The Secretariat of FinanzaS announced that in Wednesday’s debt tender awarded $ 6,143 billion, which implied a rollover level of 58.87% in relation to the maturities ahead to close the month.
The dependency in charge of Pablo Quirno reported that he received offers for a total of $ 6,724 billion. While the level of refinancing was low, it must be taken into account that in the previous call the level had been 168%.
For the shortest letters the rates went from 35% in the so -called 40.5%, within the framework of a Increase in general of the yields of these bonds.
In addition, it must be considered that this time the Finance Secretariat suspended the placement of Bonte 2030 that is signed in dollars.
The director of the Central Bank Federico Furiase said that “the ‘Anker Point’ (Reconetization in pesos for excess demand for liquidity against Treasury Debt Cancellation) in a context of excess demand for weights acute by the seasonal increase in the demand for money.” “Therefore, the Treasury constituted reserves in pesos with the accumulated primary surplus and the net treasury placements in the local market,” he explained.
According to the officially informed detail, The rates that were paid were the following:
LECAP
- As of July 31 (S31L5) $ 3,436 billion at 2.88% monthly effective rate (TEM) / 40.53% per year
- To August 29 (S29G5) $ 1,366 billion at 2.85% are / 40.02%
- As of September 29 (S30s5) $ 0.831 billion at 2.62% are / 36.42%
- As of November 28 (S28n5) $ 0.311 billion at 2.61% tem / 36.27% thya
BANCAP
- As of January 30, 2026 (T30E6) $ 0.090 billion at 2.62% are / 36.33%
- As of June 30, 2026 (T30J6) $ 0.091 billion at 2.56% tem / 35.42%
- January 16, 2027 (T15E7) $ 0.018 billion at 2.34% are / 31.94% thya
Need for pesos in the market
Pablo Repetto, of Aurum values, He argued that “there is a need for pesos in the market Because there is a seasonal issue in June and July. “
“In the previous tenders the banks and others went from thread, They were left with a defect there of pesos. There is a rise effect that was not contemplated there Or it was poorly scheduled by those who entered the previous tender and so on, “said Repetto.
The analyst said that “as they are not buying dollars and They are not injecting pesos, it seems that the most logical mechanism for weights to appear would not to roll what it overcome. “
Pablo Lazzati CEO of Insider Finance indicated that “ttoday’s tender, we observe that Most of the debt rollover was channeled towards LECAPS, which reflects a preference for the market for fixed rate in very short pesos and placations Term “.” In particular, the S31L5 stood out, expiring on July 31, as the most demanded option. Instead, Boncap continues with little flow, “said Lazzati
The analyst said that “a key point is that EThe Rollover was 58%, which indicates that the Ministry of Finance is leaving a significant portion of pesos in circulation. This could be read as a deliberate strategy to inject liquidity into the real economy and promote bank credit to the private sector.
Source: Ambito
