Argentina refinanced almost all of its upcoming local maturities in a debt auction Wednesday, a reprieve for President Javier Milei after his party lost a local election by a landslide Sunday. Losses mounted on Monday after Milei’s party lost the Buenos Aires Province vote by a much wider margin than investors expected, raising investors’ concerns that it could suffer a similar defeat in nationwide midterm elections next month. Before the auction, the yield for the local notes due in October was at 55.3 percent. “It is noteworthy that no reserve requirement hike was announced ahead of this week’s auction,” said Pedro Siaba Serrate, head of Research & Strategy of PPI Argentina. To address the immediate fallout from the provincial vote, Milei created a special working group, signalling he’s willing to strengthen political alliances, though the next concrete steps remain unclear.