Paraguayan Deputy Finance Minister Charotti confirmed that Paraguay is considering an external debt issuance of USD1bn, comprising both dollar-denominated and local currency instruments, similar to the February 2024 bond placement. Public debt reached USD 18.1 bln (40.7% of GDP) at the end of 2024, up from USD 16.6 bln (38.4% of GDP) in 2023. International bonds make up 39% of total debt, totaling USD 7.1 bln (16% of GDP), with maturities from 2026 to 2050 and a PYG-denominated note due in 2031. Paraguay’s spread stands at 161 bps, reflecting expectations of further rating upgrades.