Argentine provinces including Chubut, Mendoza and the City of Buenos Aires are preparing to tap the global bond market, as the sovereign remains out for now, according to two governors, an investment banker and a national government official.

The South American country is exploring alternatives “beyond those that are well known” to refinance this year’s debt maturities, including USD 4.5bn in bond payments due in July, Minister of the Economy Luis Caputo said on 11 March during his speech at the “Argentina Week” event, that was held in New York on 10 and 11 March.