“The mechan disseminated the conditions for the tender on Wednesday where the maturities reach the $ 11 billion ”, The Stock Society pointed out Personal Investment Portfolio (PPI) In his daily report, in which it is highlighted that “this time the Treasury did not select any active subscribable in dollars”
Finance chose a menu composed of Four Lecaps and three boncaps reopenings, that is, instruments at a fixed rate, in a context of disinflation. Specifically, in the letters, maturities are included as of July 31, 2025 (S31L5), August 29, 2025 (S29G5), September 30, 2025 (S30S5) and November 28, 2025 (S28N5). On the other hand, in the section of Boncaps, the bonus will be reopened as of January 30, 2026 (T30E6), as of June 30, 2026 (T30J6) and January 15, 2027 (T15E7).
According to PPI, the focus will be put in the Treasury capacity to sustain a rollover greater than 100%, as achieved in the previous auction that reached 168%. “This result would be especially relevant within the framework of Lefi stock disarmament, scheduled to begin on July 10,” says the report.
What would be the rates that the government could pay
According to PPI, by formulating estimates with respect to secondary markets, the shortest LECAP of the menu, The S31L5, on Monday it closed at 2.7% of the monthly effective rate (TEM) While the LECAPS to August, September and November that are offered ended with themes in the range of 2.6%-2.5%.
For its part, the Boncaps of January and June 2026 and 2027 exhibited yields of 2.6%, 2.5% and 2.3% of TEM, respectively, after falling between 0.6% and 1.4%, Monday.
Dollars: its suspended placement
When launching the “phase 3” of the program, the government anticipated that I was going to place about US $1 billion in Bonte 2030, which are subscribed in dollarsbut charged in pesos. This month only placed US $ 500 million, destined to swell international reserves.
PPI considers that “The absence of Bonte 2030 In the second tender under the new financing scheme It is not surprising given the recent weakness of the rates in the secondary market ”.
In the case, The Ty30 retreated on Monday 1.8%, raising its IRR to 29.2%, which represents a Raise of 74 basic points compared to 28.46% validate in the last primary tender.
“In this context of greater weakness for instruments in pesos, particularly those of greater ‘duration’, the Official decision seems oriented to give a respite to Bonte, avoiding pressing its price further, ”says PPI.
According to market sources, it is likely that the Finance team has not found an echo for a new placement of this type of bond. In that context, the risk of not being able to place everything would have been run and there would have to be validated very high rates.
It should be remembered that The Government announced that it was going to place about US $ 7,000 millionof which it already has US $ 1,500 million.
Source: Ambito
