"The senate's decision moves us a step closer to overcome the default and close a long chapter of international financial isolation," Alberto Ramos, head of Latin American economics at Goldman Sachs, told CNBC on Thursday via email.
The bond is expected to raise at least $12 billion, of which $11.68 billion will be used to pay holdout creditors, according to the head of Latin American debt capital markets at BNP Paribas.
Marcelo Delmar said Argentina would likely issue $15 billion in total, using the extra $3 billion to close the government's fiscal gap.
"This is a necessary, and probably final, step towards reinserting Argentina in the international markets. The country owes no money to the IMF, is current with the Paris Club and multilaterals, so it will hopefully put an end to an era of isolation," he told CNBC via email on Thursday.
The Senate vote, achieved after Macri courted support from politicians in former President Cristina Kirchner's leftist Front for Victory bloc, was the last major hurdle Macri faced before he could launch the bond and marks a significant achievement for the pro-business leader.