Cleary, A&O Shearman, and Bruchou & Funes de Rioja advise transactions between Argentina’s Central Bank and International Banks

In a significant step toward bolstering its international reserves, the Central Bank of Argentina (BCRA) has expanded its reverse repurchase agreement operations (the “Repo Transactions”) by an additional US$2 billion. This second round, executed in June 2025, featured participation from seven top-tier international banks, broadening the base of counterparties compared to the first round held in December 2024. The transaction was legally supported by Cleary Gottlieb Steen & Hamilton and A&O Shearman as New York counsel, and Bruchou & Funes de Rioja as Argentine counsel.

The Repo Transactions were conducted using BOPREAL Series 1-D securities, with the BCRA agreeing to pay an interest rate tied to SOFR-USD plus a 4.50% spread—equivalent to a fixed annual rate of 8.25%, taking into account fixed-floating swaps for the term of the agreement.

These operations are part of the broader Phase 3 of Argentina’s financial program, launched on April 11, 2025, aimed at reinforcing foreign currency reserves and stabilizing financial markets.

Cleary Gottlieb Steen & Hamilton advised the BCRA under New York law, with a team led by partner Juan G. Giraldez (pictured left), and supported by associates Ignacio Lagos, Pedro Arango Montes, and María Paz Canal, in close collaboration with the BCRA’s in-house legal department.

A&O Shearman acted as New York legal counsel to five of the participating international banks, with a broad team led by partner Donna Parisi (pictured center) and counsel Andrew Feng, and included partners Geoffrey Goldman, Christopher Ryan, Alejandro A. Gordano, Jessica Delbaum, and Lorenz Haselberger; counsels Ryan Leske and Jonathan Cho; associate Ben Halligan, summer associates Sherry Liao and Catherine Conrow, and intern I-Zac Lee.

Bruchou & Funes de Rioja served as Argentine counsel to the seven international banks, with a team led by partner José María Bazán (pictured right) and senior associate Ramón Augusto Poliche.