益率居高不下，卡普托于8月中旬暂停了此类债券的发行，使得该计划再度面临不确定性。此前，由于米莱政府一直不愿重返国际市场融资，这些债券便成为其获取硬通货的重要渠道。
But that plan faces fresh doubts since Caputo paused Bonar issuance in mid-August amid high US Treasury yields. Until then, the bonds had provided Milei’s government with much-needed hard currency in the absence of a return to international capital markets, which the libertarian leader has avoided so far.
目前，潜在的融资缺口以及市场对米莱连任前景的担忧，已导致阿根廷主权风险溢价从7月初的410个基点升至600个基点，该国短期内重返国际资本市场的可能性也随之降低。
The potential financing gap and broader concerns about Milei’s looming re-election bid have elevated Argentina’s sovereign risk to 600 basis points, up from a low of 410 in early July, and diminished the odds of a return to markets in the near term.
卡普托还说明，阿根廷与美国之间设立的200亿美元规模的货币互换机制同样可在明年用于缓解大选前的市场波动，不过他并未将其视为填补博纳雷斯债券融资缺口的具体手段。
Caputo clarified that Argentina’s separate $20 billion swap line with the US also remains an option next year to calm market volatility ahead of the election, though he didn’t refer to it as a tool to specifically cover the possible financing gap from Bonar bonds.
阿根廷货币当局于八月与中国央行续签了为期五年的190亿美元换汇协议，其中包含一项“已激活”部分，总额为50亿美元，这一数额将与政府预期发行的邦阿尔债券规模相匹配。
Argentina’s monetary authority renewed its $19 billion swap line with China’s central bank in August for another five years, including an “activated” portion of that swap that totals $5 billion, which would mirror the amount of Bonar bonds the government expected to issue.
在曼谷，卡普托分别与国际货币基金组织总裁克里斯塔利娜·格奥尔基耶娃和世界银行行长阿杰·班加会面，两位多边机构领导人均赞赏阿根廷的经济政策。世界银行正在分析扩大该国可用资金的可能性。
In Bangkok, Caputo met separately with IMF Managing Director Kristalina Georgieva and World Bank President Ajay Banga, with both multilateral leaders praising Argentina’s economic policies. The World Bank is analyzing the possibility of expanding the funds available for the country.
卡普托还就与阿根廷国内生产总值挂钩的认股权证相关的未结索赔发表了讲话，向投资者表示，解决遗留索赔是政府计划在适当时机完成的事情。在之前的投资者会议上，他通常会拒绝对此发表评论。
Caputo also addressed outstanding claims related to warrants linked to Argentina’s gross domestic product, telling investors that resolving legacy claims is something the government intends to do in due time. In previous investor meetings, he had typically declined to comment on the issue.
“需要时间，”他说，并指出政府一贯履行对债券持有人义务的记录。
“It takes time,” he said, pointing to the government’s track record of honoring its obligations to bondholders.