Obligation Argentína 1.125% ( US040114HW38 ) en USD

Société émettrice Argentína
Prix sur le marché refresh price now   100 %  ▲ 
Pays  Argentine
Code ISIN  US040114HW38 ( en USD )
Coupon 1.125% par an ( paiement semestriel )
Echéance 08/07/2046



Prospectus brochure de l'obligation Argentina US040114HW38 en USD 1.125%, échéance 08/07/2046


Montant Minimal 1 USD
Montant de l'émission 2 091 997 124 USD
Cusip 040114HW3
Prochain Coupon 09/01/2026 ( Dans 160 jours )
Description détaillée L'Argentine est un pays d'Amérique du Sud connu pour sa diversité géographique, allant des Andes aux pampas, et riche en culture, notamment le tango et le football.

Cet article financier présente une analyse détaillée d'une obligation souveraine émise par l'Argentine, un instrument clé pour les investisseurs s'intéressant à la dette des marchés émergents. L'émetteur, la République d'Argentine, pays d'émission, est une nation sud-américaine dont l'économie, bien que riche en ressources naturelles, a été historiquement caractérisée par une forte volatilité macroéconomique, incluant des épisodes de défaut de paiement et de multiples restructurations de sa dette souveraine, ce qui confère à toute émission de sa part une dimension de risque spécifique pour les investisseurs. Dans ce contexte, cette obligation, de type obligataire, est précisément identifiée par le code ISIN US040114HW38 et le code CUSIP 040114HW3, assurant sa traçabilité sur les marchés financiers internationaux. Actuellement, cette dette se négocie sur le marché à un prix de 100% de sa valeur nominale, indiquant qu'elle est échangée au pair. Elle est libellée en dollars américains (USD), offrant aux investisseurs une exposition à la devise de réserve mondiale. Le taux d'intérêt nominal de cette obligation est fixé à 1,125%, un niveau qui, pour une dette souveraine argentine, est notablement faible et invite à une analyse attentive de la prime de risque perçue par le marché. La taille totale de l'émission est substantielle, atteignant 2 091 997 124 unités de la devise, ce qui en fait un instrument de liquidité significative sur les marchés secondaires. La taille minimale à l'achat est de 1, rendant cette obligation potentiellement accessible à un large éventail d'investisseurs. Sa maturité est fixée au 8 juillet 2046, ce qui la positionne comme un investissement de très long terme, prolongeant l'exposition au risque-crédit de l'émetteur sur plusieurs décennies. Les paiements d'intérêts sont effectués avec une fréquence de 2 par an, c'est-à-dire semi-annuellement, une pratique courante sur les marchés obligataires internationaux qui assure un flux de revenus régulier aux détenteurs.







Listing Particulars dated October 5, 2020
The Republic of Argentina
U.S.$2,635,028,701 amortizing 1.000% bonds due 2029 (ISIN No. US040114HX11; Common Code 220381862)
90,389,736 amortizing 0.500% bonds due 2029 (ISIN No. XS2200244072; Common Code 220024407)
U.S.$16,090,612,053 amortizing step-up bonds due 2030 (ISIN No. US040114HS26; Common Code 216448812)
1,165,590,836 amortizing bonds due 2030 (ISIN No. XS2177363665; Common Code 217736366)
U.S.$20,501,717,797 amortizing step-up bonds due 2035 (ISIN No. US040114HT09; Common Code 216448944)
298,795,262 amortizing step-up bonds due 2035 (ISIN No. XS2177364390; Common Code 217736439).
U.S.$11,405,065,267 amortizing step-up bonds due 2038 (ISIN No. US040114HU71; Common Code 216449177)
809,336,805 amortizing step-up bonds due 2038 (ISIN No. XS2177365017; Common Code 217736501)
U.S.$10,482,111,279 amortizing step-up bonds due 2041 (ISIN No. US040114HV54; Common Code 216449185)
1,572,601,941 amortizing step-up bonds due 2041 (ISIN No. XS2177365363; Common Code 217736536)
U.S.$2,091,997,124 amortizing step-up bonds due 2046 (ISIN No. US040114HW38; Common Code 216449827)
248,126,086 amortizing step-up bonds due 2046 (ISIN No. XS2177365520; Common Code 217736552)
The Republic of Argentina (Legal Entity Identifier: 549300KPBYGYF7HCHO27) (the "Republic") has issued U.S.$2,635,028,701
in aggregate principal amount of its amortizing 1.000% bonds due 2029, 90,389,736 in aggregate principal amount of its
amortizing 0.500% bonds due 2029, U.S.$16,090,612,053 in aggregate principal amount of its amortizing step-up bonds due 2030,
1,165,590,836 in aggregate principal amount of its amortizing bonds due 2030, U.S.$20,501,717,797 in aggregate principal
amount of its amortizing step-up bonds due 2035, 298,795,262 in aggregate principal amount of its amortizing step-up bonds due
2035, U.S.$11,405,065,267 in aggregate principal amount of its amortizing step-up bonds due 2038, 809,336,805 in aggregate
principal amount of its amortizing step-up bonds due 2038, U.S.$10,482,111,279 in aggregate principal amount of its amortizing
step-up bonds due 2041, 1,572,601,941 in aggregate principal amount of its amortizing step-up bonds due 2041,
U.S.$2,091,997,124 in aggregate principal amount of its amortizing step-up bonds due 2046, and 248,126,086 in aggregate
principal amount of its amortizing step-up bonds due 2046 (the "New Bonds").
The New Bonds have been accepted for clearance and settlement through The Depository Trust Company ("DTC"), Euroclear
Bank SA/NV as operator of the Euroclear System ("Euroclear") and Clearstream Banking, société anonyme ("Clearstream").
The New Bonds were issued on September 4, 2020.
Application has been made to have the New Bonds admitted to trading on the Official List of the Luxembourg Stock Exchange
and to be listed on the Euro MTF Market operated by the Luxembourg Stock Exchange, which is a multilateral trading facility
for the purposes of Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments, as
amended, (``MiFID II''), and, therefore, not an EU-regulated market.
The Listing Particulars constitute a prospectus for the purpose of Part IV of the Luxembourg Law of 16 July 2019 on
Prospectuses for Securities.
The Listing Particulars do not constitute a prospectus within the meaning of Regulation (EU) No 1129/2017 of the European
Parliament and of the Council of 14 June 2017 (as amended, the ``Prospectus Regulation''). Neither the Luxembourg Financial
Supervisory Authority (Commission de Surveillance du Secteur Financier, or ``CSSF''), nor any other ``competent authority''
(as defined in the Prospectus Regulation) has approved the Listing Particulars or reviewed information contained in the Listing
Particulars.
The Luxembourg Stock Exchange has only approved the sections herein that relate to the listing of the New Bonds and not
the sections that relate to the Exchange Offer. The sections relating to the Exchange Offer are given for informational
purposes only. No public offering for the New Bonds has been made in Luxembourg. Holders (as defined in the Prospectus
Supplement) of the Eligible Bonds (as defined in the Prospectus Supplement) have validly tendered pursuant to the terms
of this Exchange Offer.
The Republic is solely responsible for the information given in this Listing Particulars. The Republic hereby declares that to the
best of its knowledge and belief, having taken all reasonable care to ensure that such is the case, the information contained in this
Listing Particulars is in accordance with the facts and contains no omission likely to affect its import.
You should read the Listing Particulars along with the documents incorporated by reference. The documents contain information


you should consider when making your investment decision. The Republic has not authorized anyone else to provide you with
different information. We are responsible for the information contained in the Listing Particulars. We have not authorized
anyone to give you any other information, and we take no responsibility for any other information that others may give you.
The following documents are considered part of and incorporated by reference in the Listing Particulars:
·
The prospectus supplement dated April 21, 2020, as most recently amended and restated on August 17, 2020,
supplementing the base prospectus dated April 21, 2020 relating to the Republic's debt securities (the "Prospectus
Supplement"), attached hereto as Annex A;
·
The Republic's annual report on Form 18-K for the year ended December 31, 2018 filed with the SEC on October 2,
2019 (File No. 033-70734) (the "2018 Annual Report");
·
Amendment No. 1 on Form 18-K to the 2018 Annual Report filed with the SEC on March 9, 2020 (File No. 033-
70734);
·
Amendment No. 2 on Form 18-K to the 2018 Annual Report filed with the SEC on April 14, 2020 (File No. 033-
70734);
·
Amendment No. 3 on Form 18-K to the 2018 Annual Report filed with the SEC on April 20, 2020 (File No. 033-
70734);
·
Amendment No. 4 on Form 18-K to the 2018 Annual Report filed with the SEC on July 2, 2020 (File No. 033-70734);
and
·
Amendment No. 5 on Form 18-K to the 2018 Annual Report filed with the SEC on August 12, 2020 (File No. 033-
70734).
The Listing Particulars and the documents incorporated by reference will be published on the internet website of the Luxembourg
Stock Exchange www.bourse.lu and will be available for download free of charge.
Notices
So long as the notes are listed on the Luxembourg Stock Exchange and the rules of the exchange require, the Republic will publish
notices on the website of the Luxembourg Stock Exchange (www.bourse.lu). If publication on the website of the Luxembourg
Stock Exchange (www.bourse.lu) is not practicable, the Republic will give notices in another way consistent with the rules of the
Luxembourg Stock Exchange. Any notice so published will be considered given on the date of its first publication.
The date of this Listing Particulars is October 5, 2020.


Annex A


Filed Pursuant to Rule 424(b)(5)
Registration Statements Nos. 333-219272 and 333-237192
AMENDMENT NO. 2 TO PROSPECTUS SUPPLEMENT DATED APRIL 21, 2020, AS AMENDED AND RESTATED ON JULY 6, 2020
To Prospectus dated April 21, 2020
The Republic of Argentina
Invitation to Exchange
This amendment No. 2 ("Amendment No. 2") to the Republic of Argentina's prospectus supplement dated April 21, 2020, as amended and
restated on July 6, 2020 further amends and restates the terms and conditions of the Invitation (as defined below) mainly to:
1.
set the interest and principal payment dates on the New Bonds (as defined below), which will be on January 9 and July 9 instead of
March 4 and September 4 of each relevant year;
2.
amend the principal payment dates of (i) the New Bonds to be delivered as Accrued Interest Consideration (as defined below) and
Additional Consent Consideration (as defined below), which will begin amortizing in January 2025 and mature in July 2029, (ii) the
New USD 2030 Bonds and New Euro 2030 Bonds, which will begin amortizing in July 2024 and mature in July 2030, with the first
installment being in an amount equivalent to one half of each remaining installment, as described herein, and (iii) the New USD 2038
Bonds and New Euro 2038 Bonds, which will begin amortizing in July 2027 and mature in January 2038;
3.
amend the foreign exchange rate to 1 equals U.S.$1.1855 and CHF1 equals U.S.$1.0988 and 0.9269, for the purposes of
determining the principal amount of U.S. dollar-denominated New Bonds to be received by each Holder of euro-denominated and
Swiss franc-denominated Eligible Bonds that elects to receive U.S. dollar-denominated New Bonds, exclude such elections from the
Acceptance Priority Procedures (as defined below) and the Bond Caps (as defined below) applicable to the New USD 2030 Bonds
and New USD 2035 Bonds and reduce the Bond Caps applicable to the New Euro 2030 Bonds and the New Euro 2035 Bonds as a
result of such elections, as described herein;
4.
amend the modification provisions of the New Bonds to expand the list of reserve matter modifications and specify the future
circumstances under which the Republic may re-designate the series of debt securities affected by a reserve matter modification or, if
applicable, conduct a "uniformly applicable" modification subsequent to a cross-series modification with two-tier voting or
restructuring exchange offer (as defined below);
5.
add an undertaking by the Republic to publish certain debt information on an annual basis;
6.
conform the description of the Form of the Terms and Conditions of the New Bonds included in Annex C and Annex D of the
amended and restated prospectus supplement to the modifications described in 4 and 5 above;
7.
update the "Background to the Invitation" and "Related Actions to Achieve Debt Sustainability Section" with recent developments;
and
8.
provide that to compensate the Ad Hoc Group of Argentine Bondholders, the Exchange Bondholder Group and the Argentina
Creditor Committee (the "Supporting Creditors") for fees and expenses of their advisors in connection with this Invitation, the total
aggregate principal amount of New USD 2029 Bonds and New Euro 2029 Bonds that Holders and Ineligible Holders would
otherwise be entitled to receive pursuant to this Invitation will be reduced by U.S.$28.96 million (using a foreign exchange rate of
1=U.S.$1.1855, and allocated ratably between New USD 2029 Bonds and New Euro 2029 Bonds based on the final aggregate
principal amount of each such series of New Bonds to be issued in connection with this Invitation) (the "Expense Reimbursement
Bonds"). The Expense Reimbursement Bonds will be divided equally among the three groups and will be delivered to such accounts
as the representatives of each of the Supporting Creditors (i.e., White & Case LLP for Ad Hoc Group of Argentine Bondholders,
Quinn Emanuel Urquhart & Sullivan LLP for the Exchange Bondholder Group and Clifford Chance US LLP for Argentina Creditor
Committee) will indicate in writing to the Information Agent prior to the Settlement Date. For the avoidance of doubt, the Republic
will not bear any expenses of the Supporting Creditors or their advisors in connection with this Invitation, as the Expense
Reimbursement Bonds will (i) not increase the total amount of New USD 2029 Bonds and New Euro 2029 Bonds to be issued by the
Republic pursuant to this Invitation and (ii) reduce pro rata the principal amount of New USD 2029 Bonds and/or New Euro 2029
Bonds that each Holder and Ineligible Holder would otherwise be entitled to receive pursuant to this Invitation.
Attached hereto is the prospectus supplement as amended and restated by this Amendment No. 2. References to the "prospectus supplement"
in the Invitation Materials (as defined below) shall refer to the attached amended and restated prospectus supplement.
Holders who delivered their Tender Order to the Invitation prior to the date hereof and do not revoke such Tender Order prior to the Expiration
shall be deemed to have accepted the terms and conditions of the Invitation as amended and restated pursuant to this Amendment No. 2.
References to tendering Holders in the Invitation Materials shall include Holders who delivered (and did not revoke) a Tender Order prior to
the date of this Amendment No. 2.





The Republic of Argentina
Invites holders of
each series of bonds listed in Annex A (collectively, the "2005 Indenture Eligible Bonds") and each series of bonds listed
in Annex B (collectively, the "2016 Indenture Eligible Bonds", and together with the 2005 Indenture Eligible Bonds, the
"Eligible Bonds")
to exchange Eligible Bonds for the following new bonds (the "New Bonds"):
U.S. dollar amortizing step-up bonds due 2030 (the "New USD 2030 Bonds"),
euro-denominated amortizing bonds due 2030 (the "New Euro 2030 Bonds"),
U.S. dollar amortizing step-up bonds due 2035 (the "New USD 2035 Bonds"),
euro-denominated amortizing step-up bonds due 2035 (the "New Euro 2035 Bonds"),
U.S. dollar-denominated amortizing step-up bonds due 2038 (the "New USD 2038 Bonds"),
euro-denominated amortizing step-up bonds due 2038 (the "New Euro 2038 Bonds"),
U.S. dollar-denominated amortizing step-up bonds due 2041 (the "New USD 2041 Bonds"),
euro-denominated amortizing step-up bonds due 2041 (the "New Euro 2041 Bonds"),
U.S. dollar amortizing step-up bonds due 2046 (the "New USD 2046 Bonds"), or
euro-denominated amortizing step-up bonds due 2046 (the "New Euro 2046 Bonds"); plus
U.S. dollar amortizing 1.000% bonds due 2029 (the "New USD 2029 Bonds") or Euro amortizing 0.500% bonds due 2029
(the "New Euro 2029 Bonds" and collectively with the New USD 2030 Bonds, New Euro 2030 Bonds, New USD 2035
Bonds, New Euro 2035 Bonds, New USD 2038 Bonds, New Euro 2038 Bonds, New USD 2041 Bonds, New Euro 2041
Bonds, New USD 2046 Bonds, New Euro 2046 Bonds and New USD 2029 Bonds, the "New Bonds");
in each case, on the terms and subject to the conditions described in this Prospectus Supplement (the "Invitation")
The Republic of Argentina hereby invites Holders (as defined below) to submit orders to exchange ("Tender Orders") their Eligible Bonds
for New Bonds on the terms and subject to the conditions described in this prospectus supplement (each, an "Exchange Offer"). Each Holder
that submits (and does not validly revoke) a Tender Order thereby also consents to the actions as proposed in this Invitation, including to
authorize and direct the Trustee (as defined below) to modify any Eligible Bonds of the relevant series that remain outstanding after giving
effect to the Exchange Offers by substituting them for the relevant amounts of (i) New USD 2038 Bonds (in the case of USD Discount Bonds
(as defined in Annex A)), (ii) New Euro 2038 Bonds (in the case of Euro Discount Bonds (as defined in Annex A)), (iii) New USD 2041
Bonds (in the case of USD Par Bonds (as defined in Annex A)), (iv) New Euro 2041 Bonds (in the case of Euro Par Bonds (as defined in
Annex A)), (v) New USD 2046 Bonds (in the case of any 2016 Indenture Eligible Bonds denominated in USD), or (vi) New Euro 2046 Bonds
(in the case of any 2016 Indenture Eligible Bonds denominated in euros or CHF) (with respect to each series of Eligible Bonds, the "Proposed
Modifications"), on the terms and subject to the conditions described in this prospectus supplement. If your Tender Order is accepted by us
and the conditions to the effectiveness of the Invitation are met, including the Minimum Participation Condition (as defined herein),
or waived by us, where applicable, you will receive New Bonds in exchange for the Eligible Bonds you tendered, even if the Proposed
Modifications of the remaining Eligible Bonds of that series are not adopted.
The aggregate principal amount of:

all U.S. dollar-denominated Eligible Bonds currently Outstanding is U.S.$45,063,771,405;

all euro-denominated Eligible Bonds currently Outstanding is 17,492,265,197; and

all Swiss franc-denominated Eligible Bonds currently Outstanding is CHF400,000,000.
The term "Outstanding" for each series of Eligible Bonds has the meaning ascribed to it in the 2005 Indenture (as defined in the
accompanying prospectus) or 2016 Indenture (as defined in the accompanying prospectus), as applicable.
Holders who submit valid and accepted Tender Orders will not be entitled to receive any cash payment for any interest accrued and
unpaid on any Eligible Bond that is exchanged for a New Bond pursuant to any Exchange Offer and will instead receive the Accrued
Interest Consideration (as defined herein) and the Additional Consent Consideration (as defined herein). Holders whose Eligible
Bonds are modified and substituted will not be entitled to receive any cash payment for any interest accrued and unpaid on any
Eligible Bond that is modified and substituted for a New Bond pursuant to the Proposed Modifications, if those modifications become
effective, and will be entitled to receive the Accrued Interest Consideration. See "Summary of the Invitation--Accrued Interest."


The New USD 2038 Bonds, New Euro 2038 Bonds, New USD 2041 Bonds and New Euro 2041 Bonds will be issued pursuant to the
2005 Indenture (the "2005 Indenture New Bonds") substantially in the form set forth as Annex C and the New USD 2029 Bonds, New
Euro 2029 Bonds, New USD 2030 Bonds, New Euro 2030 Bonds, New USD 2035 Bonds, New Euro 2035 Bonds, New USD 2046
Bonds and New Euro 2046 Bonds will be issued pursuant to the 2016 Indenture (the "2016 Indenture New Bonds") substantially in
the form set forth as Annex D.
The Invitation will expire at 5:00 p.m. (New York City time) on August 28, 2020 (such time and date, as may be extended or earlier
terminated by the Republic, the "Expiration").
Tender Orders with respect to 2016 Indenture Eligible Bonds will be subject to the Acceptance Priority Procedures (as defined below).
Tender Orders with respect to 2005 Indenture Eligible Bonds are not subject to the Acceptance Priority Procedures. Holders may revoke
their Tender Order at any time prior to the Expiration, as described herein. Subject to the satisfaction or waiver (where applicable) of the
conditions to the Invitation and Proposed Modifications described herein, we expect to (i) execute the Supplemental Indentures (as defined
herein) giving effect to the Proposed Modifications with respect to each and all series of Eligible Bonds for which the Requisite Consents
(as defined below) are received and accepted by the Expiration, (ii) accept all valid Tender Orders for Eligible Bonds, whether or not the
remaining Eligible Bonds of that series are successfully modified and substituted pursuant to the Proposed Modifications, and (iii) settle the
transactions contemplated in the Invitation (i.e., the Exchange Offers and the modifications and substitutions resulting from any Proposed
Modifications that become effective on the Settlement Date (as defined herein)).

After completion of the Invitation, the Republic may in its sole discretion, subject to applicable regulations, propose one or more modifications
that are "uniformly applicable" (as defined in the accompanying prospectus) and that would affect one or more series of New Bonds and one
or more series of 2016 Indenture Eligible Bonds that are not successfully modified and substituted pursuant to the Proposed Modifications (the
"Subsequent Modification(s)"). Under the terms of the 2016 Indenture, if the Republic proposes modifications on that basis, holders of more
than 75% of the aggregate principal amount of any series of New Bonds and any series of 2016 Indenture Eligible Bonds affected by the
proposed modifications, taken in the aggregate, may approve the Subsequent Modifications.
With regard to each series of Eligible Bonds, it is a condition to the effectiveness of the relevant Proposed Modifications that we receive and
accept valid written consents (which are part of each Tender Order) from Holders representing the requisite majorities provided for in the 2005
Indenture or the 2016 Indenture, as applicable (the "Requisite Consents"), as described below under "Terms of the Invitation--Requisite
Consents."
In accordance with the terms of the Eligible Bonds, we will consider written consents on an aggregated basis for the purpose of determining
whether we have received and accepted the Requisite Consents for the Proposed Modifications, as follows:

For the Proposed Modifications affecting the 2005 Indenture Eligible Bonds (the "2005 Indenture Eligible Bonds Proposed
Modifications"), the written consents of all series of 2005 Indenture Eligible Bonds will be aggregated; and

For the Proposed Modifications affecting the 2016 Indenture Eligible Bonds (the "2016 Indenture Eligible Bonds Proposed
Modifications"), the written consents of all series of 2016 Indenture Eligible Bonds and, only to the extent any relevant 2005 Indenture
Eligible Bonds Proposed Modifications are adopted, all such series of 2005 Indenture Eligible Bonds will be aggregated.
In each case, by delivering a Tender Order, you will consent and authorize us to re-designate, at any time (including after the Expiration), the
series of Eligible Bonds that will be aggregated for the 2005 Indenture Eligible Bonds Proposed Modifications or the 2016 Indenture Eligible
Bonds Proposed Modifications by excluding one or more series of the initially designated series for the purpose of determining whether the
Requisite Consents have been received, which, for the avoidance of doubt, may result in your series of Eligible Bonds being excluded.
To the extent any series of Eligible Bonds is excluded as described above, you also consent and authorize us to determine whether we have
received the Requisite Consents for the Proposed Modifications affecting any such excluded series on a single series basis. See "Terms of the
Invitation--Requisite Consents."
If we receive the Requisite Consents with respect to the Proposed Modifications to one or more series of Eligible Bonds (on an aggregated
basis or single series basis), the other conditions to the effectiveness of the Proposed Modifications indicated in this prospectus supplement are
met or waived (where applicable) and we decide to declare the Proposed Modifications effective with respect to any of those series, then those
Proposed Modifications will be conclusive and binding on all (i) Holders of those series of Eligible Bonds, whether or not they have consented
to the Proposed Modifications and (ii) Ineligible Holders of those series of Eligible Bonds. In that event, Holders that submitted a Tender
Order will be entitled to receive the New Bonds selected in their Tender Order, subject to the Acceptance Priority Procedures (if applicable),
and all Eligible Bonds held by non-consenting Holders and Ineligible Holders will be modified and substituted for the relevant amounts of
New USD 2038 Bonds, New Euro 2038 Bonds, New USD 2041 Bonds, New Euro 2041 Bonds, New USD 2046 Bonds or New Euro 2046
Bonds, as applicable, pursuant to the Proposed Modifications. In addition, Holders who submitted valid Tender Orders will receive the
Accrued Interest Consideration and Additional Consent Consideration, while Holders whose Eligible Bonds are modified and substituted
pursuant to the Proposed Modifications (who did not submit valid Tender Orders) will be entitled to receive the Accrued Interest
Consideration. See "Summary of the Invitation--Accrued Interest."

We will limit the aggregate principal amount of certain series of New Bonds to be issued as part of the Invitation to certain amounts (the
"Bond Caps") as set forth herein. See "The Invitation--Acceptance Priority Procedures." As such, Tender Orders with respect to the 2016
Indenture Eligible Bonds will be subject to the Acceptance Priority Procedures, and Holders of 2016 Indenture Eligible Bonds, other
than the USD Bonds due 2021-2023, Euro Bonds due 2022-2023 and CHF 2020 Bonds, who deliver valid and accepted Tender Orders
may receive, in whole or in part, a series of New Bonds other than the series specified in their Tender Order, in accordance with the
Acceptance Priority Procedures. Tender Orders with respect to 2005 Indenture Eligible Bonds are not subject to the Acceptance Priority
Procedures.


Holders who deliver valid Tender Orders must identify the New Bond for which they request their Eligible Bonds to be exchanged. Any valid
and accepted Tender Order for a series of New Bonds subject to a Bond Cap may instead receive a different series in accordance with a
"waterfall" methodology. For information on the operation of this "waterfall" methodology with respect to each series of Eligible Bonds,
which we refer to as the "Acceptance Priority Procedures," see "Terms of the Invitation--Acceptance Priority Procedures."
The New Bonds will contain provisions, commonly known as "collective action clauses," regarding future modifications to the terms of the
New Bonds. Under these provisions, the Republic may amend the payment provisions of any series of New Bonds and other reserve matters
listed in the 2005 Indenture or 2016 Indenture, as applicable, with the consent of less than all of the holders of the New Bonds. The
modification provisions in the 2005 Indenture (which will apply to the 2005 Indenture New Bonds) differ from those in the 2016 Indenture
(which will apply to the 2016 Indenture New Bonds). See "Description of the Securities--Certain Differences Between the 2005 Indenture
and the 2016 Indenture" in the accompanying prospectus, "Description of the New Securities--General Terms Common to all 2005 Indenture
New Bonds--Amendments and Waivers--Collective Action Clauses" and "Description of the New Securities--General Terms Common to
all 2016 Indenture New Bonds--Meetings, Amendments and Waivers--Collective Action." Furthermore, following the consummation of the
Invitation, any default that may occur or be continuing under any Eligible Bonds that remain outstanding after the consummation of the
Invitation will not become the basis for a cross-default or cross-acceleration of the New Bonds.

This prospectus supplement and the accompanying prospectus are together referred to as the "Invitation Materials."
This Invitation is being made on the terms and subject to the conditions set out in this prospectus supplement.
For the purposes of the Invitation, the term "Holder" shall be deemed to include beneficial owners (other than Ineligible Holders (as defined
below)) of Eligible Bonds held in Euroclear Bank SA/NV, as operator of the Euroclear System ("Euroclear" and such holders, "Euroclear
Participants"), in Clearstream Banking, Société Anonyme ("Clearstream", and such holders "Clearstream Participants"), in the SIX SIS
Ltd ("SIX SIS", and such holders "SIX SIS Participants"), in Caja de Valores S.A. ("Caja de Valores", and such holders "Caja de Valores
Participants") and in The Depository Trust Company ("DTC", and such holders "DTC Participants" and, collectively with the Euroclear
Participants, the Clearstream Participants, the SIX SIS Participants and the Caja de Valores Participants, the "Direct Participants").
Special Notice to Investors in the European Economic Area and the United Kingdom
Notice to EEA retail investors. The Invitation is not being made to any retail investors in the European Economic Area ("EEA") and EEA
retail investors will not be given the opportunity to state their views on the Proposed Modifications. As a result, no "offer" of new securities is
being made to retail investors in the EEA. Any holder who does not deliver a written consent is effectively not consenting to the Proposed
Modifications. Therefore, it will be necessary for other (non-retail) investors representing a greater nominal principal amount Outstanding to
consent to the Proposed Modifications. If the Proposed Modifications become effective, then, in accordance with the terms of such Eligible
Bonds, the Eligible Bond will be modified and substituted for New Bonds and such modification and substitution will affect all Holders and
Ineligible Holders of those series of Eligible Bonds, regardless of whether they consented or if they were entitled to participate in the
Invitation.
This Invitation is only being made to beneficial owners of Eligible Bonds who are within a Member State of the European Economic Area or
the United Kingdom (each, a "Relevant State") if they are "qualified investors" as defined in Regulation (EU) 2017/1129 (as amended or
superseded, the "Prospectus Regulation"). For the purposes of the Invitation, "Ineligible Holder" means each beneficial owner located
within a Relevant State who is not a "qualified investor" (as defined in the Prospectus Regulation) or any other beneficial owner located in a
jurisdiction where the Invitation is not permitted by law. No offer of any kind is being made to Ineligible Holders. For further details about
eligible offerees and resale restrictions, see "Global Offering."
The New 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 a Relevant State. For these purposes, a "retail investor" means a person who is one (or more) of: (i) a retail
client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, "MiFID II"); (ii) a customer within the meaning of
Directive (EU) 2016/97 (as amended, the "IDD"), 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 the Prospectus Regulation. Consequently no key information document
required by Regulation (EU) No 1286/2014 (as amended, the "PRIIPs Regulation") for offering or selling the New Bonds or otherwise
making them available to retail investors in a Relevant State has been prepared and therefore offering or selling the New Bonds or otherwise
making them available to any retail investor in a Relevant State may be unlawful under the PRIIPs Regulation. References to Regulations or
Directives include, in relation to the United Kingdom ("UK"), those Regulations or Directives as they form part of UK domestic law by virtue
of the European Union (Withdrawal) Act 2018 or have been implemented in UK domestic law, as appropriate.

The Internet address for the offer website (the "Invitation Website") through which you may access the Invitation Materials is:
https://sites.dfkingltd.com/argentina.
The information, tabulation and exchange agent for the Invitation is D.F. King (the "Information, Tabulation and Exchange Agent") which
may be reached at the address and telephone number specified on the back cover of this prospectus supplement. The Information, Tabulation
and Exchange Agent will operate the Invitation Website and answer questions from Holders regarding the procedures to deliver Tender
Orders.
If you are a beneficial owner of Eligible Bonds through a financial institution or intermediary, you may need to contact your financial
institution or intermediary and inform such financial institution or intermediary that you wish to instruct it to deliver a Tender Order on your
behalf in respect of such Eligible Bonds and tender your Eligible Bonds in the Exchange Offer. Financial institutions or intermediaries may
impose their own deadlines for instructions to be received from investors in the Eligible Bonds with respect to the Invitation, which may be
earlier than the Expiration for the Invitation set out above. Investors holding the Eligible Bonds through financial institutions or intermediaries
should therefore contact their financial institutions or intermediaries to ensure timely receipt of your Tender Order. If your financial institution
or intermediary does not have adequate time to process your instruction, your Tender Order will not be given effect.


The Republic intends to list each series of New Bonds on the Luxembourg Stock Exchange and the Bolsa y Mercados Argentinos S.A.
("ByMA") and to have each series of New Bonds admitted for trading on the Euro MTF Market and Mercado Abierto Electrónico S.A.
("MAE"). See "Plan of Distribution."
In this prospectus supplement, references to the "Republic", "Argentina", "we," "our" and "us" are to the Republic of Argentina. References
to "you" or "your" are to Holders, which, for the avoidance of doubt, does not include Ineligible Holders.
The Invitation Materials do not constitute an offer to tender, or the solicitation of an offer to tender, securities in any jurisdiction where such
offer or solicitation is unlawful. The distribution of the Invitation Materials in certain jurisdictions may be restricted by law, and persons into
whose possession the Invitation Materials come are requested to inform themselves about and to observe such restrictions, including whether
they are Holders pursuant to the laws of their respective jurisdictions. See "Representations and Acknowledgements of the Beneficial
Owners of the Eligible Bonds" and "Jurisdictional Restrictions" below.
This prospectus supplement contains important information which should be read carefully before any decision is made with respect to the
Invitation. Any Holder of Eligible Bonds that is in any doubt as to the action it should take should seek its own financial advice, including as
to any tax consequences, from its legal adviser, accountant or other independent financial adviser. See "Plan of Distribution" beginning on
page S-105 for information regarding dealer manager compensation.
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or
passed upon the accuracy or adequacy of this prospectus supplement or the prospectus to which it relates. Any representation to the
contrary is a criminal offense.

The dealer managers for the Invitation are:
BofA Securities
HSBC
August 17, 2020



TABLE OF CONTENTS
Prospectus Supplement
Page
Introduction ....................................................................................................................................................................i
Preservation of Defenses .............................................................................................................................................. ii
Global Offering ........................................................................................................................................................... iii
Certain Legal Restrictions ............................................................................................................................................iv
Incorporation by Reference ........................................................................................................................................... v
Summary Time Schedule for the Invitation ............................................................................................................... S-1
Summary of the Invitation ......................................................................................................................................... S-3
Summary of The Exchange Offer ............................................................................................................................ S-21
Summary Key Terms of the New Bonds ................................................................................................................. S-23
Financial Terms of the New Bonds ......................................................................................................................... S-29
Background to the Invitation ................................................................................................................................... S-32
Risk Factors ............................................................................................................................................................. S-34
Terms of The Invitation ........................................................................................................................................... S-48
Description of the New Securities ........................................................................................................................... S-64
Related Actions to Achieve Debt Sustainability ...................................................................................................... S-90
Tender Procedures ................................................................................................................................................... S-91
Representations and Acknowledgement of Beneficial Owners of Eligible Bonds .................................................. S-94
Taxation ................................................................................................................................................................... S-98
Plan of Distribution ............................................................................................................................................... S-105
Jurisdictional Restrictions ...................................................................................................................................... S-107
Forward-Looking Statements ................................................................................................................................ S-112
Validity of the New Bonds .................................................................................................................................... S-113
General Information .............................................................................................................................................. S-114

Annex A ­Eligible Bonds issued under the 2005 Indenture ..................................................................................... A-1
Annex B ­ Eligible Bonds issued under the 2016 Indenture .................................................................................... B-1
Annex C ­ Form of Terms and Conditions of 2005 Indenture New Bonds ............................................................... C-1
Annex D ­ Form of Terms and Conditions of 2016 Indenture New Bonds .............................................................. D-1









Prospectus
Page
About This Prospectus ................................................................................................................................................... 1
Forward-Looking Statements ........................................................................................................................................ 2
Data Dissemination ........................................................................................................................................................ 3
Preservation of Defenses ............................................................................................................................................... 4
Enforcement of Civil Liabilities .................................................................................................................................... 5
Use of Proceeds ............................................................................................................................................................. 6
Description of the Securities .......................................................................................................................................... 7
Taxation ....................................................................................................................................................................... 37
Plan of Distribution ..................................................................................................................................................... 45
Official Statements ...................................................................................................................................................... 47
Validity of The Securities ............................................................................................................................................ 47
Authorized Representative........................................................................................................................................... 47
Where You Can Find More Information ..................................................................................................................... 47