Obligation Argentia 5.875% ( US040114HQ69 ) en USD

Argentia

100 % ▲

Argentine

US040114HQ69 ( en USD )

5.875% par an ( paiement semestriel )

10/01/2028

Prospectus brochure de l'obligation Argentina US040114HQ69 en USD 5.875%, échéance 10/01/2028

1 000 USD

4 250 000 000 USD

040114HQ6

11/01/2026 ( Dans 118 jours )

L'Argentine, deuxième plus grand pays d'Amérique du Sud, est un vaste territoire caractérisé par sa diversité géographique allant des sommets andins aux plaines de la Pampa et aux steppes de Patagonie, ainsi que par sa riche culture mêlant influences européennes, tango, football et une gastronomie renommée autour de la viande et du vin.

L'Obligation émise par Argentia ( Argentine ) , en USD, avec le code ISIN US040114HQ69, paye un coupon de 5.875% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 10/01/2028

Final Prospectus Supplement
424B5 1 d519997d424b5.htm FINAL PROSPECTUS SUPPLEMENT
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-219272

Prospectus Supplement
To Prospectus Dated October 27, 2017

The Republic of Argentina
U.S.$1,750,000,000 4.625% Bonds Due 2023
U.S.$4,250,000,000 5.875% Bonds Due 2028
U.S.$3,000,000,000 6.875% Bonds Due 2048
The 4.625% bonds due 2023 (the "2023 Bonds") will mature on January 11, 2023 and will bear interest at a rate 4.625% per year. The 5.875% bonds due 2028 (the "2028
Bonds") will mature on January 11, 2028 and will bear interest at a rate of 5.875% per year. The 6.875% bonds due 2048 (the "2048 Bonds") will mature on January 11, 2048 and
will bear interest at a rate of 6.875% per year. We refer to the 2023 Bonds, the 2028 Bonds and the 2048 Bonds collectively as the "Bonds". Interest on each of the Bonds is
payable on January 11 and July 11 of each year, commencing on July 11, 2018. The Bonds are not redeemable prior to maturity. The offering of each of the Bonds pursuant to this
prospectus supplement is not contingent upon one another.
The Bonds will be direct, general, unconditional and unsubordinated obligations of the Republic of Argentina (the "Republic" or "Argentina") for which the full faith and
credit of the Republic is pledged. The Bonds rank and will rank without any preference among themselves and equally with all other unsubordinated public external indebtedness (as
defined in the accompanying prospectus) of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under the Bonds
ratably with payments being made under any other public external indebtedness of the Republic.
The Bonds will be issued under the Indenture (as defined in the accompanying prospectus dated October 27, 2017) and each of the 2023 Bonds, the 2028 Bonds and the 2048
Bonds will constitute a separate series under the Indenture. The Bonds will contain provisions, commonly known as "collective action clauses." Under these provisions, which
differ from the terms of the Republic's public external indebtedness issued prior to April 22, 2016, the Republic may amend the payment provisions of any series of debt securities
issued under the Indenture (including any series of the Bonds) and other reserved matters listed in the Indenture with the consent of the holders of: (1) with respect to a single
series of debt securities, more than 75% of the aggregate principal amount of the outstanding debt securities of such series; (2) with respect to two or more series of debt securities,
if certain "uniformly applicable" requirements are met, more than 75% of the aggregate principal amount of the outstanding debt securities of all series affected by the proposed
modification, taken in the aggregate; or (3) with respect to two or more series of debt securities, more than 66 2/3% of the aggregate principal amount of the outstanding debt
securities of all series affected by the proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding debt securities of each
series affected by the proposed modification, taken individually. See "Description of the Securities--Meetings, Amendments and Waivers--Collective Action" in the accompanying
prospectus.
Investing in the Bonds involves risks that are described in the "Risk Factors" section beginning on page S-9 of this prospectus supplement.
Application will be made to list the Bonds on the Luxembourg Stock Exchange and the Bolsa y Mercados Argentinos S.A. ("ByMA") and to have the Bonds admitted for
trading on the Euro MTF Market and Mercado Abierto Electrónico S.A. ("MAE").
Neither the Securities and Exchange Commission nor any state securities commission or regulatory body has approved or disapproved of these securities or
determined that this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Public Offering
Underwriting
Proceeds to Argentina

Price(1)

Discount (2)

(before expenses)
Per 2023 Bond

100.000%

0.120%

99.880%(1)
Total for the 2023 Bonds
U.S.$1,750,000,000
U.S.$2,100,000

U.S.$1,747,900,000
Per 2028 Bond

99.070%

0.120%

98.950%(1)
Total for the 2028 Bonds
U.S.$4,210,475,000
U.S.$5,100,000

U.S.$4,205,375,000
Per 2048 Bond

99.060%

0.120%

98.940%(1)
Total for the 2048 Bonds
U.S.$2,971,800,000
U.S.$3,600,000

U.S.$2,968,200,000

(1) Plus accrued interest, if any, from January 11, 2018.
(2) For more information regarding compensation to be received by the underwriters, please refer to "Underwriting."
The Bonds are expected to be delivered to investors in book-entry form through the facilities of The Depository Trust Company ("DTC"), for the accounts of its direct and
indirect participants, including Euroclear Bank SA/NV ("Euroclear"), as operator of the Euroclear System and Clearstream Banking, société anonyme ("Clearstream, Luxembourg")
on or about January 11, 2018.
Joint lead managers and bookrunners

Citigroup

Deutsche Bank Securities

HSBC
https://www.sec.gov/Archives/edgar/data/914021/000119312518005905/d519997d424b5.htm[1/8/2018 4:19:20 PM]

Final Prospectus Supplement
January 4, 2018
Table of Contents
We are responsible for the information contained in this preliminary prospectus supplement and the accompanying prospectus and in any
related free-writing prospectus we prepare or authorize. We have not, and the underwriters have not, authorized anyone to give you any other
information, and we take no responsibility for any other information that others may give you.
TABLE OF CONTENTS

Prospectus Supplement

Page
About this Prospectus Supplement
S-1
Notice to Prospective Investors in the European Economic Area
S-1
Notice to Prospective Investors in the United Kingdom
S-3
Certain Defined Terms and Conventions
S-3
Summary of the Offering
S-5
Risk Factors
S-9
Use of Proceeds
S-21
Recent Developments
S-22
Description of the Bonds
S-69
Taxation
S-75
Underwriting
S-76
Validity of the Bonds
S-83
General Information
S-84

Prospectus

About this Prospectus

1
Forward-Looking Statements

2
Data Dissemination

3
Preservation of Defenses

4
Enforcement of Civil Liabilities

5
Use of Proceeds

7
Description of the Securities

8
Taxation

25
Plan of Distribution

33
Official Statements

35
Validity of the Securities

35
Authorized Representative

35
Where You Can Find More Information

36
Table of Contents
ABOUT THIS PROSPECTUS SUPPLEMENT
This prospectus supplement supplements the accompanying prospectus dated October 27, 2017, relating to Argentina's debt securities and warrants.
If the information in this prospectus supplement differs from the information contained in the accompanying prospectus, you should rely on the updated
information in this prospectus supplement.
You should read this prospectus supplement along with the accompanying prospectus. Both documents contain information you should consider
when making your investment decision. You should rely only on the information provided in this prospectus supplement and the accompanying prospectus.
Argentina has not authorized anyone else to provide you with different information. Argentina and the underwriters are offering to sell the Bonds and
seeking offers to buy the Bonds only in jurisdictions where it is lawful to do so. The information contained in this prospectus supplement and the
accompanying prospectus is current only as of their respective dates.
Argentina is furnishing this prospectus supplement and the accompanying prospectus solely for use by prospective investors in connection with their
https://www.sec.gov/Archives/edgar/data/914021/000119312518005905/d519997d424b5.htm[1/8/2018 4:19:20 PM]

Final Prospectus Supplement
consideration of a purchase of the Bonds. Argentina confirms that:

· the information contained in this prospectus supplement and the accompanying prospectus is true and correct in all material respects and is not

misleading as of its date;

· it has not omitted facts, the omission of which makes this prospectus supplement and the accompanying prospectus as a whole misleading; and

· it accepts responsibility for the information it has provided in this prospectus supplement and the accompanying prospectus.
In connection with the offering of the Bonds, HSBC Securities (USA) Inc., or any person acting for it, may over-allot the Bonds or effect
transactions with a view to supporting the market price of the Bonds at a level higher than that which might otherwise prevail. However, there is no
assurance that HSBC Securities (USA) Inc., or any person acting for it, will undertake any stabilization action. Any stabilization action may begin at any
time after the adequate public disclosure of the final terms of the offer of the Bonds and, if begun, may be ended at any time, but it must end no later than
the earlier of 30 days after the closing date and 60 days after the date of the allotment of the Bonds. Any stabilization action or over-allotment must be
conducted by HSBC Securities (USA) Inc., or any person acting for it, in accordance with all applicable laws and regulations.
NOTICE TO PROSPECTIVE INVESTORS IN THE EUROPEAN ECONOMIC AREA
In any Member State of the European Economic Area, this prospectus supplement is only addressed to and is only directed at qualified investors in
that Member State within the meaning of the Prospectus Directive.
This prospectus supplement has been prepared on the basis that any offer of Bonds in any Member State of the European Economic Area will be
made pursuant to an exemption under the Prospectus Directive from the requirement to publish a prospectus for offers of Bonds. Accordingly any person
making or intending to make an offer in that Member State of Bonds which are the subject of the offering contemplated in this prospectus supplement may
only do so in circumstances in which no obligation arises for Argentina or any of the underwriters to publish a prospectus pursuant to Article 3 of the
Prospectus Directive in relation to such offer. Neither Argentina nor the underwriters have authorized, nor do they authorize, the making of any offer of
Bonds in circumstances in which an obligation arises for Argentina or the underwriters to publish a prospectus for such offer.
In relation to each Member State of the European Economic Area an offer to the public of any Bonds which are the subject of the offering
contemplated by this prospectus supplement (the "Securities") may not be made in

S-1
Table of Contents
that Member State except that an offer to the public in that Member State may be made at any time under the following exemptions under the Prospectus
Directive:

A.
to any legal entity which is a qualified investor as defined in the Prospectus Directive;

B.
to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the

Prospectus Directive, subject to obtaining the prior consent of the relevant dealer or dealers nominated by Argentina for any such offer; or

C.
in any other circumstances falling within Article 3(2) of the Prospectus Directive,
provided that no such offer of Securities shall require Argentina or the underwriters to publish a prospectus pursuant to Article 3 of the Prospectus
Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive.
For the purpose of the above provisions, the expression "an offer to the public" in relation to any Bonds in any Member State means the
communication in any form and by any means of sufficient information on the terms of the offer and the Bonds to be offered so as to enable an investor to
decide to purchase or subscribe for the Bonds, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in
that Member State and the expression "Prospectus Directive" means Directive 2003/71/EC (as amended, including by Directive 2010/73/EU), and includes
any relevant implementing measure in each Member State.
This European Economic Area selling restriction is in addition to any other selling restrictions set out in this prospectus supplement.
The Bonds are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any
retail investor in the European Economic Area ("EEA"). For these purposes, a retail investor means a person who is one (or more) of: (a) (i) a retail client
as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); or (ii) a customer within the meaning of Directive 2002/92/EC
(as amended, "IMD"), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (iii) not a
qualified investor as defined in Directive 2003/71/EC (as amended, the "Prospectus Directive"); and (b) the expression "offer" includes the communication
in any form and by any means of sufficient information on the terms of the offer and the Bonds to be offered so as to enable an investor to decide to
purchase or subscribe the Bonds. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs
https://www.sec.gov/Archives/edgar/data/914021/000119312518005905/d519997d424b5.htm[1/8/2018 4:19:20 PM]

Final Prospectus Supplement
Regulation") for offering or selling the Bonds or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or
selling the Bonds or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPS Regulation.
Solely for the purposes of each manufacturer's product approval process, the target market assessment in respect of the Bonds has led to the
conclusion that: (i) the target market for the Bonds is eligible counterparties and professional clients only, each as defined in MiFID II; and (ii) all channels
for distribution of the Bonds to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending
the Bonds (a "distributor") should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is
responsible for undertaking its own target market assessment in respect of the Bonds (by either adopting or refining the manufacturers' target market
assessment) and determining appropriate distribution channels.

S-2
Table of Contents
NOTICE TO PROSPECTIVE INVESTORS IN THE UNITED KINGDOM
This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion
Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the
Financial Promotion Order or (iv) persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the
Financial Services and Markets Act 2000 (the "FSMA")) in connection with the issue or sale of any Bonds may otherwise lawfully be communicated or
caused to be communicated (all such persons together being referred to as "relevant persons"). This document is directed only at relevant persons and must
not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only
to relevant persons and will be engaged in only with relevant persons.
Each underwriter has represented, warranted and agreed that:
A. it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or
inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the
Securities in circumstances in which Section 21(1) of the FSMA does not apply to Argentina; and
B. it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Securities
in, from or otherwise involving the United Kingdom.
CERTAIN DEFINED TERMS AND CONVENTIONS
Certain Defined Terms
All references in this prospectus supplement to the "Government" are to the non-financial sector of the federal government of Argentina, excluding
the Central Bank, Banco de la Nación Argentina and Banco de Inversión y Comercio Exterior (Foreign Investment and Trade Bank, or "BICE").
References to "Ministry of Treasury" are to the Ministry of Treasury of Argentina and references to the "Ministry of Public Finances" are to the Ministry of
Public Finances of Argentina.
Terms used but not defined in this prospectus supplement have the meanings ascribed to them in the accompanying prospectus dated October 27,
2017 or in Argentina's annual report for the year ended December 31, 2016 filed on Form 18-K or any subsequent amendment thereto filed on Form
18-K/A (the "Annual Report").
Preservation of Defenses
Nothing in this prospectus supplement, or in any communication from the Republic relating to the offering or otherwise, constitutes an
acknowledgment or admission of the existence of any claim or any liability of the Republic to pay that claim or an acknowledgment that any ability to bring
proceedings in any jurisdiction in respect of such claim or any limitation period relating thereto has been revived or reinstated, or an express or implied
promise to pay any such claim (or part thereof). Whether or not a claim exists, the Republic may in its sole discretion and only if written notice to that
effect is received from a duly authorized officer of the Republic, attribute a value to such claim for purposes of the Republic's Settlement Proposal. All
defenses available to the Republic relating to any applicable statute of limitations or otherwise are expressly preserved for all purposes. This prospectus
supplement may not be relied upon as evidence of the Republic's agreement that a claim exists, or of the Republic's willingness, ability or obligation to pay
any claim. Any attribution of any value to any claim for purposes of the Republic's Settlement Proposal will not be considered an acknowledgment of the
existence or validity of that claim and any consideration given by or on behalf of the Republic to the proponent of that claim

S-3
https://www.sec.gov/Archives/edgar/data/914021/000119312518005905/d519997d424b5.htm[1/8/2018 4:19:20 PM]

Final Prospectus Supplement
Table of Contents
will be consideration only for the agreement by the proponent of that claim to cease all actions or proceedings in respect of that claim and to irrevocably
assign and transfer to the Republic all rights, if any, with respect to such claim and to undertake to complete any and all formalities or requirements
necessary to ensure that if such claim existed neither the proponent nor any successor or assignee of the proponent (other than the Republic) is able to
evidence or allege such claim to remain in existence or to be a liability of the Republic.
Currency of Presentation
Unless otherwise specified, references in this prospectus supplement to "pesos" and "Ps." are to Argentine pesos, references to "U.S. dollars" and
"U.S.$" are to the currency of the United States of America and references to "euros," "" and "EUR" are to the currency of the European Union.

S-4
Table of Contents
SUMMARY OF THE OFFERING
This summary highlights information contained elsewhere in this prospectus supplement and the accompanying prospectus. It is not complete
and may not contain all the information that you should consider before investing in the Bonds. You should read this prospectus supplement and the
accompanying prospectus carefully.

Issuer
The Republic of Argentina.

Bonds Offered
For the 2023 Bonds: U.S.$1,750,000,000 aggregate principal amount of 4.625% Bonds due
2023.

For the 2028 Bonds: U.S.$4,250,000,000 aggregate principal amount of 5.875% Bonds due

2028.

For the 2048 Bonds: U.S.$3,000,000,000 aggregate principal amount of 6.875% Bonds due

2048.

Maturity
For the 2023 Bonds: January 11, 2023.

For the 2028 Bonds: January 11, 2028.

For the 2048 Bonds: January 11, 2048.

Issue Price
For the 2023 Bonds: 100.000% plus accrued interest, if any, from January 11, 2018.

For the 2028 Bonds: 99.070% plus accrued interest, if any, from January 11, 2018.

For the 2048 Bonds: 99.060% plus accrued interest, if any, from January 11, 2018.

Interest
For the 2023 Bonds: Interest on the 2023 Bonds will accrue at a rate of 4.625% per annum,
from January 11, 2018; be payable semi-annually on January 11 and July 11 of each year,
beginning on July 11, 2018.

For the 2028 Bonds: Interest on the 2028 Bonds will accrue at a rate of 5.875% per annum,

from January 11, 2018; be payable semi-annually on January 11 and July 11 of each year,
beginning on July 11, 2018.

For the 2048 Bonds: Interest on the 2048 Bonds will accrue at a rate of 6.875% per annum,

from January 11, 2018; be payable semi-annually on January 11 and July 11 of each year,
beginning on July 11, 2018.

Interest payments on the Bonds will be made to persons in whose names the relevant Bonds
https://www.sec.gov/Archives/edgar/data/914021/000119312518005905/d519997d424b5.htm[1/8/2018 4:19:20 PM]

Final Prospectus Supplement
are registered at the close of business on the business day preceding the corresponding

payment date; and be computed on the basis of a 360 day year comprised of twelve 30 day
months, and in case of an incomplete month, the number of days elapsed.

S-5
Table of Contents
Status
The Bonds will constitute direct, general, unconditional and unsubordinated obligations of
the Republic for which the full faith and credit of the Republic is pledged. The Bonds rank
and will rank without any preference among themselves and equally with all other
unsubordinated public external indebtedness of the Republic. It is understood that this
provision will not be construed so as to require the Republic to make payments under the
Bonds ratably with payments being made under any other public external indebtedness.

Additional Amounts
The Republic will make all principal, premium (if any) and interest payments on the Bonds
without deducting or withholding on account of any present or future taxes, duties,
assessments or other governmental charges withheld or assessed by the Republic or any
political subdivision or authority thereof or therein having power to tax, unless the deduction
or withholding is required by law. If the Republic is required to make any deduction or
withholding, it will pay the holders, subject to specified exceptions, the additional amounts
required to ensure that the net amount they receive after such withholding or deduction shall
equal the amount they would have received without this withholding or deduction. See
"Description of the Bonds--Additional Amounts."

Redemption
The Bonds will not be redeemable before maturity at the option of the Republic or repayable
at the option of the holder and not be entitled to the benefit of any sinking fund. The
Republic may at any time, however, purchase any series of the Bonds and hold or resell them
or surrender them to the trustee for cancellation.

Covenants
The Indenture governing the Bonds contains covenants that, among other things, limit the
Republic's ability to create liens on its assets.

These covenants are subject to important exceptions and qualifications, which are described

under the heading "Description of the Bonds" in this prospectus supplement and "Description
of the Securities" in the accompanying prospectus.

Events of Default
For a discussion of certain events of default that will permit acceleration of the principal of
the Bonds plus accrued interest, and any other amounts due with respect to the Bonds, see
"Description of the Securities--Events of Default" and "Description of the Securities-- Suits
for Enforcement and Limitations on Suits by Holders" in the accompanying prospectus.

Collective Actions
The Bonds will contain provisions, commonly known as "collective action clauses." Under
these provisions, which differ from the terms of the Republic's public external indebtedness
issued prior to April 22, 2016, the Republic may amend the payment provisions of any series
of debt securities issued under the Indenture (including any series of the Bonds) and other
reserved matters listed in the Indenture with the consent of the holders of: (1) with respect to
a single series

S-6
Table of Contents
https://www.sec.gov/Archives/edgar/data/914021/000119312518005905/d519997d424b5.htm[1/8/2018 4:19:20 PM]

Final Prospectus Supplement
of debt securities, more than 75% of the aggregate principal amount of the outstanding debt
securities of such series; (2) with respect to two or more series of debt securities, if certain
"uniformly applicable" requirements are met, more than 75% of the aggregate principal
amount of the outstanding debt securities of all series affected by the proposed modification,
taken in the aggregate; or (3) with respect to two or more series of debt securities, more than

66 2/3% of the aggregate principal amount of the outstanding debt securities of all series
affected by the proposed modification, taken in the aggregate, and more than 50% of the
aggregate principal amount of the outstanding debt securities of each series affected by the
proposed modification, taken individually. See "Description of the Securities--Meetings,
Amendments and Waivers--Collective Action" in the accompanying prospectus.

Further Issues
The Republic may, from time to time, without the consent of holders, create and issue
additional debt securities having the same terms and conditions as any series of the relevant
Bonds in all respects, except for issue date, issue price, original interest accrual date and the
first interest payment on the debt securities; provided, however, that any additional debt
securities subsequently issued shall be issued, for U.S. federal income tax purposes, either
(a) as part of the "same issue" as the relevant Bonds or (b) in a "qualified reopening" of the
relevant Bonds, unless such additional debt securities have a separate CUSIP, ISIN or other
identifying number from the relevant Bonds. Such additional debt securities will be
consolidated with and will form a single series with the relevant Bonds.

Use of Proceeds
The net proceeds from the sale of the Bonds will be approximately U.S.$8,921,475,000, after
deduction of the underwriting discount and certain commissions payable by the Republic
estimated at U.S.$10,800,000 in the aggregate. The Republic intends to use the net proceeds
of the sale of the Bonds for general purposes of the Government.

Settlement; Form
The Bonds to be delivered to investors will be issued in global form and registered in the
name of a nominee of DTC. See "Description of the Bonds."

Prescription
Claims against the Republic for the payment of principal and interest, premium, if any, or
other amounts due on the Bonds will be prescribed unless made within five years, with
respect to principal, and two years, with respect to interest, premium, if any, or other
amounts due on the Bonds, in each case from the date on which such payment first became
due, or a shorter period if provided by law.

Governing Law
The Bonds will be, and the Indenture is, governed by and construed in accordance with the
laws of the State of New York, except with respect to the authorization and execution of the
Bonds and the Indenture by and on behalf of Argentina, which shall be and is, as applicable,
governed by the laws of Argentina.

S-7
Table of Contents
Listing
Application is expected to be made to list the Bonds on the Luxembourg Stock Exchange
and the ByMA and to have them admitted for trading on the Euro MTF Market, and the
MAE.

Trustee, Registrar, Paying Agent and Transfer Agent The Bank of New York Mellon.

Luxembourg Listing Agent, Paying Agent and
The Bank of New York Mellon SA/NV, Luxembourg Branch.
Transfer Agent

Risk Factors
See "Risk Factors" and the other information in this prospectus supplement for a discussion
https://www.sec.gov/Archives/edgar/data/914021/000119312518005905/d519997d424b5.htm[1/8/2018 4:19:20 PM]

Final Prospectus Supplement
of factors you should carefully consider before deciding to invest in the Bonds.

CUSIP/ISIN/Common Code
The Bonds have been accepted for clearance through DTC, including through DTC's
participants Euroclear and Clearstream, Luxembourg. The relevant trading information is set
forth in the following table:

CUSIP Number

ISIN Number

Common Code

2023 Bonds

040114HP8

US040114HP86

174912572
2028 Bonds

040114HQ6

US040114HQ69

174912602
2048 Bonds

040114HR4

US040114HR43

174912718

S-8
Table of Contents
RISK FACTORS
An investment in the Bonds involves an important degree of risk. Before deciding to purchase the Bonds, you should read carefully all of the
information contained in this prospectus supplement, including, in particular, the following risk factors.
Risks Relating to the Republic
Investing in a developing country entails certain inherent risks.
Argentina is a developing economy and investing in developing economies generally involves risks. These risks include political, social and
economic events that may affect Argentina's economic results. In the past, instability in Argentina and other Latin American and emerging market
countries has been caused by many different factors, including the following:

· adverse external economic factors;

· inconsistent fiscal and monetary policies;

· dependence on external financing;

· changes in governmental economic or tax policies;

· high levels of inflation;

· abrupt changes in currency values;

· high interest rates;

· wage increases and price controls;

· volatility of exchange rates and capital controls;

· political and social tensions;

· fluctuations in central bank reserves; and

· trade barriers.
Any of these factors may adversely affect the liquidity, trading markets and value of Argentina's debt securities and Argentina's ability to service its
debt obligations, including the Bonds.
Argentina has experienced political and social economic instability in the past and may experience further instability in the future. In 2001 and 2002,
Argentina suffered a major political, economic and social crisis, which resulted in institutional instability and a severe contraction of the economy (GDP
contracted 10.9% in 2002 compared to 2001) with significant increases in unemployment and poverty rates. Among other consequences, the crisis caused a
large currency devaluation and led to the Government defaulting on its external debt. In response, the Government implemented a series of emergency
measures, including strict foreign exchange restrictions and monthly limits on bank withdrawals, which affected public companies and other sectors of the
Argentine economy.
The Argentine economy experienced a recovery following the 2001-2002 crisis. Since 2008, however, it has struggled to curb strong inflationary
https://www.sec.gov/Archives/edgar/data/914021/000119312518005905/d519997d424b5.htm[1/8/2018 4:19:20 PM]

Final Prospectus Supplement
pressures and growth has stagnated, primarily as a result of the monetary and fiscal policies introduced by the Fernández de Kirchner administration, strict
foreign exchange controls and overvalued real exchange rates that constrained foreign trade and investments and the decline in commodities prices. See
"Republic of Argentina--The Argentine Economy--Economic History and Background--Principal Government Policies and their Impact on Argentina's
Economy (2011-2015)" in the Annual Report. The Fernández de Kirchner administration's policies increasingly eroded confidence in the Argentine
economy, which resulted, among other things, in capital outflows, decreasing investment and a significant decline in the Central Bank's international
reserves.

S-9
Table of Contents
Since taking office in December 2015, the Macri administration has introduced economic and policy reforms. In addition, the Macri administration
restarted negotiations with holders of defaulted bonds in December 2015 with a view to bringing closure to fifteen years of litigation. On April 22, 2016,
Argentina closed the April 2016 Transaction, and upon confirmation that the conditions set forth in its March 2, 2016 order had been satisfied, the U.S.
District Court for the Southern District of New York (the "District Court") ordered the vacatur of all pari passu injunctions that had been ordered in 2012.
As of December 31, 2017, the outstanding principal amount of Untendered Debt that was not subject to a settlement agreement totaled approximately
U.S.$1.15 billion, of which the outstanding principal amount of foreign law governed Untendered Debt that was not subject to a settlement agreement and
was not time-barred (in the Republic's understanding) totaled approximately U.S.$718 million.
The Macri administration has implemented significant changes in policy and announced additional measures, but the ability to successfully
implement such additional measures, and the eventual outcomes of such changes is unknown.
Presidential and congressional elections in Argentina took place on October 25, 2015, and a runoff election between the two leading Presidential
candidates was held on November 22, 2015, which resulted in Mr. Mauricio Macri being elected President of Argentina. The Macri administration
assumed office on December 10, 2015.
On October 22, 2017, mid-term legislative elections were held at the federal and provincial government levels. Macri's Cambiemos alliance obtained
a victory in the City of Buenos Aires, and the provinces of Buenos Aires, Chaco, Córdoba, Corrientes, Entre Ríos, Jujuy, La Rioja, Mendoza, Neuquén,
Salta, Santa Cruz and Santa Fe. As a result, in the national Congress after December 10, 2017, Cambiemos will increase its representation by 9 senators
(holding in the aggregate 24 of a total of 72 seats in the Senate) and by 21 members of the Chamber of Deputies (holding in the aggregate 108 of a total of
257 seats in such Chamber).
Since assuming office, the Macri administration has implemented several economic and policy reforms and announced other intended reforms,
including reforms to:

· foreign exchange restrictions;

· INDEC methodologies;

· financial policy;

· foreign trade policy;

· fiscal policy;

· monetary imbalances;

· Argentina's energy generation and consumption regime;

· reparation program for retirees and pensioners;

· pension system;

· labor system; and

· tax regime.
For a description of these economic and policy reforms, see "Republic of Argentina--The Argentine Economy--Macri Administration:
2015-Present" in the Annual Report.
Although the Macri administration believes that the national economy has responded largely as expected to the measures implemented to date (e.g.,
lifting of significant foreign exchange controls, reduction in fiscal expenditures through subsidies and other measures, correction of monetary imbalances,
implementing a

S-10
https://www.sec.gov/Archives/edgar/data/914021/000119312518005905/d519997d424b5.htm[1/8/2018 4:19:20 PM]

Final Prospectus Supplement
Table of Contents
reparation program for retirees and pensioners), the ultimate long-term impact of each of these measures on the national economy as well as the ability to
implement all announced measures as currently contemplated, cannot be assured. The ability of the Macri administration to implement legislative measures
will require obtaining support from opposition parties. The opposition parties did support the passage of the Debt Authorization Law submitted by the
Macri Administration, suggesting that political compromises can be achieved. If the Macri administration's agenda cannot be successfully implemented,
including as a result of a lack of political support from opposition parties in Congress, the result may weaken confidence in and adversely affect the
Argentine economy and financial condition.
If current levels of inflation do not decrease, the Argentine economy could be adversely affected.
Historically, inflation has materially undermined the Argentine economy and the Government's ability to create conditions that permit growth. In
recent years, Argentina has experienced high inflation rates. See "--The credibility of several Argentine economic indices has been called into question,
which has led to a lack of confidence in the Argentine economy and could affect your evaluation of this offering and/or the market value of the Bonds."
High inflation rates negatively affect Argentina's foreign competitiveness, social and economic inequality, negatively impact employment and the
level of economic activity and undermine confidence in Argentina's banking system, all of which could further limit the availability of domestic and
international credit and undermine political stability. A portion of Argentina's debt is adjusted by the CER (a currency index) is strongly related to inflation
and was linked to the INDEC CPI until December 2015. Between January 12 and June 2, 2016, the Government issued a series of resolutions designating
either the CPI calculated by the government of the City of Buenos Aires or the CPI calculated by the Province of San Luis as the index to be used by the
Central Bank to calculate the CER. On June 15, 2016, the INDEC published the inflation rate for May 2016 using its new methodology for calculating the
CPI. Beginning as of June 26, 2016, the Government resumed use of the INDEC CPI to calculate the CER. Adjustments and payments on Argentina's
inflation-indexed debt are not subject to restatement or revision.
On June 15, 2016, the INDEC resumed publishing inflation rates, reporting an increase of 1.3% for January 2017, 2.5% for February 2017, 2.4% for
March 2017, 2.6% for April 2017 and 1.3% for May 2017 using its new methodology for calculating the CPI. On July 11, 2017, the INDEC began
publishing a national CPI (the "National CPI"). The National CPI is based on a survey conducted by INDEC and several provincial statistical offices in 39
urban areas encompassing each of the Republic's provinces. The inflation rate for June, July, August, September, October and November, 2017 published
by the INDEC using the National CPI methodology stood at 1.2%, 1.7%, 1.4%, 1.9%, 1.5% and 1.4%, respectively. See "Recent Developments--Indec--
Certain Methodologies" in the Annual Report.
In the past and through the Fernández de Kirchner administration, the Government implemented programs to control inflation and monitor prices for
essential goods and services, including through attempts to freeze the prices of certain supermarket products, and through price support arrangements
agreed between the Government and private sector companies in several industries and markets that did not address the structural causes of inflation and
failed to reduce inflation. The Government's adjustments to electricity and gas tariffs, as well as the increase in the price of gasoline have affected prices,
creating additional inflationary pressure. For more information, see "Republic of Argentina--The Argentine Economy--Economic History and Background
--Macri Administration: 2015-Present--Tariff increases" in the Annual Report.
Inflation remains a challenge for Argentina given its persistent nature in recent years. The Macri administration has announced its intention to reduce
the primary fiscal deficit as a percentage of GDP over time and also reduce the Government's reliance on Central Bank financing. If, despite the measures
adopted by the Macri administration, these measures fail to address Argentina's structural inflationary imbalances, the current levels of inflation may
continue and have an adverse effect on Argentina's economy and financial condition.

S-11
Table of Contents
Inflation can also lead to an increase in the Republic's debt and have an adverse effect on the Republic's ability to service its debt, including the Bonds,
principally in the medium and long term when most inflation-indexed debt matures.
The credibility of several Argentine economic indices has been called into question, which has led to a lack of confidence in the Argentine
economy and could affect your evaluation of this offering and/or the market value of the Bonds.
During the presidency of Fernández de Kirchner, the INDEC, the Government's principal statistical agency, underwent institutional and
methodological reforms that gave rise to controversy regarding the reliability of the information that it produced, including inflation, GDP, unemployment
and poverty data. Reports published by the IMF have stated that their staff uses alternative measures of inflation for macroeconomic surveillance, including
data produced by private sources, which have shown inflation rates considerably higher than those published by the INDEC between 2007 and 2015. The
IMF also censured Argentina for failing to make sufficient progress, as required under the Articles of Agreement of the IMF, in adopting remedial
measures to address the quality of official data, including inflation and GDP data. On November 9, 2016, the IMF Executive Board lifted its censure on the
https://www.sec.gov/Archives/edgar/data/914021/000119312518005905/d519997d424b5.htm[1/8/2018 4:19:20 PM]

Document Outline

#1">
- #1">