Financial bookrunner ranking: Energy drove the debt market in 2025 and early 2026

Argentina’s negotiable obligations (ON) market — the local term for corporate bonds — posted a record year in 2025, with total corporate issuance exceeding $20 billion, the highest level in at least the past decade.

The energy sector emerged as the main driver of this momentum, accounting for nearly 50% of private financing and showing an unprecedented ability to raise hard-currency funding amid macroeconomic recovery and stronger global appetite for emerging-market assets.

Energy boom: Vaca Muerta and long-term projects take center stage

The oil and gas sector, together with power generation, led activity with roughly $10.5 billion in ON issued under the general regime. Proceeds funded refinancing, shale expansion and key developments in Vaca Muerta — one of the world’s largest unconventional shale plays, located in Argentina’s Neuquén Basin — as well as thermal and renewable generation initiatives.

Among the most notable transactions of 2025:

• YPF: $2.764 billion across multiple tranches, with yields around 8.1% and maturities extending to 2034. Funds were mainly allocated to expanding operations in Vaca Muerta, consolidating its leadership in unconventional production.
• Pluspetrol: $1.37 billion, focused on liability refinancing and strengthening shale positions.
• Tecpetrol: $1.197 billion, including a $750 million five-year issuance at 7.625%, aimed at rebalancing its portfolio toward higher crude output.
• Vista Energy: $1.032 billion, with yields near 8.5% for upstream projects in the Neuquén formation.
• Pampa Energía: $857 million, directed to thermal and renewable generation in line with its diversification strategy.

Average sector yields ranged between 7.62% and 10.37% annually, with an average tenor of 74 months. About 94.2% of energy ON were issued in hard dollars under foreign law, primarily New York jurisdiction, minimizing currency risk and attracting international institutional investors.

The trend extended into early 2026. In January, energy placements stood out with transactions including:

• Pan American Energy: $375 million at 7.75%, maturing in 2037 (11-year tenor), allocated to Vaca Muerta investments and the Southern Energy LNG project.
• YPF: A $550 million reopening at 8.1%, due 2034.

In the first two months of 2026, the energy sector captured the bulk of the roughly $3 billion issued, with foreign-law bonds prevailing and yields stabilizing around 8%. From October 2025 to mid-February 2026, total corporate issuance surpassed $9.8 billion, with energy accounting for about 68%.

Why energy led the corporate debt market

The sector’s dominance in 2025 reflected a mix of structural and cyclical factors.

First, the accelerated development of Vaca Muerta required massive long-term investment in drilling, transport infrastructure — including the Vaca Muerta Sur pipeline and LNG projects — and production expansion. This came as the sector generated a record energy trade surplus and positioned itself as a key driver of exports and foreign-currency inflows.

Companies with direct exposure to the Neuquén formation — YPF, Pan American Energy, Vista, Tecpetrol and Pluspetrol — offered attractive credit profiles to international investors, supported by hard-dollar cash flow generation and a perception of lower relative risk compared with other segments of Argentina’s economy.

Additionally, lower country risk following elections, improved macroeconomic stability and easier access to New York law issuance enabled competitive yields around 8% and longer tenors. That environment encouraged larger deals concentrated among leading issuers. The virtuous cycle of higher production, rising exports and lower import dependence reinforced investor confidence and made energy the most credit-hungry sector in both local and international markets.

Broader ON market hits record, shows ecosystem maturity

Beyond energy’s leadership, Argentina’s corporate ON market in 2025 recorded 158 issuances under the general regime totaling about $16 billion in dollar-denominated bonds. Overall corporate issuance — including trusts and other instruments — exceeded $20 billion, reflecting significantly improved access to credit.

According to the official Cbonds league table for local plain-vanilla bonds, updated Jan. 27, 2026, with standardized volume of $7.316 billion across 128 issuers and 242 deals, the bookrunner ranking shows a clear concentration among domestic players with international reach:

1. Banco Galicia — $993 million (13.57% market share) — 49 issuers, 108 deals.
   Absolute leader, with a central role in large syndicated energy transactions (YPF, Pampa, Vista).
2. Balanz Capital Valores — $638 million (8.72%) — 55 issuers, 110 deals.
   Strong presence in syndicated oil and gas operations (Tecpetrol, Pluspetrol).
3. Banco Santander Argentina — $536 million (7.32%) — 39 issuers, 83 deals.
   Active in long-term structuring, including ESG and sustainable components.
4. Banco Macro (Macro Securities) — $357 million (4.88%) — 34 issuers, 68 deals.
5. Allaria — $332 million (4.53%) — 43 issuers, 78 deals.
6. Banco Comafi — $293 million (4.01%) — 35 issuers, 63 deals.
7. Banco Patagonia — $284 million (3.88%) — 38 issuers, 72 deals.
8. BBVA Argentina — $267 million (3.65%) — 31 issuers, 64 deals.
   Frequent co-bookrunner in foreign-law bonds.
9. Banco de Servicios y Transacciones — $252 million (3.45%) — 28 issuers, 44 deals.
10. Banco de la Provincia de Buenos Aires — $224 million (3.07%) — 32 issuers, 56 deals.
11. Grupo SBS — $205 million (2.80%) — 31 issuers, 58 deals.
12. Puente — $194 million (2.65%) — 27 issuers, 45 deals.
13. Invertir Online — $178 million (2.43%) — 23 issuers, 47 deals.
14. ICBC Argentina — $176 million (2.40%) — 18 issuers, 30 deals.
15. Invertir en Bolsa — $174 million (2.37%) — 13 issuers, 29 deals.
16. Banco Supervielle — $167 million (2.28%) — 41 issuers, 64 deals.
17. Banco Mariva — $165 million (2.26%) — 28 issuers, 39 deals.
18. Grupo AdCap — $140 million (1.91%) — 24 issuers, 38 deals.
19. Facimex Valores — $127 million (1.74%) — 23 issuers, 35 deals.
20. Max Capital — $112 million (1.53%) — 9 issuers, 11 deals.

Source: Cbonds League Table of Local Argentine Bonds Bookrunners, updated Jan. 27, 2026.

Analysts say the ranking underscores the maturity of the domestic market. Local arrangers structured complex transactions, including ESG-linked instruments and bonds issued under New York law, facilitating access to global investors.

Galicia and Balanz’s dominance reflects their ability to lead high-volume syndicated deals.

Looking ahead to the rest of 2026, projections point to an additional $10 billion to $15 billion in issuance, driven by Vaca Muerta, renewables and advancing LNG projects. If yield convergence with regional peers continues and country risk declines further, the energy sector is expected to remain the pillar of Argentine corporate financing, strengthening balance sheets and supporting export targets through 2035.