Using linear response theory with the dynamical mean-field approximation we investigate the particle-hole instabilities of the two-band Hubbard model in the vicinity of the spin-state transition. Besides the previously reported high-spin--low-spin order we find an instability towards triplet excitonic condensate. We discuss the strong and weak coupling limits of the model, in particular, a connection to the spinful hard-core bosons with a nearest-neighbor interaction. Possible realization in LaCoO3 at intermediate temperatures is briefly discussed.
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