Confidence in Argentina, and its economy, looks to be picking up steam.

So much so that Argentine energy companies are tapping U.S. debt markets, according to Bloomberg.

Shale driller Vista Energy raised $600 million in its first foreign bond sale, while Pampa Energia is planning another market return this year amid growing output in Argentina’s Vaca Muerta shale. MSU Energy also secured $177 million to refinance debt.

It’s hard to say that these efforts to access global lenders do anything but underscore Wall Street’s growing confidence in President Milei as he nears the end of his first year in office.

Milei has stayed committed to his agenda of economic deregulation and addressing chronic government budget deficits.

Alexander Robey, portfolio manager for emerging-market debt at Allianz Global Investors GmbH, commented: “The positive momentum on the macroeconomic side is opening the door for corporates to raise capital and refinance existing debt in the markets.”

He added: “Issuers are making the most of this opportunity given market sentiment can turn just as quickly.”

Bloomberg writes that Argentina’s sovereign debt spread is at a five-year low of 757 basis points, creating a favorable environment for issuers.

Vista Energy secured an 11-year bond at a 7.6% yield, lower than the 8%-9% range seen in earlier market activity this year.

It’s amazing what actually embracing free market solutions can do, isn’t it?