AL30 & GD30 Bond Yield Calculator
AL30 and GD30 are Argentina's most actively traded restructured sovereign bonds. Their appeal — and their risk — comes down to one number: yield. This calculator estimates the internal rate of return (IRR) on an AL30 or GD30 position from your purchase price, annual coupon, and years to maturity. It gives you the metric you need to compare these bonds against other USD instruments like US Treasuries, EM bonds, or Argentine money market funds.
To estimate the yield of an AL30 or GD30 bond, enter your purchase price (e.g. 62), the annual coupon (e.g. 1.75 USD), and years to maturity. At a price of 62 with a 1.75 USD coupon and 5 years remaining, the estimated annual yield is ~12.9% in USD. This combines the capital gain from buying below par (100) plus the coupon income. Higher yields reflect Argentina's sovereign default risk already priced into the bond.
When to use this calculator
- Estimate yield before buying AL30 or GD30 in the secondary market
- Compare AL30 vs GD30 at different price levels
- Understand how purchase price affects your total return
- Check whether a quoted yield makes sense given your entry price
- Analyze bond positions for personal finance or portfolio review
Worked example: Buying AL30 at 62
- Purchase price: 62 (62 cents on the dollar)
- Annual coupon: USD 1.75 (step-up rate for 2022–25 period)
- Years to maturity: 5
- Capital gain component: (100/62)^(1/5) − 1 = 10.0% per year
- Current yield component: 1.75/62 = 2.8% per year
- Estimated IRR ≈ 10.0% + 2.8% = 12.8% per year in USD
How it works
2 min readHow Bond Yield (IRR) Is Calculated
The estimated yield combines two return components:
1. Capital gain yield — you buy below face value (par = 100) and receive 100 at maturity:
Capital gain rate = (100 / Purchase Price)^(1 / Years) − 12. Current coupon yield — annual coupon divided by your purchase price:
Current yield = Annual Coupon / Purchase PriceTotal estimated IRR = Capital gain rate + Current yield
This is an approximation. True yield-to-maturity (YTM) uses discounted cash flows, but this formula is accurate within ~0.5 percentage points for typical Argentine bond scenarios.
AL30 vs GD30: Key Differences
| Feature | AL30 (Bonares) | GD30 (Global) |
|---|---|---|
| Governing law | Argentine law | New York law |
| Typical premium | Trades at discount | Trades ~3–5% higher |
| Default risk | Higher (local law) | Lower (NY courts) |
| Maturity | July 2030 | July 2030 |
| Coupon structure | Step-up semiannual | Step-up semiannual |
| Amortization | From 2024 onward | From 2024 onward |
GD30 commands a premium because New York courts provide stronger legal protection to bondholders in the event of default or restructuring.
Yield Table: Price vs Estimated Annual Return
Based on USD 1.75 annual coupon and 5 years to maturity:
| Purchase Price | Est. Annual Yield |
|---|---|
| 50 | ~18.4% |
| 55 | ~15.9% |
| 60 | ~13.7% |
| 65 | ~11.7% |
| 70 | ~9.9% |
| 75 | ~8.3% |
| 80 | ~6.8% |
| 85 | ~5.4% |
| 90 | ~4.1% |
Important: These yields assume Argentina pays principal and coupons in full. A yield of 12–18% reflects sovereign default risk already priced in — not free return.
AL30 Coupon Step-Up Schedule
| Period | Annual Coupon Rate |
|---|---|
| 2020–2021 | 0.75% |
| 2022–2023 | 1.75% |
| 2024–2025 | 4.25% |
| 2026–2030 | 5.00% |
Payments are made semiannually. For current coupon rates, check BYMA or your broker's bond sheet.
Understanding the Risk Premium
Argentina's bonds yield far more than US Treasuries (4–5%) or investment-grade EM bonds (6–8%) because the market prices in meaningful default probability. A 12% USD yield on AL30 does not mean you will earn 12% — it means the market estimates that at that price, the expected return (discounting default scenarios) is comparable to safer alternatives.
Argentina defaulted in 2001, 2014, and 2020. Investors who bought after restructurings at deep discounts and held to maturity earned strong returns; those caught at par before defaults lost significantly.
Frequently asked questions
What is the difference between AL30 and GD30?
AL30 (Bonares) is governed under Argentine law, while GD30 (Global) is governed under New York law. In a default scenario, NY-law bondholders have stronger legal recourse, which is why GD30 typically trades 3–5% higher than AL30. Both mature in July 2030 with the same coupon structure.
How accurate is this yield estimate?
The formula (capital gain rate + current yield) overestimates true YTM by roughly 0.3–0.5 percentage points in typical scenarios. For precise figures, use a full discounted-cash-flow model. For screening and comparison, this approximation is reliable.
Why is the AL30/GD30 yield so high — is it risk-free?
No. High yields reflect Argentina's sovereign default risk. The country defaulted in 2001, 2014, and 2020. A 12–15% yield means the market has already priced in a probability of partial or full non-payment. The yield is compensation for that risk, not a guarantee of return.
What purchase price should I enter?
Enter the price per $100 of face value (also called parity). If the bond trades at 62, enter 62. You can check live prices on BYMA (byma.com.ar), Rava, or your broker's trading platform.
What coupon should I use for AL30 or GD30 in 2026?
As of 2026, both bonds are in the 5% annual coupon phase (the final step-up). For $100 face value, enter 5.00 as the annual coupon. Payments are made semiannually (2.50 every 6 months).
Does this calculator account for semiannual payments?
No — it uses a simplified annual model. For a bond with semiannual coupons, the true YTM will be slightly higher than shown. The difference is small (typically <0.3%) and does not affect screening decisions.
When does AL30/GD30 amortize (return principal)?
Both bonds began amortizing in 2024 with semiannual principal payments. By maturity in 2030, all principal is repaid. Because the outstanding face value shrinks with each payment, your effective yield changes over time as the amortization schedule reduces the capital gain component.
How do I compare AL30/GD30 to US Treasuries or other EM bonds?
US 10-year Treasuries yield ~4–5% in USD. Investment-grade EM sovereign bonds yield ~5–7%. AL30/GD30 yielding 10–15% represents a spread of 500–1000 basis points above Treasuries — reflecting Argentina's sub-investment-grade credit rating. Use the spread (not the raw yield) to compare across credit profiles.
Can I buy AL30 or GD30 outside Argentina?
Yes. GD30 is the internationally accessible version and can be purchased through brokers that offer access to EM sovereign bonds. AL30 is primarily traded on Argentine exchanges (BYMA, MAE). International investors typically prefer GD30 for its New York law protection.
What happens to my yield if Argentina restructures again?
In a restructuring, bonds are typically exchanged for new instruments at a haircut — you receive less than face value and/or a lower coupon. This reduces the yield you actually earn. The 2020 restructuring, for example, saw original bonds swapped for new ones including AL30 and GD30. Buying after a restructuring at a low price is generally safer than buying before one at par.