BondTerminal

AL30 vs GD30: how Argentina's 2030 USD sovereign bonds differ

Same issuer, same coupon schedule, same 2030 maturity — different legal regime. Here is what the law difference actually means for holders.

The direct answer

AL30 and GD30 are Argentina's two 2030 USD sovereign bonds issued through the 2020 sovereign debt restructuring. They share the same step-up coupon schedule (currently 0.75% accruing, stepping to 1.75% on 2027-07-09), the same 2030-07-09 maturity, and the same 13-installment semi-annual amortization that began in 2024.

The key difference is jurisdiction. AL30 (ISIN ARARGE3209S6, local ticker AL30D) is governed by Argentine law; GD30 (ISIN US040114HS26, local ticker GD30D) is governed by New York law. Most market participants regard NY-law bonds as offering stronger enforcement protections, which typically translates into GD30 trading at a small premium (lower yield) to AL30 — the so-called legal-risk spread.

Side-by-side terms

Argentina 2030 USD sovereigns — contractual terms
TermAL30 (Ley AR)GD30 (Ley NY)
ISINARARGE3209S6US040114HS26
Local tickerAL30D / AL30CGD30D / GD30C
IssuerRepublic of ArgentinaRepublic of Argentina
Governing lawArgentinaNew York
Maturity2030-07-092030-07-09
Coupon scheduleStep-up to 1.75% in 2027Step-up to 1.75% in 2027
Amortization13 semi-annual installments from 2024-07-0913 semi-annual installments from 2024-07-09
CallableNoYes — issuer call at par, American style (2020-09-04 to 2030-07-09)
Indenture2020 ARS restructuring2016 / 2020 NY indenture

How they price relative to each other

GD30 often trades somewhat richer than AL30 in clean-price terms because investors usually assign value to the New York-law structure. The legal-risk gap tends to widen when sovereign stress rises and compress when the macro outlook improves.

Both bonds price off the same cash flows, so a comparable-maturity Treasury yield drives both their G-spreads. BondTerminal tracks the live legal-risk premium on the Sovereign Monitor. See the "2030 Bond Spread Gap (AR − NY Law)" chart for the historical series with statistical bands.

For broader side-by-side analysis, use the comparables tool to chart their yield and spread over time alongside other Argentina USD sovereigns.

Frequently asked questions

Which has better legal protection: AL30 or GD30?
GD30 (NY law) is generally considered to have stronger creditor protections — disputes are heard in New York courts, which historically have been more receptive to bondholder claims against Argentina than Argentine courts. AL30 (Ley AR) is subject to whatever the Argentine legislature and courts decide. Both bonds have collective-action clauses, so neither is fully protected against another restructuring.
Are AL30 and GD30 fungible?
No. They are separate securities with different ISINs and clear identifiers. They cannot be exchanged for each other in the secondary market; you must sell one and buy the other.
Why does GD30 trade at a tighter yield than AL30?
The yield gap reflects the legal-risk premium — investors accept a slightly lower yield on GD30 because NY law is perceived to offer stronger enforcement. In calmer markets the gap is often modest; in stress periods it can widen materially.
Which is more liquid?
GD30 is typically the more liquid of the two in offshore (cable) trading; AL30 tends to be the more liquid in the local Argentine market (peso D and C settlements). Liquidity profiles can shift with flows and stress events.
How can I price either bond on BondTerminal?
Open AL30 on the calculator or GD30 on the calculator. You can enter a price to solve for yield and spread, enter a yield to solve for price, or enter a spread to solve for both.